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Plaza Retail REIT (PLZ.UN) investor relations material

Plaza Retail REIT Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary8 Aug, 2025

Executive summary

  • Achieved strong progress on portfolio optimization, intensification, and consolidation strategies at mid-year 2025, with a focus on grocery-anchored optimizations and increased ownership in key properties.

  • Major projects include conversions to No Frills stores in Newfoundland, Ontario, and PEI, and increased ownership in three Ontario Shoppers Drug Mart properties.

  • Leasing fundamentals remain robust, with high occupancy and strong leasing spreads.

  • Capital recycling program executed with property sales above IFRS values and reinvestment in higher quality assets.

Financial highlights

  • Q2 2025 revenues rose 3.6% year-over-year to $31.8 million; NOI increased 3.8% to $19.1 million.

  • FFO for Q2 increased 5.3% year-over-year to $11.2 million ($0.100 per unit); AFFO decreased 15.8% to $7.5 million ($0.067 per unit), temporarily impacted by optimization leasing costs.

  • Profit and total comprehensive income for Q2 was $12.7 million, up 419.2% from $2.4 million in Q2 2024, mainly due to fair value gains on investment properties.

  • Same asset NOI rose 1.5% year-over-year, despite bad debt from two tenant closures.

  • Year-to-date, revenues grew 4.5% to $62.9 million, NOI up 2.7% to $37.4 million, and profit rose 84.7% to $22.0 million.

Outlook and guidance

  • Ongoing intensification and optimization projects expected to deliver attractive returns and incremental NOI.

  • Renewals and project completions anticipated to further boost same property NOI through the year.

  • Management expects continued progress on optimizations, intensifications, and leasing, with ongoing tenant demand and ability to lease at anticipated rents.

  • Liquidity of $62M positions the company to capitalize on future opportunities.

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Frequently asked questions

Plaza Retail REIT is a real estate investment trust specializing in the ownership, development, and management of retail properties. The company focuses on open-air centers and standalone retail outlets, often anchored by national and regional retail chains. Plaza Retail REIT operates properties across multiple provinces in Canada, catering to a diverse range of tenants. Its portfolio includes a mix of development projects and income-producing properties. The company is headquartered in Fredericton, Canada, and its shares are listed on the TSX.

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