Primaris Real Estate Investment Trust (T:PMZ*CA)

Business Focus: Commercial REITs (NEC)

Sector:  Real Estate Industry:  Commercial REITs
See Regulatory Filings on SEDAR
Company Contact
Address: 26 Wellington Street East, Suite 400
Tel: 1-416-6427837
IR: See website
Key People
Patrick Sullivan
President, Chief Operating Officer, Trustee
Leigh Murray
Vice President, Leasing East
Alex Danial Avery
Chief Executive Officer
Raghunath Davloor
Chief Financial Officer
Leslie Buist
Senior Vice President - Finance
Brenda Huggins
Senior Vice President - Human Resources
Mordecai Bobrowsky
Senior Vice President - Legal, Secretary
Graham Procter
Senior Vice President - Asset Management
Laurel Adamson
Vice President, Leasing West
Joseph Martino
Vice President - Information Technology
Business Overview
Primaris Real Estate Investment Trust is a Canada-based company, which operates as an enclosed shopping center-focused real estate investment trust (REIT). The Company is focused on owning, developing, and operating a national portfolio of enclosed shopping centers located primarily in secondary Canadian markets. The Company owns and manages approximately11 retail properties. The Company's portfolio totals 10.9 million square feet. Its regional shopping centers are strategically located in major urban markets and major secondary cities across Canada. The Company's properties include Dufferin Mall, Stone Road Mall, Orchard Park, and Devonshire Mall. The Dufferin Mall is a regional shopping center located in the densely populated West End of Toronto, Ontario. Stone Road Mall is located 60 minutes west of Toronto in Guelph, Ontario. The Orchard Park Shopping Centre is an enclosed regional center located in the heart of British Columbia's Okanagan Valley in the City of Kelowna.
Financial Overview
For the fiscal year ended 31 December 2022, Primaris Real Estate Investment Trust revenues increased 53% to C$380.1M. Net loss totaled C$12.1M vs. income of C$341M. Revenues reflect an increase in demand for the Company's products and services due to favorable market conditions. Net loss reflects FV Adjustments on Investment Property increase from C$238.5M (income) to C$165.7M (expense), Salaries.
Employees: 400 as of Dec 31, 2022
Reporting Currency: Canadian Dollars
Enterprise value: $2,257M as of Mar 31, 2023
Annual revenue (TTM): $380.06M as of Mar 31, 2023
EBITDA (TTM): $184.68M as of Mar 31, 2023
Net annual income (TTM): -$12.08M as of Mar 31, 2023
Free cash flow (TTM): $123.94M as of Mar 31, 2023
Net Debt Last Fiscal Year: $1,008M as of Mar 31, 2023
Shares outstanding: 96,413,317 as of May 17, 2023
TTM: Trailing Twelve Months
EBITDA: Earnings Before Interest, Taxes, Depreciation, & Amortization

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