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

• Market Cap: C$1.98B
• Dividend Yield: 5.52%
• Average Volume (3M): 251.18K
• Price to Earnings (P/E): 14.0
• Beta (1Y): 0.63
• Revenue Growth: 26.88%
• EPS Growth: 77.26%
• Country: CA
• Employees: 314
• Sector: Real Estate
• Sector Strength: 53
• Industry: REIT - Retail
• EPS (TTM): 0.32
• Shares Outstanding: 118,412,980
• 10 Day Avg. Volume: 399,656
• 30 Day Avg. Volume: 251,184
• PEG Ratio: -0.74
• Price to Book (P/B): 0.77
• Price to Sales (P/S): 3.29
• P/FCF Ratio: 10.94
• 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$18.00
• Price Target Upside: 7.72% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 76 Outperform
• Price Target: C$17.50 ▲(4.73% Upside)

Primaris Real Estate Investment Trust is performing well with strong financial performance and positive earnings call sentiment. The technical indicators suggest bullish momentum, and the valuation is attractive with a reasonable P/E ratio and high dividend yield. The company should monitor leverage and cash flow efficiency closely.

Positive Factors

Revenue Growth

The robust growth in FFO per unit indicates strong financial performance, driven by strategic acquisitions and increased tenant sales, enhancing long-term revenue potential.

Strategic Acquisitions

These acquisitions enhance portfolio quality and are expected to drive above-sector average NOI growth, strengthening market position and competitive advantage.

Distribution Increase

Consistent distribution increases reflect strong cash flow generation and financial stability, supporting shareholder value and potential inclusion in the Dividend Aristocrats Index.

Negative Factors

Increasing Leverage

The trend of increasing leverage could pose risks to financial flexibility and stability if not managed carefully, impacting long-term strategic initiatives.

Occupancy Challenges

Decreased occupancy rates can affect rental income and cash flow stability, posing challenges to maintaining revenue growth and operational efficiency.

Potential Tenant Bankruptcy

Potential tenant bankruptcies can lead to revenue loss and increased vacancy rates, impacting cash flow and requiring strategic leasing efforts to mitigate.

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 the leasing of its commercial properties to a variety of tenants, including retail chains and service providers. The company's revenue model is anchored in long-term lease agreements, which provide predictable cash flows. Additionally, PMZ.UN earns income from property management services and ancillary revenues associated with its real estate operations. Key revenue streams include rental income from leased spaces and potential profit-sharing agreements with tenants. The Trust's financial performance is also bolstered by its strategic partnerships with local and national retailers, as well as its focus on optimizing property occupancy rates and enhancing tenant relationships to drive overall profitability.

Primaris Real Estate Investment Trust Financial Statement Overview

Summary

Primaris Real Estate Investment Trust demonstrates solid revenue growth and operational efficiency, with strong 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. Overall, the financial health is stable with room for enhancement in profitability and leverage management.

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	607.76M	504.62M	410.97M	380.06M	253.98M	270.23M
Gross Profit	344.87M	292.04M	233.63M	211.79M	141.59M	128.47M
EBITDA	260.69M	164.61M	206.87M	187.81M	130.92M	124.02M
Net Income	144.57M	79.47M	102.27M	-12.08M	354.57M	-574.48M
Balance Sheet
Total Assets	4.92B	4.27B	3.90B	3.20B	3.25B	2.13B
Cash, Cash Equivalents and Short-Term Investments	7.56M	114.77M	44.32M	10.95M	5.64M	15.01M
Total Debt	2.05B	1.71B	1.48B	1.01B	558.42M	301.40M
Total Liabilities	2.58B	2.11B	1.80B	1.11B	1.06B	1.13B
Stockholders Equity	2.35B	2.16B	2.10B	2.09B	2.19B	1.00B
Cash Flow
Free Cash Flow	187.47M	151.57M	163.35M	163.39M	-101.04M	213.63M
Operating Cash Flow	203.18M	168.32M	166.37M	164.31M	-76.17M	278.85M
Investing Cash Flow	-551.34M	-369.25M	-467.52M	-112.61M	-46.09M	-79.90M
Financing Cash Flow	194.13M	171.38M	334.52M	-46.38M	112.89M	-191.95M

Primaris Real Estate Investment Trust Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 16.71
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

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 16.71 is above the 20-day moving average (MA) of 15.66, above the 50-day MA of 15.34, and above the 200-day MA of 14.77, indicating a bullish trend. The MACD of 0.29 indicates Negative momentum. The RSI at 81.53 is Negative, neither overbought nor oversold. The STOCH value of 92.60 is Negative, 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	82 Outperform	C$4.00B	8.68	11.49%	5.74%	4.11%	35.99%
PMZ.UN	76 Outperform	C$1.98B	14.02	6.52%	5.52%	26.88%	77.26%
SRU.UN	68 Neutral	C$4.56B	18.25	5.03%	7.22%	0.48%	96.32%
PLZ.UN	67 Neutral	C$472.66M	12.21	7.14%	6.56%	4.53%	197.86%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
REI.UN	62 Neutral	C$5.72B	89.42	0.92%	6.21%	22.22%	-71.38%
HR.UN	52 Neutral	C$2.87B	-7.00	-8.74%	7.05%	-0.83%	-56.21%

Primaris Real Estate Investment Trust Corporate Events

Primaris REIT Declares January 2026 Monthly Distribution

Primaris Real Estate Investment Trust has declared a cash distribution of $0.07333 per unit for January 2026, equivalent to $0.88 per unit on an annualized basis, payable on February 17, 2026 to unitholders of record as of January 30, 2026. The announcement underscores the REIT’s ongoing income return to investors, reflecting its confidence in the stability of cash flows from its sizable portfolio of enclosed Canadian shopping centres and its strong capital position in a changing retail real estate market.

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 Sets February Date for 2025 Year-End Results and Investor Call

Primaris Real Estate Investment Trust announced it will release its financial results for the quarter and year ended December 31, 2025, after markets close on February 11, 2026, followed by a conference call and webcast with senior leadership on February 12. The scheduled disclosure and investor event underscore Primaris’s efforts to maintain transparency with unitholders and analysts as it positions its enclosed shopping centre portfolio to benefit from evolving conditions in the Canadian retail real estate market.

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 Sells Calgary Retail Complex for $154 Million and Tightens Financing Terms

Primaris REIT has completed the $154 million sale of Northland Village and Northland Professional Centre in Calgary to a Canadian institutional investor, capping a year in which it executed $400.1 million of non-core asset dispositions. The Northland assets, sold at IFRS fair value and previously unencumbered, form part of a capital recycling strategy aimed at maintaining a strong balance sheet while focusing on market-leading Canadian malls. Proceeds are being directed toward debt repayment, unit repurchases under its normal course issuer bid and general purposes, and the trust has reaffirmed its 2025 and 2026 guidance, signalling that the transaction was fully anticipated. Primaris also reported that it used part of the Northland proceeds to repay a $100 million unsecured bilateral term facility and unwind a related $50 million hedge, while extending the term of its $600 million unsecured revolving credit facility by one year to January 2029 and securing a 0.15 percentage-point reduction in the facility’s variable interest rate, collectively enhancing its financial flexibility and lowering borrowing costs.

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 Advances ESG Strategy With Third Sustainability Report and $450 Million Green Bond Allocation

Primaris Real Estate Investment Trust has published its third annual Sustainability Report alongside a Green Bond Allocation Report, detailing an updated sustainability plan, progress on environmental, social and governance targets, and performance metrics through the end of 2025. The REIT highlighted issuance of $450 million in senior unsecured green debentures under its Green Finance Framework to fund green building acquisitions, achievement of a 3-star GRESB rating with Sector Leader status for retail in the Americas, full green building certification across its shopping centres, reductions in like-for-like greenhouse gas emissions, and an 83.3% share of new leases classified as green. On the social front, Primaris reported an 83% tenant satisfaction score, more than $1 million in charitable donations, over 200 community events, and substantial food donations, while meeting or being on track for key targets such as board gender diversity, employee engagement, and GHG reduction. The reports underscore Primaris’ bid to entrench its sustainability leadership in Canadian retail real estate, align its financing strategy with environmental objectives, and reinforce its governance and community engagement credentials for investors, tenants and other stakeholders.

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 Advances Redevelopment of Former Department Store Spaces

Primaris Real Estate Investment Trust has announced significant progress in leasing and redevelopment of former anchor spaces previously occupied by Hudson’s Bay Company and Sears. With full control over these spaces, Primaris is executing a strategy to lease to single and multi-tenant configurations and repurpose areas for large format tenants and high-value commercial retail units. The company expects to invest $125 million to $150 million in repositioning costs for HBC spaces and $20 million to $30 million for Sears spaces, with anticipated yields of 7% to 12%. Additionally, Primaris has unlocked 70.8 acres of land for development, valued between $150 million and $250 million, which will enhance the company’s income and asset value.

The most recent analyst rating on ($TSE:PMZ.UN) stock is a Buy with a C$16.50 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 December 2025 Distribution

Primaris REIT announced a distribution of $0.07333 per unit for December 2025, equating to $0.88 annually, payable on January 15, 2026. This announcement underscores Primaris’ strong capital position and strategic focus on enclosed shopping centres, highlighting its ability to leverage market opportunities and potentially benefit stakeholders through consistent returns.

The most recent analyst rating on ($TSE:PMZ.UN) stock is a Buy with a C$16.50 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 Reports Strong Q3 Results and Announces 2026 Guidance

Primaris REIT reported strong financial results for Q3 2025, with a notable increase in rental revenue and leasing progress, particularly with HBC locations. The company announced a distribution increase and introduced its 2026 guidance, reflecting anticipated growth in cash net operating income and occupancy rates. Recent acquisitions, including Promenades St-Bruno, and strategic leasing agreements are expected to drive future growth and enhance portfolio quality. The company’s focus on sustainability and disciplined capital allocation supports its robust financial performance and market positioning.

The most recent analyst rating on ($TSE:PMZ.UN) stock is a Buy with a C$16.50 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 Completes Over-Allotment Option, Strengthens Financial Position

Primaris Real Estate Investment Trust announced the closing of an over-allotment option, resulting in the issuance of an additional 1,448,599 trust units and gross proceeds of approximately $21.4 million. This increases the total gross proceeds from their recent public offering to approximately $168.9 million. The net proceeds are intended to pay down debt from the acquisition of Promenades St-Bruno, enhancing Primaris’ financial position and operational capacity in the Canadian retail property market.

The most recent analyst rating on ($TSE:PMZ.UN) stock is a Buy with a C$16.50 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.