Primaris REITPMREF 82 Return-on-Tangible-Asset is 3.18% as of Mar. 2026, which is 5% below its 10-year median of 3.36. GuruFocus rates PMREF with a GF Score™ of 82/100 and a GF Value™ of $12.89 (Modestly Overvalued). The stock has 8 warning signs investors should review. Among 942 REITs companies, Primaris REIT ranks better than 56.37% on this metric.
Return-on-Tangible-Asset is calculated as Net Income divided by its average total tangible assets. Total tangible assets equals to Total Assets minus Intangible Assets. Primaris REIT's annualizedNet Income for the quarter that ended in Mar. 2026 was $122.2 Mil. Primaris REIT's average total tangible assets for the quarter that ended in Mar. 2026 was $3,841.9 Mil. Therefore, Primaris REIT's annualized Return-on-Tangible-Asset for the quarter that ended in Mar. 2026 was 3.18%.
The historical rank and industry rank for Primaris REIT's Return-on-Tangible-Asset or its related term are showing as below:
PMREF'
s Return-on-Tangible-Asset Range Over the Past 10 Years
Min: -18.09 Med: 3.36 Max: 17.32
Current: 3.87
During the past 13 years, Primaris REIT's highest Return-on-Tangible-Asset was 17.32%. The lowest was -18.09%. And the median was 3.36%.
PMREF's Return-on-Tangible-Asset is ranked better than 56.37% of 942
companies
in the REITs industry
Industry Median: 3.265
vs PMREF: 3.87
Return-on-Tangible-Asset measures the rate of return on the average total tangible assets (total assets minus intangible assets). Tangible means physical in nature. Intangible Assets are assets that are not physical in nature, and typically "derive their value from legal or intellectual rights." Return-on-Tangible-Asset measures a firm's efficiency at generating profits from its tangible assets. It shows how well a company uses what it has to generate earnings. Return-on-Tangible-Assets can vary drastically across industries. Therefore, Return-on-Tangible-Asset should not be used to compare companies in different industries.
Be Aware
Like ROE and ROA, Return-on-Tangible-Asset is calculated with only 12 months data. Fluctuations in the companys earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective. Return-on-Tangible-Asset can be affected by events such as stock buyback or issuance, and by a companys tax rate and its interest payment. Return-on-Tangible-Asset may not reflect the true earning power of the assets. A more accurate measurement is ROC % (ROC).
Many analysts argue the higher return the better. Buffett states that really high Return-on-Tangible-Asset may indicate vulnerability in the durability of the competitive advantage.
Primaris REIT Return-on-Tangible-Asset Related Terms
Primaris REIT Return-on-Tangible-Asset Historical Data
* Premium members only.
The historical data trend for Primaris REIT's Return-on-Tangible-Asset 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: Return-on-Tangible-Asset Comparison
For the REIT - Retail subindustry, Primaris REIT's Return-on-Tangible-Asset, along with its competitors' market caps and Return-on-Tangible-Asset 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 Return-on-Tangible-Asset vs REITs Industry
For the REITs industry and Real Estate sector, Primaris REIT's Return-on-Tangible-Asset distribution charts can be found below:
* The bar in red indicates where Primaris REIT's Return-on-Tangible-Asset falls into.
* 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.
In the calculation of annual Return-on-Tangible-Asset, the net income of the last fiscal year and the average total tangible assets over the fiscal year are used. In calculating the quarterly data,
the Net Income data used here is four times the quarterly (Mar. 2026) net income data.
What does a Return-on-Tangible-Asset of 3.18% mean?
Primaris REIT (PMREF) has a Return-on-Tangible-Asset of 3.18% as of Mar. 2026. Return on tangible assets is the ratio of current-period net income to average two-period tangible assets. View historical data on Primaris REIT and its competitors. This is near median its historical median of 3.36. According to the industry distribution chart, Primaris REIT ranks #411 out of 942 companies in the REITs industry, placing it in the top 43.6%.
Is Primaris REIT's Return-on-Tangible-Asset too high?
Primaris REIT's current Return-on-Tangible-Asset of 3.18% is near median its 10-year median of 3.36. The REITs industry median Return-on-Tangible-Asset is 3.27. Primaris REIT's value of 3.18% is 2.6% below this industry median. Based on the distribution chart, Primaris REIT ranks #411 out of 942 companies in the REITs industry, which is above the industry midpoint. Overall, Primaris REIT has a GF Score™ of 82/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Primaris REIT's Return-on-Tangible-Asset compare to SPG and O?
According to the REITs industry distribution chart, Primaris REIT ranks #411 out of 942 companies for Return-on-Tangible-Asset. This puts Primaris REIT in the upper half of its industry. The industry median Return-on-Tangible-Asset is 3.27. Primaris REIT's value of 3.18% is 2.6% below this benchmark. While the company's 10-year median is 3.36 vs. the industry median of 3.27, Primaris REIT has consistently been below 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 Return-on-Tangible-Asset for a REITs company?
The median Return-on-Tangible-Asset among REITs companies is 3.27, based on 942 companies in the industry. Companies in the top quartile (top 25%) have a Return-on-Tangible-Asset significantly above this median, while those in the bottom quartile fall well below. However, Return-on-Tangible-Asset should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Primaris REIT's current Return-on-Tangible-Asset of 3.18% is 2.6% below 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 Return-on-Tangible-Asset mean?
A high Return-on-Tangible-Asset can signal that a stock is expensive relative to its fundamentals. Return on tangible assets is the ratio of current-period net income to average two-period tangible assets. View historical data on Primaris REIT and its competitors. For the REITs industry, the median Return-on-Tangible-Asset is 3.27 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Primaris REIT's current Return-on-Tangible-Asset is 3.18%, which is near median its own 10-year median of 3.36. 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 $12.89, compared to a current price of $14.75 — trading 14.4% above its estimated fair value. The current Return-on-Tangible-Asset is 3.18%, which is near median its 10-year median of 3.36 and 2.6% below the REITs industry median of 3.27. Primaris REIT's overall GF Score™ is 82/100 with 8 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Return-on-Tangible-Asset calculated?
Return-on-Tangible-Asset is calculated from a company's financial statements. For Primaris REIT (PMREF), the current Return-on-Tangible-Asset is 3.18% 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 $14.75 is trading 14.4% above its estimated GF Value™ of $12.89.
GuruFocus considers Primaris REIT to be Modestly Overvalued.
Key valuation signals for PMREF:
Return-on-Tangible-Asset: 3.18% (near median its 10-year median of 3.36)
GF Value™: $12.89 vs. price of $14.75 (14.4% above fair value)
Industry Position: 2.6% below the REITs median (#411 of 942)
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.
82GF Score
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