Primaris Real Estate Investment Trust Q3 2026 Earnings Recap

Primaris REIT’s shares rose 1.3% after Q3, a roughly flat reaction. Same-property cash NOI grew 3.1%, while the quarter’s leasing momentum and the 2027–2028 growth outlook were offset in the reported results by no clear indication of a near-term step-change in earnings.

Key Takeaways

• Same-property cash NOI increased 3.1% year over year, supported by base-rent growth, leasing, escalations and higher percentage rent.
• The company raised its distribution by 5.7%; at the midpoint of 2027 FFO guidance, management said the new distribution implies a 47.5% payout ratio, within its 45%–50% target.
• Primaris has leased or is in advanced negotiations on 84% of the former HBC space it plans to reposition; 69% is under long-term leases. Executed leases are expected to generate about CAD 19.4 million of annualized net rent, with cash rent commencement beginning at some properties in early 2027.
• Upper Canada Mall was acquired after quarter-end. The 990,000-square-foot property is 70% occupied, with sales of CAD 888 per square foot and lease-up and excess land identified as sources of upside.
• Management expects same-property NOI growth to accelerate in 2027 and 2028 and remain elevated for the following six quarters.