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Primaris Real Estate Investment Trust (PMZ-UN) investor relations material
Primaris Real Estate Investment Trust Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Achieved strong Q3 2025 results with 5.7% FFO per unit growth, robust rental revenue, and a 2.3% distribution increase, driven by Canadian mall sector recovery and strategic acquisitions.
Completed over CAD 1.6 billion in strategic mall acquisitions, including Promenades St-Bruno, enhancing portfolio quality and internal growth prospects.
Significant progress in leasing former HBC and Sears spaces, with nearly 500,000 sq ft leased to single tenants and strong tenant demand.
Announced a 2.3% distribution increase to $0.88 per unit, marking the fifth consecutive annual increase.
Net income reached $40.9 million for the quarter, with continued execution of a focused strategy to acquire, own, and manage leading Canadian enclosed shopping centres.
Financial highlights
FFO per diluted unit up 5.7% year-over-year to $0.443, with FFO payout ratio at 52.6%.
Same property cash NOI up 0.7% for Q3 and 5.1% year-to-date; 2025 guidance for 4.0%–5.0% growth.
Portfolio in-place occupancy at 91.7%, committed occupancy at 92.8%, and weighted average net rent per sq ft increased to CAD 29.16.
Total assets rose to $4.9 billion, with $4.4 billion in unencumbered assets and $617.6 million in liquidity.
Total sales productivity rose to CAD 800 per sq ft, with sales volume exceeding CAD 3.5 billion.
Outlook and guidance
2025 guidance: cash NOI of $352M–$357M, FFO per unit of $1.78–$1.82, same property cash NOI growth of 4%–5%, and occupancy of 85%–87%.
2026 guidance: cash NOI of $385M–$395M, same property cash NOI growth of 1%–3%, FFO per unit of $1.83–$1.88, and occupancy of 86%–88%.
Three-year targets include in-place occupancy of 94%–96%, annual same property cash NOI growth of 3%–4%, and annual FFO per unit growth of 4%–6%.
No significant CapEx expected for HBC boxes in 2025; HBC-related spend estimated at CAD 125M–150M over several years.
Annual distribution increased by 2.3% to $0.88 per unit.
HBC re-leasing timeline for remaining spaces
Reconcile 2026 Same Properties NOI growth with 3-year target
Explain unit issuance below NAV vs. NCIB buys
HBC backfill: How will CapEx vary by tenant type?
Future portfolio growth via acquisitions or dispositions?
What drives same-property NOI growth post-HBC?
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Next Primaris Real Estate Investment Trust earnings date
Q4 202513 Feb, 2026
Next Primaris Real Estate Investment Trust earnings date
Q4 202513 Feb, 2026
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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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