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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
PRO Real Estate Investment Trust
PRO Real Estate Investment Trust (PRV-UN) investor relations material
PRO Real Estate Investment Trust Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary12 Nov, 2026
Executive summary
Q3 revenue was $31.188M (+15.1%), NOI $20.035M (+17.5%), Same Property NOI +7.6%, and FFO $10.846M (+36.3%); acquisitions and rental growth supported results.
Portfolio expanded to 125 properties and 7.35M sq. ft.; occupancy was 95.4% at September 30.
Liquidity was $102.1M; Adjusted Debt to Gross Book Value was 48.2%, and the basic AFFO payout ratio was 93.1%.
Financial highlights
Nine-month revenue was $85.037M versus $77.871M; NOI was $52.566M versus $47.372M, up 11.0%.
Q3 net income was $15.406M versus $12.909M; nine-month net income was $39.958M versus $33.186M, with gains driven primarily by non-cash fair-value adjustments.
Q3 FFO was $10.846M (+36.3%); nine-month FFO was $28.045M (+17.7%). Q3 AFFO was $10.139M versus $8.281M; nine-month AFFO was $26.092M versus $23.191M.
Q3 revenue growth reflected higher base rent of $18.480M versus $16.155M and recoverable operating expenses and realty taxes of $12.260M versus $10.513M.
Net cash from operating activities was $12.096M in Q3 and $32.717M for nine months, versus $6.449M and $20.787M in 2025.
Outlook and guidance
More than 400,000 sq. ft. of renewed leases are expected to contribute at higher rents for a full quarter in Q4, supporting cash-flow growth.
Management expects 5%–7% rent growth in 2027 and average annual NOI and cash-flow growth of 7% over five years; occupancy is expected to stay near 95%–96% until larger spaces are leased.
Medium-term targets include $2B in assets and 45% Adjusted Debt to Gross Book Value within three to five years; these are not forecasts of future results.
Acquisition target is $60M–$80M, mainly in existing markets; timing may extend into mid-Q1 or early Q2 2027.
Defence, energy and infrastructure investments are expected to support demand for small- and mid-bay industrial properties.
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Latest events from PRO Real Estate Investment Trust
- 93% industrial portfolio, strong growth, disciplined capital, and sustainability drive performance.PRV-UN
Investor presentation - NOI and FFO grew over 6% year-over-year, with strong leasing spreads and improved debt ratios.PRV-UNQ2 2026
- Industrial-focused REIT delivers strong growth, disciplined expansion, and sustainability leadership.PRV-UNInvestor presentation
- Strong NOI and FFO growth, improved leverage, and robust leasing spreads drive positive outlook.PRV-UNQ1 2026
- Industrial-focused REIT delivers strong growth, high occupancy, and disciplined capital management.PRV-UNInvestor presentation
- Industrial-focused repositioning drove NOI and FFO growth, with improved leverage and leasing spreads.PRV-UNQ4 2025
- Industrial segment now 85.6% of GLA, with stable income and strong leasing momentum.PRV-UNQ3 2024
- Industrial focus and asset sales drive NOI growth, improved leverage, and strong leasing spreads.PRV-UNQ2 2024
- Stable NOI, strong leasing spreads, and disciplined capital recycling drove resilient growth.PRV-UNQ4 2024
Next PRO Real Estate Investment Trust earnings date
Q4 20263 Mar, 2027
PRO Real Estate Investment Trust
Next PRO Real Estate Investment Trust earnings date
Q4 20263 Mar, 2027
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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.