Canada · Delayed Price · Currency is CAD Primaris Real Estate Investment Trust Earnings Call Transcripts
Fiscal Year 2025
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Achieved record acquisitions and strong FFO growth in 2025, with robust leasing, rising rents, and disciplined capital allocation. Redevelopment of HBC and Toys”R”Us spaces, plus outparcel opportunities, position the portfolio for continued growth in 2026 and beyond.
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Q3 2025 saw robust NOI and FFO per unit growth, driven by strategic acquisitions and strong leasing, despite HBC lease headwinds. Guidance for 2025 and 2026 remains positive, with continued focus on capital recycling, low leverage, and proactive leasing to offset vacancies.
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Q2 2025 saw robust NOI, FFO, and AFFO growth, driven by strong leasing, strategic acquisitions, and capital recycling. Guidance for 2025 was raised, with continued portfolio repositioning and liquidity strength, while HBC lease transitions and redevelopment present further upside.
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Strong NOI and FFO growth were driven by disciplined capital allocation, strategic acquisitions, and robust leasing activity. Guidance for 2025 is reaffirmed, with HBC lease disclaimers expected to impact occupancy but not derail growth plans. Liquidity and balance sheet strength remain high.
Fiscal Year 2024
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FFO per unit rose 6.5% year-over-year, with strong NOI growth and occupancy nearing 96%. Recent acquisitions and capital recycling are driving higher sales productivity and portfolio quality, while guidance for 2025 anticipates continued NOI and FFO growth.
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FFO per unit rose 5.2% year-over-year, driven by higher occupancy, strong leasing, and improved recovery ratios. Guidance was raised, a major acquisition closed, and liquidity remains strong with no near-term refinancing risk. Asset sales and ESG performance also advanced.
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Management outlined a strategy focused on acquiring market-dominant malls and disposing of non-core assets, targeting 3–4% NOI and 4–6% FFO growth annually. Strong leasing momentum, disciplined expense management, and a conservative capital structure underpin guidance, while valuations remain at a steep discount to replacement cost.
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Q2 2024 saw 6.8% FFO per unit growth, raised guidance, and strong occupancy gains. Recovery ratios and margins are improving as leases revert to standard terms, with robust tenant demand and significant liquidity supporting future growth.