Added to YB: 2024-01-09
Pitch date: 2024-01-09
PMREF [bullish]
Primaris Real Estate Investment Trust
+82.48%
current return
Author Info
Company Info
Primaris Real Estate Investment Trust is Canada’s only enclosed shopping centre focused REIT. With ownership interests in leading enclosed shopping centres located in growing Canadian markets.
Market Cap
CAD 2.6B
Pitch Price
CAD 12.17
Price Target
N/A
Dividend
3.96%
EV/EBITDA
15.42
P/E
16.21
EV/Sales
7.72
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)