-- Primaris Real Estate Investment Trust (PMZ-UN.TO) after trade Wednesday reported higher total rental revenue and profit for the first quarter and reaffirmed its 2026 outlook.
The REIT earned $41.9 million, or $0.305 per unit, in the period, up from $31.2 million, or $0.257, a year ago. Corresponding FactSet figures were not available.
Total rental revenue rose to $177.04 million from $150.2 million a year prior. FactSet expected sales of $180.8 million.
Among other highlights, Primaris cited funds from operations per average diluted unit of $0.425 compared with $0.439 a year ago. FactSet projected FFO per share of $0.44.
"Our low leverage, low payout ratio model is a critical pillar to our strategy. We have significant liquidity with the full availability on our unsecured credit facility with no debt maturing in 2026, Chief Financial Officer Rags Davloor said.
"With strong liquidity, very low leverage, and a low payout ratio, we are well positioned to fund internal growth, enhance portfolio quality, and create long term value for our unitholders," Chief Executive Alex Avery added.
The REIT said it is maintaining its full-year 2026 guidance.
The REIT's units closed down $0.05 to $18.98 on the Toronto Stock Exchange.