Primaris Real Estate Investment Trust (PMZ.UN) AI Stock Analysis

• Market Cap: C$1.65B
• Dividend Yield: 5.56%
• Average Volume (3M): 149.64K
• Price to Earnings (P/E): 26.4
• Beta (1Y): 0.76
• Revenue Growth: 23.01%
• EPS Growth: -50.29%
• Country: CA
• Employees: 314
• Sector: Real Estate
• Sector Strength: 53
• Industry: REIT - Retail
• EPS (TTM): 0.40
• Shares Outstanding: 107,110,380
• 10 Day Avg. Volume: 245,716
• 30 Day Avg. Volume: 149,644
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: C$19.00
• Price Target Upside: 23.54% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2

• Rating: 75 Outperform
• Price Target: C$17.00 ▲(10.53% Upside)

Primaris REIT's strong earnings call and positive technical indicators are the most significant factors driving the score. The company's robust guidance and strategic acquisitions support future growth. Financial performance is stable but highlights areas for improvement in profitability and leverage management. The valuation is mixed, with a high P/E ratio but an attractive dividend yield.

Positive Factors

Revenue Growth

Consistent revenue growth indicates effective property management and leasing strategies, enhancing long-term financial stability.

Strategic Acquisitions

Acquiring high-performing malls strengthens market position and diversifies revenue streams, supporting sustainable growth.

Low Leverage

Low leverage enhances financial flexibility, allowing for strategic investments and resilience against economic fluctuations.

Negative Factors

Occupancy Decline

Declining occupancy can reduce rental income and impact profitability, necessitating efforts to attract new tenants.

Profitability Pressure

Decreasing profit margins suggest rising costs or pricing pressures, potentially affecting long-term earnings potential.

Impact of HBC Disclaimed Leases

Loss of a major tenant like HBC can disrupt revenue streams, requiring significant investment to fill vacancies and stabilize income.

Primaris Real Estate Investment Trust Business Overview & Revenue Model

Company Description

Primaris properties including all of H&R REIT's enclosed malls comprises real estate properties. The assets are located in Canada. Primaris properties including all of H&R REIT's enclosed malls(TSX:PMZ.UN) operates independently of H&R Real Estate Investment Trust as of December 31, 2021.

How the Company Makes Money

Primaris Real Estate Investment Trust generates revenue primarily through leasing its retail and commercial spaces to a variety of tenants, which include retail stores, restaurants, and service providers. The company's primary revenue stream is rental income, which is derived from long-term lease agreements with tenants. These leases typically include base rent and may also involve additional charges such as percentage rents based on the tenant's sales performance, as well as recoveries for property expenses such as maintenance, utilities, and taxes. Additionally, Primaris may engage in property development and redevelopment projects to increase the value and attractiveness of its portfolio, potentially leading to higher rental income and occupancy rates. The company's financial performance is influenced by factors such as occupancy rates, rental rates, tenant mix, and regional economic conditions. Primaris also benefits from partnerships with other real estate developers and investors to enhance its portfolio and achieve growth objectives.

Primaris Real Estate Investment Trust Financial Statement Overview

Summary

Primaris REIT shows strong revenue growth and operational efficiency with solid gross and EBIT margins. However, increased leverage and a slight decline in profitability metrics highlight areas for improvement. The company maintains good cash flow management, but the decrease in operating cash flow conversion warrants attention.

Income Statement

Primaris Real Estate Investment Trust shows strong revenue growth with a 5.6% increase in TTM. The gross profit margin is healthy at 58.2%, indicating efficient cost management. However, the net profit margin has decreased to 12.9% from 15.7% in the previous year, suggesting some pressure on profitability. The EBIT and EBITDA margins are solid, reflecting good operational efficiency.

Balance Sheet

The company's debt-to-equity ratio has increased to 0.89, indicating higher leverage, which could pose a risk if not managed carefully. The return on equity has slightly decreased to 3.3%, showing a modest return on shareholders' investments. The equity ratio remains stable, suggesting a balanced asset structure.

Cash Flow

Free cash flow growth is positive at 10.1%, showing improved cash generation. However, the operating cash flow to net income ratio has decreased, indicating a potential concern in converting income into cash. The free cash flow to net income ratio remains strong, suggesting efficient cash management.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	566.52M	504.62M	410.97M	380.06M	253.98M	270.23M
Gross Profit	329.81M	292.04M	233.63M	211.79M	141.59M	128.47M
EBITDA	169.14M	164.61M	206.87M	187.81M	130.92M	124.02M
Net Income	72.87M	79.47M	102.27M	-12.08M	354.57M	-574.48M
Balance Sheet
Total Assets	4.95B	4.27B	3.90B	3.20B	3.25B	2.13B
Cash, Cash Equivalents and Short-Term Investments	5.55M	114.77M	44.32M	10.95M	5.64M	15.01M
Total Debt	2.07B	1.71B	1.48B	1.01B	558.42M	301.40M
Total Liabilities	2.62B	2.11B	1.80B	1.11B	1.06B	1.13B
Stockholders Equity	2.33B	2.16B	2.10B	2.09B	2.19B	1.00B
Cash Flow
Free Cash Flow	178.94M	151.57M	163.35M	163.39M	-101.04M	213.63M
Operating Cash Flow	191.76M	168.32M	166.37M	164.31M	-76.17M	278.85M
Investing Cash Flow	-700.12M	-369.25M	-467.52M	-112.61M	-46.09M	-79.90M
Financing Cash Flow	433.14M	171.38M	334.52M	-46.38M	112.89M	-191.95M

Primaris Real Estate Investment Trust Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 15.38
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:PMZ.UN, the sentiment is Positive. The current price of 15.38 is above the 20-day moving average (MA) of 15.20, above the 50-day MA of 14.98, and above the 200-day MA of 14.69, indicating a bullish trend. The MACD of 0.14 indicates Negative momentum. The RSI at 58.21 is Neutral, neither overbought nor oversold. The STOCH value of 51.98 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:PMZ.UN.

Primaris Real Estate Investment Trust Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CRT.UN	81 Outperform	3.89B	8.77	16.70%	5.95%	4.26%	72.02%
PLZ.UN	77 Outperform	463.83M	13.33	4.63%	6.66%	5.14%	209.83%
REI.UN	75 Outperform	5.62B	20.08	3.87%	6.01%	17.42%	377.43%
PMZ.UN	75 Outperform	C$1.65B	26.43	3.26%	5.56%	23.01%	-50.29%
SRU.UN	72 Outperform	4.55B	20.66	4.43%	6.94%	7.01%	-15.80%
HR.UN	55 Neutral	3.14B	-32.27	-2.27%	6.23%	-5.67%	54.92%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%

Primaris Real Estate Investment Trust Corporate Events

Primaris REIT Declares August 2025 Distribution

Primaris Real Estate Investment Trust has declared a distribution of $0.0717 per unit for August 2025, translating to $0.86 annually, payable on September 15, 2025. This announcement reflects Primaris’s strategic positioning and financial stability, reinforcing its commitment to delivering value to unitholders amid the dynamic retail property market in Canada.

The most recent analyst rating on ($TSE:PMZ.UN) stock is a Buy with a C$19.00 price target. To see the full list of analyst forecasts on Primaris Real Estate Investment Trust stock, see the TSE:PMZ.UN Stock Forecast page.

Primaris REIT Reports Strong Q2 2025 and Raises Guidance

Primaris Real Estate Investment Trust reported strong financial results for the second quarter of 2025, with significant growth in rental revenue and net operating income. The company increased its guidance for 2025, reflecting confidence in its financial outlook. Key strategic moves included the acquisition of Lime Ridge Mall and the sale of Lansdowne Industrial, enhancing its portfolio quality. Additionally, Primaris introduced a Green Finance Framework, allowing for the issuance of green bonds and loans, and issued $200 million in senior unsecured debentures to finance eligible green projects. These developments underscore Primaris’s focus on sustainable growth and robust financial performance.

The most recent analyst rating on ($TSE:PMZ.UN) stock is a Buy with a C$17.50 price target. To see the full list of analyst forecasts on Primaris Real Estate Investment Trust stock, see the TSE:PMZ.UN Stock Forecast page.

Primaris REIT Declares July 2025 Distribution

Primaris Real Estate Investment Trust announced a distribution of $0.0717 per unit for July 2025, payable on August 15, 2025. This distribution reflects the company’s strong financial positioning and its ability to capitalize on market opportunities within the evolving Canadian retail property landscape.

The most recent analyst rating on ($TSE:PMZ.UN) stock is a Buy with a C$19.00 price target. To see the full list of analyst forecasts on Primaris Real Estate Investment Trust stock, see the TSE:PMZ.UN Stock Forecast page.

Primaris REIT to Announce Q2 2025 Financial Results and Host Conference Call

Primaris Real Estate Investment Trust announced it will release its financial results for the quarter ended June 30, 2025, on July 30, 2025. The company will host a conference call and webcast on July 31, 2025, to discuss these results. This announcement highlights Primaris’ proactive communication with stakeholders and its strategic positioning to leverage market opportunities in the Canadian retail property sector.

The most recent analyst rating on ($TSE:PMZ.UN) stock is a Buy with a C$19.00 price target. To see the full list of analyst forecasts on Primaris Real Estate Investment Trust stock, see the TSE:PMZ.UN Stock Forecast page.

Primaris REIT Secures $200 Million in Green Debenture Offering

Primaris Real Estate Investment Trust announced a successful $200 million unsecured green debenture offering, with the debentures maturing in 2033 and bearing a fixed annual interest rate of 4.835%. The proceeds are intended to fund eligible green projects as per the Trust’s Green Finance Framework, highlighting Primaris’ commitment to sustainable development and potentially enhancing its market positioning in the Canadian retail property landscape.

The most recent analyst rating on ($TSE:PMZ.UN) stock is a Buy with a C$19.00 price target. To see the full list of analyst forecasts on Primaris Real Estate Investment Trust stock, see the TSE:PMZ.UN Stock Forecast page.

Primaris REIT Unveils Green Finance Framework to Boost Sustainability

Primaris Real Estate Investment Trust has launched its inaugural Green Finance Framework, allowing the issuance of green bonds, loans, and other financial instruments to support environmental projects. This initiative aligns with Primaris’ sustainability strategy, focusing on emissions reduction and sustainable management, and has received a positive review from Moody’s Ratings, confirming its adherence to international green finance principles.

The most recent analyst rating on ($TSE:PMZ.UN) stock is a Buy with a C$19.00 price target. To see the full list of analyst forecasts on Primaris Real Estate Investment Trust stock, see the TSE:PMZ.UN Stock Forecast page.

Primaris REIT Completes $124.3 Million Secondary Equity Offering

Primaris Real Estate Investment Trust has successfully closed a $124.3 million secondary equity offering, selling 8,457,944 trust units at $14.70 each through a syndicate of underwriters led by RBC Capital Markets and TD Securities Inc. The offering involved the sale of units held by a selling unitholder, managed by Cadillac Fairview, and did not generate proceeds for Primaris. This transaction is part of Primaris’ strategic management of its assets, reflecting its robust market positioning and capitalization, which allows it to capitalize on opportunities within the Canadian retail property sector.

The most recent analyst rating on ($TSE:PMZ.UN) stock is a Buy with a C$19.00 price target. To see the full list of analyst forecasts on Primaris Real Estate Investment Trust stock, see the TSE:PMZ.UN Stock Forecast page.

Primaris REIT Acquires Lime Ridge Mall for $416 Million

Primaris Real Estate Investment Trust has announced the acquisition of Lime Ridge Mall in Hamilton, Ontario, for $416 million, marking a significant step in its growth strategy. This acquisition, which includes a mix of cash and equity, is expected to enhance Primaris’ portfolio quality and financial metrics, with implications for increased sales productivity and trading liquidity, benefiting stakeholders.

The most recent analyst rating on ($TSE:PMZ.UN) stock is a Buy with a C$19.00 price target. To see the full list of analyst forecasts on Primaris Real Estate Investment Trust stock, see the TSE:PMZ.UN Stock Forecast page.

Primaris REIT Declares June 2025 Distribution

Primaris Real Estate Investment Trust has declared a distribution of $0.0717 per unit for June 2025, equating to $0.86 per unit annually, payable on July 15, 2025. This announcement underscores Primaris’ strong financial position and strategic focus on enclosed shopping centres, highlighting its capability to leverage market opportunities and deliver value to its stakeholders.

The most recent analyst rating on ($TSE:PMZ.UN) stock is a Buy with a C$19.00 price target. To see the full list of analyst forecasts on Primaris Real Estate Investment Trust stock, see the TSE:PMZ.UN Stock Forecast page.

Primaris REIT Gains Control of Former HBC Locations for Redevelopment

Primaris Real Estate Investment Trust announced it has gained control over five former Hudson’s Bay Company locations, which were disclaimed due to lack of bids. This transition allows Primaris to repurpose these sites, potentially enhancing property value and stakeholder benefits. The company plans to invest $50 to $60 million in redevelopment, aiming for increased rental income and operational efficiency. The move is expected to relieve Primaris of certain obligations and open opportunities for property intensification, including retail and high-density developments.

The most recent analyst rating on ($TSE:PMZ.UN) stock is a Buy with a C$19.00 price target. To see the full list of analyst forecasts on Primaris Real Estate Investment Trust stock, see the TSE:PMZ.UN Stock Forecast page.

Primaris REIT Declares May 2025 Distribution

Primaris Real Estate Investment Trust announced a distribution of $0.0717 per unit for May 2025, payable on June 16, 2025, to unitholders of record on May 30, 2025. This announcement reflects Primaris’ continued commitment to providing value to its investors, leveraging its strong capitalization and strategic positioning in the Canadian retail property market.

The most recent analyst rating on ($TSE:PMZ.UN) stock is a Buy with a C$19.00 price target. To see the full list of analyst forecasts on Primaris Real Estate Investment Trust stock, see the TSE:PMZ.UN Stock Forecast page.