Primaris Real Estate Investment Trust

Latest Results (16.10.2025):

Primaris Real Estate Investment Trust reported strong financial and operating results for the fourth quarter and year ended December 31, 2024. The Trust demonstrated significant growth in rental revenue, net operating income, and funds from operations, supported by strategic acquisitions and a robust occupancy rate across its portfolio.

Total Rental Revenue

In the fourth quarter of 2024, Primaris Real Estate Investment Trust achieved a total rental revenue of $143.2 million, reflecting the Trust's effective property management and market positioning.

Net Operating Income (NOI) Growth

Same Properties Cash Net Operating Income grew by 9.1% in the fourth quarter, with shopping centres contributing a 9.5% increase. Annually, the same properties Cash NOI expanded by 4.5%, underscoring sustained operational efficiency.

Occupancy Rates

The Trust maintained a strong occupancy profile with 95.6% committed occupancy, 94.5% in-place occupancy, and 90.4% long-term occupancy in the fourth quarter of 2024. These rates demonstrate Primaris' ability to attract and retain tenants effectively.

Funds from Operations (FFO)

Funds from Operations per average diluted unit increased by 14.5% to $0.460 in the fourth quarter, while the annual growth reached 6.5% to $1.690 per unit. The FFO payout ratio stood at 48.9%, highlighting a balanced approach to reinvestment and distribution to unitholders.

Liquidity and Financial Strength

Primaris reported $589.8 million in liquidity and $3.6 billion in unencumbered assets. The Trust's leverage metrics remain strong with an average net debt to adjusted EBITDA ratio of 5.8x, ensuring financial stability and capacity for future growth.