Plaza Retail Real Estate Investment Trust - Pointe-claire, QC

Plaza Retail REIT is a Fredericton-based open-ended real estate investment trust that owns, develops, and manages retail properties across Ontario, Quebec, and Atlantic Canada. Incorporated in 1999, the company operates as a publicly traded entity on the Toronto Stock Exchange under ticker symbol PLZ.UN. The REIT maintains a portfolio of 191 properties totaling approximately 8.8 million square feet, with an emphasis on open-air centers and stand-alone small-box retail outlets. Plaza's portfolio is anchored by national tenants representing 91.2% of gross rents, with 53.7% of revenue derived from essential needs retail. The company pursues an internalized development platform, deploying a 25-person team to execute value-add redevelopments, greenfield projects, and brownfield conversions without reliance on third-party developers. Plaza's geographic footprint spans eight Canadian provinces, with 47.6% of leasable area concentrated in Ontario and Quebec. The REIT reported $44.0 million in funds from operations for 2025, an 8.8% increase over the prior year, supported by same-asset NOI growth of 1.7% and committed occupancy of 97.6%. Plaza maintains long-term debt structures matched to lease maturities and has generated consistent cash flow through active property management and strategic capital recycling. In July 2026, Axia Real Assets LP proposed to acquire Plaza for $1.23 billion, though the REIT's board has not reached a decision.