Added to YB: 2024-01-09
Pitch date: 2024-01-09
PMREF [bullish]
Primaris Real Estate Investment Trust
+22.42%
current return
Author Info
Company Info
Primaris is Canada’s only enclosed shopping centre focused REIT, with ownership interests primarily in leading enclosed shopping centres located in growing mid-sized markets.
Market Cap
CAD 1.5B
Pitch Price
CAD 12.52
Price Target
N/A
Dividend
6.00%
EV/EBITDA
13.53
P/E
20.14
EV/Sales
6.81
Sector
Retail REITs
Category
value
Canadian Reit Opoortunity: Primaris ($PMREF)
PMREF: Dominant regional malls w/ value retailers. Prudent vs. FCR & SRU: no luxury/tourism reliance. Opportunistic acquisitions, operational efficiency. Recent deals show seller confidence despite equity discounts. 7.22% IFRS cap rate vs. 6.25% avg. Strong occupancy, rent growth, SPNOI & FFO/unit. Mkt wants leverage but mgmt stays conservative for future deals.
Read full article (1 min)