Plaza Retail REIT (OTCPK:PAZRF)

Q3 2025 Plaza Retail REIT Earnings Call Transcript

Nov 13, 2025 / 03:00 PM GMT

Release Date Price: $2.87

Transcript

Key Points

Positve

Plaza Retail REIT (PAZRF) achieved its highest quarterly FFO per unit in recent years, with an 8.8% increase over the same period last year.
The company reported a strong same property NOI increase of 1.7% year over year, driven by solid leasing activity and disciplined expense management.
Leasing fundamentals remain robust with blended leasing spreads of 14% over the renewal term, and negotiated renewals achieving over 18%.
Committed occupancy rate is at an all-time high of 98%, and near perfect at 99% when excluding enclosed malls.
The company successfully sold 19 properties at prices exceeding their IFRS values as part of its 2025 capital recycling program.

Negative

The company faced bad debt adjustments due to an unforeseen tenant closure, impacting same asset NOI.
AFfoO figures were negatively impacted by optimization initiatives, which, while beneficial long-term, have a short-term negative impact on AFFO.
A $2.9 million write-down was taken during the quarter due to a change in development strategy at a property.
Incremental leasing costs related to optimization projects have temporarily impacted AFfoO.
The company experienced a tenant failure with Toys R Us vacating a property unannounced, affecting occupancy and financials.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

PLZ_u.TO - Plaza Retail REIT
Q3 2025 Plaza Retail REIT Earnings Call
Nov 13, 2025 / 03:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good morning. I would like to welcome everyone to the Plaza Retail Reap 3rd quarter 2025 earnings conference call. At this time, all participants are in lesson only mode. Following the presentation, we will conduct a question-and-answer session. Instructions will be provided at the time for you to queue up for questions. If anyone has any difficulties hearing the conference, please press 0 for operator assistance at any time. I would like to advise everyone that this conference is being recorded. And I'll now turn the conference over to Kim Strange, Plaza's general counsel and secretary.

Miss Strange, please go ahead.

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Unidentified_2 [2]

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