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Primaris Real Estate Investment Trust
Primaris Real Estate Investment Trust (PMZ-UN) investor relations material
Primaris Real Estate Investment Trust Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary12 Feb, 2026
Executive summary
Achieved CAD 1.6 billion in acquisitions and CAD 400 million in non-core dispositions in 2025, bringing total acquisitions since 2021 to CAD 3.3 billion and significantly enhancing portfolio quality and growth potential.
Tenant sales productivity rose from CAD 523 per sq ft in 2021 to CAD 800 per sq ft in 2025, with newly acquired centers averaging over CAD 1,000 per sq ft.
Raised 2026 guidance and increased annual distribution by 2.3% to $0.88 per unit, marking the fifth consecutive annual increase.
Maintained low leverage (debt-to-EBITDA at 5.8x), robust liquidity, and a conservative capital structure.
Repurchased 5.2 million units in 2025 at a 29% discount to NAV, delivering a 43% immediate return on CAD 79 million invested.
Financial highlights
FFO per unit for Q4 2025 was CAD 0.513, up 11.6% year-over-year; full-year FFO per unit was CAD 1.85, up 9.2%.
Same-property cash NOI for Q4 increased 6.8% and 5.6% for the year; total CRU sales volume rose to CAD 3.55 billion in 2025.
FFO payout ratio for 2025 was 46.7%, at the low end of the 45%-50% target range.
Weighted average net rent per sq ft increased 26% to CAD 31.78; CRU average rent up nearly 15% to CAD 49.68.
Net Asset Value per unit at year-end was $21.21, representing a significant discount to current unit price.
Outlook and guidance
2026 cash NOI guidance: CAD 390 million–CAD 400 million; FFO per unit diluted: CAD 1.85–CAD 1.90.
Same-property cash NOI growth expected at 1%-3% in 2026, with higher growth anticipated in 2027–2028 as anchor vacancies are re-leased.
Occupancy guidance for 2026 is 86%–88%.
Redevelopment spending in 2026 projected at CAD 60–64 million, with CAD 35 million for HBC anchor re-leasing.
Three-year targets include in-place occupancy of 94–96%, annual FFO per unit growth of 4–6%, and annual distribution growth of 2–4%.
How has HBC redevelopment capital changed
Why was the 2027 occupancy target revised
How did 2025 capital recycling elevate portfolio
What is the timeline for HBC redevelopment NOI and land sales?
What drives the 15% CRU rent growth sustainability?
How does NCIB use impact future FFO/AFFO growth?
Partial view of Summaries dataset, powered by Quartr API
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Next Primaris Real Estate Investment Trust earnings date
Q1 202630 Apr, 2026
Primaris Real Estate Investment Trust
Next Primaris Real Estate Investment Trust earnings date
Q1 202630 Apr, 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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