04:35 PM EDT, 10/31/2024 (MT Newswires) -- Primaris Real Estate Investment Trust (PMZ-UN.TO) on Thursday reported stronger total rental revenue for the third quarter, buoyed by net operating income growth, and raised and tightened its 2024 guidance

Among highlights, Primaris cited $119.5 million total rental revenue compared to $104.826 million a year earlier. It also recorded 4.6% growth in Same Properties Cash Net Operating Income and the same growth in Same Properties shopping centers cash net operating income (NOI).

In addition, it cited funds from operations per average diluted unit growth of $0.419, or 5.2% to $0.443 excluding impacts related to senior unsecured debenture issuance.

In its outlook, the REIT raised its 2024 FFO per average diluted unit guidance to $1.66 to $1.68 from $1.63 to $1.66

Primaris units closed down $0.07 to $15.62 on the Toronto Stock Exchange.