Primaris Real Estate Investment Trust has released its financial and operating results for the second quarter ended June 30, 2025.
“Our shopping centre portfolio continues to perform very well with NOI growth coming from strong rental revenue growth and percentage rent, and rising cost recoveries,” said Patrick Sullivan, President and Chief Operating Officer. “Leasing momentum remains robust with strong tenant demand across our portfolio, including demand for our HBC boxes. We are in advanced discussions with strong covenant, high-quality national retailers, including large format tenants.”
“With the acquisition of Lime Ridge Mall, Primaris has acquired approximately $1 billion of market leading enclosed shopping centres in 2025, driving our portfolio quality significantly higher with same store sales productivity totaling $784 per square foot,” said Alex Avery, Chief Executive Officer.
“Disciplined capital allocation remains a core focus, and we demonstrated its benefits through asset capital recycling and NCIB activity, driving strong financial and operating results, while also delivering transformative changes to our portfolio.”
Primaris is Canada’s only enclosed shopping centre focused REIT, with ownership interests in leading enclosed shopping centres located in growing Canadian markets. The current portfolio totals 14.8 million square feet, valued at approximately $4.9 billion at Primaris’ share.
Quarterly Financial and Operating Results Highlights
- $150.8 million total rental revenue;
- +5.5% Same Properties Cash Net Operating Income growth;
- +5.7% Same Properties shopping centres Cash NOI growth;
- 90.5% committed occupancy, 88.8% in-place occupancy, and 84.8% long-term in-place occupancy;
- +6.7% weighted average spread on renewing rents across 407,000 square feet;
- +5.5% Funds from Operations per average diluted unit growth to $0.445;
- 52.6% FFO Payout Ratio;
- $50.4 million in net income;
- $5.0 billion total assets;
- 5.8x Average Net Debt to Adjusted EBITDA;
- $584.0 million in liquidity;
- $4.4 billion in unencumbered assets; and
- $21.43 Net Asset Value per unit outstanding.
Business Update Highlights
- Increased guidance for 2025 Cash NOI and FFO per unit to $340 to $345 million and $1.74 to $1.79 per unit fully diluted , respectively;
- Acquired Lime Ridge Mall in Hamilton, Ontario for total consideration of $416 million, adding 791 thousand square feet to the portfolio;
- Sold Lansdowne Industrial, an industrial centre in Peterborough, Ontario for $9.9 million;
- Published its inaugural Green Finance Framework, under which it may issue green bonds, green loans or other related financial instruments;
- Issued $200 million aggregate principal amount of senior unsecured debentures maturing June 25, 2033 at a fixed annual interest rate of 4.835% for the financing of eligible green projects as described in the Trust’s June 2025 Green Finance Framework; and
- Purchased for cancellation 2,664,000 Trust Units under the Trust’s NCIB program at an average price per unit of approximately $14.98, representing a discount to NAV per unit of approximately 30.1%.
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