Primaris Retail R.E. Invest. Tr. Units (PMZ-UN) - Net Assets
Based on the latest financial reports, Primaris Retail R.E. Invest. Tr. Units (PMZ-UN) has net assets worth CA$2.54 Billion CAD (≈ $1.84 Billion USD) as of March 2026. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (CA$5.29 Billion ≈ $3.82 Billion USD) and total liabilities (CA$2.74 Billion ≈ $1.98 Billion USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Also explore Primaris Retail R.E. Invest. Tr. Units (PMZ-UN) total assets for the complete picture of this company's asset base.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | CA$2.54 Billion |
| % of Total Assets | 48.13% |
| Annual Growth Rate | 11.46% |
| 5-Year Change | 15.59% |
| 10-Year Change | 42.89% |
| Growth Volatility | 59.58 |
Primaris Retail R.E. Invest. Tr. Units - Net Assets Trend (2003–2025)
This chart illustrates how Primaris Retail R.E. Invest. Tr. Units's net assets have evolved over time, based on quarterly financial data. Check Primaris Retail R.E. Invest. Tr. Units tangible equity quality to evaluate the tangible quality of the company's equity base.
Annual Net Assets for Primaris Retail R.E. Invest. Tr. Units (2003–2025)
The table below shows the annual net assets of Primaris Retail R.E. Invest. Tr. Units from 2003 to 2025. For live valuation and market cap data, see Primaris Retail R.E. Invest. Tr. Units market cap and net worth.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | CA$2.53 Billion ≈ $1.83 Billion |
+17.21% |
| 2024-12-31 | CA$2.16 Billion ≈ $1.56 Billion |
+2.71% |
| 2023-12-31 | CA$2.10 Billion ≈ $1.52 Billion |
+0.78% |
| 2022-12-31 | CA$2.09 Billion ≈ $1.51 Billion |
-4.73% |
| 2021-12-31 | CA$2.19 Billion ≈ $1.59 Billion |
+118.76% |
| 2020-12-31 | CA$1.00 Billion ≈ $724.61 Million |
-36.44% |
| 2019-12-31 | CA$1.58 Billion ≈ $1.14 Billion |
-2.71% |
| 2018-12-31 | CA$1.62 Billion ≈ $1.17 Billion |
-30.48% |
| 2012-12-31 | CA$2.33 Billion ≈ $1.69 Billion |
+31.45% |
| 2011-12-31 | CA$1.77 Billion ≈ $1.28 Billion |
+216.08% |
| 2010-12-31 | CA$560.81 Million ≈ $405.68 Million |
+18.96% |
| 2009-12-31 | CA$471.42 Million ≈ $341.02 Million |
-11.09% |
| 2008-12-31 | CA$530.22 Million ≈ $383.55 Million |
-10.27% |
| 2007-12-31 | CA$590.89 Million ≈ $427.44 Million |
-4.96% |
| 2006-12-31 | CA$621.70 Million ≈ $449.73 Million |
+16.59% |
| 2005-12-31 | CA$533.22 Million ≈ $385.73 Million |
+65.23% |
| 2004-12-31 | CA$322.72 Million ≈ $233.45 Million |
+38.60% |
| 2003-12-31 | CA$232.85 Million ≈ $168.44 Million |
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Equity Component Analysis
This analysis shows how different components contribute to Primaris Retail R.E. Invest. Tr. Units's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have decreased by 100.0% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Other Components | CA$2.53 Billion | 100.00% |
| Total Equity | CA$2.53 Billion | 100.00% |
Primaris Retail R.E. Invest. Tr. Units Competitors by Market Cap
The table below lists competitors of Primaris Retail R.E. Invest. Tr. Units ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
NOS S.G.P.S. S.A.
LS:NOS
|
$1.95 Billion |
|
Zhejiang Transfar Co Ltd
SHE:002010
|
$1.95 Billion |
|
BlackRock Science and Technology Trust II
NYSE:BSTZ
|
$1.95 Billion |
|
Suzhou TZTEK Technology Co Ltd
SHG:688003
|
$1.96 Billion |
|
Nanobiotix
NASDAQ:NBTX
|
$1.95 Billion |
|
Foryou Corp
SHE:002906
|
$1.95 Billion |
|
Henan Dayou Energy Co Ltd
SHG:600403
|
$1.95 Billion |
|
Okeanis Eco Tankers Corp
OL:OET
|
$1.95 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Primaris Retail R.E. Invest. Tr. Units's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 2,160,949,000 to 2,532,903,000, a change of 371,954,000 (17.2%).
- Net income of 183,185,000 contributed positively to equity growth.
- Dividend payments of 91,291,000 reduced retained earnings.
- Share repurchases of 79,225,000 reduced equity.
- New share issuances of 160,371,000 increased equity.
- Other comprehensive income increased equity by 85,069,000.
- Other factors increased equity by 113,845,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | CA$183.19 Million | +7.23% |
| Dividends Paid | CA$91.29 Million | -3.6% |
| Share Repurchases | CA$79.22 Million | -3.13% |
| Share Issuances | CA$160.37 Million | +6.33% |
| Other Comprehensive Income | CA$85.07 Million | +3.36% |
| Other Changes | CA$113.84 Million | +4.49% |
| Total Change | CA$- | 17.21% |
Book Value vs Market Value Analysis
This analysis compares Primaris Retail R.E. Invest. Tr. Units's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 1.15x
- The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
- The price-to-book ratio has decreased from 2.44x to 1.15x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2003-12-31 | CA$9.39 | CA$22.91 | x |
| 2004-12-31 | CA$10.73 | CA$22.91 | x |
| 2005-12-31 | CA$13.75 | CA$22.91 | x |
| 2006-12-31 | CA$12.08 | CA$22.91 | x |
| 2007-12-31 | CA$9.51 | CA$22.91 | x |
| 2008-12-31 | CA$7.90 | CA$22.91 | x |
| 2009-12-31 | CA$6.89 | CA$22.91 | x |
| 2010-12-31 | CA$8.15 | CA$22.91 | x |
| 2011-12-31 | CA$21.42 | CA$22.91 | x |
| 2012-12-31 | CA$22.74 | CA$22.91 | x |
| 2018-12-31 | CA$16.14 | CA$22.91 | x |
| 2019-12-31 | CA$15.70 | CA$22.91 | x |
| 2020-12-31 | CA$10.20 | CA$22.91 | x |
| 2021-12-31 | CA$22.30 | CA$22.91 | x |
| 2022-12-31 | CA$20.87 | CA$22.91 | x |
| 2023-12-31 | CA$21.10 | CA$22.91 | x |
| 2024-12-31 | CA$19.95 | CA$22.91 | x |
| 2025-12-31 | CA$19.90 | CA$22.91 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Primaris Retail R.E. Invest. Tr. Units utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 7.23%
- The company has moderate efficiency in generating returns from equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 28.07%
- • Asset Turnover: 0.12x
- • Equity Multiplier: 2.09x
- Recent ROE (7.23%) is above the historical average (0.75%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2003 | 5.18% | 33.31% | 0.07x | 2.17x | CA$-11.22 Million |
| 2004 | 6.74% | 20.40% | 0.14x | 2.34x | CA$-10.52 Million |
| 2005 | 3.34% | 11.97% | 0.12x | 2.24x | CA$-35.52 Million |
| 2006 | 1.98% | 6.14% | 0.14x | 2.26x | CA$-49.87 Million |
| 2007 | -5.19% | -12.61% | 0.15x | 2.78x | CA$-89.74 Million |
| 2008 | 1.84% | 3.68% | 0.17x | 3.03x | CA$-43.24 Million |
| 2009 | 1.41% | 2.43% | 0.15x | 3.94x | CA$-40.48 Million |
| 2010 | 11.67% | 20.27% | 0.16x | 3.51x | CA$9.38 Million |
| 2011 | 13.08% | 63.45% | 0.10x | 2.03x | CA$54.54 Million |
| 2012 | 11.43% | 64.80% | 0.10x | 1.81x | CA$33.35 Million |
| 2018 | -9.12% | -53.43% | 0.10x | 1.68x | CA$-309.67 Million |
| 2019 | -2.82% | -16.20% | 0.10x | 1.73x | CA$-202.04 Million |
| 2020 | -57.35% | -212.59% | 0.13x | 2.13x | CA$-674.65 Million |
| 2021 | 16.18% | 139.61% | 0.08x | 1.48x | CA$135.44 Million |
| 2022 | -0.58% | -3.18% | 0.12x | 1.53x | CA$-220.84 Million |
| 2023 | 4.86% | 24.89% | 0.11x | 1.85x | CA$-108.12 Million |
| 2024 | 3.68% | 15.75% | 0.12x | 1.97x | CA$-136.62 Million |
| 2025 | 7.23% | 28.07% | 0.12x | 2.09x | CA$-70.11 Million |
Industry Comparison
This section compares Primaris Retail R.E. Invest. Tr. Units's net assets metrics with peer companies in the REIT - Retail industry.
Industry Context
- Industry: REIT - Retail
- Average net assets among peers: $1,915,445,092
- Average return on equity (ROE) among peers: 6.41%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Primaris Retail R.E. Invest. Tr. Units (PMZ-UN) | CA$2.54 Billion | 5.18% | 1.08x | $1.95 Billion |
| Choice Properties Real Estate Investment Trust (CHP-UN) | $871.65 Million | 7.70% | 7.54x | $3.79 Billion |
| CT Real Estate Investment Trust (CRT-UN) | $3.85 Billion | 2.74% | 0.81x | $1.48 Billion |
| Firm Capital Property Trust (FCD-UN) | $21.16 Million | 1.36% | 0.29x | $188.05 Million |
| First Capital Real Estate Investment Trust (FCR-UN) | $4.23 Billion | 9.04% | 1.15x | $3.53 Billion |
| Plaza Retail REIT (PLZ-UN) | $17.55 Million | 2.28% | 5.00x | $416.24 Million |
| RioCan Real Estate Investment Trust (REI-UN) | $5.44 Billion | 16.04% | 0.98x | $4.66 Billion |
| Slate Grocery REIT (SGR-U) | $931.10 Million | 13.83% | 1.44x | $118.13K |
| Slate Grocery REIT (SGR-UN) | $437.80 Million | -1.57% | 2.24x | $747.06 Million |
| SmartCentres Real Estate Investment Trust (SRU-UN) | $1.44 Billion | 6.24% | 1.92x | $3.09 Billion |
About Primaris Retail R.E. Invest. Tr. Units
Primaris Real Estate Investment Trust is Canada's only enclosed shopping centre focused REIT. With ownership interests in leading enclosed shopping centres located in growing Canadian markets. The current portfolio totals 15.2 million square feet, valued at approximately 5.2 billion US dollars at Primaris' share. Economies of scale are achieved through its fully internal, vertically integrated, f… Read more