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Plaza Retail REIT (PLZ.UN) investor relations material
Plaza Retail REIT Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Achieved record quarterly FFO per unit of $0.111, up 8.8% year-over-year, and total FFO of $12.4 million, up 8.6%, driven by higher NOI from same-asset growth, acquisitions, and intensification projects.
Same-property NOI increased 1.7% year-over-year, with committed occupancy at an all-time high of 98% and near-perfect 99% excluding enclosed malls.
Leasing spreads on renewals averaged 18%, with all-time highs at 14% over the term, reflecting strong tenant demand.
Profit and total comprehensive income for the quarter was $8.8 million, up 72.4% year-over-year, primarily due to changes in fair value of investment properties and non-cash adjustments.
Intensification and development projects added $4 million to NOI year-to-date, or $5.8 million annualized.
Financial highlights
Revenues for the quarter were $31.7 million, up 4.2% year-over-year; quarterly NOI was $20.5 million, up 4.2%.
FFO per unit for the quarter was $0.111, up 8.8% year-over-year; AFFO per unit was $0.077, down 10.5% due to higher leasing and maintenance costs.
FFO payout ratio improved to 63.1% from 68.4% year-over-year; AFFO payout ratio increased to 91.0% from 81.0%.
Debt-to-assets ratio at 53.4%, down 10 basis points year-over-year; net debt-to-adjusted EBITDA at 9.2x.
Liquidity at quarter end was $57 million, including cash, operating line, and available debt facilities.
Outlook and guidance
Benefits from recent leasing and development projects, including 70,000 sq. ft. handed over to No Frills, are expected to have a greater impact starting in 2026.
Ongoing optimization and intensification initiatives are expected to continue driving FFO growth and value creation.
Same property NOI growth of 2% is considered achievable and safe for the next year, with renewal spreads filtering through future results.
When will optimization NOI fully materialize?
What is the timeline for ownership consolidation?
How do external acquisition cap rates compare?
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Next Plaza Retail REIT earnings date
Q4 202527 Feb, 2026
Next Plaza Retail REIT earnings date
Q4 202527 Feb, 2026
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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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