Primaris REIT (OTCPK:PMREF)

Q3 2025 Primaris Real Estate Investment Trust Earnings Call Transcript

Oct 30, 2025 / 01:00 PM GMT

Release Date Price: $10.81 (-3.52%)

Transcript

Key Points

Positve

Primaris REIT (PMREF) reported a 6% growth in FFO per unit, driven by a recovery in the Canadian mall sector.
The company successfully acquired four top-tier malls, enhancing its portfolio quality and increasing its internal growth rate.
Primaris REIT (PMREF) announced a 2.3% distribution increase, marking its fifth consecutive annual increase.
The company maintained a low leverage ratio, with net debt to adjusted EBITDA at 5.9 times, supporting its financial stability.
Strong leasing activity was reported, with 121 leases renewed at spreads of 5.3% and 41 new deals completed during the quarter.

Negative

The company faced challenges with the disclaimer of HBC leases, impacting occupancy and NOI.
Portfolio in-place occupancy decreased to 91.7%, down 1.6% from the previous year.
The closure of five HBC locations resulted in $800,000 in lost revenue for the quarter.
Primaris REIT (PMREF) anticipates a total HBC-related spend of $125 to $150 million over the next few years.
The company adjusted its occupancy guidance for the remainder of 2025 to 85% to 87%, reflecting lower occupancies from acquisitions.

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

PMZ_u.TO - Primaris Real Estate Investment Trust
Q3 2025 Primaris Real Estate Investment Trust Earnings Call
Oct 30, 2025 / 01:00PM GMT

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Presentation
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Unidentified_1 [1]
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Welcome everyone to the Premera res 3rd quarter 2025 results conference call. This will be beginning shortly.

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