Primaris REIT Q3 2026 Results
Primaris REIT, the Canadian retail‑focused real estate investment trust, announced its third‑quarter 2026 financial performance on 29 October 2026. Funds from operations (FFO) increased 5.6% year‑on‑year to C$0.468 per diluted unit, up from C$0.443 in the same quarter of 2025. Total rental revenue rose 10.4% to C$175.8 million compared with C$159.2 million a year earlier. Net income declined to C$28.4 million, or C$0.189 per unit, from C$40.9 million (C$0.322 per unit) in the prior year, partly due to changes in the fair value of investment properties.
The in‑place occupancy rate fell to 87.7% at quarter‑end, down from 91.8% a year ago, while committed occupancy stood at 90.9%. Of the former Hudson’s Bay space targeted for re‑leasing, 882,000 sq ft (84% of the total) had been leased or was in advanced negotiations, expected to generate C$15.1 million of annual rent – roughly four times the rent previously paid by Hudson’s Bay.
Primaris raised its annual distribution by 5.7% to C$0.93 per unit, up from C$0.88. The increased distribution will be declared on 31 December 2026 and payable on 15 January 2027.
The REIT kept its 2026 guidance of FFO between C$1.83 and C$1.88 per unit and cash net operating income (CNOI) between C$397 million and C$402 million. For 2027, it lifted its outlook to FFO of C$1.93‑C$1.99 per unit and CNOI of C$427‑C$433 million, anticipating same‑property CNOI growth of 3%‑5% and an occupancy range of 88%‑90%.