Primaris Real Estate Investment Trust Stock Earnings Reports

Primaris REIT reported strong Q2 2026 operating momentum driven by robust leasing, portfolio improvements, and active balance-sheet management. Management highlighted visibility to roughly $52 million of incremental annual cash NOI from leasing and redevelopments over the next three years, and noted a large occupancy runway (in-place 86.6% vs. target stabilized 96%), with about 1,000 bps of upside. CRU (small shop) leasing is particularly strong: high renewal spreads, record leasing volumes, CRU in-place occupancy up to 92.3%, and committed occupancy of 91.1% (about 450 bps already under contract) representing roughly $15 million of base rent. Re-tenanting of former HBC (Hudson’s Bay Company) box space is accelerating: 84% leased or in advanced negotiations, expected to generate about $19 million of annualized net rent (~$22 million cash NOI) and ~10% yields on redevelopments, with many openings staged into 2027–2028. Management is executing a land-optimization program (identified $275–$375 million of excess land to monetize, plus ~ $200 million of non-core pads) and remains opportunistic on acquisitions (targeting one to a few malls this year, $300M–$600M+ each), aided by improved liquidity and a higher trading multiple. Financially, Q2 FFO/unit was C$0.451 (up 1.3% YoY; +5.4% excluding certain items), liquidity was C$655M, net debt/adjusted EBITDA ~6.0x, and no material maturities until 2027 (C$250M unsecured debenture maturing March 2027). Management reaffirmed 2026 guidance and expects same-property NOI to accelerate into late 2026 and through 2027, with a normalized longer-term same-property NOI growth run rate around 3–4% (implying 5–6% FFO growth longer term).