Plaza Retail REIT reported its second quarter 2025 financial results on Thursday for the three and six months ended June 30.
“The first half of 2025 has demonstrated how our operating performance remains resilient. We are executing grocery anchored optimizations and intensifications, while consolidating ownership positions to drive accretive embedded growth within the existing portfolio,” said Jason Parravano, President & CEO.
“We began some exciting projects this quarter. We are in the process of converting roughly 30,000 square feet of space at the Village Shopping Center in St John’s, Newfoundland to a No Frills. This will convert the center to a grocery anchored property, which will enhance value and liquidity for the asset. In addition, we have begun the construction of a 28,000 square foot No Frills store at one of our existing plazas in Brockville Ontario. We will also soon be converting 30,000 square feet of space for another dominant retailer at the same property. We made progress on another No Frills conversion at Spring Park Plaza in Charlottetown, PEI, converting a 10,000 square foot space to a small format No Frills. We also have a number of other property enhancements underway throughout our portfolio.”
“Through disciplined execution, we also increased our ownership in 3 Ontario Shoppers Drug Mart properties from 25% to 100% at the beginning of June. During the quarter, we were able to achieve a 5.3% increase in per unit FFO, drive same-property NOI growth of 1.5%, achieved blended leasing spreads of 14.8% year-to-date, and increased our committed occupancy to 98%. Our negotiated weighted average renewal rates over the term for our open-air centres was 23.8% and our occupancy rate for the same category was just shy of 99%. I am extremely proud of the progress we have made so far this year.”
Plaza is an open-ended real estate investment trust and is a leading retail property owner and developer, focused on Ontario, Quebec and Atlantic Canada. Plaza’s portfolio at March 31, 2025 includes interests in 211 properties totaling approximately 8.9 million square feet across Canada and additional lands held for development. Plaza’s portfolio largely consists of open-air centres and stand-alone small box retail outlets and is predominantly occupied by national tenants with a focus on the essential needs, value and convenience market segments.
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