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    REIT - Retail
Primaris Real Estate Investment Trust

Primaris Real Estate Investment Trust

PMZ-UN.TO
Primaris Real Estate Investment TrustCA flagToronto Stock Exchange
21.09
CAD
+0.28
- -
2.48BMarket Cap
Primaris Real Estate Investment Trust
PMZ-UN.TO
(Toronto Stock Exchange)

Recent

price

21.09

P/E

ratio

- -

div

yld

- -

ROIC.AI

2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2020
2021
2022
2023
2024
2025
TTM
FRC
1.46
3.81
3.88
3.84
4.01
4.34
4.4
4.56
4.42
4.01
2.67
2.55
3.92
4.28
5.05
5.53
5.58
Revenue per Share
0.49
0.78
0.46
0.24
-0.51
0.16
0.11
5.89
2.8
2.6
-5.61
3.61
-0.12
1.06
0.8
1.55
0.72
Basic EPS, GAAP
-1.66
1.02
1.07
0.18
1.35
0.75
-3.75
-0.36
1.79
1.85
2.08
-1.02
1.6
1.72
1.52
1.91
1.89
Free Cash Flow per Basic Share
0.38
1.04
1.09
1.13
1.18
1.22
1.22
1.16
1.02
0.91
- -
- -
0.75
0.82
0.81
0.77
0.83
Dividend per Share
0.02
-0.29
-0.88
- -
- -
-4
-5.1
-4.84
- -
- -
- -
- -
- -
- -
- -
- -
- -
Book Value per Share
9.39
11.53
13.75
12.08
9.88
8.51
7.53
19.68
21.42
22.74
9.78
22.3
21.36
21.78
21.64
21.47
22.98
Tangible Book Value per Share
25
28
39
51
60
62
62
69
83
102
102
98
98
97
100
118
101
Basic Weighted Avg Shares
36
107
151
197
240
270
274
314
365
411
273
250
383
414
505
653
567
Sales/Revenue/Turnover
49.18
37.37
29.93
23.15
21.28
25.13
25.19
52.85
52.53
49.44
44.53
52.14
48.77
49.47
50.57
50.85
50.62
Operating Margin (%)
2
19
37
61
79
69
60
2
1
1
- -
- -
2
3
2
2
2
Depreciation Expense
12
22
18
12
-31
10
7
406
232
266
-574
355
-12
102
79
183
73
Net Income, GAAP
- -
- -
- -
- -
463
7.56
24.81
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Effective Tax Rate (%)
33.31
20.4
11.83
6.23
-12.8
3.62
2.43
129.33
63.45
64.8
-210.11
141.61
-3.15
24.73
15.75
28.07
12.86
Profit Margin (%)
-19
38
41
58
53
58
-41
-106
-97
-209
-470
-176
-464
-122
243
94
-207
Working Capital
244
413
621
727
956
986
1,271
1,300
269
111
610
780
564
1,285
1,676
2,188
1,939
LT Debt
233
323
533
622
591
530
471
1,355
1,773
2,330
1,002
2,191
2,088
2,104
2,161
2,533
2,332
Total Equity
- -
- -
- -
- -
-12.78
4.09
3.19
- -
8.04
8.97
- -
5.19
- -
6.12
6.84
7.72
7.11
Return on Invested Capital (%)
- -
- -
- -
- -
-3.64
7.43
6.15
- -
51.94
177.24
- -
42.03
- -
12.51
10.17
14.84
9.32
Return on Capital (%)
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Dec'24
Mar'25
Jun'25
ST Debt
35
121
131
LT Borrowings
1,676
1,742
1,939
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
100
102
107
Market Capitalization
1,484
1,455
1,494

Working Capital

FRC

•

in mil. unless spec.
Dec'24
Mar'25
Jun'25
Total Current Assets
415
459
458
Cash, Cash Equivalents & STI
115
59
6
Accounts Receivable, Net
60
47
55
Inventories
- -
- -
- -
Total Current Liabilities
172
643
665
Payables & Accruals
137
125
141
ST Debt
35
121
131
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
31.63%
26.95%
17.21%
Free Cash Flow
-169.99%
-71.25%
48.49%
Net Income, GAAP
450.46%
-220.71%
130.5%
Sales/Revenue/Turnover
11.55%
20.78%
29.32%
Total Cash Common Dividend
- -
5,325.35%
12.3%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
120
121
120
144
505
2025
151
152
189
- -
653
2026
178
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.48
0.44
-0.32
- -
0.8
2025
0.31
0.47
- -
- -
1.55
2026
0.36
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.21
0.21
0.21
- -
0.81
2025
0.22
0.2
- -
- -
0.77
2026
0.22
- -
- -
- -
- -
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Business
Primaris Real Estate Investment Trust (Primaris REIT, ticker: PMZ-UN.TO) is Canada's only real estate investment trust focused exclusively on enclosed shopping centres, owning, developing and operating a portfolio of leading properties primarily in growing mid-sized Canadian markets. The trust offers ownership interests in approximately 33 enclosed shopping centres totaling around 14.5 million square feet of gross leasable area valued at over $4.5 billion at Primaris' share; key properties include Dufferin Mall, Cataraqui Centre, Stone Road Mall, Orchard Park, Kildonan Place, Halifax Shopping Centre, Marlborough Mall and Promenades St-Bruno; operations span secondary markets across Canada with a fully internal, vertically integrated national management platform delivering economies of scale, development services, leasing and property management. Headquartered in Toronto and founded in 2003, Primaris REIT maintains a well-capitalized balance sheet with unencumbered assets, investment-grade ratings and high committed occupancy rates, targeting national retailers and regional tenants in the retail real estate sector. In recent developments, Primaris completed a $565 million acquisition of Promenades St-Bruno in October 2025, part of over $1.5 billion in high-quality acquisitions that year and $3.3 billion since 2021 from major Canadian pension funds; the trust also closed a $147.5 million bought deal equity offering, raised acquisition guidance, executed $250 million in dispositions and invested $585 million in further acquisitions within a $724 million deal in early 2025, enhancing portfolio quality and NOI growth potential.