DDM Analysis: PLZ-UN.TO

Valuation Snapshot

Stable Growth	$3.68 - $6.14	$4.76
Multi-Stage	$7.60 - $8.34	$7.96
Blended Fair Value	$6.36
Current Price	$3.91
Upside	62.71%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	1.50%	3.48%	0.28	0.27	0.26	0.26	0.26	0.26	0.22	0.22	0.21	0.21
YoY Growth	-	-	1.99%	6.30%	0.01%	-0.05%	-0.61%	18.50%	-2.04%	3.32%	3.21%	5.56%
Dividend Yield	-	-	7.36%	7.58%	6.14%	5.03%	6.45%	8.39%	5.25%	5.44%	4.37%	4.45%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	35.15
(-) Cash Dividends Paid (M)	30.91
(=) Cash Retained (M)	4.24

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.03	4.39	2.64
Cash Retained (M)	4.24	4.24	4.24
(-) Cash Required (M)	-7.03	-4.39	-2.64
(=) Excess Retained (M)	-2.79	-0.15	1.61
(/) Shares Outstanding (M)	111.33	111.33	111.33
(=) Excess Retained per Share	-0.03	0.00	0.01
LTM Dividend per Share	0.28	0.28	0.28
(+) Excess Retained per Share	-0.03	0.00	0.01
(=) Adjusted Dividend	0.25	0.28	0.29
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	-0.48%	0.52%	1.52%
Fair Value	$3.68	$4.76	$6.14
Upside / Downside	-5.88%	21.81%	56.97%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	35.15	35.34	35.52	35.71	35.89	36.08	37.16
Payout Ratio	87.93%	88.34%	88.76%	89.17%	89.59%	90.00%	92.50%
Projected Dividends (M)	30.91	31.22	31.53	31.84	32.15	32.47	34.37

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	-0.48%	0.52%	1.52%
Year 1 PV (M)	29.06	29.35	29.64
Year 2 PV (M)	27.32	27.87	28.43
Year 3 PV (M)	25.69	26.47	27.27
Year 4 PV (M)	24.15	25.13	26.15
Year 5 PV (M)	22.70	23.86	25.08
PV of Terminal Value (M)	716.84	753.58	791.82
Equity Value (M)	845.76	886.28	928.39
Shares Outstanding (M)	111.33	111.33	111.33
Fair Value	$7.60	$7.96	$8.34
Upside / Downside	94.29%	103.60%	113.27%

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Financial Statements

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Plaza Retail REIT (PLZ-UN.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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