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Plaza Retail REIT T.PLZ.UN

Alternate Symbol(s):  PAZRF

Plaza Retail REIT (Trust) is a Canada-based open-ended real estate investment trust. The Trust is a developer, owner and manager of retail real estate located primarily in Ontario, Quebec and Atlantic Canada. Its portfolio includes interests in approximately 225 properties totaling approximately 8.9 million square feet across Canada and additional lands held for development. Trust’s portfolio largely consists of open-air centers and stand-alone small box retail outlets and is predominantly occupied by national tenants with a focus on the essential needs, value and convenience market segments. The properties are indirectly held by Plaza through its subsidiaries and through joint arrangements. The Trust's portfolio consists of Alberta, Manitoba, New Brunswick, Newfoundland and Labrador, New Brunswick, Nova Scotia, Ontario, Prince Edward Island, and Quebec.


TSX:PLZ.UN - Post by User

Plaza Retail REIT > Not the best earnings
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Comment by EstevanOutsideron Feb 26, 2024 8:19pm
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Post# 35900435

RE:RE:RE:RE:RE:Not the best earnings

RE:RE:RE:RE:RE:Not the best earnings they said the elevated leasing costs (affo culprit) were from renovating old properties when tenant left to bring it up to speed and collect higher rent from a new tenant. also noted the gap between tenant swaps impacted affo. i have 182,000 square feet of new developments coming online in 2024 for plaza + 553,000 or so expiring. if you add those two numbers it should provide an incremental $3.8 million or so based on the disclosed averages ($15 psf rent + 9% rental increase which they thought was likely on the conference call for 2024). also in the annual it says maintenance costs were higher as they had been deferred over the years since covid. i guess we can reasonably expect them to come down, even more so perhaps as the new developments come online in 2024.

can't imagine zakuta buying that much if he were bearish. we're talking millions of units and he's pretty old (close to retirement)
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