Primaris Real Estate Investment Trust

Latest Results (30.05.2026):

Primaris Real Estate Investment Trust reported results for the first quarter ended March 31, 2026. Key headlines: total rental revenue of $177.0 million, net income of $41.9 million, FFO per diluted unit of $0.425 (down 3.2% year‑over‑year) and NAV per unit of $21.50; the Trust ended the quarter with $626.8 million of liquidity and reaffirmed its 2026 guidance.

Financial snapshot

Total rental revenue was $177.0 million; total assets were ~$5.3 billion; net income for Q1 2026 was $41.9 million and NAV per unit outstanding was $21.50.

FFO & AFFO

FFO per average diluted unit was $0.425 (‑3.2% vs. Q1 2025). AFFO per diluted unit was $0.354 (+2.3% YoY). FFO payout ratio was 51.8% and AFFO payout ratio was 62.1%.

Cash NOI & same‑properties

Cash NOI was $92.63 million. Same Properties Cash NOI declined 2.1% (or would be +1.7% excluding a $2.5 million prior‑year property tax recovery recorded in 2025 that benefited the comparator period).

Occupancy & leasing

Committed occupancy was 89.9% and in‑place occupancy was 86.4% (including vacancy from ~1.0 million sq. ft. of disclaimed HBC locations). Leasing activity: 193 deals totaling 565k sq. ft., with 154 CRU deals (288k sq. ft.) at an average net rent of $53.60 and a +5.5% weighted average spread on renewing net rents.

Former HBC exposure & redevelopment

Primaris controls ~1.3 million sq. ft. of former HBC GLA and now expects to retain ~90% of that space; ~35% is committed or conditionally leased and the estimated redevelopment capital to repurpose HBC space is $175–225 million.

Balance sheet & liquidity

Quarter‑end liquidity was $626.8 million; unencumbered assets totaled ~$4.8 billion. Average Net Debt to Adjusted EBITDA was 6.0x, interest coverage 3.1x, total debt to total assets ~41.5%, and Morningstar DBRS confirmed a BBB (High) rating with a Stable trend.

Capital allocation & buybacks

During Q1 Primaris purchased for cancellation 195,300 units for $3.3 million (avg $17.10, ~20.5% discount to NAV). Subsequent NCIB activity added 110,000 units ($2.0M); aggregate NCIB repurchases to date total 15,372,409 units at an average price of $14.38 (~33.1% discount to NAV).

Guidance & outlook

Primaris reaffirmed its 2026 guidance and targets (including expected full‑year FFO per unit of $1.85–$1.90 and occupancy guidance of 86%–88%), and emphasized strong liquidity, low leverage and continued focus on redeveloping former HBC locations to drive long‑term internal growth.