Toronto, Ontario — February 11, 2026 — Leads & Copy — Primaris Real Estate Investment Trust (TSX: PMZ.UN) has released its financial and operating results for the fourth quarter and year ended December 31, 2025. The Trust also raised its 2026 FFO per unit guidance range to $1.85 to $1.90.
Quarterly highlights include total rental revenue of $188.3 million (net of a $1.0 million negative impact from HBC), and same store sales productivity of $800 per square foot. Same Properties Cash Net Operating Income (Cash NOI) grew by 6.8%, or 2.6% excluding prior year adjustments and the negative impact from disclaimed Hudson’s Bay Company (HBC) locations.
Committed occupancy reached 90.6%, with in-place occupancy at 87.2% (including vacancy from HBC locations disclaimed in the quarter of 624,000 square feet) and long-term in-place occupancy at 81.7%. Renewing leases across 310,000 square feet saw an 11.3% weighted average net rent per square foot spread.
Funds from Operations (FFO) per average diluted unit increased by 11.6% to $0.513, or $0.492 per unit excluding prior year impacts and the negative impact from disclaimed HBC locations. The FFO Payout Ratio was 42.3%.
Net income was reported at $60.8 million, with total assets valued at $5.3 billion. The Average Net Debt to Adjusted EBITDA stood at 5.8x, with liquidity at $644.3 million and unencumbered assets at $4.8 billion. Net Asset Value (NAV) per unit outstanding was $21.21.
Annual financial and operating results showed a 5.6% growth in Same Properties Cash NOI. Renewing leases across 1,276,000 square feet experienced a 7.4% weighted average net rent per square foot spread. FFO per average diluted unit grew by 9.2% to $1.846, with an FFO Payout Ratio of 46.7%.
In addition to raising its 2026 FFO per unit guidance, Primaris also acquired Promenades St-Bruno in Montreal, Quebec, and disposed of Northland and Northland Professional Centre in Calgary, Alberta, for approximately $154 million. The Trust also settled and cancelled the $100 million unsecured bilateral non-revolving term facility.
The company has entered into leases at five locations with disclaimed HBC spaces. The distribution rate was increased by 2.3%, from $0.86 to $0.88 per unit per annum, effective December 31, 2025.
Primaris issued $250 million aggregate principal amount of 5-year senior unsecured green debentures with interest at a fixed annual rate of 3.845% per annum, and a weighted average term to maturity of 6.2 years, reducing the weighted average interest rate to 5.07%. 11,448,599 Trust Units were issued on a bought-deal basis for net proceeds of $162 million, and 515,000 Trust Units were purchased for cancellation under the Trust’s normal course issuer bid (NCIB) program for $8.0 million at an average price per unit of approximately $15.49.
Patrick Sullivan, President and Chief Operating Officer, noted that Primaris significantly augmented its portfolio in 2025, recycling capital with $1.6 billion of enclosed shopping centre acquisitions and $400 million of non‑core dispositions.
Alex Avery, Chief Executive Officer, said Primaris will continue to leverage the advantages of its mall management platform, differentiated financial model, portfolio scale, and strategy to deliver operating and financial results, including FFO per unit growth.
Chief Financial Officer Rags Davloor added that Primaris’ financial model has been a critical factor in its ability to capitalize on the market opportunity in the Canadian mall sector.
Primaris is Canada’s only enclosed shopping centre focused REIT, with ownership interests in enclosed shopping centres located in growing Canadian markets. The current portfolio totals 15.2 million square feet, valued at approximately $5.2 billion at Primaris’ share.
Source: Primaris Real Estate Investment Trust
