The earnings call reveals a primarily positive outlook, characterized by strong tenant sales, strategic acquisitions, and improved financial metrics. However, challenges such as occupancy declines due to HBC lease disclaimers and increased interest costs present some concerns.

Company Guidance -

Q3 2025

During the Primaris REIT Second Quarter 2025 Results Conference Call, management provided guidance reflecting robust financial and operational performance. They reported strong growth in same-property Net Operating Income (NOI) and Funds from Operations (FFO), with tenant sales per square foot reaching $723, a 33% increase from 2019 levels. The FFO per unit was up 5.5% for the quarter, and Adjusted Funds from Operations (AFFO) per unit rose 24.6%. Primaris has set a target for same-property NOI growth of 3% to 4% and an occupancy cost ratio of approximately 12%, indicating potential for 15% to 25% NOI growth over the next few years. The company has engaged in significant acquisition and disposition activities, with recent acquisitions like Lime Ridge Mall contributing to a 60% portfolio value in top-tier malls. Their low leverage strategy, with debt to EBITDA below 6x and an FFO payout ratio of 50%, positions them well for continued growth. The guidance for 2025 includes expected cash NOI of $340 million to $345 million and FFO per unit between $1.74 and $1.79.

Record Tenant Sales and NOI Growth

Same-property tenant sales per square foot reached an all-time high, 33% higher than 2019 levels at $723 per square foot. NOI growth is expected to be between 15% to 25% over the next few years.

Strategic Acquisitions and Portfolio Expansion

Primaris acquired $2 billion worth of top-tier Canadian malls since its spin-off, with recent acquisitions including Southgate Centre, Oshawa Centre, and Lime Ridge Mall.

Strong Leasing Activity

Leasing activity was robust with 122 leases renewed at 6.7% spreads and 32 new deals completed, including prominent brands like lululemon and UNIQLO.

Increased Trading Liquidity

The average trading volume of Primaris units increased by over 130% in the past 12 months, enhancing the stock's appeal to institutional investors.

Positive Financial Metrics and Guidance

FFO per unit diluted increased by 5.5% and AFFO per unit diluted by 24.6%. 2025 guidance for cash NOI was raised to $340 million to $345 million.

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$14.86	C$14.75	-0.74%
Apr 30, 2025	C$14.17	C$14.05	-0.85%
Feb 13, 2025	C$14.29	C$14.91	+4.34%
Oct 31, 2024	C$14.97	C$15.06	+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).

Where can I see when companies are reporting earnings?

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What is TSE:PMZ.UN EPS forecast?

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