Plaza Retail REIT Un (TSE:PLZ.UN)
TSX:PLZ.UN
Earnings Data
Report Date
Apr 30, 2026During Market Hours (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
―Last Year’s EPS
0.08Same Quarter Last Year
Moderate Buy
Based on 3 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized solid operating and financial progress: FFO and AFFO growth, record occupancy, strong leasing spreads (including an 82% new lease spread), incremental NOI from intensifications (~$5.5M in 2025) and a $14M fair‑value uplift. Near‑term headwinds are limited and largely one‑time or timing‑related — notably the Toys R Us insolvency (~$544K bad debt and ~$1M annual NOI vacancy), temporary AFFO pressure from optimization costs (~$2.1M of leasing costs and other reorganization/timing items), and typical rolling vacancy in open‑air strips. Balance sheet metrics improved modestly, though net debt/EBITDA remains relatively high at 8.9x. Overall, positives (sustained occupancy, meaningful leasing spreads, NOI and FFO gains, and value creation) materially outweigh the discrete and manageable negatives.Company Guidance
Development Pipeline and Stabilized NOI
Stabilized NOI from intensifications and acquisitions is approximately $6.1M, plus about $0.6M from properties currently under development, with several tenant fit‑outs/handovers completed in 2025 that should contribute more visibly in 2026 and beyond.
Balance Sheet and Liquidity Trends
Debt‑to‑assets ratio down 60 bps year‑over‑year to 50% (excluding land leases). Net debt to adjusted EBITDA improved to 8.9x (20 bps lower). Loan‑to‑value at 42% and $63M of fixed‑rate mortgages maturing next year at a weighted average rate of 3.4%. Market interest for new mortgages quoted in the low‑4% to low‑5% range; 5‑year secured financing in the low‑4s to mid‑4s.
Portfolio Optimization and Strategic Consolidation
Sold 21 noncore properties (mainly QSRs and small single‑tenant assets) and consolidated holdings (e.g., acquired additional interests to reach 100% ownership in certain grocery‑anchored and Shoppers Drug Mart assets), demonstrating active portfolio recycling and capital redeployment.
Appreciation in Investment Property Values
Recorded a $14M write‑up during the quarter driven by increased stabilized NOIs, new appraisals and cap‑rate compression; weighted average cap rate now 6.8%.
FFO and AFFO Growth
Total FFO increased to $44.0M or $0.395 per unit in 2025 from $40.5M or $0.363 per unit in 2024, an 8.8% improvement; normalized FFO per unit (excluding one-time items) increased ~4.5% year‑over‑year. AFFO per unit rose 4.9%.
Strong Occupancy and Leasing Performance
Committed occupancy at an all‑time high of 97.6%, with a pending lease expected to raise it to ~98%; excluding enclosed malls occupancy is ~99%. Blended leasing spreads were 13.4% over the renewal term, with negotiated renewal spreads just over 18%, and a new‑lease (year‑1 vs expiring within 12 months) leasing spread of 82%.
NOI Growth and Value Creation
Total NOI for 2025 was $77M, up 2.7% year‑over‑year. Same‑asset NOI increased 1.1% for the quarter and 1.7% for the year (or 2.2% quarter / 2.5% year excluding Toys R Us bad debt). Intensification, development and consolidation initiatives added ~$5.5M of NOI in 2025.
TSE:PLZ.UN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
TSE:PLZ.UN Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Mar 02, 2026 | C$4.46 | C$4.39 | -1.57% |
Nov 12, 2025 | C$3.92 | C$3.86 | -1.50% |
Aug 07, 2025 | C$3.97 | C$3.97 | 0.00% |
May 07, 2025 | C$3.54 | C$3.56 | +0.54% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Plaza Retail REIT Un (TSE:PLZ.UN) report earnings?
Plaza Retail REIT Un (TSE:PLZ.UN) is schdueled to report earning on Apr 30, 2026, During Market Hours (Confirmed).
What is Plaza Retail REIT Un (TSE:PLZ.UN) earnings time?
Plaza Retail REIT Un (TSE:PLZ.UN) earnings time is at Apr 30, 2026, During Market Hours (Confirmed).
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What is TSE:PLZ.UN EPS forecast?
Currently, no data Available