Q3 2025 Primaris Real Estate Investment Trust Earnings Call

Speaker #1: Otherwise be the case of same property in Hawaii , because we're already capturing it through conversion of these leasing , these leases that are non-standard into net lease structures .

Speaker #1: So I guess I've been rambling now for a little bit about leasing spreads , but it's not a it's not as much of an input into our business as as it might be for others .

Speaker #2: Okay . Understood . Well , thank you so much . I'll turn it back to the operator .

Speaker #1: Thanks , Kara .

Speaker #3: Our next question is a follow up question from Sam Damiani . Your line is open . Please go ahead .

Speaker #1: Thanks .

Speaker #4: First one is just on the disposition . I guess . Ambitions over the near to medium term . How would you characterize the market today versus maybe three , 6 or 12 months ago ?

Speaker #4: For in the transaction market?

Speaker #1: Yeah . I mean , we're we're seeing some interesting signs of capital becoming more available . We saw a transaction for a 50% non managing interest in a in a mall that we would target for ownership , which was the first in some time .

Speaker #1: And that was at about a 7% cap rate which is very constructive for our , our valuations on the disposition side . You know , it continues to be a relatively thin market from , you know , a depth of bidding perspective .

Speaker #1: There are quite a few parties that show up to the auctions for properties like the ones that we've been we've been selling . But , you know , I think the decline in interest rates and increased availability of credit are two positives on that front .

Speaker #1: So we continue to be pretty optimistic that we'll be able to continue to execute on dispositions . It's really choppy . So I mean , and that's what we're seeing in the it depends which day of the week you call us .

Speaker #1: It is really kind of all over the place. It's hard to get any firmness, a sense that there's a trend one way or the other.

Speaker #4: Understood . And then just lastly on the the Lime Ridge , you know , full , full space lease for the former Sears .

Speaker #4: I mean , that's great to hear . I wonder if you could just give us a little bit of a background there . How long that took to to get across the finish line .

Speaker #4: Was it in play ? You know , with with the vendor any any , you know , any color there would be helpful .

Speaker #5: Yes . There was a discussion that was going on before we ended up buying the property . We advanced it very quickly once we closed on the property and brought it to a resolution very fast .

Speaker #4: Okay , great . Look forward to that . Thanks . And congratulations .

Speaker #5: Thanks .

Speaker #3: We currently have no further questions . I'd like to hand back to Leslie for some closing remarks .

Speaker #6: Thank you . Operator . With no further questions , we will close today's call on behalf of the Premier's team . We thank you all for participating and Happy Halloween .