PR Newswire
FREDERICTON, NB, May 7, 2025 /CNW/ - Plaza Retail REIT (TSX: PLZ.UN) ("Plaza" or the "REIT") today announced its financial results for the quarter ended March 31, 2025.
"We started the year with strong momentum, taking our ownership stake in Tacoma Plaza, a grocery and pharmacy anchored strip, from 50% to 100%" said Jason Parravano, President & CEO. "Conversion of approximately 40,000 square feet of space into grocery retail is also underway, unlocking about $1 million (~$600 thousand at our share) in incremental NOI once complete. We have also signed a new grocery store deal and are gearing up to break ground on excess land at one of our properties, which will add another ~$700 thousand in incremental NOI upon delivery, of which we have a 50% interest. These wins are a direct result of our focused, three-pillar strategy: optimize, intensify, and consolidate — and we are just getting started."
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