CORRECTION FROM SOURCE: Primaris Retail REIT Updates Financial Table

In the Primaris Retail REIT (TSX: PMZ.UN) press release issued yesterday a typographical error occurred in the table titles "Reconciliation of Net Income to Funds from Operations".

Below is an updated table, which should be used in place of the original.


Reconciliation of Net Income to Funds from Operations
(In thousands of dollars)

                                        Three Months   Three Months
                                               Ended          Ended
                                            June 30,       June 30,
                                                2006           2005
Net income                               $     2,311    $     5,984
Depreciation of income producing
 properties                                   13,553          5,697
Amortization of acquired deferred
 recoverable                                     477              -
Amortization of leasing costs                    435            191
Accretion of convertible debentures              (5)           (32)
Above and below market leases                   (68)           (19)
Funds from operations                    $    16,703    $    11,821

Funds from Operations, which is not a defined term within Canadian generally accepted accounting principles, has been calculated by management, using Canadian generally accepted accounting principles, in accordance with REALPac's White Paper on Funds from Operations. The White Paper defines Funds from Operations as net income adjusted for depreciation and amortization of assets purchased, including the net impact of above and below market leases, amortization of leasing costs and accretion of convertible debentures. Funds from Operations may not be comparable to similar measures used by other entities.

Primaris Retail REIT
R. Michael Latimer
Chief Executive Officer
(416) 865-5353

Primaris Retail REIT
Louis M. Forbes
Senior Vice President, Chief Financial Officer
(416) 865-5360

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