Q2 2024 Primaris Real Estate Investment Trust Earnings Call Transcript
Key Points
- Primaris REIT (PMREF) reported a 6.8% growth in FFO per unit and increased guidance for FFO per unit and NOI for 2024.
- Occupancy rose more than 3% from a year earlier for both in-place and committed occupancy.
- Tenant average sales in the portfolio increased by more than 25% from Q2 2022 to Q2 2024.
- Primaris REIT (PMREF) acquired two of Canada's top 15 malls for $640 million in 2023 and is actively engaged in further acquisitions.
- The company received a BBB high, stable investment-grade credit rating from DBRS Morningstar.
- Higher interest expenses absorbed $0.145 per unit, impacting overall financial performance.
- The recovery ratios, although improving, are still below historical norms, indicating room for further improvement.
- The watchlist for tenants has not changed significantly, indicating potential risks with certain tenants whose sales growth has not kept up.
- The property tax recoveries are unpredictable and can cause fluctuations in financial results.
- The conversion of leases with preferred rental terms back to net leases is ongoing and may take another 12 to 24 months to complete.
Good morning, and welcome to Primaris REIT Second Quarter 2024 Results Conference Call. (Operator Instructions) I will now turn the call over to Claire Mahaney, Vice President, Investor Relations and ESG.
Thank you, operator. During this call, management of Primaris REIT may make forward-looking statements containing forward-looking information within the meaning of applicable securities legislation. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Primaris REIT's control that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. Additional information about these assumptions, risks, and uncertainties are contained in Primaris REIT's filings with securities regulators. These filings are also available on our website at primarisreit.com. I'll now turn the call over to Alex Avery, Primaris' Chief
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
