Added to YB: 2024-07-22
Pitch date: 2024-07-19
PMZ-UN.TO [bullish]
Primaris Real Estate Investment Trust
+82.92%
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 12.14
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 Valuations And 2024 Opportunities - Retail REITs: Primaris
PMZ-UN.TO: Cdn REIT w/ strong financials & ops. 1Q24 guidance raised. CEO highlights 7.16% cap rate, 8.34% discount rate, 7.31% terminal cap. 150-200bps spread over debt cost. Units imply 9%+ cap rate, 400-500bps spread. Conservative IFRS NAV. Selling McAllister Place mall ($75M exp). Focus on high-sales, high-growth locations. Trades at discount to peers.
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