PRO Real Estate Investment Trust (PRV-UN) investor relations material

Portfolio overview and performance

• Owns 104 properties across Canada with $1.1B in total assets and 6.4M sq. ft. of gross leasable area as of March 31, 2026.

• Achieved 8.1% net operating income growth in Q1 2026 and maintains a 96.0% occupancy rate.

• 76.9% of 2026 gross leasable area renewed at a 34.8% positive average spread.

• 5-year total return of 45.5% and monthly distributions since 2014.

• Industrial assets represent 92.4% of portfolio GLA, with a focus on light industrial properties.

Strategic growth and acquisitions

• Medium-term targets include $2B in asset value and 45% adjusted debt to gross book value.

• Recent acquisitions include 17 industrial properties for $136.8M, expanding in Québec City and Winnipeg.

• Completed acquisition of seven institutional-quality industrial properties in Winnipeg in 2025, now among top three industrial landlords in the city.

• Ongoing capital recycling with significant dispositions and reinvestment in higher-growth assets.

• Joint operation with Crestpoint Real Estate Investments Ltd. on 42 properties, enhancing scale and management fees.

Industrial sector focus and market positioning

• Specializes in small- and mid-bay light industrial properties with lower market rent volatility and operating costs.

• Halifax's Burnside Industrial Park is a key market, with 38 properties representing 34% of the park.

• Industrial portfolio shows 21.9% Q1 NOI growth and 6.8% same property NOI growth.

• Embedded rent growth opportunities with 25% spread between in-place and market net rent for industrial renewals.

• Well-staggered lease maturities and high occupancy rates across all sectors.