Primaris REIT (PMZ-UN:CA) National Bank Upgrades to Outperform on Valuation

Primaris REIT (PMZ-UN:CA)

National Bank of Canada upgraded Primaris REIT to Outperform from Sector Perform, citing the trust’s current valuation as increasingly compelling relative to peers. The bank highlighted that the REIT’s units are trading at a meaningful discount to underlying net asset value, offering an attractive entry point for investors seeking stable cash flows in the retail real-estate segment.

National Bank noted that 2026 is expected to be a year characterized more by portfolio refinement than aggressive expansion, as Primaris focuses on optimizing its asset base, recycling capital, and enhancing property-level performance. This strategic shift toward disciplined portfolio management rather than acquisitive growth, supports predictable earnings and further strengthens the balance sheet. The analysts believe that this measured approach positions the REIT to capture incremental value through improved tenant mix, selective reinvestment, and continued operational efficiencies. With stable fundamentals, solid occupancy trends in its enclosed shopping centres, and a valuation that screens attractively, National Bank sees favorable risk-reward dynamics for the year ahead, justifying the upgraded rating.

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