08:17 AM EDT, 03/10/2025 (MT Newswires) -- Primaris Real Estate Investment Trust (PMZ-UN.TO) on Monday said it prepared for "an extended period of time" for the March 7 Hudson's Bay Company bankruptcy filing.

Hudson's Bay is Primaris REIT's 12th largest tenant, with 10 locations, and responsible for $11.6 million total gross rental revenue annually, $4.6 million net rental revenue per annum.

"Primaris REIT has been preparing for this day for a very, very long time, in fact years. We have learned so much over the past 10+ years with the departure of Zellers, Target, Sears, and now potentially HBC," said Patrick Sullivan, President and Chief Operating Officer. "Although there could be an impact to our financial and operating metrics in the short term, Primaris has detailed plans for all 10 locations, and is ready to take action if and when any locations are disclaimed."

Primaris said February rent was received for all locations excluding two centers.