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Core Insights - Primaris Real Estate Investment Trust has gained full control over 1.3 million square feet of former Hudson's Bay Company (HBC) gross leasable area and 0.5 million square feet of former Sears space, allowing for accelerated negotiations with retailers [2][4] - The company is implementing a dual leasing strategy: executing long-term leases and repurposing spaces to accommodate multiple large-format tenants and high-value commercial retail units [2][4] - The departure of HBC presents a significant opportunity for revitalization and land sales, with an estimated land value of $150 million to $250 million [4][6] Leasing and Redevelopment Plans - Primaris has leased 516,000 square feet of former HBC space to single tenant users with minimal capital investment [6] - Walmart has been confirmed as a tenant for 139,000 square feet at the former Sears space in Lime Ridge Mall [6] - Total repositioning costs for all 11 HBC spaces are estimated between $125 million and $150 million over the next three years, with expected yields of 7% to 12% [6][16] Market Context - The retail landscape in Canada has seen a decline in department store relevance, with HBC being among the least productive anchors historically [7][13] - Primaris has shifted its tenant profile significantly, with top tenants now including Canadian Tire, Walmart, and Loblaws, contributing 16.5% of minimum rent [9][10] - The current chapter marks the end of the department store era in Canada, providing Primaris with a unique opportunity to enhance its portfolio [7][8] Financial Metrics - As of September 30, 2025, Primaris' same-store sales productivity reached $800 per square foot, a 50% increase from Q4 2021 [10] - The average minimum rent for the 11 former HBC locations was $4.18 per square foot, totaling $5.4 million annually [17][20] - The weighted average net rent across Primaris' portfolio is projected to increase, reflecting the opportunity for future rent growth [17][20]