The earnings call reflects a strong performance by Primaris REIT with substantial growth in NOI, tenant sales, and strategic acquisitions, although challenges remain with occupancy levels and HBC disclaimed leases.

Company Guidance

During Primaris REIT's Second Quarter 2025 Results Conference Call, the company provided robust guidance reflecting their strong performance and strategic acquisitions. The management highlighted a 33% increase in same-property tenant sales per square foot to $723 compared to 2019 levels, and noted substantial funds from operations (FFO) and adjusted funds from operations (AFFO) per unit growth. They anticipate 15% to 25% net operating income (NOI) growth over the next few years while maintaining a low leverage ratio of below 6x debt to EBITDA and an FFO payout ratio around 50%. The acquisition of Canada's top-tier malls, representing 60% of their portfolio by value, supports their target of a 3% to 4% same-property NOI growth rate. Additionally, the company executed $246.1 million in dispositions year-to-date, with plans to reposition their portfolio for sustainable, long-term growth. They raised their 2025 guidance for cash NOI to $340 million to $345 million and FFO per unit to $1.74 to $1.79, reflecting confidence in ongoing operational strength.

Strong Same-Property NOI Growth

Same-property cash NOI was up 5.5% for the quarter compared to Q2 2024 and 7.5% for the first half of the year. This was driven by higher rents, step-up rents, higher percentage rent, and prior year tax refunds.

Record Tenant Sales Per Square Foot

Primaris' same-property tenant sales per square-foot are at all-time highs, 33% higher at $723 per square-foot than comparable 2019 levels.

Transformational Acquisitions

Acquired Southgate Centre, Oshawa Centre, and Lime Ridge Mall in 2025, representing strategic market-leading malls with sales per square foot ranging from $800 to $1,400.

Strong Financial Performance and Guidance Increase

FFO per unit diluted up 5.5% for the quarter, AFFO per unit diluted at 24.6%. Increased 2025 guidance for cash NOI to $340 million to $345 million and FFO per unit to $1.74 to $1.79.

Successful Capital Recycling

Executed the sale of over $300 million of non-core properties, aligning with strategy to enhance portfolio quality.

Low Leverage and Strong Financial Position

Maintained low leverage of below 6x debt to EBITDA with an FFO payout ratio of approximately 50%.

Primaris Real Estate Investment Trust (TSE:PMZ.UN) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

TSE:PMZ.UN Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 30, 2025	2025 (Q3)	- / -	-0.294	―	―	―
Jul 30, 2025	2025 (Q2)	- / 0.40	0.4	-1.00% (>-0.01)	―	―
Apr 30, 2025	2025 (Q1)	- / 0.26	0.433	-40.65% (-0.18)	―	―
Feb 13, 2025	2024 (Q4)	- / 0.20	0.131	51.91% (+0.07)	―	―
Oct 31, 2024	2024 (Q3)	- / -0.29	0.202	-245.54% (-0.50)	―	―
Jul 31, 2024	2024 (Q2)	- / 0.40	0.339	17.99% (+0.06)	―	―
May 01, 2024	2024 (Q1)	- / 0.43	0.369	17.34% (+0.06)	―	―
Feb 14, 2024	2023 (Q4)	- / 0.13	-0.264	149.62% (+0.40)	―	―
Nov 02, 2023	2023 (Q3)	- / 0.20	-0.207	197.58% (+0.41)	―	―
Aug 03, 2023	2023 (Q2)	- / 0.34	0.041	726.83% (+0.30)	―	―

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:PMZ.UN Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 30, 2025	C$14.79	C$14.68	-0.74%
Apr 30, 2025	C$14.11	C$13.98	-0.92%
Feb 13, 2025	C$14.22	C$14.84	+4.36%
Oct 31, 2024	C$14.90	C$14.99	+0.60%

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 Primaris Real Estate Investment Trust (TSE:PMZ.UN) report earnings?

Primaris Real Estate Investment Trust (TSE:PMZ.UN) is schdueled to report earning on Oct 30, 2025, After Close (Confirmed).

What is Primaris Real Estate Investment Trust (TSE:PMZ.UN) earnings time?

Primaris Real Estate Investment Trust (TSE:PMZ.UN) earnings time is at Oct 30, 2025, After Close (Confirmed).

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