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Primaris Real Estate Investment Trust (PMZ.UN) AI Stock Analysis
Primaris Real Estate Investment Trust
(TSX:PMZ.UN)
Overall score reflects solid financial performance with growing cash generation but rising leverage and some profitability volatility. Technicals are supportive with the price trending above major moving averages. Earnings call commentary and 2027 guidance were notably positive, while valuation is somewhat demanding due to a higher P/E despite a moderate yield.
Primaris Real Estate Investment Trust (PMZ.UN) vs. iShares MSCI Canada ETF (EWC)
- Market Cap
- CAD 2.87B
- Dividend Yield
- 3.97%
- Average Volume (3M)
- 350.35K
- Price to Earnings (P/E)
- 24.6
- Beta (1Y)
- 0.72
- Revenue Growth
- 17.91%
- EPS Growth
- -28.81%
- Country
- Canada
- Employees
- 700
- Sector
- Real Estate
- Sector Strength
- 65
- Industry
- REIT - Retail
Primaris Real Estate Investment Trust Business Overview & Revenue Model
Company Description
Primaris Real Estate Investment Trust owns a portfolio of real estate assets, primarily enclosed shopping malls, all of which were previously part of H&R REIT's holdings. These properties are situated exclusively within Canada. As of December 31, 202...
How the Company Makes Money
Primaris REIT primarily makes money by generating property-level income from its retail real estate portfolio and, to a lesser extent, from investment and transactional activities related to its properties. 1) Rental revenue from tenants (core stream...
Primaris Real Estate Investment Trust 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.
Q3-2026 Updates
Positive Updates
Negative Updates
Company Guidance
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.
Primaris Real Estate Investment Trust Financial Statement Overview
Summary
Fundamentals are constructive with strong revenue growth and mostly positive, growing free cash flow. Offsetting this, profitability has been inconsistent (net margin compressed in TTM and a loss in 2022) and leverage has increased meaningfully (debt-to-equity rising to ~0.97), reducing flexibility.
Income Statement
72PositiveBalance Sheet
64PositiveCash Flow
67Positive| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 720.26M | 652.57M | 504.62M | 410.97M | 380.06M | 253.98M |
| Gross Profit | 411.25M | 373.42M | 292.04M | 233.63M | 211.79M | 141.59M |
| EBITDA | 256.66M | 319.87M | 164.61M | 206.87M | 21.83M | 359.98M |
| Net Income | 117.45M | 183.19M | 79.47M | 102.27M | -12.08M | 354.57M |
Balance Sheet | ||||||
| Total Assets | 5.56B | 5.28B | 4.27B | 3.90B | 3.20B | 3.25B |
| Cash, Cash Equivalents and Short-Term Investments | 263.20M | 34.29M | 114.77M | 44.32M | 10.95M | 5.64M |
| Total Debt | 2.66B | 2.19B | 1.71B | 1.48B | 1.01B | 558.42M |
| Total Liabilities | 2.82B | 2.75B | 2.11B | 1.80B | 1.11B | 1.06B |
| Stockholders Equity | 2.74B | 2.53B | 2.16B | 2.10B | 2.09B | 2.19B |
Cash Flow | ||||||
| Free Cash Flow | 207.41M | 225.07M | 151.57M | 163.35M | 163.39M | -101.04M |
| Operating Cash Flow | 225.48M | 225.73M | 168.32M | 166.37M | 164.31M | -76.17M |
| Investing Cash Flow | -349.41M | -669.43M | -369.25M | -467.52M | -112.61M | -46.09M |
| Financing Cash Flow | 379.58M | 463.21M | 171.38M | 334.52M | -46.38M | 112.89M |
Primaris Real Estate Investment Trust Technical Analysis
Price Trends
Market Momentum
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:PMZ.UN, the sentiment is Positive. The current price of 22.13 is above the 20-day moving average (MA) of 22.03, above the 50-day MA of 21.55, and above the 200-day MA of 19.59, indicating a bullish trend. The MACD of 0.20 indicates Positive momentum. The RSI at 52.85 is Neutral, neither overbought nor oversold. The STOCH value of 29.07 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:PMZ.UN.
Primaris Real Estate Investment Trust Peers Comparison
Overall Rating
TSE:PLZ.UN76Outperform
TSE:FCR.UN71Outperform- TSE:PMZ.UN70Outperform
TSE:SRU.UN66Neutral
TSE:REI.UN60Neutral
TSE:CRR.UN57Neutral
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| TSE:PLZ.UN | 76Outperform | CAD 582.17M | 9.42 | 11.07% | 5.31% | 2.84% | 78.07% |
| TSE:FCR.UN | 71Outperform | CAD 4.88B | 4.73 | 22.27% | 3.96% | 0.07% | 295.34% |
| TSE:PMZ.UN | 70Outperform | CAD 2.87B | 24.57 | 4.55% | 3.97% | 17.91% | -28.81% |
| TSE:SRU.UN | 66Neutral | CAD 4.60B | 29.03 | 3.03% | 6.85% | -1.11% | -31.75% |
| Sector * | 65Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% |
| TSE:REI.UN | 60Neutral | CAD 6.16B | 24.60 | 3.53% | 5.47% | -2.62% | -8.84% |
| TSE:CRR.UN | 57Neutral | CAD 3.00B | -50.96 | 6.03% | 5.68% | 3.98% | -1411.59% |
* Real Estate Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| TSE:PMZ.UN | Primaris Real Estate Investment Trust | 22.13 | 7.59 | 52.21% | |
| TSE:REI.UN | Riocan Reit | 21.16 | 3.54 | 20.12% | |
| TSE:CRR.UN | Crombie Real Estate | 15.94 | 1.91 | 13.65% | |
| TSE:FCR.UN | First Capital Realty | 22.96 | 5.12 | 28.67% | |
| TSE:PLZ.UN | Plaza Retail REIT | 5.27 | 1.39 | 35.93% | |
| TSE:SRU.UN | Smartcentres Real Estate Investment Trust | 27.00 | 2.31 | 9.36% |
Primaris Real Estate Investment Trust Corporate Events
Primaris REIT Buys Upper Canada Mall, Sells Non-Core Cataraqui Stake
PositivePrimaris Real Estate Investment Trust has closed its previously announced $411 million cash acquisition of Upper Canada Mall in Newmarket, Ontario, reinforcing its strategy of owning major enclosed shopping centres in growth markets. The deal adds a...
Primaris REIT Sets Date for Q3 2026 Results Amid Retail Property Shift
NeutralPrimaris Real Estate Investment Trust is Canada’s only enclosed shopping centre focused REIT, with a 15.6 million square foot portfolio of leading malls in growth markets valued at about $5.6 billion. The trust operates through a vertically int...
Primaris REIT Declares October 2026 Monthly Distribution
PositivePrimaris Real Estate Investment Trust announced that its Board of Trustees has declared a cash distribution of $0.07333 per unit for October 2026, equivalent to $0.88 per unit on an annualized basis. The payment is scheduled for November 16, 2026, to...
Primaris REIT Sets New Three-Year Performance Targets at Investor Day
PositivePrimaris Real Estate Investment Trust is convening an Investor Day in Montreal, where its leadership will outline strategies for leasing, operating efficiency and merchandising, alongside its differentiated financial model and capital allocation prio...
Primaris REIT to Buy GTA’s Upper Canada Mall for $411 Million
PositivePrimaris Real Estate Investment Trust has agreed to acquire Upper Canada Mall in Newmarket, Ontario, for $411 million in cash, adding a leading Greater Toronto Area regional shopping centre to its portfolio. The 990,114‑square‑foot enclos...
Primaris REIT Raises $230 Million in Bought-Deal Equity Offering
PositivePrimaris Real Estate Investment Trust has closed a bought-deal public equity offering of its Series A trust units, issuing 11,396,500 units at $20.20 per unit for total gross proceeds of about $230.2 million, including the full exercise of the over-a...
Primaris REIT Declares September 2026 Monthly Distribution
PositivePrimaris Real Estate Investment Trust, Canada’s only enclosed shopping centre focused REIT, owns leading mall properties in growing markets across the country. With a 14.6 million‑square‑foot portfolio valued at about $5.2 billion a...
Primaris REIT Declares August 2026 Monthly Distribution
PositivePrimaris Real Estate Investment Trust has declared a cash distribution of $0.07333 per unit for August 2026, equivalent to $0.88 per unit on an annualized basis, reinforcing its income-focused value proposition for unitholders. The payout will be mad...
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.
Date of analysis: Oct 30, 2026