Primaris Real Estate Investment Trust has laid out its growth targets through 2029, backed by tenancy optimization and greater operating efficiency.

The REIT on Wednesday said that it expects average annual funds from operations growth of between 4% and 8% with an in-place occupancy of 96% over the next three years.

The funds from operations increase is matched by a 4% to 8% distribution target as well, supported by more than 500 million Canadian dollars ($351.9 million) in planned property dispositions and C$300 million in capital expenditures.

The company also expects average annual same-properties cash net operating income growth of 3% to 5% in the three-year period.

"Primaris has a clear path to meaningful growth over the next three years, supported by significant opportunity embedded within our existing portfolio," said Chief Executive Alex Avery.