Primaris Real Estate Investment Trust (TSE:PMZ.UN)
TSX:PMZ.UN
Top Page
Primaris Real Estate Investment Trust
(TSX:PMZ.UN)
Select Model
Select Model
Rating:75Outperform
Price Target:
C$19.50
â–²(14.57% Upside)
Action:ReiteratedDate:02/18/26
The score is led by solid financial performance (improving cash flow and profitability) and supportive technical momentum (price above key moving averages with positive MACD). Valuation is reasonably attractive (P/E ~11.9 and ~5% yield), while the earnings-call outlook is constructive due to raised guidance and strong liquidity, tempered by near-term occupancy/NOI headwinds and elevated redevelopment spending.
Positive Factors
Improving cash generation
Material and durable cash-flow improvement strengthens Primaris’s ability to fund redevelopment, absorb short-term NOI swings, support FFO and distributions, and continue buybacks. Strong operating cash provides lasting flexibility for capital allocation and lowers execution risk on multi-year projects.
Negative Factors
Rising absolute leverage
Higher absolute debt heightens exposure to interest-rate moves and future refinancing, constraining flexibility for opportunistic acquisitions or extra distributions. Even with liquidity and unencumbered assets, elevated leverage increases downside risk if retail cash flows soften.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving cash generation
Material and durable cash-flow improvement strengthens Primaris’s ability to fund redevelopment, absorb short-term NOI swings, support FFO and distributions, and continue buybacks. Strong operating cash provides lasting flexibility for capital allocation and lowers execution risk on multi-year projects.
Read all positive factors
Primaris Real Estate Investment Trust (PMZ.UN) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$2.01B
Dividend Yield5.52%
Average Volume (3M)251.18K
Price to Earnings (P/E)10.7
Beta (1Y)0.66
Revenue Growth26.88%
EPS Growth77.26%
CountryCA
Employees314
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)0.44
Shares Outstanding117,865,180
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$19.92Price Target Upside17.04% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)1.6
Revenue Forecast (FY)C$721.52M
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 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 a...
Primaris Real Estate Investment Trust Earnings Call Summary
Earnings Call Date:Feb 11, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 06, 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
73
Positive
Balance Sheet
68
Positive
Cash Flow
76
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 652.57M | 504.62M | 410.97M | 380.06M | 253.98M |
| Gross Profit | 373.42M | 292.04M | 233.63M | 211.79M | 141.59M |
| EBITDA | 319.87M | 164.61M | 206.87M | 187.81M | 130.92M |
| Net Income | 183.19M | 79.47M | 102.27M | -12.08M | 354.57M |
Balance Sheet | |||||
| Total Assets | 5.28B | 4.27B | 3.90B | 3.20B | 3.25B |
| Cash, Cash Equivalents and Short-Term Investments | 34.29M | 114.77M | 44.32M | 10.95M | 5.64M |
| Total Debt | 2.19B | 1.71B | 1.48B | 1.01B | 558.42M |
| Total Liabilities | 2.75B | 2.11B | 1.80B | 1.11B | 1.06B |
| Stockholders Equity | 2.53B | 2.16B | 2.10B | 2.09B | 2.19B |
Cash Flow | |||||
| Free Cash Flow | 225.07M | 151.57M | 163.35M | 163.39M | -101.04M |
| Operating Cash Flow | 225.73M | 168.32M | 166.37M | 164.31M | -76.17M |
| Investing Cash Flow | -669.43M | -369.25M | -467.52M | -112.61M | -46.09M |
| Financing Cash Flow | 463.21M | 171.38M | 334.52M | -46.38M | 112.89M |
Primaris Real Estate Investment Trust Technical Analysis
Neutral
17.02
Price Trends
17.14
Negative
16.16
Positive
15.39
Positive
Market Momentum
>-0.01
Positive
44.68
Neutral
9.76
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:PMZ.UN, the sentiment is Neutral. The current price of 17.02 is below the 20-day moving average (MA) of 17.54, below the 50-day MA of 17.14, and above the 200-day MA of 15.39, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 44.68 is Neutral, neither overbought nor oversold. The STOCH value of 9.76 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
75 Outperform | C$2.01B | 10.72 | 6.52% | 5.52% | 26.88% | 77.26% | |
74 Outperform | C$2.94B | 24.31 | 6.29% | 5.82% | 6.32% | ― | |
74 Outperform | C$472.66M | 8.66 | 10.04% | 6.56% | 4.53% | 197.86% | |
73 Outperform | C$4.37B | 3.77 | 25.30% | 4.71% | -0.83% | -28.93% | |
71 Outperform | C$4.55B | 18.23 | 4.85% | 7.22% | 0.48% | 96.32% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
55 Neutral | C$5.52B | 79.85 | 0.92% | 6.21% | 22.22% | -71.38% |
* Real Estate Sector Average
TSE:PMZ.UN
Primaris Real Estate Investment Trust
17.02
2.57
17.79%
TSE:REI.UN
RioCan Real Estate Investment
19.01
2.84
17.54%
TSE:CRR.UN
Crombie Real Estate ate
15.73
2.41
18.11%
TSE:FCR.UN
First Capital Realty
20.55
4.80
30.43%
TSE:PLZ.UN
Plaza Retail REIT
4.28
0.73
20.67%
TSE:SRU.UN
SmartCentres Real Estate Investment Trust
26.70
3.04
12.83%
Primaris Real Estate Investment Trust Corporate Events
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...
Dividends
Primaris REIT Declares January 2026 Monthly Distribution
Positive
Jan 7, 2026
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 an...
Business Operations and StrategyFinancial Disclosures
Primaris REIT Sets February Date for 2025 Year-End Results and Investor Call
Neutral
Jan 5, 2026
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 F...
Business Operations and StrategyStock BuybackM&A TransactionsPrivate Placements and Financing
Primaris REIT Sells Calgary Retail Complex for $154 Million and Tightens Financing Terms
Positive
Dec 23, 2025
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 Northl...
Business Operations and StrategyPrivate Placements and Financing
Primaris REIT Advances ESG Strategy With Third Sustainability Report and $450 Million Green Bond Allocation
Positive
Dec 18, 2025
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 performanc...
Business Operations and Strategy
Primaris REIT Advances Redevelopment of Former Department Store Spaces
Positive
Dec 10, 2025
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...
Business Operations and StrategyDividends
Primaris REIT Declares December 2025 Distribution
Positive
Dec 8, 2025
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 ...
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.