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PRO Real Estate Investment Trust
PRO Real Estate Investment Trust (PRV-UN) investor relations material
PRO Real Estate Investment Trust Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Mar, 2026
Executive summary
Completed transition to a pure-play industrial REIT focused on small and mid-bay properties, marking a major strategic milestone and supporting sustainable long-term growth.
Sold 17 non-core properties for CAD 71.2 million and acquired seven industrial properties in Winnipeg for CAD 101.9 million, with CAD 42.1 million satisfied through equity issuance.
Portfolio at year-end comprised 105 investment properties totaling 6.4 million sq ft, with industrial assets representing 92.5% of GLA and 90.5% of base rent.
Renewed 80.1% of 2025 GLA at a 34.2% positive spread and 68.2% of 2026 GLA at a 33.8% positive spread, reflecting robust leasing activity.
Financial highlights
Property revenue for Q4 was CAD 26.2 million, up 5.4% year-over-year; full-year revenue was CAD 104.1 million, up 4.9%.
Net operating income (NOI) for Q4 was CAD 16.1 million, up 9.6% year-over-year; full-year NOI was CAD 63.4 million, up 8.4%.
Same-property NOI for Q4 was CAD 14.1 million, up 8.1% year-over-year, driven by 9.1% growth in the industrial segment.
Funds from operations (FFO) for Q4 was CAD 7.8 million, up 14.3% year-over-year; full-year FFO increased 11.2%.
Net income for the year was CAD 35.3 million, up from CAD 2.4 million in 2024.
Outlook and guidance
Expecting continued strong cash flow FFO growth of 7%-9% annually through 2026–2028.
Entered into a binding agreement to acquire a 60,057 sq. ft. industrial property in Moncton for CAD 12.3 million, expected to close in 2026.
Targeting CAD 2 billion in assets and 45% Adjusted Debt to Gross Book Value in the next 3–5 years.
No significant asset dispositions planned for 2026; focus remains on selective acquisitions and maintaining strong leasing momentum.
Management sees healthy fundamentals and improving market conditions for small- and mid-bay industrial assets in 2026.
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Next PRO Real Estate Investment Trust earnings date
Q1 202614 May, 2026
PRO Real Estate Investment Trust
Next PRO Real Estate Investment Trust earnings date
Q1 202614 May, 2026
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Frequently asked questions
PRO Real Estate Investment Trust (PRO REIT) is a Canadian real estate investment trust focused on acquiring and managing a diversified portfolio of commercial properties. The company's portfolio includes retail, industrial, office, and mixed-use properties, primarily located in secondary markets across Canada. PRO REIT generates income through leasing its properties to a variety of tenants, aiming to deliver stable cash flow and long-term value appreciation. The company is headquartered in Montreal, Canada, and its shares are listed on the Toronto Stock Exchange.
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