TSX:PMZ.UN - Post by User
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TeamCommonSenseon Oct 28, 2024 12:18pm
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Post# 36285190
Analyst update TDDI
Analyst update TDDIPRIMARIS REIT (BUY-rated, $18.00 Target Price)
FFO/AFFO: Our FFO/unit growth forecast of -3% y/y is tempered by a +32% y/y increase in interest expense per-unit, while our AFFO/unit forecast of -7% is further impacted by higher y/y straight-line rents. Occupancy: We expect steady occupancy growth versus the 93.0% from Q2/24.
SPNOI: We expect Q3/24 SPNOI growth to largely be in line with management’s 3-4% guidance range for FY2024. Guidance: We do not expect any changes to FY24 guidance or the new three-year growth targets that were put in place in last month's investor day.
Other: We will look for updates regarding activity on both the acquisition and disposition front. Since its IPO in 2022, Primaris has acquired three enclosed shopping centres (including last month's acquisition of Les Galeries de la Capitale), and remains in discussions on 4-5 potential transactions.