REITs Nation: Canada Day Edition

Research evidence excerpt

REITs Nation: Canada Day Edition

June 28, 2026 | 21:34 ET~

Canadian Real Estate

REITs Nation: Canada Day Edition Canadian Real Estate

Tom Callaghan, CPA, CA Analyst

tom.callaghan@bmo.com (416) 234-4680

John R Schady Associate

Bottom Line: john.schady@bmo.com (416) 505-9670

The S&P/TSX Capped REIT Index was +1.7% for the week ended June 26, bringing the Nensi Shkurti Associate

YTD price-only return to +12.2% (vs. +10.3% for the S&P/TSX Composite and +17.9% for nensi.shkurti@bmo.com (416) 848-4759

the MSCI US REIT Index). Weekly performance was led by PMZ (+4.3%), CAR (+3.3%) and Legal Entity: BMO Nesbitt Burns Inc.

DIR (+3.1%). AP (-1.5%), KMP (-0.8%) and HR (-0.3%) were laggards. Outside the index,

gains were led by VITL (+7.1%) and MHC (+6.5%). What's Inside

This periodical includes a series of valuation and

Key Points

performance charts, as well as our Canadian REITs

PMZ Oshawa Centre tour highlights multi-pronged opportunity; broader HBC comp table

update expected this week. On Thursday, Primaris hosted a well-attended tour at its

Oshawa Centre Mall. We left the event with an enhanced understanding of progress

to date and the opportunity set ahead from both an NOI growth (CRU leasing, anchor

repositioning) and value creation (excess lands) perspective. Acquired in early 2025,

PMZ has successfully driven a 14% increase in long-term CRU occupancy to 82.9%, with

TTM NOI up almost 20%. Visibility to a 40-50% increase in NOI was framed over a 2-3

year period post HBC repositioning/Sears demolition. With site coverage of 27% across

81 acres, value from excess land was also highlighted. As an example, circa 900K sf of

multi-res density (rezoning is complete) on a portion of Oshawa Centre excess lands

could equate to ~$20M of potential proceeds at $20-25/buildable sf.