Plaza Retail REIT Un (TSE:PLZ.UN)
TSX:PLZ.UN
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Plaza Retail REIT
(TSX:PLZ.UN)
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Rating:71Outperform
Price Target:
C$5.00
â–²(11.61% Upside)
Action:Reiterated
Date:05/15/26
The score is driven by attractive valuation (low P/E and high yield) and a constructive earnings-call outlook (high occupancy, strong leasing spreads, expected NOI gains). Offsetting these positives are elevated leverage and weaker cash-flow conversion, which increase financial risk, while technicals are supportive but not strongly bullish.
Positive Factors
High occupancy and strong leasing spreads
Sustained ~97.6% occupancy and industry‑leading leasing spreads show durable tenant demand and pricing power across the portfolio. High committed occupancy reduces vacancy risk and re‑letting costs, supporting recurring rental income, FFO/AFFO resilience and stronger long‑term cash flow conversion.
Negative Factors
Elevated leverage and refinancing exposure
High leverage (net debt/EBITDA ~8.9x and ~50% debt‑to‑assets) amplifies downside risk if cash flows soften or cap rates shift. Near‑term mortgage maturities and reliance on secured financing constrain flexibility, raising refinancing and interest‑rate vulnerability for distributions and future investments.
Read all positive and negative factors
Positive Factors
Negative Factors
High occupancy and strong leasing spreads
Sustained ~97.6% occupancy and industry‑leading leasing spreads show durable tenant demand and pricing power across the portfolio. High committed occupancy reduces vacancy risk and re‑letting costs, supporting recurring rental income, FFO/AFFO resilience and stronger long‑term cash flow conversion.
Read all positive factors
Plaza Retail REIT (PLZ.UN) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$495.85M
Dividend Yield6.56%
Average Volume (3M)32.72K
Price to Earnings (P/E)8.5
Beta (1Y)0.45
Revenue Growth3.46%
EPS Growth135.29%
CountryCA
Employees98
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)0.52
Shares Outstanding110,435,000
10 Day Avg. Volume30,420
30 Day Avg. Volume32,715
Financial Highlights & Ratios
PEG Ratio0.07
Price to Book (P/B)0.85
Price to Sales (P/S)3.66
P/FCF Ratio11.94
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$4.75Price Target Upside6.03% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)0.37
Revenue Forecast (FY)C$128.00M
Plaza Retail REIT Business Overview & Revenue Model
Company Description
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 approxi...
How the Company Makes Money
Plaza Retail REIT primarily makes money by owning income-producing retail properties and leasing space to tenants under contractual lease agreements. Its key revenue stream is rental revenue (base/minimum rent) collected from tenants occupying its...
Plaza Retail REIT Earnings Call Summary
Earnings Call Date:Mar 02, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
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.Positive Updates
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.
Negative Updates
Toys R Us Insolvency Impact
Toys R Us related bad debt of $544K recorded in 2025 and an associated vacancy that reduces NOI by approximately $1.0M per year (~35,000 sq ft). Management expects to backfill and achieve straight‑line rents by the end of 2026 but vacancy drag will impact near‑term results.
Read all updates
Q4-2025 Updates
Positive
Negative
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.
Read all positive updates
Company Guidance
The guidance for 2026 is centered on continued optimization and intensification with an expected same‑asset NOI run‑rate of roughly 2.0–2.5% (management said that is achievable), continued positive NOI contribution from renewals and projects that added about $5.5M of NOI in 2025, and stabilized incremental NOI of roughly $6.1M from intensifications/acquisitions plus ~$0.6M from properties under development; management expects many projects to contribute more visibly through 2026, committed occupancy to move from 97.6% to ~98% (and ~99% excluding enclosed malls), Toys R Us vacancy (~35,000 sq ft, ~$1M p.a. NOI) to be backfilled with straight‑line rents by end‑2026, leasing momentum with blended renewal spreads of 13.4%, negotiated renewal spreads just over 18% and a new‑lease year‑1 vs prior‑tenant spread of 82%, and continued balance‑sheet strength (debt‑to‑assets ~50%, net debt/adjusted EBITDA 8.9x, LTV 42%, $63M of fixed mortgages maturing next year at a 3.4% weighted rate, weighted average cap rate ~6.8%, and five‑year secured financing in the low‑ to mid‑4% range).Plaza Retail REIT Financial Statement Overview
Summary
Income Statement
76
Positive
Balance Sheet
63
Positive
Cash Flow
52
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 130.81M | 130.62M | 121.28M | 114.06M | 111.25M | 110.63M |
| Gross Profit | 84.08M | 86.34M | 74.36M | 70.35M | 70.58M | 71.78M |
| EBITDA | 91.98M | 88.07M | 57.32M | 64.63M | 81.34M | 70.51M |
| Net Income | 58.71M | 55.28M | 25.05M | 20.19M | 53.89M | 99.61M |
Balance Sheet | ||||||
| Total Assets | 1.29B | 1.28B | 1.24B | 1.26B | 1.27B | 1.21B |
| Cash, Cash Equivalents and Short-Term Investments | 9.53M | 8.09M | 8.87M | 10.87M | 7.26M | 8.06M |
| Total Debt | 651.49M | 651.14M | 657.22M | 672.47M | 708.14M | 679.24M |
| Total Liabilities | 717.19M | 712.84M | 696.37M | 714.49M | 747.71M | 716.94M |
| Stockholders Equity | 570.37M | 565.25M | 540.82M | 546.49M | 518.90M | 493.52M |
Cash Flow | ||||||
| Free Cash Flow | 40.42M | 40.08M | 39.86M | 42.29M | 80.69M | 69.39M |
| Operating Cash Flow | 40.42M | 40.08M | 39.86M | 42.29M | 38.47M | 48.21M |
| Investing Cash Flow | -7.54M | -9.39M | 5.34M | -10.00M | -44.90M | -21.95M |
| Financing Cash Flow | -41.73M | -39.53M | -23.29M | -40.23M | 1.15M | -26.33M |
Plaza Retail REIT Technical Analysis
Positive
4.48
Price Trends
4.35
Positive
4.28
Positive
4.14
Positive
Market Momentum
0.03
Positive
62.30
Neutral
58.33
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:PLZ.UN, the sentiment is Positive. The current price of 4.48 is above the 20-day moving average (MA) of 4.44, above the 50-day MA of 4.35, and above the 200-day MA of 4.14, indicating a bullish trend. The MACD of 0.03 indicates Positive momentum. The RSI at 62.30 is Neutral, neither overbought nor oversold. The STOCH value of 58.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:PLZ.UN.
Plaza Retail REIT Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | C$2.31B | 11.92 | 7.95% | 5.52% | 25.61% | 162.10% | |
74 Outperform | C$4.94B | 13.54 | 7.00% | 7.22% | -1.84% | 48.17% | |
73 Outperform | C$4.24B | 6.51 | 15.35% | 5.74% | 4.54% | 19.18% | |
71 Outperform | C$495.85M | 8.53 | 10.53% | 6.56% | 3.46% | 135.29% | |
69 Neutral | C$5.00B | 4.66 | 24.22% | 4.71% | 0.35% | 399.29% | |
67 Neutral | C$1.03B | 16.45 | 6.14% | 7.95% | 0.25% | 7.01% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% |
* Real Estate Sector Average
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Plaza Retail REIT Corporate Events
Business Operations and StrategyDividends
Plaza Retail REIT Declares April 2026 Monthly Distribution
Positive
Apr 15, 2026
Plaza Retail REIT has declared a monthly cash distribution for April 2026 of $0.02333 per unit, equivalent to $0.28 on an annualized basis, with payment scheduled for mid-May to unitholders of record at the end of April. The announcement underscor...
Business Operations and StrategyDividends
Plaza Retail REIT Declares March 2026 Monthly Distribution
Positive
Mar 16, 2026
Plaza Retail REIT declared a monthly cash distribution for March 2026 of $0.02333 per unit, equivalent to $0.28 on an annualized basis. The payout will be made on April 15, 2026 to unitholders of record as of March 31, 2026, reflecting the REIT...
Business Operations and StrategyFinancial Disclosures
Plaza Retail REIT lifts FFO and NOI in 2025 as optimization strategy gains traction
Positive
Mar 3, 2026
Plaza Retail REIT reported that 2025 was a transition year marked by optimization and intensification strategies, with funds from operations rising 8.8% to $44.0 million and total NOI up 2.7% to $77.0 million. The portfolio remained resilient, wit...
Business Operations and StrategyFinancial Disclosures
Plaza Retail REIT Sets New Date for Year-End 2025 Results Call
Neutral
Feb 24, 2026
Plaza Retail REIT, a major Canadian retail property owner and developer focused on open-air centres and small-box outlets in Ontario, Quebec and Atlantic Canada, manages a portfolio of 197 properties totaling roughly 8.8 million square feet as of ...
Dividends
Plaza Retail REIT Declares February 2026 Monthly Distribution
Positive
Feb 17, 2026
Plaza Retail REIT has declared a monthly cash distribution of $0.02333 per unit for February 2026, equivalent to $0.28 on an annualized basis. The payout, scheduled for mid-March to investors of record at the end of February, underscores the trust...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.