EarningsQ2 2026 Earnings Report
PMREF Q2 2026 EPS Results
Actual EPS-$0.07
Consensus EPS―
Beat/Miss―
One Year Ago EPS$0.28
PMREF Q2 2026 Revenue Results
Actual Revenue$123.34M
Expected Revenue$121.87M
Beat/MissBeat by +$1.47M
YoY Revenue Growth+15.63%
Earnings Announcement Details
QuarterQ2 2026
Date07/29/2026
TimeAfter Close
Conference CallWednesday, July 29, 2026
PMREF Upcoming Earnings
Primaris Real Estate Investment Trust's next earnings date is estimated for November 4, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed strong operational momentum: meaningful leasing activity, rising CRU rents (+~20.6% since end-2022), a clear $52M incremental NOI pipeline (>13% vs 2026 midpoint), improved committed occupancy (91.1%) and substantial liquidity ($655M). These positives are partly offset by current in-place occupancy of 86.6%, modest reported same-property NOI growth in Q2 (+0.5%), and one-time costs (terminated transaction fees ~$1.9M and ~$1.0M lost HBC rent) that depressed headline FFO growth to +1.3% (but +5.4% excluding those items). Execution and timing risk remain for larger redevelopments and land monetization, but management provided a credible path to multi-year NOI and FFO growth, with balance sheet flexibility to support opportunities.Company Guidance
Portfolio Renewal and Market Recognition
70% of the portfolio is new since 2021; Primaris moved from the 19th to the 9th largest capped REIT index member and now has index weighting >5%. Trading liquidity is nearly 5x what it was two years ago, reflecting stronger market recognition and investor engagement.
Identified $52M of Incremental Annual Cash NOI
Management disclosed visibility to approximately $52 million of incremental annual cash NOI from leasing activity expected to commence over the next three years — representing more than a 13% increase in NOI versus the midpoint of 2026 guidance. Sources include signed/committed deals, lease-up at 10 most productive centers, and lease-up of 10 former HBC spaces.
Committed Occupancy and Embedded Growth
In-place occupancy is 86.6% with a stabilized target of 96% (~1,000 basis points of upside). Committed occupancy is 91.1% (450 bps above in-place), representing ~ $15 million of future base rent already under contract.
Strong Leasing Momentum and Rent Gains
Q2 leasing: 109 renewals (482k sq ft) and 51 new deals (213k sq ft). CRU leasing spreads reported at 5.8% and 7.4%; average CRU rent rose to $50.69/sq ft at Q2 2026 from $42.02/sq ft at end-2022 (+~20.6%). New CRU leases in the quarter had a weighted-average net rent of $52.20/sq ft.
Material Progress on Former HBC Re-tenanting
84% of former HBC space is leased or in advanced negotiations; executed deals expected to contribute ~ $19 million of annualized net rent (or ~$22 million cash NOI). Rents on replacement leases are nearly 4x prior HBC rents and redeveloped HBC locations are expected to yield ~10%.
Retail Sales Strength and Productivity Improvements
All-store sales for the 12 months ended May 2026 were $3.5 billion, with sales per sq ft of $825. Notable property sales growth: Orchard Park +10% to $220M, Halifax Shopping Centre +8% to $300M, Conestoga >$200M. Dispositions/acquisitions in Q2 ($100M/$68M) plus other actions pushed sales productivity to $825/sq ft and weighted average net rent to $32.84/sq ft.
Balance Sheet Liquidity and Financing Optionality
Quarter-end liquidity of $655 million and no debt maturities until 2027. Net debt to adjusted EBITDA ~6.0x; March 2027 has a $250M unsecured debenture maturing at 4.82%, and management indicated the ability to issue five-year unsecured debt at ~4.25% today, demonstrating market access.
Land Optimization Pipeline to Generate Low-Cost Capital
Identified a pipeline of $275M–$375M of excess land to monetize (plus ~ $200M of other non-core retail pads/assets). Several sites are under contract or actively marketed, intended to provide zero-cost capital to redeploy into core, higher-yielding enclosed shopping centers.
PMREF Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed