Plaza Retail REIT (PLZ.UN) AGM 2025 presentation summary

Portfolio overview

• 212 properties across 8 provinces with 8.8M SF and 97.6% committed occupancy, focusing on open-air, grocery-anchored, and pharmacy retail assets.

• 64% of net operating income (NOI) comes from Atlantic Canada, with minimal exposure to enclosed malls (3%).

• Top tenants are primarily investment grade and non-discretionary, with Loblaws, Shoppers Drug Mart, and Dollarama among the largest contributors to base rent.

• Portfolio is designed to benefit from retail tailwinds and limited new supply in target markets.

Financial performance

• $1.20B in total assets and $429.5M market capitalization as of May 2025.

• 3.40% same-asset NOI growth and 9.3% renewal spread in 2024, supporting strong cash flow.

• Distribution yield of 7.27% ($0.28/unit), with 49% of 2024 distributions tax deferred.

• FFO per unit at $0.387 (72.37% payout ratio) and AFFO per unit at $0.31 (90.3% payout ratio).

• Consistent distributions and FFO/unit growth, with resilience during the COVID-19 pandemic.

Balance sheet and debt profile

• Weighted average interest rate of 4.27% and debt-to-gross assets at 50.6%.

• Net debt to adjusted EBITDA at 8.0x and debt coverage ratio at 1.64x.

• 5.0 years average mortgage maturity, with only 9.8% of principal expiring in 2025.

• Proactive risk management with staggered mortgage maturities and declining debt-to-assets ratio.