Mordy Bobrowsky – Primaris REIT

Primaris is Canada’s only enclosed shopping center-focused REIT, managing a portfolio of 38 properties totaling 12.4 million square feet and valued at approximately $3.8 billion.

As the largest owner and manager of enclosed shopping centers in Canada, measured by mall count, the Canadian real estate investment trust sets itself apart from competitors in the mall and shopping center market through its unique internal national management platform. While many rely on third-party managers, Primaris manages its properties internally, including operations, leasing, and legal, enabling efficiencies and cost management and providing affordable space for its tenants. This approach has earned Primaris a solid reputation, with tenants recognizing the benefits of being associated with its properties.

Mordy Bobrowsky | Primaris REIT | Senior Vice President, Legal and Corporate Secretary

Mordy Bobrowsky, the senior vice president, legal, and corporate secretary, is at the helm of Primaris’ legal and corporate governance. Despite not holding the official title of general counsel, Bobrowsky functions as the de facto GC, overseeing all legal aspects across the REIT’s departments. His role has grown significantly since Primaris’ spin-out from H&R REIT at the end of 2021, transforming the company into an independent public entity.

This transition required Bobrowsky to navigate new challenges, including corporate governance, public reporting, and disclosure requirements. In addition to his previous responsibilities overseeing the operational legal side of the business, such as leasing, tenant disputes and development, his broadening scope of practice now includes corporate securities and debt and equity capital markets, in addition to managing newly established insurance and risk management and corporate governance teams.

“I just celebrated my 11th anniversary with Primaris, a significant tenure in today’s work environment. However, I still thoroughly enjoy coming to work each day. Every day seems to bring unique challenges that allow me to test and grow my legal and managerial skills,” he says. “Ever since our spin-out, it’s like I’ve started a completely new legal career!”

Optimizing legal operations

One of Bobrowsky’s key initiatives is restructuring the legal department to align with Primaris’ new status as a stand-alone public entity and the aggressive mandate the REIT has set for itself. This restructuring has already involved implementing new functions within the legal department, aiming to grow and develop the various departments, and nurturing the advancement of individuals within the company. Bobrowsky views this initiative as an opportunity to foster a supportive and dynamic work environment, allowing team members to spread their wings and grow.

Primaris is currently in acquisition mode and looking to expand its portfolio further, Bobrowsky says. With a very conservative balance sheet characterized by low leverage, significant free cash flow and substantial access to liquidity, the company is well-positioned to capitalize on market opportunities. Primaris has acquired two malls in the past year alone, and Bobrowsky has been integral in these transactions. He engages external counsel for specific legal needs but remains the point person for all legal, due diligence, and transactional aspects.

“A unique aspect of Primaris’ acquisition strategy is structuring a compensation package that uses a combination of cash, REIT units and preferred equity in the limited partnership that owns the mall, which can also be converted into Primaris units,” Bobrowsky explains.

As Bobrowsky navigates these expansions, one of his biggest challenges is balancing rapid growth with maintaining efficient operations. Building new teams and functions while implementing Primaris’ growth strategy requires careful management. This means developing new governance and disclosure policies for the legal team, ramping up support for due diligence on acquisitions and dispositions and integrating new properties into the Primaris portfolio.

“Despite these challenges, we are committed to maximizing existing resources and ensuring every dollar is spent efficiently,” Bobrowsky says.

Bobrowsky is also exploring AI’s potential to enhance legal practice efficiency. While previous experimentation with alternative solutions (including an attempt by a former employer to outsource lease preparation overseas) highlighted the unique challenges of commercial leasing, Bobrowsky remains optimistic about AI’s potential. He tests programs using Generative AI, like ChatGPT, to produce and vet legal documents.

“Although these tools face challenges due to the variations across deals, I think they could eventually provide significant benefits,” he adds.

Collaborative leadership

Regarding leadership, teamwork, recruiting, and retention, Bobrowsky emphasizes a collaborative, non-hierarchical work environment at Primaris. The broad legal department consists of 10 people. Bobrowsky’s approach to recruitment focuses on finding individuals who fit well within Primaris’ culture. He values common sense and the ability to question and seek guidance when necessary.

Delegating tasks and trusting his team have been essential for Bobrowsky, especially as his role has shifted toward management. By empowering team members and giving them the autonomy to excel, he ensures they are motivated and engaged. This approach has helped retain talent, as team members feel valued and included in all aspects of the business.

Bobrowsky’s management philosophy includes a few key principles.

“There are no stupid questions, and it’s essential to recognize when to seek help,” he says. “I’ve always maintained an open-door style, which fosters a collaborative, supportive work environment where team members feel comfortable raising concerns and learning from each other.”

From private practice to in-house expert

Bobrowsky began his academic journey at York University’s Osgoode Hall Law School and Schulich School of Business, where he laid the foundation for his legal career, obtaining his law degree and MBA through their joint LLB/MBA program. This combination of legal and business education equipped him with a unique skill set that would prove invaluable in his future roles.

After completing his education, Bobrowsky spent four years in private practice. During this time, he honed his legal skills and developed a reputation for his analytical thinking and ability to consider problems from multiple perspectives. However, his time in private practice also exposed him to a crucial challenge: the tension between efficiently serving the client’s needs and the firm’s preference for minimizing risk to zero. This conflict prompted a pivotal conversation with a senior partner. It sparked Bobrowsky’s interest in an in-house legal career, where he could exercise greater judgment in risk-taking and be rewarded for it.

Bobrowsky’s transition to an in-house role began with nearly four years at First Capital Realty, followed by a year at RioCan REIT, where he gained valuable transactional and corporate law experience. In 2013, he joined Primaris just after H&R REIT, another leading real estate investment trust, took it over. His dedication and expertise culminated in his promotion to senior vice president, legal and corporate secretary in 2022.

Beyond his professional accomplishments, Bobrowsky attributes much of his success to his strong family values and active community involvement. Married with four children, he emphasizes balancing work with meaningful personal interactions and charitable activities. He believes engaging in volunteer work enriches his life and instills good values in his children. Bobrowsky advocates for a positive approach to life, inspired by the philosophy that the energy you put into the universe is the energy you receive in return.

“One of my former mentors used to have a saying: “Live big. Give big,” and I’ve tried to implement a certain element of that philosophy into my life by recognizing that I have been truly blessed by the trajectory of my life—both professionally and personally—and looking for opportunities to pay it forward,” he says.