Primaris Real Estate Investment Trust (PMZ-UN) Fair Value & Analysis
Real Estate · CA · Market cap C$3.1B
Fair value as of: Jul 16, 2026
From 24 valuation models · updated 5 days ago
Share price +10.8% over the past month.
Price vs Fair Value (12 months)
12‑month range C$14.14 – C$23.56 · fair‑value band C$14.63 – C$28.13 · the C$23.20 price screens above the C$22.50 fair value. As of Jul 16, 2026.
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Primaris Real Estate Investment Trust (PMZ-UN) currently trades at C$23.20, while our model-based Fair Value estimate is C$22.50, implying the stock looks roughly 3.0% fairly valued today. We read business quality at 64/100 (solid quality), in the Real Estate sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, Primaris Real Estate Investment Trust generated revenue of C$675M at a net margin of 28.7%. Revenue grew 17.9% year over year. It earns a return on equity of 8.2%. Net debt stands at C$2.2B. Fundamentals as of Jul 16, 2026
Our scenario range runs from C$14.63 (bear case) to C$28.13 (bull case); at C$23.20, the current price sits within that range. The share trades near its 52-week high and 69% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -40% fair-value upside, at -3%, PMZ-UN screens cheaper than that median.
Key figures & financial health
More key figures
Figures from reported company fundamentals (EODHD) · as of Jul 16, 2026. TTM = trailing twelve months.
About the company
Primaris Real Estate Investment Trust is Canada's only enclosed shopping centre focused REIT. With ownership interests in leading enclosed shopping centres located in growing Canadian markets. The current portfolio totals 15.2 million square feet, valued at approximately 5.2 billion US dollars at Primaris' share. Economies of scale are achieved through its fully internal, vertically integrated, full-service national management platform. Primaris is very well-capitalized and is exceptionally well positioned to take advantage of market opportunities at an extraordinary moment in the evolution of the Canadian retail property landscape. Primaris Real Estate Investment Trust was incorporated in 2021 in Ontario, Canada.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Primaris Real Estate Investment Trust reported revenue of C$653M in FY2025 versus C$254M in FY2021, a compound +26.6%/yr. Reported net income was C$183M in FY2025, compounding −15.2%/yr from FY2021.
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Similar stocks
10 more REIT - Retail stocks, each showing price versus our Fair Value estimate (as of Jul 16, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Simon Property Group SPG | $216.74 | $113.07 | -48% |
| Realty Income Corporation O | $60.24 | $36.12 | -40% |
| Kimco Realty Corporation K1IM34 | R$115.44 | R$20.04 | -83% |
| Unibail-Rodamco-Westfield SE URW | €100.30 | €103.95 | +4% |
| Scentre Group STGPF | $2.65 | $2.31 | -13% |
| CapitaLand Integrated Commercial Trust (CICT or the Trust) C38U | 2.33 SGD | 1.39 SGD | -40% |
| Regency Centers Corporation R1EG34 | R$200.95 | R$33.00 | -84% |
| Link Real Estate Investment Trust (Link REIT) 0823 | HK$35.54 | HK$33.21 | -7% |
| Klépierre SA LI | €35.02 | €34.28 | -2% |
| Federal Realty Investment Trust FRT | $120.39 | $65.37 | -46% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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Not financial advice · no buy/sell recommendation. Model-based estimates are not certainties; their reliability depends on data quality and assumptions.