PMZ.UN Primaris Real Estate Investment Trust

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR
FROM THE UNITED STATES OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE
A VIOLATION OF THE RELEVANT LAWS IN THAT JURISDICTION. 


Primaris Retail REIT (TSX:PMZ.UN), Canada's leading enclosed shopping centre
real estate investment trust, today announced that, based on a unanimous
recommendation of the Distributions Committee of its Board of Trustees, the
Trustees have approved a 4.2% increase in monthly cash distributions from
$0.1016 per unit ($1.22 per unit annualized) to $0.1059 per unit ($1.27 per unit
annualized).


"We are very pleased to announce this increase in cash distributions to our
investors," said Roland Cardy, Chairman of Primaris' Board of Directors. "It is
important that we balance the desire for reliable, increasing distributions with
a healthy payout ratio."


"The growth in distributions is consistent with the successful growth of the
overall portfolio, which is why we are such an attractive investment
proposition," explained John Morrison, President and CEO of Primaris Retail
REIT. "Primaris has a proven ability to identify efficiencies and recognize
hidden potential in properties and communities. This has been a key factor in
our success and continued growth. We have grown from six properties in three
provinces to 35 properties spanning coast to coast."


The Trustees considered a number of factors in determining to approve the
increase to distributions, including:




--  the high quality of Primaris' assets and the strength of its national
    scale and operating platform; 
--  Primaris management's successful track record of accretive property
    acquisitions and development activities, including growing the portfolio
    from six properties to 35, across the country, in less than 10 years;
    and 
--  The recent upgrade by DBRS of Primaris' unsecured debt rating to
    investment grade (BBB (low)).



The increase in monthly distributions was approved at a regularly scheduled
meeting of the Distributions Committee and the Board of Trustees and was not
undertaken in response to the hostile take-over bid recently announced by a
group that includes KingSett Capital, the Ontario Pension Board and RioCan REIT.



The increased monthly distribution will commence on February 15, 2013, payable
to unitholders of record on January 31, 2013.


About Primaris 

Primaris is a TSX listed real estate investment trust that specializes in owning
and operating Canadian enclosed shopping centres that are dominant in their
local trade areas. Merchandising for each property is dynamic in order to meet
the unique needs of its local customers and the community. Primaris maintains a
high occupancy rate at its shopping centres with retailers that offer new and
exciting brands. Primaris owns 35 income-producing properties comprising
approximately 14.7 million square feet located in Canada. As of November 30,
2012, Primaris had 100,078,272 units issued and outstanding (including
exchangeable units for which units have yet to be issued). 


Forward-Looking Information

The news release contains forward-looking information based on management's best
estimates and the current operating environment. These forward-looking
statements are related to, but not limited to, Primaris' operations, anticipated
financial performance, business prospects and strategies. Forward-looking
information typically contains statements with words such as "anticipate",
"believe", "expect", "plan" or similar words suggesting future outcomes. Such
forward-looking statements are subject to risks, uncertainties and other factors
that could cause actual results to differ materially from future results
expressed, projected or implied by such forward-looking statements.


In particular, certain statements in this document discuss Primaris' anticipated
outlook of future events. These statements include, but are not limited to:




--  the accretive acquisition of properties and the anticipated extent of
    the accretion of any acquisitions, which could be impacted by demand for
    properties and the effect that demand has on acquisition capitalization
    rates and changes in the cost of capital; 
    
--  reinvesting to make improvements and maintenance to existing properties,
    which could be impacted by the availability of labour and capital
    resource allocation decisions; 
    
--  generating improved rental income and occupancy levels, which could be
    impacted by changes in demand for Primaris' properties, tenant
    bankruptcies, the effects of general economic conditions and supply of
    competitive locations in proximity to Primaris locations; 
    
--  overall indebtedness levels, which could be impacted by the level of
    acquisition activity Primaris is able to achieve and future financing
    opportunities; 
    
--  tax exempt status, which can be impacted by regulatory changes enacted
    by governmental authorities; 
    
--  anticipated distributions and payout ratios, which could be impacted by
    capital expenditures, results of operations and capital resource
    allocation decisions; 
    
--  the effect that any contingencies could have on Primaris' financial
    statements; 
    
--   anticipated replacement of expiring tenancies, which could be impacted
    by the effects of general economic conditions and the supply of
    competitive locations; and 
    
--  the development of properties which could be impacted by real estate
    market cycles, the availability of labour and general economic
    conditions. 



Although the forward-looking statements contained in this document are based on
what management of Primaris believes are reasonable assumptions, forward-looking
statements involve significant risks and uncertainties. They should not be read
as guarantees of future performance or results and will not necessarily be an
accurate indicator of whether or not such results will be achieved. Readers are
cautioned not to place undue reliance on forward-looking statements as a number
of factors could cause actual future results to differ from targets,
expectations or estimates expressed in the forward-looking statements. Material
factors or assumptions that were applied in drawing a conclusion or making an
estimate set out in the forward-looking information may include: a less robust
retail environment; relatively stable interest costs; access to equity and debt
capital markets to fund, at acceptable costs, the future growth program and to
enable Primaris to refinance debts as they mature and the availability of
purchase opportunities for growth.


Except as required by applicable law, Primaris undertakes no obligation to
publicly update or revise any forward-looking statement, whether as a result of
new information, future events or otherwise. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Primaris Retail REIT
John Morrison
President and Chief Executive Officer
(416) 642-7860


Primaris Retail REIT
Louis M. Forbes
Executive Vice President and Chief Financial Officer
(416) 642-7810

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