Plaza Retail REIT Announces First Quarter 2026 Results

Plaza Retail REIT Announces First Quarter 2026 Results – Benzinga

FREDERICTON, NB, May 13, 2026 /CNW/ – Plaza Retail REIT (TSX:PLZ) (“Plaza” or the “REIT”) today announced its financial results for the three months ended March 31, 2026.

Summary of Selected IFRS Financial Results
(CAD$000s, except percentages)	Three Months Ended March 31, 2026	Three Months Ended March 31, 2025	$ Change	% Change

Revenues	$32,510	$31,137	$1,373	4.4 %

Net operating income (NOI)⁽¹⁾	$18,795	$18,344	$451	2.5 %

Net change in fair value of investment properties	$2,118	$2,136	($18)	–

Profit and total comprehensive income	$12,820	$9,319	$3,501	–

Summary of Selected Non-IFRS Financial Results
(CAD$000s, except percentages, units repurchased and per unit amounts)	Three Months Ended March 31, 2026	Three Months Ended March 31, 2025	$ Change	% Change

FFO⁽¹⁾	$10,908	$9,763	$1,145	11.7 %
FFO per unit⁽¹⁾	$0.098	$0.088	$0.010	11.4 %
FFO payout ratio⁽¹⁾	71.6 %	80.0 %	n/a	(10.5 %)

AFFO⁽¹⁾	$8,281	$8,289	($8)	(0.1 %)
AFFO per unit⁽¹⁾	$0.074	$0.074	–	–
AFFO payout ratio⁽¹⁾	94.3 %	94.2 %	n/a	0.1 %

Same-asset NOI⁽¹⁾	$19,068	$18,707	$361	1.9 %

Committed occupancy – including non-consolidated investments⁽²⁾	97.5 %	97.6 %	n/a	(0.1 %)
Same-asset committed occupancy⁽³⁾	97.1 %	97.1 %	n/a	–

(1)	This is a non-GAAP financial measure. Refer to the Non-GAAP Financial Measures defined here and in Part I and VII of the MD&A ending March 31, 2026 for more information on each non-GAAP financial measure.
(2)	Excludes properties under development.
(3)	Same-asset committed occupancy excludes properties under development and non-consolidated investments.

(000s – except per unit amounts and percentage data, unaudited)	3 Months Ended March 31, 2026	3 Months Ended March 31, 2025	Change over Prior Period
Profit and total comprehensive income for the period attributable to unitholders	$ 12,727	$ 9,301
Incremental leasing costs included in administrative expenses⁽⁷⁾	749	280
Amortization of debenture issuance costs⁽⁸⁾	(19)	(18)
Distributions on Class B exchangeable LP units included in finance costs – operations	81	81
Deferred income taxes	73	(66)
Right-of-use land lease principal repayments	(208)	(217)
Fair value adjustment to restricted and deferred units	(38)	139
Fair value adjustment to investment properties	(2,118)	(2,136)
Fair value adjustment to investments⁽⁹⁾	(196)	786
Fair value adjustment to Class B exchangeable LP units	(58)	266
Fair value adjustment to convertible debentures	79	169
Fair value adjustment to derivative assets and liabilities	(365)	856
Fair value adjustment to right-of-use land lease assets	208	217
Equity accounting adjustment⁽¹⁰⁾	(42)	139
Non-controlling interest adjustment⁽⁶⁾	35	(34)
FFO⁽¹⁾	$ 10,908	$ 9,763	$ 1,145
*FFO change over prior period – %*			11.7 %

FFO⁽¹⁾	$ 10,908	$ 9,763
Non-cash revenue – straight-line rent⁽⁵⁾	(293)	(94)
Leasing costs – existing properties^{(2) (5) (11)}	(1,732)	(1,266)
Maintenance capital expenditures – existing properties⁽¹²⁾	(608)	(167)
Non-controlling interest adjustment⁽⁶⁾	6	53
AFFO⁽¹⁾	$ 8,281	$ 8,289	($ 8)
*AFFO change over prior period – %*			(0.1 %)

Weighted average trust units outstanding – basic⁽¹⁾⁽³⁾	111,593	111,575
FFO per unit – basic⁽¹⁾	$ 0.098	$ 0.088	11.4 %
AFFO per unit – basic⁽¹⁾	$ 0.074	$ 0.074	–

Gross distribution to unitholders⁽⁴⁾	$ 7,811	$ 7,809
FFO payout ratio – basic⁽¹⁾	71.6 %	80.0 %
AFFO payout ratio – basic⁽¹⁾	94.3 %	94.2 %

FFO⁽¹⁾	$ 10,908	$ 9,763
Interest on dilutive convertible debentures	–	176
FFO – diluted⁽¹⁾	$ 10,908	$ 9,939	$ 969
Diluted weighted average trust units outstanding⁽¹⁾⁽³⁾	111,593	114,105

AFFO⁽¹⁾	$ 8,281	$ 8,289
Interest on dilutive convertible debentures	–	176
AFFO – diluted⁽¹⁾	$ 8,281	$ 8,465	($ 184)
Diluted weighted average trust units outstanding⁽¹⁾⁽³⁾	111,593	114,105

FFO per unit – diluted⁽¹⁾	$ 0.098	$ 0.087	12.6 %
AFFO per unit – diluted⁽¹⁾	$ 0.074	$ 0.074	–

(1)	This is a non-GAAP financial measure. Refer to “Non-GAAP Financial Measures” in Part I and “Explanation of Non-GAAP Financial Measures” in Part VII of the MD&A for more information.
(2)	Based on actuals.
(3)	Includes Class B exchangeable LP units.
(4)	Includes distributions on Class B exchangeable LP units.
(5)	Includes proportionate share of revenue and expenditures at equity-accounted investments.
(6)	The non-controlling interest (“NCI”) adjustment includes adjustments required to translate the profit and total comprehensive income attributable to NCI of $93 thousand for the three months ending March 31, 2026 (March 31, 2025 – $18 thousand) to FFO and AFFO for the NCI.
(7)	Incremental leasing costs included in administrative expenses include leasing costs of salaried leasing staff directly attributed to signed leases that would otherwise be capitalized if incurred from external sources. These costs are excluded from FFO in accordance with REALPAC’s definition of FFO.
(8)	Amortization of debenture issuance costs is deducted on a straight-line basis over the remaining term of the related convertible debentures, in accordance with REALPAC.
(9)	Fair value adjustment to investments relate to the unrealized change in fair value of equity accounted entities which are excluded from FFO in accordance with REALPAC’s definition of FFO.
(10)	Equity accounting adjustment for derivative assets and liabilities includes the change in non-cash fair value adjustments relating to derivative assets and liabilities held by equity accounted entities, which are excluded from FFO in accordance with REALPAC’s definition of FFO.
(11)	Leasing costs – existing properties include internal and external leasing costs except to the extent that leasing costs relate to development projects, in accordance with REALPAC’s definition of AFFO. See the Gross Capital Additions Including Leasing Fees note on page 25 of the MD&A.
(12)	Maintenance capital expenditures – existing properties include expenditures related to sustaining and maintaining existing space, in accordance with REALPAC’s definition of AFFO. See the Gross Capital Additions Including Leasing Fees note on page 25 of the MD&A.

(000s)	3 Months Ended March 31, 2026 (unaudited)	3 Months Ended March 31, 2025 (unaudited)
Same-asset NOI⁽¹⁾	$ 19,068	$ 18,707
Acquisitions, intensifications, developments and redevelopments transferred to IPP in 2025 & 2026 ($3.2 million annual stabilized NOI)	687	202
NOI from properties currently under development and redevelopment ($1.3 million annual stabilized NOI)	–	–
Straight-line rent	293	94
Administrative expenses charged to NOI	(1,320)	(1,096)
Lease termination revenue	19	4
Properties disposed	3	476
Other	45	(43)
Total NOI⁽¹⁾	$ 18,795	$ 18,344
Percentage increase over prior period	2.5 %

Plaza Retail REIT Announces First Quarter 2026 Results

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