Primaris REIT (PMZ.UN.TO) Buy, Sell or Hold

Primaris REIT (PMZ.UN.TO)

22.54

+0.44 (1.99%)

as of Oct 29, 2026, 8:00:00 pm Market Closed.

68 watching

TOP PICK

Retail REIT. Discount to net asset value (6-7%). Great balance sheet, ton of cash, finally deployed some recently, adding about $1 to the stock. Still have good cash balance. His Top, Top Pick.

HOLD

Retail REIT that is more focused on malls rather than big-box stores. One of the strongest balance sheets in the REITs. Valuation is quite reasonable relative to the rest of the group. Little more economically sensitive as the stores are more fashion oriented but bankruptcies have been relatively low to date.

PARTIAL BUY

Retail REIT owning unenclosed power centres and enclosed malls primarily in secondary cities. Have done a lot of redevelopment of their assets that has generated a lot of free cash flow growth. Have $80 million in cash. Good portfolio. At these levels you could pick away at it.

WAIT

Wonderful balance sheet - often under performs. Wait for it to come back down. High quality organization.

BUY

Primarily enclosed malls with a lot of exposure to high fashion and fashion tenants so could have some losses in tenants. Probably the most bulletproof REIT in Canada with $97 million in cash and no significant debt maturities for 2 years and only $3 million of CapX to fund over the next 2 years. Payout ratio in the low 90’s and the 14% distribution is safe. Do a partial sell whenever it goes over $11.

HOLD

Primarily an owner of enclosed malls in the secondary market. Also own some unenclosed centres. Good management team.

COMMENT

Looking at Riocan (REI.UN-T), Primaris (PMZ.UN-T), H&R (HR.UN-T) and Calloway (CWT.UN-T). Have been pretty well beaten up and the yields are looking very enticing. As an inflation hedge they look very attractive.

BUY

The only REIT in Canada that focuses on enclosed malls. Recently broadened their asset base to also include unenclosed power centres. Pretty cheap at these levels and represents very good value, probably 15% discount to NAV.

BUY

Fairly large REIT that focuses on the middle market such as closed shopping malls. Trades reasonably at about 14X 2008 AFFO cash flow. Management is Oxford Properties, a very seasoned, great management company. Organic growth has done really well. 6.3% yield.

HOLD

Was focused primarily on enclosed malls and centres in the secondary market but has expanded into unenclosed centres, but still in secondary markets. Seems to be delivering on everything they said.

BUY

At an interesting stage where they expanded from just and closed malls and secondary markets to include unenclosed power centres. They are firing on all cylinders. He is looking at this one.

COMMENT

6% yield. Largest shopping centres in a second dairy market. Very Conservative. Very little risk.

TOP PICK

Has a lot of big closed in shopping centres. Best shopping centres in a secondary market. Stock price has dropped more than it should. 7.3% yield.

COMMENT

Shopping centres in smaller markets. Goes through periods of performing very well and then under performs a bit. Generally good value. He buys when it is under priced and then sells again.

BUY

Primarily focused on enclosed shopping centres in secondary cities. Enclosed centres take more capital expenditure for upkeep. Recently bought some open shopping centres, indicating a strategic shift. Currently doing a lot of capital expenditure on 3 properties. Great quality management. Compelling yield.

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Primaris REIT (PMZ.UN.TO)