Canada · Delayed Price · Currency is CAD Primaris Real Estate Investment Trust Earnings Call Transcripts
Fiscal Year 2026
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Leasing momentum remains robust, with strong tenant demand and record CRU leasing activity. Despite short-term NOI and FFO impacts from anchor tenant departures, portfolio repositioning and redevelopment are expected to drive higher growth and cash flow in coming years.
Fiscal Year 2025
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Achieved strong FFO and NOI growth in 2025, driven by major acquisitions, robust leasing, and disciplined capital allocation. Outlook for 2026 is positive, with higher guidance for NOI and FFO per unit, and significant redevelopment and outparcel opportunities underway.
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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 remains unchanged, with HBC lease disclaimers expected to impact occupancy but not financial strength or growth trajectory.
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 5.6% year-over-year, driven by higher occupancy, strong leasing spreads, and improved recovery ratios. Guidance was raised, with continued growth expected from acquisitions, capital recycling, and internal improvements. Asset sales and ESG initiatives further strengthened the portfolio.
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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.