Primaris Real Estate Investment Trust (TSE:PMZ.UN)
TSX:PMZ.UN
Earnings Data
Report Date
Apr 29, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
―Last Year’s EPS
0.26Same Quarter Last Year
Moderate Buy
Based on 3 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlighted strong, broad-based operational and financial progress: sizable 2025 acquisitions, robust leasing momentum, meaningful rent and sales growth, FFO expansion, disciplined capital allocation (unit buybacks) and a strong balance sheet. Headwinds are largely transitional — occupancy pressure and near-term NOI loss from HBC and Toys "R" Us vacated space, elevated redevelopment capex and below-historical recovery ratios — but management presented clear plans, projected yields and guidance upgrades that indicate these are convertible opportunities rather than permanent setbacks. On balance, the positive operational results, improved guidance and strong liquidity materially outweigh the transitional lowlights.Company Guidance
Aggressive Portfolio Growth and Acquisitions
Completed $1.6 billion of acquisitions in 2025 (bringing total since spinout to $3.3 billion); nearly 65% of the portfolio is new since 2021. Added seven malls since 2023 with aggregate CRU sales > $250 million per mall (well above the portfolio average).
Strong Leasing Momentum and Rent Upside
Leasing strength: 73 renewals at spreads of 11.3%; average renewal rent increase 7.4% in 2025 vs 4.8% in 2024. Completed 137 new deals for 600,000 sq ft in 2025 (125 new CRU deals = 232,000 sq ft); CRU new-lease transaction count +25% vs 2024.
Material Increase in Average Rents
Weighted average net rent per sq ft rose to $31.78 from $25.28 (a ~26% increase year-over-year). CRU average rent increased ~15% to $49.68/sq ft from $43.26 in 2024.
Operating Performance — NOI and Sales Growth
Same-property cash NOI growth: +6.8% for the quarter (or +2.6% excluding prior-year tax adjustments) and +5.6% for the year. Total same-store sales productivity (including acquisitions) reached $800/sq ft vs $718 last year; same-property sales $727/sq ft vs $718 in 2024. Total CRU sales volume rose to $3.55 billion from $2.4 billion prior year.
FFO Growth and Conservative Payout
FFO per unit: $0.51 for the quarter (+11.6% YoY) and $1.85 for the year (+9.2% YoY). FFO payout ratio ended 2025 at 46.7%, within the target ~45%–50% range.
Disciplined Capital Allocation and Share Repurchases
Normal course issuer bid activity: repurchased 5.2 million units in 2025 at an average $15.13 (approx. 29% discount to IFRS NAV), delivering an immediate 43% return on $79 million invested. Since 2022 repurchases total 15.1 million units for $216 million at an average $14.31 (~33% discount to NAV).
Strong Balance Sheet and Liquidity
Maintained low leverage with debt-to-EBITDA at 5.8x (below 6x target), liquidity of $644.3 million, $4.8 billion of unencumbered assets (~>90% of investment property value), weighted average interest rate 5.07% and weighted average term 4.1 years; no debt maturing until 2027.
Upgraded 2026 Guidance
Raised 2026 guidance: cash NOI now expected $390–$400 million and diluted FFO per unit $1.85–$1.90, reflecting full-year contribution from 2025 acquisitions and continued leasing momentum.
Strategic Opportunities from HBC Exit
HBC departure creates redevelopment and land-sale opportunities: updated HBC-related capital investment expected $175–$225 million; redeveloped HBC locations expected to begin rental commencement as early as mid-2027 with projected yields ~8%–10%; potential land dispositions > $100 million and outparcel returns >10%.
Sustainability and Capital Markets Achievements
Issued $250 million 5-year senior unsecured green debentures (coupon 3.845%) and published Green Bond Allocation Report with second-party opinion; published third annual sustainability report and completed a 3-year sustainability plan.
Primaris Real Estate Investment Trust (TSE:PMZ.UN) Earnings, Revenues Date & History
TSE:PMZ.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:PMZ.UN Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 11, 2026 | C$16.98 | C$16.98 | 0.00% |
Oct 29, 2025 | C$14.88 | C$14.75 | -0.91% |
Jul 30, 2025 | C$14.32 | C$14.22 | -0.73% |
Apr 30, 2025 | C$13.67 | C$13.54 | -0.91% |
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 Apr 29, 2026, 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 Apr 29, 2026, After Close (Confirmed).
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