Q1 2026 Primaris Real Estate Investment Trust Earnings Call Transcript
Key Points
- Strong leasing momentum with robust tenant demand and high leasing volume across the portfolio.
- CRU leasing activity was exceptional, with record high leasing volume and strong renewal spreads.
- The departure of Hudson's Bay has unlocked significant value, providing flexibility for redevelopment and leasing.
- Anticipated cash rent commencement from redeveloped HBC locations is expected to yield 8% to 10%.
- Sales volume growth across the portfolio, with notable increases in several key properties.
- Near-term financial results are impacted by the departure of HBC and Toys 'R' Us, affecting occupancy and revenue.
- FFO per unit decreased by 3.2% year over year, primarily due to prior year tax recoveries and lost HBC revenue.
- Same-property NOI declined by 2.1% due to prior year property tax recoveries and lower rental revenue from HBC.
- Occupancy figures are negatively impacted by the departure of HBC, affecting overall occupancy by 6.5%.
- G&A expenses increased due to unit-based compensation vesting and settlement, impacting financial results.
Good morning, and welcome to Primaris REIT's first-quarter 2026 results conference call. (Operator Instructions)
I will now turn the call over to Claire Mahaney, VP, Investor Relations and Sustainability. Please go ahead.
Thank you, operator. During this call, management of Primaris REIT may make statements containing forward-looking information within the meaning of applicable securities legislation. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Primaris REIT's control that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information.
Additional information about these assumptions, risks and uncertainties are contained in Primaris REIT's filings with securities regulators. These filings are also available on Primaris REIT's website at
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