Primaris REIT (PMZ.UN-T)
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Most Anticipated Earnings: IFC-T, MTLO-X and more Canadian Companies Reporting Earnings this Week (Feb 10-14)5 Best Industrial REITs for CanadiansThis summary was created by AI, based on 5 opinions in the last 12 months.
Primaris REIT (PMZ.UN) has garnered attention for its solid performance amidst rising concerns in the mall REIT sector. Experts emphasize its strong occupancy rates of over 94% and a conservative funds payout ratio, indicating financial stability. The company’s low leverage and significant free cash flow contribute to its overall strength, with analysts recommending stop-loss adjustments to secure gains while awaiting further appreciation in share value. Additionally, the REIT operates in markets with limited competition, enhancing its landlord power over tenant selection and pricing. Despite some volatility, PMZ.UN is viewed as a high-quality investment, trading at a substantial discount to net asset value, making it an attractive pick in the sector.
We reiterate this low leverage, low payout ratio REIT with significant free cash flow as a TOP PICK. We like that cash reserves are growing, while debt is aggressively retired. It trades at 20x earnings and under book value. The yield is backed by a FFO ratio under 55%. We recommend trailing up the stop (from $11.90) to $13.75, looking to achieve $18.50 -- upside potential of 18%. Yield 5.4%
PMZ.UN is Canada's only REIT focused on enclosed shopping centres that it owns and operates. The company recently reported over 94% occupancy commitments, a funds payout ratio of only 52%, and no debt retiring in 2024. It trades at 11x earnings and under book value. We recommend setting a stop-loss at $11.90, looking to achieve $17.00 -- upside potential of 22%. Yield 6.0%
Operates in malls, which makes everyone run for the exits. Operates in centres such as Kelowna, Guelph and Halifax. Places where there's only 1 mall, and nobody's building malls. So they have lots of power as landlords about who they'll accept as tenants, along with pricing power.
Very high quality. One of the best REITs in the whole sector. Trades at 40% discount to NAV.
At $28 it is pretty fully valued. He would tender to H&R. You are getting full value.
Fundamentals are good. Leasing spreads were up 8.7% last quarter. H&R Reit (HR.UN-T) has made a bid to acquire them and it looks like this will go through. If this still works, the economy is going to have to be good for retail. H&R is probably going to be coming to market to issue equity. Fundamentals are still in place for REITs.
Offer made for $26, but he feels it is worth $28-$29. Enclosed shopping malls in Canada. Thinks the portfolio has a lot of value. Target is taking up a lot of locations in their malls. He would prefer it to continue to trade.
Fairly well distributed portfolio. Bought two malls recently and they are doing the right things. Got an upgrade to investment grade status. 5-5.5% dividend and modest capital appreciation. He prefers larger companies like REI.UN-T. They have access to capital and had quite a sell off.
(Market Call Minute) Owns Oakville Place and Burlington Mall. You can hold it for the yield.
(Market Call Minute.) Feels the street is underestimating the impact that Target is going to have when they move in. It will represent about a 3rd of their overall square footage.
Still has some upside here. Their quarter came in better than he thought. He was concerned that they would have issues with their tenant backfill being a bit down but was better than he thought. Balance sheet is very unlevered. Feels they are locked and loaded to do acquisitions and grow.
(A Top Pick Aug 4/11. Up 28.23%.) The only predominantly mall REIT in Canada. Haven’t done anything overly spectacular in the last year but it was cheap. Still sees some upside.
Primaris REIT(PMZ.UN-T) Rating
Ranking : 4 out of 5
Bullish - Buy Signals / Votes : 3
Neutral - Hold Signals / Votes : 0
Bearish - Sell Signals / Votes : 0
Total Signals / Votes : 3
Primaris REIT(PMZ.UN-T) Frequently Asked Questions
What is Primaris REIT stock symbol?
Primaris REIT is a OTC stock, trading under the symbol PMZ.UN-T on the (). It is usually referred to as or PMZ.UN-T
Is Primaris REIT a buy or a sell?
In the last year, 3 stock analysts published opinions about PMZ.UN-T. 3 analysts recommended to BUY the stock. 0 analysts recommended to SELL the stock. The latest stock analyst recommendation is . Read the latest stock experts' ratings for Primaris REIT.
Is Primaris REIT a good investment or a top pick?
Primaris REIT was recommended as a Top Pick by on . Read the latest stock experts ratings for Primaris REIT.
Why is Primaris REIT stock dropping?
Earnings reports or recent company news can cause the stock price to drop. Read stock experts’ recommendations for help on deciding if you should buy, sell or hold the stock.
Is Primaris REIT worth watching?
3 stock analysts on Stockchase covered Primaris REIT In the last year. It is a trending stock that is worth watching.
What is Primaris REIT stock price?
On , Primaris REIT (PMZ.UN-T) stock closed at a price of $.
Our PAST TOP PICK with PMZ.UN has triggered its stop at $18.50. To remain disciplined, we recommend covering the position at this time. When combined with our previous guidance, this will result in a net investment Gain of 4%.