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

• Market Cap: C$1.77B
• Dividend Yield: 5.64%
• Average Volume (3M): 251.18K
• Price to Earnings (P/E): 26.0
• Beta (1Y): 0.81
• 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: 117,110,380
• 10 Day Avg. Volume: 399,656
• 30 Day Avg. Volume: 251,184
• 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$18.00
• Price Target Upside: 18.19% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 69 Neutral
• Price Target: C$16.50 ▲(8.34% Upside)

Primaris REIT's overall score reflects a stable financial performance with strong revenue growth and operational efficiency. The positive sentiment from the earnings call, driven by strategic acquisitions and leasing progress, boosts the score. However, the relatively high P/E ratio and increased leverage are areas of concern. The technical indicators suggest a neutral market sentiment, contributing to a balanced overall score.

Positive Factors

Strategic Acquisitions

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

Distribution Increase

Consistent distribution increases reflect strong cash flow management and financial health, potentially attracting income-focused investors.

Leasing Progress

This progress indicates effective asset management and tenant relationship strategies, supporting stable long-term revenue streams.

Negative Factors

Increased Leverage

Higher leverage can increase financial risk and limit flexibility, potentially impacting the company's ability to finance future growth.

Occupancy Challenges

Decreased occupancy can pressure revenue and profitability, highlighting challenges in maintaining tenant retention and space utilization.

Potential Tenant Bankruptcy

Potential tenant bankruptcies could lead to revenue loss and increased vacancy, necessitating strategic tenant replacement efforts.

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 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: 15.23
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• 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 15.23 is above the 20-day moving average (MA) of 15.19, above the 50-day MA of 15.13, and above the 200-day MA of 14.61, indicating a bullish trend. The MACD of 0.07 indicates Positive momentum. The RSI at 49.71 is Neutral, neither overbought nor oversold. The STOCH value of 21.84 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	C$4.00B	9.01	11.08%	5.96%	4.26%	72.02%
REI.UN	74 Outperform	$5.49B	19.63	3.81%	6.15%	17.42%	377.43%
PLZ.UN	72 Outperform	C$453.89M	12.98	6.45%	6.80%	5.14%	209.83%
SRU.UN	72 Outperform	C$4.52B	20.53	4.42%	7.01%	7.01%	-15.80%
PMZ.UN	69 Neutral	C$1.77B	26.00	6.52%	5.64%	26.88%	77.26%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
HR.UN	52 Neutral	C$3.08B	-31.73	-1.99%	6.63%	-5.67%	54.92%

Primaris Real Estate Investment Trust Corporate Events

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.

Primaris REIT Completes $565 Million Acquisition of Promenades St-Bruno

Primaris Real Estate Investment Trust has completed the acquisition of Promenades St-Bruno in Montreal, Quebec, for $565 million. This acquisition aligns with Primaris’ growth strategy, focusing on market-leading shopping centres in expanding Canadian markets, and enhances its position in the retail property sector.

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 $147.5 Million Equity Offering for Strategic Acquisition

Primaris Real Estate Investment Trust has successfully closed a $147.5 million equity offering, issuing 10 million trust units at $14.75 each. The proceeds will be used to fund the acquisition of Promenades St-Bruno in Montreal, Quebec, enhancing Primaris’ portfolio and market positioning in the Canadian retail property sector.

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 Reschedules Financial Results Announcement

Primaris Real Estate Investment Trust has rescheduled its financial results webcast and conference call for the quarter ended September 30, 2025. The results will be released on October 29, 2025, with a conference call and webcast presentation to follow on October 30, 2025. This announcement is part of Primaris’ ongoing efforts to maintain transparency with stakeholders and leverage its strong market position in the Canadian retail property sector.

The most recent analyst rating on ($TSE:PMZ.UN) stock is a Buy with a C$17.00 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 $250 Million in Green Debenture Offering

Primaris Real Estate Investment Trust has announced a successful $250 million unsecured green debenture offering, maturing in 2030, with a fixed annual interest rate of 3.845%. The proceeds will be used to finance eligible green projects as part of the Trust’s Green Finance Framework, with the potential to initially repay short-term debt or be held in cash. This move highlights Primaris’ commitment to sustainable investments and strengthens its financial positioning, potentially impacting its market operations and stakeholder interests positively.

The most recent analyst rating on ($TSE:PMZ.UN) stock is a Buy with a C$17.00 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 Announces Q3 2025 Financial Results Release and October Distribution

Primaris Real Estate Investment Trust announced the release of its financial results for the quarter ending September 30, 2025, scheduled for October 29, 2025, with a conference call and webcast to follow on October 30, 2025. Additionally, the Board of Trustees declared a distribution of $0.0717 per unit for October 2025, payable on November 17, 2025, reflecting an annualized distribution of $0.86 per unit.

The most recent analyst rating on ($TSE:PMZ.UN) stock is a Buy with a C$17.00 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 Promenades St-Bruno for $565 Million

Primaris REIT has announced the acquisition of Promenades St-Bruno in Montreal for $565 million, funded through a mix of cash and equity. This acquisition is expected to enhance Primaris’ financial performance by increasing its annualized fully diluted FFO per unit and improving sales productivity. The acquisition aligns with Primaris’ strategy of expanding its portfolio with high-quality assets, and it is expected to increase the company’s public float and trading liquidity, benefiting all unitholders.

The most recent analyst rating on ($TSE:PMZ.UN) stock is a Buy with a C$17.00 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 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 Earnings Call: Record Sales and Strategic Growth

The recent earnings call of Primaris Real Estate Investment Trust (REIT) painted a largely positive picture, underscored by robust tenant sales, strategic acquisitions, and improved financial metrics. Despite these strengths, the company faces challenges such as declining occupancy rates due to HBC lease disclaimers and rising interest costs.