Plaza Retail REIT Announces 2025 Results

Executive Summary

• Plaza Retail REIT reported a material increase in Funds from Operations (FFO) to $44.0 M ($0.395 per unit), an 8.8% year‑over‑year rise driven by higher NOI, acquisitions and intensification initiatives.
• Net Operating Income (NOI) grew 2.7% to $77.0 M for the full year; same‑asset NOI increased 1.7% despite bad‑debt write‑offs from Toys R Us.
• Occupancy remained strong at 97.6% with leasing spreads of 13.4%; incremental initiatives added ~$3.0 M of NOI in 2025.

Key Details

• FFO (12‑mo): $44.032 M (+$3.570 M, +8.8%) → $0.395 per unit (+$0.032).
• AFFO (12‑mo): $33.485 M (+$1.620 M, +5.1%) → $0.300 per unit (+$0.014).
• NOI (12‑mo): $77.034 M (+$2.015 M, +2.7%).
• Same‑asset NOI (12‑mo): $73.922 M (+$1.263 M, +1.7%).
• Committed occupancy: 97.6% (including non‑consolidated investments).
• Revenue (12‑mo): $126.434 M (+4.3%).
• Profit & total comprehensive income (12‑mo): $55.886 M (up from $25.485 M) – driven largely by a $14.5 M fair‑value gain on investment properties.
• Bad debt impact: $770 k YTD, including $544 k related to Toys R Us insolvency.
• Reorganization costs in 2024 ($2.7 M) lowered administrative expenses, contributing to FFO growth.
• Quarterly Highlights (Q4‑2025): NOI $19.1 M (+1.0% QoQ); profit $25.1 M vs. $8.5 M prior year; fair‑value adjustment +$14.0 M.
• Year‑to‑Date Highlights: Same‑asset NOI up 2.7%; fair‑value gain of $14.5 M offsetting a $10.4 M loss in the prior year.
• Operational updates: Handed over multiple spaces to Loblaws and other key tenants for fit‑ups; ongoing optimization, intensification and development projects expected to boost 2026 results.
• Conference Call: March 3 2026, 10:00 a.m. EST (details provided).

Notable Quotes

“2025 marked an important transition year for Plaza with a strong focus on our optimization and intensification strategies… Total FFO increased to $44.0 million… reflecting contributions from same‑asset performance, acquisitions completed over the past year…” – Jason Parravano, President & CEO.

All forward‑looking statements are subject to risks and uncertainties detailed in the release.