Primaris Real Estate Investment Trust (PMREF) Q3 2026 Earnings Report
PMREF Q3 2026 EPS Results
- Actual EPS
- $0.14
- Consensus EPS
- ―
- Beat/Miss
- ―
- One Year Ago EPS
- $0.23
PMREF Q3 2026 Revenue Results
- Actual Revenue
- $126.89M
- Expected Revenue
- $131.07M
- Beat/Miss
- Missed by -$4.18M
- YoY Revenue Growth
- +9.84%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/28/2026
- Time
- After Close
- Conference Call
- Wednesday, October 28, 2026
Primaris Real Estate Investment Trust's next earnings date is estimated for February 17, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
The call was strongly positive overall. Primaris reported accelerating Q3 same-property NOI growth, 5.6% FFO-per-unit growth, a 5.7% distribution increase, record new CRU leasing, substantial HBC re-leasing progress, strong sales, the Upper Canada Mall acquisition, solid liquidity, and multiple sources of capital. The main challenges were essentially flat nine-month same-property NOI, the delayed conversion of HBC leases into occupancy and cash rent, Toronto land-market headwinds, volatile financing spreads, and several non-recurring or moderating income trends. Management nevertheless maintained positive 2027 guidance and described the portfolio's growth opportunities as substantial.
For 2027, Primaris expects same property cash NOI growth within the range of 3%-5%, redevelop and CapEx within the range of CAD 160 million-CAD 180 million, and FFO per unit within the range of CAD 1.93-CAD 1.99; occupancy guidance was 88%-90%, with about half of the CAD 175 million-CAD 225 million related to HBC included in the 2027 budget or outlook. Management expects leasing spreads of mid to high single digits, with 2%-3% annual increases integrated into leases, leasing CapEx of CAD 40 million-CAD 42 million to start to head downwards, and 2026 as a CAD 25 million-CAD 30 million-ish base; same property NOI growth is expected to accelerate through 2027, 2028, and beyond and remain elevated for the following six quarters, while the portfolio is expected to reach a stabilized 96% occupancy rate and the recovery ratio is expected to reach the mid-90s.
- Upper Canada Mall Acquisition CompletedPrimaris completed the acquisition of Upper Canada Mall on October 15, adding a 990,000-square-foot, market-leading GTA shopping center with sales productivity of CAD 888 per square foot and approximately CAD 271 million of annual CRU sales. The property was 70% occupied at acquisition, providing upside through lease-up of vacant space and future excess-land monetization.
- CAD 230 Million Equity OfferingPrimaris raised CAD 230 million through a September bought deal equity offering. Management said the offering demonstrated strong investor confidence, funded the Upper Canada Mall acquisition, and strengthened the balance sheet.
- Distribution Increased 5.7%The company announced a 5.7% distribution increase, its fifth consecutive annual distribution increase. At the midpoint of 2027 FFO guidance, the new distribution equates to a 47.5% FFO payout ratio, within the targeted 45%-50% range.
- Strong HBC Re-Leasing ProgressPrimaris has leased or is in advanced negotiations on 84% of the former HBC space it intends to reposition, including 69% under long-term lease agreements. These leases are expected to contribute approximately CAD 19.4 million of annualized net rent or CAD 23 million of cash NOI, with rents nearly four times higher than those previously generated by HBC from the same space.
- HBC Redevelopment Yields and TimingCash rent commencement from redeveloped HBC locations is expected to begin at some properties as soon as early 2027, with overall yields expected to be approximately 10%. Management said approximately half of the CAD 175 million-CAD 225 million of planned spending related to HBC is included in the 2027 budget or outlook.
- Same-Property Cash NOI Growth Accelerated in Q3Same-property cash NOI grew 3.1% in Q3 2026 versus Q3 2025, driven by rising base rents, strong leasing volume, rental escalations, and higher percentage rent from increasing sales. Management expects same-property NOI growth to accelerate in 2027 and 2028 and remain elevated for the following six quarters.
- Record Leasing ActivityPrimaris renewed 104 leases covering 356,000 square feet during the quarter. CRU leasing spreads were 14.4% and 12.7% for the respective reported measures, while 37 new deals covering 151,000 square feet were completed, including 33 new CRU deals covering 78,000 square feet.
- Highest New CRU Leasing in 10 YearsYear-to-date, Primaris completed more than 133 new CRU deals covering 260,000 square feet, with both deal count and leased square footage at the highest levels reported in the past 10 years.
- Embedded Occupancy GrowthPortfolio committed occupancy was 90.9% versus 87.7% in-place occupancy, representing 320 basis points of embedded occupancy growth under contract and approximately CAD 6.5 million of base rent that management identified as a source of future NOI growth.
- CRU Occupancy ImprovedCRU in-place occupancy increased 70 basis points year over year to 92.1% from 91.4%. Same-property CRU occupancy was higher at 93.1%, and management said continued CRU leasing and HBC replacement leasing should support further occupancy and recovery-ratio improvement.
- Strong Retail SalesAll-store sales volume reached CAD 3.5 billion, with sales productivity of CAD 826 per square foot for the 12 months ending August 2026. Halifax Shopping Centre sales increased 9% to CAD 311 million, while Orchard Park sales increased 7% to CAD 219 million and Conestoga sales increased 8% to more than CAD 200 million.
- Promenades St-Bruno Food Hall RedevelopmentPrimaris approved a CAD 50 million redevelopment of the approximately 30,000-square-foot food hall and adjoining area at Promenades St-Bruno. Construction has commenced, with the project expected to generate an approximate 10% return and be completed within 24 months.
- 2027 Financial GuidanceManagement expects 2027 same-property cash NOI growth of 3%-5%, redevelop and CapEx of CAD 160 million-CAD 180 million, and FFO per unit of CAD 1.93-CAD 1.99.
- FFO per Unit Increased 5.6%Q3 FFO per diluted unit was CAD 0.468, up 5.6% year over year, driven by NOI growth despite the impact of disclaimed HBC leases and the temporary impact of the September 22 equity issue.
- Solid Balance Sheet and LiquidityAt quarter end, average net debt to adjusted EBITDA was 5.7x, liquidity was CAD 873 million, and Primaris had no debt maturities until 2027. Management said it remained disciplined, well-capitalized, and positioned to pursue internal growth initiatives and selective external opportunities.
- Non-Core Asset DispositionsPrimaris announced the sale of its 50% interests in Cataraqui Centre and Grant Park Shopping Centre for approximately CAD 42 million and CAD 44 million, respectively. Cataraqui sold at a low nine cap, while Grant Park sold at a mid-seven cap on the base mall, with future outparcels committed at a low-six cap.
- Land Optimization PipelineFour sites in Kelowna, Calgary, Winnipeg, and Chicoutimi are under contract or letter of intent, representing approximately 15 acres and CAD 26 million of gross proceeds, or CAD 19 million at Primaris' share. Management described these transactions as a zero-cost source of free capital that can be reinvested into its approximately 8% implied-capitalization-rate business.
- Toys R Us Box BackfillPrimaris has tenants and negotiated deals for all of the former Toys R Us boxes. The leases are at various stages of finalization, with all tenants expected to take possession at various points during 2027 and some expected to pay rent in 2027.
- Broad Retailer DemandManagement reported strong demand from U.S. retailers, Southeast Asian retailers such as Uniqlo, and Canadian retailers. Retailers including Victoria's Secret, Bath & Body Works, American Eagle's Aerie banner, and Aritzia were cited as seeking footprint expansion or larger stores.
- Capital Markets RecognitionPrimaris' weighting in the TSX Capped REIT Index increased to more than 5.5%, trading liquidity was nearly five times what it was two years ago, and free float increased by nearly CAD 450 million over the past 100 days through three significant block trades and the bought deal treasury offering.
PMREF Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 17, 2027 | 2026 (Q4) | ―- | 0.32 | ― | ― |
| Oct 28, 2026 | 2026 (Q3) | ―0.14 | 0.23 | -41.30% (-0.10) | |
| Jul 29, 2026 | 2026 (Q2) | ―-0.07 | 0.28 | -124.75% (-0.35) | |
| Apr 29, 2026 | 2026 (Q1) | ―0.22 | 0.18 | 18.68% (+0.03) | |
| Feb 11, 2026 | 2025 (Q4) | ―0.32 | 0.14 | 121.61% (+0.17) | |
| Oct 29, 2025 | 2025 (Q3) | ―0.23 | -0.21 | 209.52% (+0.44) | |
| Jul 30, 2025 | 2025 (Q2) | ―0.28 | 0.29 | -1.00% (-0.00) | |
| Apr 30, 2025 | 2025 (Q1) | ―0.18 | 0.31 | -40.65% (-0.13) | |
| Feb 13, 2025 | 2024 (Q4) | ―0.14 | 0.09 | 51.91% (+0.05) | |
| Oct 31, 2024 | 2024 (Q3) | ―-0.21 | 0.14 | -245.54% (-0.35) |
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.
