Q3 2024 Primaris Real Estate Investment Trust Earnings Call Transcript
Key Points
- Primaris REIT (PMREF) reported a strong quarter with a beat and raise headline, indicating continued growth across most metrics.
- Year-to-date FFO per unit increased by 5.6%, excluding adjustments related to the unsecured bond issuance.
- Committed occupancy is approaching 95%, with significant improvement in recovery ratios.
- The acquisition of Les Galeries de la Capitale enhances the REIT's value proposition and offers significant income growth opportunities.
- The company has a strong pipeline of leasing activity, with 96 leases renewed at positive spreads and 36 new deals completed in the quarter.
- The company had to halt its stock buyback program due to a treasury offering, ending a long streak of repurchases.
- Tenant sales have started to flatten, which could impact future growth if the trend continues.
- There is uncertainty regarding the impact of recent immigration policy changes on future growth targets.
- General and administrative expenses are expected to increase slightly due to bonus accruals.
- The company faces challenges in precisely forecasting the timing and magnitude of recovery ratio improvements due to lag effects.
Good morning, and welcome to Primaris REIT's third quarter 2024 results conference call. (Operator Instructions)
I will now turn the call over to Claire Mahaney, Vice President, Investor Relations and ESG. Please go ahead.
Thank you, operator. During this call, management of Primaris REIT may make 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 Primaris REIT's website at
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