Primaris REIT (PMZ.UN) Facts

Is Primaris REIT's distribution safe?

Primaris REIT (PMZ.UN) currently screens as covered under REIT Stack's deterministic distribution-safety methodology using extraction-period inputs as of June 30, 2026. The public inputs on this sheet show AFFO payout ratio 65.9% and FFO payout ratio 50.2% from that extraction period, plus Distribution Yield 3.92% from the public market snapshot as of October 28, 2026; the engine driver summary is AFFO payout 66%: Comfortably covered by adjusted cash flow. This verdict is a screening signal, not a credit rating or investment recommendation.

Distribution-safety methodology

Is Primaris REIT trading below Reported NAV?

Primaris REIT (PMZ.UN) has Price / Reported NAV of 1.04x, using price $22.10 from the public market snapshot as of October 28, 2026 and Reported NAV / Unit $21.21 from issuer filings as of December 31, 2025. This is a 4.2% premium to Reported NAV. This uses issuer-reported Reported NAV only, not REIT Stack Real Estate NAV or Market-Implied NAV.

Reported NAV, Real Estate NAV, and Market-Implied NAV taxonomy

What does Primaris REIT own?

Primaris REIT (PMZ.UN) describes its portfolio this way: Primaris REIT is Canada's only publicly traded REIT owning exclusively enclosed shopping centres, with approximately 35 malls totalling over 12 million square feet in mid-market communities across Canada. Created in January 2022 following H&R REIT's strategic repositioning, Primaris under CEO Alex Avery has positioned itself as a value-oriented acquirer of enclosed retail real estate at significant discounts to replacement cost, benefiting from the post-pandemic recovery in enclosed mall traffic and the trust's strong balance sheet. The same public row lists Market Cap $3.0B as of October 28, 2026 and sector Retail; property-level inventory, source breadcrumbs, and historical period detail remain in the member product.