Plaza Retail REIT

What Plaza Retail REIT does

Plaza Retail REIT is a Canadian publicly traded real estate investment trust (TSX: PLZ.UN) that owns, develops, and manages retail real estate across Ontario, Quebec, and Atlantic Canada. The trust originated as Plazacorp Retail Properties Ltd. (founded 1999) and converted to a REIT structure in December 2013 following the acquisition of KEYreit. Plaza's portfolio consists of approximately 190–197 properties totaling roughly 8.8 million square feet, comprised predominantly of open-air shopping centres and stand-alone small-box retail outlets, with 97.5%–97.9% occupancy and 91.2% national tenant weighting across grocery, pharmacy, QSR, discount, and convenience retail categories (KFC, Canadian Tire, Dollarama, Loblaws, Metro, Sobeys, Tim Hortons, Shoppers Drug Mart, Winners, Sport Chek, PetSmart, and Staples, among others).

The company's offering spans four integrated capabilities: greenfield new development, brownfield transformation and redevelopment of functionally obsolete retail, active property management to maintain high occupancy, and capital recycling via disposition of mature assets and creative financing to fund value-add acquisitions. Headquartered in Fredericton, New Brunswick, with executive offices in Montreal and a regional office in Halifax, Plaza employs 51–100 staff and operates with a stated focus on per-unit NAV and FFO growth without dilutive equity issuance.

Plaza generates revenue through base rents, percentage rents, and other tenant charges across its leased portfolio, distributing approximately $0.28 per unit annually to unitholders on a monthly cadence. Total assets at Plaza's consolidated interest exceed $1.14 billion with assets under management of approximately $1.91 billion and a market capitalization of approximately $445.6 million. The trust has historically accessed capital markets via bought-deal offerings, including a $40 million trust-unit offering in March 2023, and has engaged in joint ventures with RioCan Real Estate Investment Trust and DewCor to pursue redevelopment and development opportunities in Eastern Canada.

Name

Plaza Retail REIT

Legal name

Plaza Retail REIT

Website

https://plaza.ca

Company type

Public

Founded year

2013

Operating status

Operating

Headcount range

51–100 employees

Short description

Plaza Retail REIT is a Canadian retail property owner and developer operating approximately 197 open-air centres and small-box properties across Ontario, Quebec, and Atlantic Canada, leased predominantly to national tenants in essential needs, value, and convenience retail.

Ownership category

akta.pro rank

Product category

Retail Real Estate Investment Trust

SIC

Real Estate Dealers (For Their Own Account) (6532)

akta.pro primary industry

Neighborhood Essentials & Fill-in Shopping Discount Stores (CRAEAJAH)

akta.pro secondary industry

Multi-Price-Point Convenience Discount (e.g., $1–$10) (CRAEAJAG)

Keywords

• Retail property ownership
• Open-air shopping centers
• Retail real estate development
• Small box retail outlets
• Commercial property leasing

Headquarters

HQ city

Fredericton

HQ country

Canada

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Marketing or Sales, Supply Chain

Revenue model

1. Retail Property Rental Revenue: Plaza generates rental revenue from leasing retail space to national and local tenants across its portfolio of 190 properties. Revenue is driven by base rents, percentage rents, and other tenant charges. The company reports total rental revenue of $126,434 (thousands) with FFO of $44,032 (thousands).

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Plaza Retail REIT is a publicly traded Canadian real estate investment trust that owns, develops, and manages a portfolio of approximately 190 retail properties across Ontario, Quebec, and Atlantic Canada. The portfolio consists primarily of open-air shopping centres and stand-alone small box retail outlets, predominantly leased to national retail tenants in essential needs, value, and convenience categories. Revenue is generated through rental income (base rents, percentage rents, and other tenant charges) from leasing space to tenants such as Canadian Tire, Dollarama, Loblaws, Metro, Tim Hortons, and Shoppers Drug Mart.

Product overview

Plaza Retail REIT operates as a single unified real estate investment trust focused on retail property ownership, development, and management across Ontario, Quebec, and Atlantic Canada. The company does not offer a modular software platform; instead, its 'product' is its real estate portfolio consisting of approximately 190 retail properties (190 properties, 97.5% occupancy), primarily open-air centres and stand-alone small box retail outlets. The company provides integrated services including new developments, transformations and redevelopments, active property management, and capital recycling. The portfolio is anchored by approximately 91% national tenants focused on essential needs, value, and convenience retail. The company is listed on the Toronto Stock Exchange under ticker PLZ.UN and offers trust units as its investment product with monthly distributions to unitholders.

Differentiator

Problem solved

Functional benefit

Products and services

• Open-Air Shopping Centres Open-air retail shopping centres leased to national tenants across Ontario, Quebec, and Atlantic Canada. Represents the majority of Plaza's portfolio revenue (93.9%) and is targeted at essential needs, value, and convenience retailers.
• Stand-Alone Small Box Retail Outlets Stand-alone small box retail outlets leased to national tenants as part of Plaza's retail property portfolio, achieving 100% occupancy for single-use assets.
• New Developments Greenfield development services for new retail properties, creating value through ground-up construction of retail centres in strategic locations across Ontario, Quebec, and Atlantic Canada.
• Transformations and Redevelopments Brownfield redevelopment and transformation services for existing retail properties, revitalizing functionally obsolete retail spaces to maximize value and appeal to national retailers.
• Active Property Management Ongoing property management services for Plaza's retail portfolio, including operations, leasing, tenant relationship management, and maintenance to maintain occupancy above 97.5% portfolio-wide.
• Capital Recycling and Creative Financing Strategic capital recycling service combining disposition of mature assets, acquisition of value-add properties, and innovative financing solutions to fund growth and maximize returns to unitholders.
• Plaza Retail REIT Trust Units (PLZ.UN) Publicly traded trust units listed on the Toronto Stock Exchange (TSE:PLZ.UN) that provide investors with exposure to Plaza's retail property portfolio and regular monthly distributions ($0.02333 per unit, $0.28 annually).

Named customers14 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core.

• RioCan Real Estate Investment TrustcoreStrategic or Co-development Partner · 16 June 2016RioCan Real Estate Investment Trust and Plaza Retail REIT announced a joint venture to redevelop three properties. This strategic partnership leverages both companies' expertise in retail real estate development and redevelopment in Canada.
• DewCorcoreStrategic or Co-development Partner · 4 June 2015DewCor and Plaza Retail REIT announced a joint venture to develop a large format retail shopping centre in St. John's, NL. This partnership combines DewCor's development expertise with Plaza's retail property ownership and management capabilities.

Scale indicators12 records

Recent moves10 records

Expansion highlights5 records

Direct peers

• RioCan Real Estate Investment Trust: Largest Canadian retail REIT with a portfolio of retail-focused properties, including open-air centres and mixed-use developments. Plaza's JV partner on three property redevelopments, making it the closest large-cap comparable.
• Choice Properties REIT: Canadian open-air retail REIT (Loblaw-affiliated) with a portfolio of grocery-anchored and essential-needs retail properties. Directly comparable tenant mix (grocers, pharmacies, discount) and similar urban/suburban Canadian focus.
• SmartCentres REIT: Canadian retail REIT anchored by Walmart and other national tenants in value-oriented open-air centres. Highly comparable in tenant base (Walmart, Canadian Tire, Shoppers), small-box format, and Canadian suburban/secondary-market footprint.
• Crombie Real Estate Investment Trust: Canadian open-air retail REIT with a portfolio anchored by Sobeys and Empire grocery banners. Comparable in open-air centre strategy, national-tenant focus, and Atlantic Canada / Ontario exposure.
• First Capital Real Estate Investment Trust: Canadian REIT focused on grocery-anchored, necessity-based retail and mixed-use properties. Comparable in essential-needs tenant thesis, urban/suburban Canadian geography, and open-air centre format.
• Morguard Real Estate Investment Trust: Diversified Canadian REIT with a meaningful retail portfolio of open-air and enclosed centres. Comparable in Canadian retail property ownership, mixed national/local tenant base, and multi-region footprint.
• Cominar Real Estate Investment Trust: Quebec-headquartered Canadian REIT with retail, office, and industrial properties. Strong overlap with Plaza's Quebec-focused portfolio and similar open-air / small-box retail exposure.
• BTB Real Estate Investment Trust: Small-cap Canadian REIT with a portfolio of retail and office properties. Comparable in size, public-market dynamics, and multi-region Canadian retail exposure, though heavier office tilt.
• Firm Capital Property Trust: Small-cap Canadian diversified REIT with retail, industrial, and multi-residential assets. Comparable in size class and Canadian retail property ownership, with a value-add acquisition focus similar to Plaza.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/plazareit

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries2 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Plaza Retail REIT