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Primaris Real Estate Investment Trust (PMZ-UN) investor relations material

Primaris Real Estate Investment Trust 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 summary31 Jul, 2025

Executive summary

  • Q2 2025 delivered strong operational and financial performance, with robust same property NOI and FFO/AFFO per unit growth, supported by major acquisitions, portfolio repositioning, and a focused strategy on leading Canadian malls.

  • Portfolio repositioned through $2B in top-tier mall acquisitions, including Lime Ridge Mall, and $300M+ in noncore asset sales, now representing 60% of portfolio value.

  • Leasing momentum remained strong, with a 6.7% average spread on renewals and committed occupancy at 90.5%.

  • Capital allocation focused on disciplined asset recycling, significant unit repurchases at a discount to NAV, and green financing initiatives.

  • ESG initiatives advanced, including green debenture issuance and progress on GHG reduction targets.

Financial highlights

  • Same property cash NOI up 5.5% year-over-year for Q2 2025; FFO per unit diluted increased 5.5% to $0.445; AFFO per unit up 24.6%.

  • Weighted average net rent per square foot rose to $28.88, driven by acquisitions and lease changes.

  • Tenant sales productivity reached $784 per square foot including acquisitions, an all-time high.

  • Portfolio in-place occupancy at 88.8%, would be 93.3% excluding lease disclaimers and new acquisitions.

  • Net Asset Value per unit at $21.43; total assets reached $5.0 billion.

Outlook and guidance

  • 2025 guidance for cash NOI raised to $340M–$345M and FFO per unit to $1.74–$1.79, reflecting accretive acquisitions and leasing strength.

  • Same property cash NOI growth expected at 3%–4% for 2025; in-place occupancy target updated to 94%–96% by 2027.

  • Annual FFO per unit growth targeted at 4%–6% through 2027; annual distribution growth targeted at 2%–4%.

  • Redevelopment capital expenditures guidance maintained at $48–$50M for 2025.

  • Management notes risk of material variation in actual results due to market uncertainties.

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Frequently asked questions

Primaris Real Estate Investment Trust is a Canada-based real estate investment trust specializing in owning and managing retail properties. The company’s portfolio includes enclosed shopping centers and other retail-focused assets across key urban and suburban markets. The company is headquartered in Toronto, Canada, and its shares are listed on the TSX.

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