Primaris Real Estate Investment Trust (PMZ-UN) Q3 2026 earnings summary

Executive summary

• Q3 same-properties cash NOI grew 3.1% YoY, diluted FFO per unit rose 5.6% to $0.468, and committed occupancy reached 90.9%.

• Leasing former HBC space, acquiring leading enclosed centres and improving portfolio occupancy and productivity underpin growth plans.

Financial highlights

• Rental revenue was $175.8M versus $159.2M; net income was $28.4M versus $40.9M.

• Cash NOI was $98.6M versus $89.4M; same-properties cash NOI rose 3.1% to $66.3M.

• FFO was $66.2M, or $0.468 per diluted unit, up 5.6%; AFFO was $43.9M, or $0.310 per diluted unit, up 2.3%.

• Same-store sales productivity was $826 per sq. ft., up 2.5%; weighted average net rent per occupied sq. ft. was $32.46 versus $29.16.

Outlook and guidance

• 2026 guidance was reaffirmed: same-properties cash NOI growth of 1%–3%, cash NOI of $397M–$402M and diluted FFO per unit of $1.83–$1.88.

• 2027 guidance: occupancy of 88%–90%, same-properties cash NOI growth of 3%–5%, cash NOI of $427M–$433M and diluted FFO per unit of $1.93–$1.99.

• 2027–2029 targets, not guidance, include 96% in-place occupancy, 3%–5% average annual same-properties cash NOI growth and 4%–8% annual FFO/unit and distribution growth.

• Three-year targets include over $500M of dispositions, over $300M of capital expenditures, net debt/adjusted EBITDA of 5.0x–6.0x and an FFO payout ratio of 45%–50%.