Northwire Canada EditionFriday, July 10, 2026
Sign inSubscribe
Northwire
⌕
AUMN 0.275 +0.0% GGX 0.040 +0.0% S 0.155 +29.2% NNX 0.035 +0.0% ABX 51.90 −0.6% TTS 2.40 −4.0% FCI 0.400 −9.1% GR 0.075 +0.0% AII 23.38 +12.4% TUNG 1.72 +1.8% LGO 1.01 −2.9% EMM 0.080 +0.0% OGN 3.45 +2.1% MSA 6.67 +3.7% SGZ 0.040 −11.1% GRSL 0.310 −3.1% AUMN 0.275 +0.0% GGX 0.040 +0.0% S 0.155 +29.2% NNX 0.035 +0.0% ABX 51.90 −0.6% TTS 2.40 −4.0% FCI 0.400 −9.1% GR 0.075 +0.0% AII 23.38 +12.4% TUNG 1.72 +1.8% LGO 1.01 −2.9% EMM 0.080 +0.0% OGN 3.45 +2.1% MSA 6.67 +3.7% SGZ 0.040 −11.1% GRSL 0.310 −3.1%
Earnings

Plaza Retail REIT Announces Third Quarter 2025 Results

By The Northwire Desk — AI Analysis Nov 12, 2025 · 18:05 PLZ · 4.03 PLAZACORP RETAIL PROPERTIES LTD.
PLZ · Price

Executive Summary

  • Plaza Retail REIT reported record‑high quarterly FFO per unit of $0.111, an 8.8% YoY increase, driven by higher NOI and ongoing intensification projects.
  • Total FFO for the quarter rose to $12.4 M (up 8.6% YoY) and profit/comprehensive income jumped 72.4% to $8.8 M versus $5.1 M a year earlier.
  • Occupancy remained strong at 97.9%, while same‑asset NOI grew 1.7% despite bad‑debt adjustments from tenant closures.

Key Details

  • Financial Highlights (Three Months Ended Sep 30, 2025 vs. 2024)
  • Revenues: $31.706 M (+4.2%)
  • Net Operating Income (NOI): $20.472 M (+4.2%)
  • Profit & total comprehensive income: $8.826 M (+72.4%)
  • FFO: $12.381 M (+8.6%); FFO per unit: $0.111 (+8.8%)

  • AFFO: $8.578 M (‑11.0%); AFFO per unit: $0.077 (‑10.5%)

  • Year‑to‑Date Highlights (Nine Months Ended Sep 30, 2025 vs. 2024)

  • NOI: $57.914 M (+3.2%)
  • Profit & total comprehensive income: $30.798 M (+81.0%)

  • FFO: $33.331 M (+4.3%); FFO per unit: $0.299 (+4.5%)

  • Operational Metrics

  • Committed occupancy (including non‑consolidated investments): 97.9% (up 0.4 ppt YoY).
  • Same‑asset NOI increase of $329 k (1.7%) for the quarter; $911 k (1.7%) YTD.

  • Bad‑debt adjustments: $256 k in Q3, $433 k YTD due to three tenant closures.

  • Leasing & Development Activity

  • Approximately 70,000 sq ft handed over to No Frills (Loblaw) for fit‑out; benefits expected early 2026.

  • Intensification/development projects added ~$4 M to NOI in Q3 (~$5.8 M annualized).

  • Distribution

  • Gross distribution to unitholders: $7.81 M (virtually unchanged YoY).

  • FFO payout ratio fell to 63.1% from 68.4%; AFFO payout ratio rose to 91.0% from 81.0%.

  • Conference Call

  • Hosted by President & CEO Jason Parravano and CFO Jim Drake on Nov 13, 2025 at 10:00 a.m. EST (call‑in details provided).

Notable Quotes

“Q3 2025 was a milestone quarter for Plaza, delivering our highest quarterly FFO per unit in recent years at $0.111… Our total FFO rose to $12.4 million, up 8.6% year‑over‑year…” – Jason Parravano, President & CEO

Materiality Assessment: Material – Positive (significant earnings and operational improvements disclosed).

Read the original news release →

More from PLAZACORP RETAIL PROPERTIES LTD.

May 13, 2026 · 17:05

Plaza Retail REIT FFO Growth Accelerates Amidst Capital Intensive Strategy

Earnings Mar 02, 2026 · 17:30

Plaza Retail REIT Announces 2025 Results

Earnings Aug 07, 2025 · 17:05

Plaza Retail REIT Announces Second Quarter 2025 Results

Earnings