PRO Real Estate Investment Trust (PRV-UN) Q3 2026 earnings summary

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.