Primaris Real Estate Investment Trust (TSE:PMZ.UN)
TSX:PMZ.UN
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Primaris Real Estate Investment Trust
(TSX:PMZ.UN)
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Rating:77Outperform
Price Target:
C$21.50
â–²(12.27% Upside)
Action:ReiteratedDate:05/01/26
The score is driven primarily by solid financial results (strong profitability and cash generation, tempered by higher leverage and softer recent FCF), supportive technical momentum (price above major moving averages with positive MACD), and attractive valuation (low P/E with a ~4.6% yield). The latest earnings call further supports the outlook with raised 2026 guidance and strong liquidity, while acknowledging transitional occupancy and redevelopment headwinds.
Positive Factors
Improving cash generation
Material year-over-year increases in operating and free cash flow indicate the business is converting higher rents and leasing activity into durable internal funding. Strong cash generation supports redevelopment funding, share buybacks and distributions while reducing near-term reliance on external financing.
Negative Factors
Rising leverage and rate sensitivity
Absolute debt growth and higher leverage increase exposure to interest-rate moves and refinancing cycles. Even with current liquidity, elevated debt levels constrain flexibility, amplify earnings sensitivity to rates and pressure covenants or credit metrics if market conditions deteriorate.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving cash generation
Material year-over-year increases in operating and free cash flow indicate the business is converting higher rents and leasing activity into durable internal funding. Strong cash generation supports redevelopment funding, share buybacks and distributions while reducing near-term reliance on external financing.
Read all positive factors
Primaris Real Estate Investment Trust (PMZ.UN) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$2.22B
Dividend Yield5.52%
Average Volume (3M)251.18K
Price to Earnings (P/E)10.7
Beta (1Y)0.71
Revenue Growth25.61%
EPS Growth162.10%
CountryCA
Employees314
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)0.30
Shares Outstanding117,765,175
10 Day Avg. Volume399,656
30 Day Avg. Volume251,184
Financial Highlights & Ratios
PEG Ratio0.11
Price to Book (P/B)0.78
Price to Sales (P/S)3.01
P/FCF Ratio8.73
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$20.88Price Target Upside9.01% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)1.6
Revenue Forecast (FY)C$721.49M
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...
How the Company Makes Money
Primaris REIT generates revenue primarily from leasing space in its shopping centres to retail and service tenants. Its main revenue stream is rental income under commercial lease agreements, which commonly include base rent and may also include a...
Primaris Real Estate Investment Trust Earnings Call Summary
Earnings Call Date:Feb 11, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 05, 2026
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.Positive Updates
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).
Negative Updates
Occupancy Impact from HBC Departures and Recent Acquisitions
Committed occupancy ended 2025 at 90.6% (in-place 87.2%), down from 94.5% at year-end 2024. HBC closures negatively impacted occupancy by ~6.7%; newly acquired properties created an additional ~3.4% drag on occupancy.
Read all updates
Q4-2025 Updates
Positive
Negative
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).
Read all positive updates
Company Guidance
Management raised 2026 guidance to cash NOI of $390–$400 million and diluted FFO/unit of $1.85–$1.90, with same‑property cash NOI growth of 1%–3%; redevelopment spend for 2026 is $60–$64 million (about $35 million to re‑lease former HBC boxes) and broader HBC capital investment is now expected at $175–$225 million with rental commencements beginning as early as mid‑2027 and anticipated redevelopment yields of ~8%–10%. They noted the guidance excludes further acquisitions/dispositions, that over one‑third of 2026 cash NOI comes from 2025 acquisitions, and that Primaris will forgo ~$5 million of HBC NOI in 2026 but expects >$17 million from those premises over three years and >$100 million from previously encumbered land dispositions; outparcel returns are expected to exceed 10%. Key balance‑sheet metrics supporting the plan include debt/EBITDA of 5.8x (target <6x), FFO payout ratio 46.7% (target ~45%–50%), liquidity of $644.3 million, $4.8 billion of unencumbered assets (>90% of investment property), a weighted average interest rate of 5.07% and weighted average debt term of 4.1 years with no maturities until 2027.Primaris Real Estate Investment Trust Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
62
Positive
Cash Flow
71
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 680.03M | 652.57M | 504.62M | 410.97M | 380.06M | 253.98M |
| Gross Profit | 386.08M | 373.42M | 292.04M | 233.63M | 211.79M | 141.59M |
| EBITDA | 327.89M | 319.87M | 164.61M | 206.87M | 187.81M | 130.92M |
| Net Income | 193.96M | 183.19M | 79.47M | 102.27M | -12.08M | 354.57M |
Balance Sheet | ||||||
| Total Assets | 5.29B | 5.28B | 4.27B | 3.90B | 3.20B | 3.25B |
| Cash, Cash Equivalents and Short-Term Investments | 16.81M | 34.29M | 114.77M | 44.32M | 10.95M | 5.64M |
| Total Debt | 2.19B | 2.19B | 1.71B | 1.48B | 1.01B | 558.42M |
| Total Liabilities | 2.74B | 2.75B | 2.11B | 1.80B | 1.11B | 1.06B |
| Stockholders Equity | 2.54B | 2.53B | 2.16B | 2.10B | 2.09B | 2.19B |
Cash Flow | ||||||
| Free Cash Flow | 208.96M | 225.07M | 151.57M | 163.35M | 163.39M | -101.04M |
| Operating Cash Flow | 224.60M | 225.73M | 168.32M | 166.37M | 164.31M | -76.17M |
| Investing Cash Flow | -596.65M | -669.43M | -369.25M | -467.52M | -112.61M | -46.09M |
| Financing Cash Flow | 329.40M | 463.21M | 171.38M | 334.52M | -46.38M | 112.89M |
Primaris Real Estate Investment Trust Technical Analysis
Positive
19.15
Price Trends
17.57
Positive
16.64
Positive
15.65
Positive
Market Momentum
0.47
Negative
76.46
Negative
79.56
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 19.15 is above the 20-day moving average (MA) of 17.83, above the 50-day MA of 17.57, and above the 200-day MA of 15.65, indicating a bullish trend. The MACD of 0.47 indicates Negative momentum. The RSI at 76.46 is Negative, neither overbought nor oversold. The STOCH value of 79.56 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
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | C$2.22B | 10.72 | 7.79% | 5.52% | 25.61% | 162.10% | |
74 Outperform | C$3.17B | 24.31 | 6.29% | 5.82% | 4.98% | -1075.63% | |
74 Outperform | C$491.44M | 8.66 | 10.04% | 6.56% | 3.53% | 120.67% | |
73 Outperform | C$4.97B | 1.18 | 25.30% | 4.71% | -1.05% | 418.79% | |
71 Outperform | C$4.81B | 18.23 | 4.85% | 7.22% | -0.83% | 6.28% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
63 Neutral | C$6.18B | 79.85 | 0.96% | 6.21% | 14.64% | -85.04% |
* Real Estate Sector Average
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Primaris Real Estate Investment Trust Corporate Events
Business Operations and StrategyM&A Transactions
Immostar, Primaris REIT expand Quebec City footprint with $63 million retail acquisition
Positive
Apr 9, 2026
Immostar and Primaris REIT have acquired the north and south open-air retail centres adjacent to Les Galeries de la Capitale in Quebec City for $63 million, expanding their control over a key commercial hub in the Lebourgneuf sector. The Complexes...
Dividends
Primaris REIT Declares April 2026 Monthly Distribution
Positive
Apr 7, 2026
Primaris Real Estate Investment Trust has declared a cash distribution of $0.07333 per unit for April 2026, equivalent to $0.88 per unit on an annualized basis. The April distribution will be paid on May 15, 2026 to unitholders of record as of Apr...
Financial DisclosuresShareholder Meetings
Primaris REIT Sets April Dates for Q1 Results, AGM and Investor Call
Neutral
Mar 31, 2026
Primaris Real Estate Investment Trust will release its financial results for the quarter ended March 31, 2026, after markets close on April 29, 2026, and will follow with a hybrid Annual General Meeting on April 30, 2026, in Toronto and online. Th...
Business Operations and StrategyExecutive/Board Changes
Primaris REIT Names New CIO to Drive Investment Strategy and Unlock Mall Land Value
Positive
Mar 17, 2026
Primaris Real Estate Investment Trust has appointed Julian Schonfeldt as Chief Investment Officer, effective April 1, 2026, strengthening its executive team as the mall-focused REIT manages a significantly expanded portfolio and a growing pipeline...
Dividends
Primaris REIT Declares March 2026 Monthly Distribution
Positive
Mar 9, 2026
Primaris REIT has declared a cash distribution of $0.07333 per unit for March 2026, equivalent to $0.88 per unit on an annualized basis, payable on April 15, 2026 to unitholders of record as of March 31, 2026. The announcement underscores the trus...
Business Operations and StrategyStock BuybackDividendsFinancial DisclosuresM&A TransactionsPrivate Placements and Financing
Primaris REIT Lifts 2026 Outlook on Strong 2025 Results and Portfolio Upgrades
Positive
Feb 12, 2026
Primaris REIT reported strong fourth quarter and full-year 2025 results, highlighted by robust same-property cash NOI growth, higher net rent on renewals, solid FFO per unit gains and healthy occupancy levels despite vacancies from disclaimed Huds...
Business Operations and StrategyDividends
Primaris REIT Declares February 2026 Monthly Distribution
Positive
Feb 9, 2026
Primaris Real Estate Investment Trust has declared a cash distribution of $0.07333 per unit for February 2026, equivalent to $0.88 per unit on an annualized basis, payable on March 16, 2026 to unitholders of record as of February 27, 2026. The mov...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.