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Plaza Retail REIT (PLZ.UN) investor relations material
Plaza Retail REIT Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 same-asset NOI rose 3.5%, committed occupancy reached 98.3%, and FFO and AFFO per unit increased.
Strategy centers on essential-needs, value and convenience retail, property optimization, selective intensification and disciplined capital allocation.
Lower payout ratios, stronger liquidity and projects moving toward stabilization support confidence in future per-unit cash-flow growth.
Financial highlights
Q3 revenue was CAD 32.2 million, up 1.4%; 9M revenue was CAD 96.8 million, up 2.3%.
Q3 NOI rose 1.5% to CAD 20.8 million; 9M NOI increased 2.7% to CAD 59.5 million. Same-asset NOI rose 3.5% in Q3 and 2.2% for 9M.
Q3 FFO per unit increased 3.6% to CAD 0.115 and AFFO per unit rose 6.5% to CAD 0.082; 9M figures were CAD 0.317 (+6.0%) and CAD 0.234 (+6.8%), respectively.
Adjusted 9M FFO and AFFO per-unit growth, excluding severance, strategic-review costs and bonus-accrual timing, was 8.0% and 9.7%, respectively.
Outlook and guidance
2027 growth drivers include contractual rent increases, market-rent capture on renewals, high occupancy and development projects progressing toward stabilization.
Acquisitions and projects brought into income-producing status in 2025–26 represent ~CAD 3.7 million in annual stabilized NOI; projects under development or redevelopment represent another CAD 1.2 million as completed and stabilized.
Management expects to reduce floating-rate debt exposure as projects stabilize and long-term fixed-rate debt is placed.
- Revenue grew, but lower property valuations cut FY net income to $20.3M.PLZ.UN
Q4 2023 - FFO and AFFO per unit grew, payout ratios improved, and occupancy reached 97.6%.PLZ.UN
Q2 2026 - Trustees and auditor reappointed, with strong 2025 results and a 6.52% yield focus.PLZ.UN
AGM 2026 - High-occupancy retail REIT leverages essential-needs focus, disciplined growth, and ESG leadership.PLZ.UN
AGM 2025 presentation - FFO rose 11.7% year-over-year on strong leasing spreads and high occupancy, with stable AFFO.PLZ.UN
Q1 2026 - FFO rose 8.8%, profit more than doubled, and occupancy reached 97.6% with strong leasing spreads.PLZ.UN
Q4 2025 - Q2 2024 EPS and revenue grew, but profit fell on property values; occupancy and grid investment strong.PLZ.UN
Q2 2024 - NOI and AFFO per unit rose, with high occupancy and new acquisitions fueling future growth.PLZ.UN
Q1 2025 - Record NOI growth and robust leasing spreads support a resilient outlook for 2025.PLZ.UN
Q4 2024
Next Plaza Retail REIT earnings date
Next Plaza Retail REIT earnings date
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