Primaris REITPMREF 83 Earnings Yield (Joel Greenblatt) % is 7.23% as of Mar. 2026, which is 36% above its 10-year median of 5.32. GuruFocus rates PMREF with a GF Score™ of 83/100 and a GF Value™ of $13.14 (Modestly Overvalued). The stock has 8 warning signs investors should review. Among 975 REITs companies, Primaris REIT ranks better than 70.36% on this metric.
Primaris REIT's Enterprise Value for the quarter that ended in Mar. 2026 was $3,012.8 Mil.
Primaris REIT's EBIT for the trailing twelve months (TTM) ended in Mar. 2026 was $220.8 Mil. Primaris REIT's Earnings Yield (Joel Greenblatt) for the quarter that ended in Mar. 2026 was 7.23%.
The historical rank and industry rank for Primaris REIT's Earnings Yield (Joel Greenblatt) % or its related term are showing as below:
PMREF'
s Earnings Yield (Joel Greenblatt) % Range Over the Past 10 Years
Min: 0.79 Med: 5.32 Max: 16.2
Current: 6.35
During the past 13 years, the highest Earnings Yield (Joel Greenblatt) of Primaris REIT was 16.20%. The lowest was 0.79%. And the median was 5.32%.
PMREF's Earnings Yield (Joel Greenblatt) % is ranked better than 70.36% of 975
companies
in the REITs industry
Industry Median: 3.48
vs PMREF: 6.35
Joel Greenblatt's definition of earnings yield has the same problems the regular earnings yield does. It does not consider the growth of the company. It only looks at one-year's business operation. For cyclical companies, the earnings yield is usually highest at the peak of the business cycle. But these earnings are rarely sustainable.
A better indicator of the attractiveness of an investment which takes growth into account is the Forward Rate of Return (Yacktman) %. Primaris REIT's Forward Rate of Return (Yacktman) % for the quarter that ended in Mar. 2026 was 15.71%. The Forward Rate of Return uses the normalized Free Cash Flow of the past five years, and considers growth. The forward rate of return can be thought of as the return that investors buying the stock today can expect from it in the future.
Joel Greenblatt defines the earnings yield using the above equation because it more accurately reflects the company's profitability relative to its stock price. Items like interest payment and tax etc. are not directly related to the company's operational profitability.
Enterprise Value instead of market cap (share price) is used in the calculation because it is the real price stock and bond investors together pay for the company.
Be Aware
Joel Greenblatt's definition of earnings yield has the same problems the regular earnings yield does. It does not consider the growth of the company. It only looks at one-year's business operation. For cyclical companies, the earnings yield is usually highest at the peak of the business cycle. But these earnings are rarely sustainable.
Primaris REIT Earnings Yield (Joel Greenblatt) % Related Terms
Primaris REIT Earnings Yield (Joel Greenblatt) % Historical Data
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The historical data trend for Primaris REIT's Earnings Yield (Joel Greenblatt) % can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
PMREF vs SPG, O, KIM: Earnings Yield (Joel Greenblatt) % Comparison
For the REIT - Retail subindustry, Primaris REIT's Earnings Yield (Joel Greenblatt) %, along with its competitors' market caps and Earnings Yield (Joel Greenblatt) % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Primaris REIT Earnings Yield (Joel Greenblatt) % vs REITs Industry
For the REITs industry and Real Estate sector, Primaris REIT's Earnings Yield (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Primaris REIT's Earnings Yield (Joel Greenblatt) % falls into.
In his book, The Little That Beat the Market, hedge fund manager Joel Greenblatt defines Earnings Yield as operating income divided by enterprise value.
Primaris REITs Earnings Yield (Joel Greenblatt) for the fiscal year that ended in Dec. 2025 is calculated as
Primaris REIT's EBIT for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $220.8 Mil.
What does a Earnings Yield (Joel Greenblatt) % of 7.23% mean?
Primaris REIT (PMREF) has a Earnings Yield (Joel Greenblatt) % of 7.23% as of Mar. 2026. Joel Greenblatt's earnings yield equals the ratio of earnings before interest and taxes to enterprise value. View historical data on Primaris REIT and its competitors. This is 36% above median its historical median of 5.32. Over the past decade, Primaris REIT's Earnings Yield (Joel Greenblatt) % has ranged from 0.79 to 16.20. According to the industry distribution chart, Primaris REIT ranks #289 out of 975 companies in the REITs industry, placing it in the top 29.6%.
Is Primaris REIT's Earnings Yield (Joel Greenblatt) % too high?
Primaris REIT's current Earnings Yield (Joel Greenblatt) % of 7.23% is 36% above median its 10-year median of 5.32. Over the past 10 years, this metric has ranged from a low of 0.79 to a high of 16.20. The REITs industry median Earnings Yield (Joel Greenblatt) % is 3.48. Primaris REIT's value of 7.23% is 107.8% above this industry median. Based on the distribution chart, Primaris REIT ranks #289 out of 975 companies in the REITs industry, which is above the industry midpoint. Overall, Primaris REIT has a GF Score™ of 83/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Primaris REIT's Earnings Yield (Joel Greenblatt) % compare to SPG and O?
According to the REITs industry distribution chart, Primaris REIT ranks #289 out of 975 companies for Earnings Yield (Joel Greenblatt) %. This puts Primaris REIT in the upper half of its industry. The industry median Earnings Yield (Joel Greenblatt) % is 3.48. Primaris REIT's value of 7.23% is 107.8% above this benchmark. Historically, Primaris REIT's own Earnings Yield (Joel Greenblatt) % has ranged from 0.79 to 16.20 over the past decade. While the company's 10-year median is 5.32 vs. the industry median of 3.48, Primaris REIT has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Earnings Yield (Joel Greenblatt) % for a REITs company?
The median Earnings Yield (Joel Greenblatt) % among REITs companies is 3.48, based on 975 companies in the industry. Companies in the top quartile (top 25%) have a Earnings Yield (Joel Greenblatt) % significantly above this median, while those in the bottom quartile fall well below. However, Earnings Yield (Joel Greenblatt) % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Primaris REIT's current Earnings Yield (Joel Greenblatt) % of 7.23% is 107.8% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Earnings Yield (Joel Greenblatt) % mean?
A high Earnings Yield (Joel Greenblatt) % can signal that a stock is expensive relative to its fundamentals. Joel Greenblatt's earnings yield equals the ratio of earnings before interest and taxes to enterprise value. View historical data on Primaris REIT and its competitors. For the REITs industry, the median Earnings Yield (Joel Greenblatt) % is 3.48 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Primaris REIT's current Earnings Yield (Joel Greenblatt) % is 7.23%, which is 36% above median its own 10-year median of 5.32. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Primaris REIT stock overvalued right now?
Based on GuruFocus' analysis, Primaris REIT (PMREF) is currently considered Modestly Overvalued. The stock's GF Value™ is $13.14, compared to a current price of $15.60 — trading 18.7% above its estimated fair value. The current Earnings Yield (Joel Greenblatt) % is 7.23%, which is 36% above median its 10-year median of 5.32 and 107.8% above the REITs industry median of 3.48. Primaris REIT's overall GF Score™ is 83/100 with 8 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Earnings Yield (Joel Greenblatt) % calculated?
Earnings Yield (Joel Greenblatt) % is calculated from a company's financial statements. For Primaris REIT (PMREF), the current Earnings Yield (Joel Greenblatt) % is 7.23% as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Primaris REIT (PMREF) Overvalued in 2026?
Based on GuruFocus' analysis, Primaris REIT stock appears to be overvalued.
The current stock price of $15.60 is trading 18.7% above its estimated GF Value™ of $13.14.
GuruFocus considers Primaris REIT to be Modestly Overvalued.
Key valuation signals for PMREF:
Earnings Yield (Joel Greenblatt) %: 7.23% (36% above median its 10-year median of 5.32)
GF Value™: $13.14 vs. price of $15.60 (18.7% above fair value)
Industry Position: 107.8% above the REITs median (#289 of 975)
No single metric tells the full story. See the PMREF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Primaris REIT is an unincorporated, open-ended real estate investment trust. Through its subsidiaries, it owns, develops, and operates a national retail portfolio focused on enclosed shopping centres located in secondary Canadian markets. Its property portfolio includes: Dufferin Mall, Cataraqui Centre, Stone Road Mall, Orchard Park, Kildonan Place, Halifax Shopping Centre, Marlborough Mall, and Devonshire Mall. The company generates a majority of its revenue from the Rent receivables.
83GF Score
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