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

PRO Real Estate Investment Trust Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary14 Aug, 2025

Executive summary

  • Net operating income rose 4.5% year over year in Q2 2025, driven by positive rental spreads and reinvestment in high-quality assets; Same Property NOI up 8.2%, and industrial Same Property NOI up 9.6%.

  • Completed $96.5M acquisition of six industrial properties in Winnipeg, expanding the portfolio and initiating a strategic partnership; Parkit gained board representation.

  • Entered agreement to sell six non-core retail properties for $39.8M, with proceeds to reduce debt and support corporate purposes.

  • Occupancy rate reached 97.8% at June 30, 2025, up from 97.1% a year earlier, with some impact expected in Q3 due to a large Montreal vacancy.

  • Industrial segment now represents 88% of GLA and 83.5% of base rent; pro forma industrial base rent to reach 88% after retail sale.

Financial highlights

  • Property revenue reached $25M in Q2 2025, up $400K year over year, driven by higher rental rates and renewals.

  • Net operating income was $15.4M, up 4.5% year over year; same property NOI increased 8.2%.

  • Funds from operations (FFO) totaled $8M, up 8.1% year over year; AFFO per unit rose 3.7% and payout ratio improved to 89.8%.

  • Net income for Q2 2025 was $5.2M, down from $6.6M in Q2 2024.

  • Total assets grew to $1.11B at June 30, 2025, a 12.2% increase from a year earlier.

Outlook and guidance

  • Well positioned to pursue value-accretive opportunities and drive sustainable long-term growth.

  • Targeting over 90% industrial base cash flow by year-end, with transition nearly complete.

  • Management targets $2B in assets, 90% industrial base rent, and 45% Adjusted Debt to Gross Book Value in 3–5 years.

  • Focus remains on expanding light industrial portfolio in strong secondary Canadian markets.

  • Over 52% of 2026 GLA already renewed at 33.8% average spread.

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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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