Primaris REIT Renews Share Buyback Plan with Expanded Capacity…

Event summary

Primaris REIT received TSX approval to renew its normal course issuer bid, allowing it to repurchase up to 9.04 million Series A units (10% of public float).
The new NCIB will run from March 11, 2026, through March 10, 2027, with daily purchase limits set at 69,926 units.
Under the previous NCIB (March 11, 2025–March 10, 2026), Primaris repurchased 4.34 million units at an average price of $15.10 per unit.
Primaris also implemented a new automatic securities purchase plan to enable buybacks during trading blackout periods.

The big picture

Primaris REIT’s expanded share buyback plan reflects confidence in its ability to return capital efficiently amid evolving Canadian retail real estate dynamics. As Canada’s only enclosed shopping center-focused REIT, Primaris is leveraging strong market positioning to optimize unitholder value through strategic repurchases.

What we're watching

Capital Allocation Strategy: How Primaris balances buybacks with other growth opportunities in a shifting retail property landscape.
Market Valuation: Whether the buyback signals management’s belief that units are undervalued relative to intrinsic worth.
Execution Risk: The pace at which Primaris repurchases shares and its impact on liquidity and unit price stability.