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Owns enclosed shopping malls and open-air retail centres across mid-sized Canadian markets.
Owns enclosed shopping malls and open-air retail centres across mid-sized Canadian markets.
Earns base rent under retail leases, with tenants also paying a share of property operating costs. Growth comes mainly from buying malls, so acquisitions and the occupancy of its existing centres drive results.
Moat: narrow (scale, installed base). Consolidated ownership of dominant malls in mid-sized Canadian markets with limited new supply.
Headquarters: Toronto, Canada · Founded: 2022 · Employees: 700
Size Primaris Real Estate Investment Trust (PMZ-UN.TO) is a Canada Real Estate company (Real Estate Investment Trusts) with a market value of $2.11B, the 181st largest of 420 Canada companies the cockpit tracks. Shares closed at C$22.89 on 6 Nov 2026.
Performance Over six months the shares gained 20.6%, against -4.1% for the median peer and +5.2% for the Canada market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue grew 17.9% over the last twelve months (peer median +4.1%); the operating margin is 38.1% (peer median 37.4%).
Valuation It trades at 1.08× book value against a peer median of 1.10× (11th cheapest of 21).
Price implies The share price implies a return on equity of about 9.1%; Primaris Real Estate Investment Trust delivers 4.6%, so the price asks more than the business earns today.
Next results Next results expected around 17 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$721M | C$656M | C$512M | C$419M | C$384M |
| Revenue growth | — | +28% | +22% | +9% | — |
| Gross profit | C$412M | C$375M | C$298M | C$239M | C$214M |
| EBITDA | C$277M | C$353M | C$247M | C$207M | C$189M |
| Net income | C$117M | C$183M | C$79.5M | C$102M | -C$12.1M |
| Free cash flow | C$189M | C$181M | C$116M | C$163M | C$163M |
| Capital expenditure | C$37.2M | C$45.3M | C$52.9M | C$3.02M | C$921,000 |
| Total debt | C$2.66B | C$2.58B | C$1.96B | C$1.67B | C$1.02B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Primaris Real Estate Investment Trust PMZ-UN.TO | $2.11B | +21% | +18% | 5% | 1.08× | 9.1% |
| RioCan Real Estate Investment Trust REI-UN.TO | $4.41B | -3% | -13% | 7% | 0.86× | 7.7% |
| SmartCentres Real Estate Investment Trust SRU-UN.TO | $3.37B | -3% | -1% | 3% | 0.93× | 7.4% |
| First Capital Real Estate Investment Trust FCR-UN.TO | $3.55B | 0% | +3% | 24% | 1.01× | 8.1% |
| Choice Properties Real Estate Investment Trust CHP-UN.TO | $7.95B | -1% | +4% | -2% | 2.66× | 14.7% |
| Crombie Real Estate Investment Trust CRR-UN.TO | $2.22B | -3% | +4% | -3% | 1.70× | 11.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | PMZ-UN.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.2% | +4.9% | 11th highest of 21 |
| 6-month return | +20.6% | -4.1% | 4th highest of 21 |
| Return on equity | 4.6% | 3.7% | 10th highest of 21 |
| Price / book | 1.08× | 1.10× | 11th cheapest of 21 |
| Trailing P/E | 27.2× | 18.9× | 6th most expensive of 16 |
| ROE the price implies | 9.1% | 9.4% | 10th least demanding of 21 |
| ROE delivered | 4.6% | 3.6% | 10th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Primaris Real Estate Investment Trust PMZ-UN.TO | Canada | $2.11B | +21% | +18% | 5% | 1.08× | 9.1% | 4.6% |
| Industrial & Infrastructure Fund Investment 3249.T | Japan | $2.07B | -12% | +36% | 8% | 1.33× | 6.4% | 8.5% |
| Parkway Life Real Estate Investment Trust C2PU.SI | Singapore | $2.05B | 0% | +3% | 10% | 1.56× | 6.3% | 10.1% |
| Aroundtown AT1.DE | Germany | $2.04B | -32% | +1% | 5% | 0.22× | 4.0% | 4.9% |
| Boardwalk Real Estate Investment Trust BEI-UN.TO | Canada | $2.21B | -5% | +3% | -1% | 0.66× | 6.0% | -1.0% |
| Crombie Real Estate Investment Trust CRR-UN.TO | Canada | $2.22B | -3% | +4% | -3% | 1.70× | 11.5% | -3.2% |
| BWP Trust BWP.AX | Australia | $2.01B | -2% | +2% | 13% | 0.86× | 7.4% | 13.2% |
| Mitsui Fudosan Logistics Park 3471.T | Japan | $2.00B | -13% | +156% | 5% | 0.99× | 5.0% | 4.6% |
| Xenia Hotels & Resorts XHR | United States | $1.97B | +26% | +4% | 0% | 1.80× | 17.3% | 0.3% |
| SmartStop Self Storage REIT SMA | United States | $2.31B | +20% | +21% | 2% | 1.86× | 9.3% | 2.4% |
| Sunstone Hotel Investors SHO | United States | $2.33B | +19% | +7% | 3% | 1.42× | 12.8% | 2.7% |
| RLJ Lodging Trust RLJ | United States | $1.92B | +40% | +1% | 1% | 1.07× | 11.2% | 1.3% |
| Getty Realty GTY | United States | $1.92B | -14% | +11% | 9% | 1.50× | 11.2% | 8.9% |
| Activia Properties 3279.T | Japan | $1.90B | -10% | +24% | 6% | 1.12× | 5.6% | 5.9% |
| Pebblebrook Hotel Trust PEB | United States | $2.36B | +43% | +3% | -3% | 1.01× | 12.2% | -2.8% |
| Great Portland Estates GPE.L | United Kingdom | $1.90B | +17% | +24% | 7% | 0.66× | 9.9% | 7.5% |
| NETSTREIT NTST | United States | $2.37B | -9% | +27% | 1% | 1.18× | 10.0% | 1.3% |
| Region RGN.AX | Australia | $1.89B | +6% | +30% | 9% | 0.92× | 9.4% | 9.2% |
| Japan Prime Realty Investment 8955.T | Japan | $2.37B | -7% | -13% | 7% | 1.31× | 5.2% | 6.8% |
| ARMOUR Residential REIT ARR | United States | $1.87B | -29% | -140% | -2% | 0.80× | 10.2% | -2.3% |
| Blackstone Mortgage Trust BXMT | United States | $1.85B | -42% | -2% | -12% | 0.65× | 7.3% | -11.7% |