Primaris REIT Q1 Revenue $177M; Price Target Raised to C$20.00
TD Securities raised its price target on Primaris REIT to C$20.00 from C$19.50, maintaining a Buy rating as the REIT reported Q1 rental revenue of $177M. Adjusted Cash NOI and FFO rose 1.7% and 1.6% respectively, while occupancy stood at 89.9% with a 5.5% rent rise on renewals.
1. Analyst Outlook
TD Securities maintained its Buy rating on Primaris REIT and increased the price target to C$20.00 from C$19.50, implying significant upside from the recent share price level. The firm’s confidence underscores positive expectations for Canadian retail property valuations.
2. Q1 Financial Results
Primaris REIT reported Q1 total rental revenue of $177 million. Same Properties Cash NOI fell 2.1% year-over-year but showed a 1.7% increase after excluding a $2.5 million prior-year tax recovery. FFO declined 3.2% to $0.43 per unit but rose 1.6% on an adjusted basis.
3. Operational Resilience
Committed occupancy reached 89.9%, including vacancies from former anchor tenants, as leasing activity strengthened. Renewal agreements achieved a 5.5% average rent uplift, reflecting healthy demand for the REIT’s shopping center portfolio.