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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.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.
Assess dilution from retail asset sales.
Discuss strategy for 2026 debt maturities.
Update on Parkit acquisition performance.
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Next PRO Real Estate Investment Trust earnings date
Q3 202512 Nov, 2025
Next PRO Real Estate Investment Trust earnings date
Q3 202512 Nov, 2025
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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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