Primaris Retail REIT Announces Record Fourth Quarter and Annual Financial Results

TORONTO, ONTARIO--(Marketwire - March 1, 2012) - Primaris Retail REIT (TSX:PMZ-UN.TO - News) is pleased to report positive operating results for the fourth quarter of 2011.These results have been prepared in accordance with International Financial Reporting Standards ("IFRS").Prior year's results have been restated to conform to this change.

President and CEO, John Morrison, commented "We are very pleased with our results for 2011.Funds from Operations for the fourth quarter were 16% stronger than our previous quarterly record. We completed a significant $572 million dollar acquisition during the year, establishing Primaris as the third largest and only public enclosed shopping centre owners in the country. In addition to the property acquisitions we added many strong people to our team, both at the property level and at our corporate offices.The strong financial results resulted from acquisitions, strict expense controls at the G&A level, and from seasonal occupancy gains during the fourth quarter.With a prudent financial structure and strong liquidity, Primaris is well positioned for the future."

Highlights

Funds from Operations (FFO)

Net Operating Income (NOI)

Same Properties - Net Operating Income

Net Income

Operations

Liquidity

Financial Results

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Primaris Retail REIT Announces Record Fourth Quarter and Annual Financial Results