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    REIT - Retail
Plaza Retail REIT

Plaza Retail REIT

PLZ-UN.TO
Plaza Retail REITCA flagToronto Stock Exchange
4.71
CAD
+0.03
- -
520.29MMarket Cap
Plaza Retail REIT
PLZ-UN.TO
(Toronto Stock Exchange)

Recent

price

4.71

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
1.02
0.93
0.9
0.94
1.01
1.03
1.02
1.01
1.01
1.1
1.05
1.09
1.09
1.03
1.1
1.14
1.16
Revenue per Share
0.45
0.47
0.68
-0.13
0.92
0.41
0.33
0.23
0.12
0.5
-0.15
0.98
0.53
0.18
0.23
0.5
0.53
Basic EPS, GAAP
0.22
0.19
0.21
0.1
0.3
0.3
0.33
0.35
0.33
0.42
0.31
0.47
0.38
0.38
0.36
0.36
0.37
Free Cash Flow per Basic Share
0.19
0.18
0.21
0.18
0.24
0.25
0.25
0.25
0.24
0.28
0.28
0.28
0.28
0.27
0.28
0.28
0.28
Dividend per Share
-0.47
3.13
3.71
3.6
4.28
4.48
4.55
4.52
4.35
4.57
4.15
4.85
5.1
4.95
4.9
5.12
5.16
Book Value per Share
2.75
3.32
3.93
3.73
4.4
4.52
4.59
4.56
4.39
4.61
4.19
4.89
5.12
4.97
4.92
5.15
5.19
Tangible Book Value per Share
50
60
64
88
93
93
98
102
103
102
102
102
102
110
110
110
110
Basic Weighted Avg Shares
51
56
57
83
93
96
100
103
104
112
107
111
111
114
121
126
128
Sales/Revenue/Turnover
56.7
53.69
48.64
53.05
54.54
54.37
53.75
53.67
52.43
55.86
56.1
58.51
56.37
54.46
54.09
52.6
51.95
Operating Margin (%)
11
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Depreciation Expense
23
28
44
-12
85
38
33
23
12
51
-15
100
54
20
25
55
59
Net Income, GAAP
26.19
26.66
23.22
- -
- -
3.61
4.05
0.5
- -
1.07
- -
0.76
0.32
1.74
7.84
1.87
2.04
Effective Tax Rate (%)
44.08
50.58
76.07
-13.95
91.32
39.62
32.56
22.58
11.6
45.71
-13.95
90.04
48.44
17.7
20.65
43.73
45.94
Profit Margin (%)
-16
-8
-48
-93
-58
-85
-71
-93
-102
-112
-140
-120
-162
-181
-148
-150
-148
Working Capital
260
258
225
451
456
472
471
437
469
540
529
557
532
491
512
492
496
LT Debt
141
199
251
328
407
420
452
463
452
471
427
498
521
549
544
569
574
Total Equity
8.97
4.77
4.24
- -
- -
5.21
5.17
5.48
- -
5.75
- -
5.62
5.19
4.97
4.98
5.34
5.29
Return on Invested Capital (%)
30.56
10.66
10.31
- -
- -
6.64
5.72
4.68
- -
7.35
- -
10.93
6.69
3.79
4.24
6.84
7.05
Return on Capital (%)
- -
- -
20.51
-4.19
23.94
9.37
7.56
5.12
2.66
11.24
-3.35
21.75
10.65
3.79
4.61
10
10.55
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
176
179
174
LT Borrowings
440
430
435
LT Finance Leases
63
62
62
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
110
110
110
Market Capitalization
460
474
468

Working Capital

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
60
58
60
Cash, Cash Equivalents & STI
8
8
10
Accounts Receivable, Net
1
2
4
Inventories
34
35
35
Total Current Liabilities
206
209
209
Payables & Accruals
19
19
24
ST Debt
176
179
174
Deferred Revenue
6
6
6

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
3.29%
6.05%
4.59%
Free Cash Flow
5.96%
7.16%
0.55%
Net Income, GAAP
-62.58%
-146.37%
120.74%
Sales/Revenue/Turnover
2.84%
3.43%
4.25%
Total Cash Common Dividend
2.92%
1.43%
0.04%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
30
31
30
31
121
2025
31
32
32
32
126
2026
33
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.09
0.02
0.05
- -
0.23
2025
0.08
0.11
0.08
0.22
0.5
2026
0.12
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.07
0.07
0.07
- -
0.28
2025
0.07
0.07
0.07
0.07
0.28
2026
0.07
- -
- -
- -
- -
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Business
Plaza Retail REIT is an open-ended real estate investment trust primarily engaged in the ownership, development, and management of retail properties in Ontario, Quebec, and Atlantic Canada. The REIT's portfolio consists mainly of open-air shopping centers and standalone small box retail outlets, anchored predominantly by national tenants focused on grocery, pharmacy, value, convenience, and essential needs sectors. Plaza offers leasing and property development services with a strategic focus on grocery-anchored retail assets, including properties anchored by dominant retailers such as No Frills and Shoppers Drug Mart. Founded in 2005 and headquartered in Fredericton, New Brunswick, Plaza Retail REIT manages interests in approximately 197 properties totaling about 8.8 million square feet. Its product portfolio includes retail plazas, freestanding quick service restaurants, grocery or pharmacy-anchored stores, and service-oriented retail assets. The company targets markets that emphasize essential and convenience retail segments, supporting its tenant mix with strong occupancy levels typically near 98%. In the past two years, Plaza Retail REIT has undertaken significant portfolio intensification and redevelopment projects, including the conversion of large retail spaces to grocery-anchored formats, such as multiple No Frills store additions across Newfoundland, Ontario, and Prince Edward Island. It has enhanced ownership stakes in key properties, including increasing its interest from 25% to 100% in three Ontario Shoppers Drug Mart locations. The REIT has also demonstrated steady growth in net operating income (NOI) and funds from operations (FFO), driven by same-asset growth, acquisitions, and property enhancements. Its disciplined execution of optimization initiatives has enabled it to maintain strong occupancy and improve leasing spreads, positioning it for future value creation. Overall, Plaza Retail REIT operates as a leading retail property owner and developer with a strategic focus on grocery-anchored and essential needs retail facilities primarily in Eastern Canada, supported by a proactive approach to portfolio enhancement and tenant diversification to drive sustainable income growth and asset value appreciation. The company continues to execute development and redevelopment initiatives with a focus on intensification and operational efficiency to support long-term stability and growth in its retail real estate portfolio.