Northwire Canada EditionThursday, October 15, 2026
Sign inSubscribe
Northwire
⌕
GOLD 4107.90 −1.7% SILVER 55.88 −6.1% COPPER 6.62 −1.6% OIL 95.09 +1.0% PALLADIUM 1096.50 −2.7% CIA 2.64 −0.4% BTO 7.09 −4.3% MCI 0.155 +0.0% CAN 0.065 +0.0% BLDS 0.335 +8.1% SAO 0.050 +0.0% SF 0.315 +0.0% BEA 0.055 −15.4% BMM 3.90 +11.1% AUGC 0.295 −13.2% MFG 3.34 −3.8% CDE 21.33 −7.7% CYG 0.160 −5.9% RSMX 0.100 −4.8% TUF 0.830 −5.7% GPG 0.285 −3.4% GOLD 4107.90 −1.7% SILVER 55.88 −6.1% COPPER 6.62 −1.6% OIL 95.09 +1.0% PALLADIUM 1096.50 −2.7% CIA 2.64 −0.4% BTO 7.09 −4.3% MCI 0.155 +0.0% CAN 0.065 +0.0% BLDS 0.335 +8.1% SAO 0.050 +0.0% SF 0.315 +0.0% BEA 0.055 −15.4% BMM 3.90 +11.1% AUGC 0.295 −13.2% MFG 3.34 −3.8% CDE 21.33 −7.7% CYG 0.160 −5.9% RSMX 0.100 −4.8% TUF 0.830 −5.7% GPG 0.285 −3.4%
Earnings

Plaza Retail REIT Announces 2025 Results

By The Northwire Desk — AI Analysis Mar 02, 2026 · 17:30 PLZ · 4.49 PLAZACORP RETAIL PROPERTIES LTD.
PLZ · Price

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.

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 Nov 12, 2025 · 18:05

Plaza Retail REIT Announces Third Quarter 2025 Results

Earnings