Primaris REIT Reports Steady Q2 2026 Results; Focuses on HBC Space Leasing and Portfolio Optimization
Event summary
- Primaris REIT reported Q2 2026 total rental revenue of $174.1 million, with a 0.5% growth in Same Properties Cash NOI.
- 84% (881,400 square feet) of former Hudson's Bay Company space is leased or in advanced negotiations, expected to generate approximately $14.9 million of annual rental revenue.
- $99.5 million in non-core shopping centre dispositions and a $64.0 million strategic acquisition of Regent Mall closed in Q2 2026.
- Primaris reaffirmed its 2026 guidance, including occupancy targets of 86% to 88% and Same Properties Cash NOI growth of 1.0% to 3.0%.
- $5.3 billion total assets with a 6.0x Average Net Debt to Adjusted EBITDA ratio.
The big picture
Primaris REIT's Q2 2026 results highlight its focus on leasing former Hudson's Bay Company space and optimizing its portfolio. The company's strategic acquisitions and dispositions, combined with robust tenant demand, position it to deliver long-term value creation for unitholders. However, the pace of leasing and market conditions will be critical in achieving its financial targets.
What we're watching
- Leasing Momentum
- How the pace of leasing former HBC space will impact Primaris' occupancy rates and rental revenue growth.
- Portfolio Optimization
- Whether Primaris can sustain its portfolio optimization strategy amid market volatility.
- Financial Flexibility
- The extent to which Primaris' strong liquidity and low leverage will support future acquisition opportunities.