Plaza Retail REIT (TSX: PLZ.UN) ('Plaza' or the 'REIT') today announced its financial results for the three and nine months ended September 30, 2020.

'Our portfolio, which is dominated by essential needs and value retailers in open-air centres, continues to perform well. We collected 97.4% of rent during the quarter' said Michael Zakuta, President and CEO. 'As the retail industry continues to evolve, we expect to be able to take advantage of buying opportunities for well-located retail assets in need of redevelopment. Our team is well positioned to create value in transforming challenged retail assets.'

About Plaza

Plaza is an open-ended real estate investment trust and is a leading retail property owner and developer, focused on Ontario, Quebec and Atlantic Canada. Plaza's portfolio at September 30, 2020 includes interests in 272 properties totaling approximately 8.6 million square feet across Canada and additional lands held for development. Plaza's portfolio largely consists of open-air centres and stand-alone small box retail outlets and is predominantly occupied by national tenants.

Cautionary Statements Regarding Forward-looking Information

This press release contains forward-looking statements relating to Plaza's operations, strategy, condition and the environment in which it operates, including Plaza's expectation that it will be able to take advantage of buying opportunities as noted as the retail industry continues to evolve. Forward-looking statements are not future guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Plaza to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements contained in this press release, including but not limited to general economic and market factors, the impacts of COVID-19 described above, and those described in Plaza's Annual Information Form for the year ended December 31, 2019 and Management's Discussion and Analysis for the quarter ended September 30, 2020 which can be obtained on SEDAR at www.sedar.com. Forward-looking statements are based on a number of expectations and assumptions made in light of management's experience and perceptions of historical trends and current conditions and, although based upon information currently available to management and what management believes are reasonable expectations and assumptions, there can be no assurances that forwardlooking statements will prove to be accurate. Readers, therefore, should not place undue reliance on any forward-looking statements. Plaza undertakes no obligation to publicly update any such statements, except as required by law. These cautionary statements qualify all forward-looking statements contained in this press release.

Contact:

Tel: Tel: 514-457-7007

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