Original News Release
PROREIT ANNOUNCES THIRD QUARTER 2025 RESULTS
PROREIT ANNOUNCES THIRD QUARTER 2025 RESULTS
Canada NewsWire
MONTREAL, Nov. 11, 2025
MONTREAL, Nov. 11, 2025 /CNW/ - PRO Real Estate Investment Trust ("PROREIT" or the "REIT") (TSX: PRV.UN) today reported its financial and operating results for the three-month period ("Q3" or "third quarter") and nine-month period ended September 30, 2025.
Third Quarter of Fiscal 2025 Highlights
Net operating income (NOI) increased by 19.6% year-over-year
Same Property NOI* rose 9.7% year-over-year, led by 10.5% growth in Industrial Same Property NOI*
Basic AFFO per Unit* increased by 7.2% year-over-year
AFFO Payout Ratio – Basic* stood at 91.1%, compared to 97.7% in Q3 2024
Total debt to total assets of 49.0% at September 30, 2025, compared to 49.9% a year earlier
Adjusted Debt to Gross Book Value* of 49.1% at September 30, 2025, compared to 50.2% a year earlier
74.8% of 2025 gross leasable area (GLA) renewed at average spread of 34.9%, and 54.8% of 2026 GLA renewed at 33.4% average spread
Occupancy rate of 95.5% at September 30, 2025 (including committed space), compared to 97.2% a year earlier. Excluding the impact of a single vacancy in a 176,000-square-foot property, occupancy rate was 98.1% at September 30, 2025
Completed sale of 12 non-core retail properties totalling approximately 277,000 square feet of GLA for gross proceeds of $51.3 million
Subsequent to quarter-end, completed sale of one non-core office property for gross proceeds of $7.2 million and one non-core retail property for gross proceeds of $0.4 million
"We are very pleased with our third quarter NOI growth year-over-year and the successful completion of our transition to a pure-play industrial REIT. With the sale of 12 non-core retail properties in the quarter, our evolution from a diversified REIT to a focused industrial platform – a strategic objective we set three years ago – is now complete," said Gordon Lawlor, President and Chief Executive Officer of PROREIT.
"Revenues and NOI rose significantly in the quarter, despite owning 10 fewer properties than during the same period last year, a testament to the robust performance of our industrial portfolio and the ongoing success of our small- and mid-bay strategy. We are also seeing improvement in our AFFO Payout Ratio – Basic* and Adjusted Debt to Gross Book Value* year-over-year, supported by disciplined capital management and focus on reducing leverage.
"We benefited from a full quarter of contributions from our recent acquisitions in Winnipeg, a market supported by a resilient economy and solid industrial fundamentals**. PROREIT is now among the top three** industrial landlords in Winnipeg, with 1.3 million square feet of GLA and a 99.9% occupancy rate.
"In Atlantic Canada, which represents 45.4% of our base rent, our portfolio continues to perform very well and is strategically poised to benefit from record levels of major project investment spending in 2025 and sustained economic momentum into 2026***.
"Looking ahead, we are well positioned to strengthen our position as a prominent Canadian light industrial REIT by unlocking the significant value embedded in our portfolio, pursuing accretive growth opportunities and remaining focused on delivering sustainable value for our unitholders," concluded Mr. Lawlor.
* Measures followed by the suffix "*" in this press release are non-IFRS measures. See "Non-IFRS Measures".
** Information from Capital Commercial Investment Services, published on October 22, 2025.
***Information from Atlantic Economic Council, published November 4, 2025.
Financial Results
Table 1 - Financial Highlights
(CAD $ thousands except unit, per unit amounts and unless otherwise stated)
3 Months
Ended
September 30
2025
3 Months
Ended
September 30
2024
9 Months
Ended
September 30
2025
9 Months
Ended
September 30
2024
Financial data
Property revenue
$ 27,102
$ 24,033
$ 77,871
$ 74,330
Net operating income ("NOI")
$ 17,058
$ 14,262
$ 47,372
$ 43,870
Same Property NOI (1)
$ 13,536
$ 12,336
$ 40,029
$ 37,050
Net income and comprehensive income
$ 12,909
$ 3,329
$ 33,186
$ 497
Net income and comprehensive income per Unit - Basic (2)
$ 0.1924
$ 0.0549
$ 0.5274
$ 0.0082
Net income and comprehensive income per Unit - Diluted (2)
$ 0.1904
$ 0.0543
$ 0.5227
$ 0.0081
Total Unitholders' equity
$ 499,716
$ 469,455
$ 499,716
$ 469,455
NAV per Unit (2)
$ 7.78
$ 7.86
$ 7.78
$ 7.86
Total assets
$ 1,083,723
$ 1,003,747
$ 1,083,723
$ 1,003,747
Total debt
$ 531,143
$ 501,064
$ 531,143
$ 501,064
Total debt to total assets
49.0 %
49.9 %
49.0 %
49.9 %
Adjusted Debt to Gross Book Value (1)
49.1 %
50.2 %
49.1 %
50.2 %
Interest Coverage Ratio (1)
2.6x
2.5x
2.6x
2.5x
Debt Service Coverage Ratio (1)
1.7x
1.6x
1.7x
1.6x
Adjusted Debt to Annualized Adjusted EBITDA Ratio (1)
8.4x
9.5x
9.1x
9.2x
Weighted average interest rate on mortgage debt
3.89 %
3.87 %
3.89 %
3.87 %
Net cash flows provided from operating activities
$ 6,449
$ 9,916
$ 20,787
$ 19,448
Funds from Operations (FFO) (1)
$ 7,957
$ 6,513
$ 23,831
$ 21,614
Basic FFO per unit (1)(2)
$ 0.1186
$ 0.1074
$ 0.3787
$ 0.3565
Diluted FFO per unit (1)(2)
$ 0.1174
$ 0.1063
$ 0.3754
$ 0.3533
Adjusted Funds from Operations (AFFO) (1)
$ 8,281
$ 6,979
$ 23,191
$ 21,747
Basic AFFO per unit (1)(2)
$ 0.1234
$ 0.1151
$ 0.3685
$ 0.3587
Diluted AFFO per unit (1)(2)
$ 0.1221
$ 0.1139
$ 0.3653
$ 0.3555
AFFO Payout Ratio – Basic (1)
91.1 %
97.7 %
91.6 %
94.1 %
AFFO Payout Ratio – Diluted (1)
92.1 %
98.8 %
92.4 %
94.9 %
(1) Represents a non-IFRS measure. See "Non-IFRS Measures".
(2) Total basic units consist of trust units of the REIT and Class B LP Units (as defined herein). Total diluted units also includes deferred trust units and restricted trust units issued under the REIT's long-term incentive plan.
At September 30, 2025, PROREIT owned 106 properties (including a 50% ownership interest in 40 investment properties), compared to 116 investment properties (including a 50% ownership interest in 42 investment properties) at September 30, 2024. At September 30, 2025, total assets amounted to $1.08 billion, representing an 8% increase from $1.0 billion on September 30, 2024.
The industrial segment represented 91.7% of total GLA and 89.4% of base rent as of September 30, 2025, while Atlantic Canada accounted for 45.4% of base rent, highlighting PROREIT's strategic concentration in stable and growing markets***.
For the three-month period ended September 30, 2025:
Property revenue amounted to $27.1 million, an increase of $3.1 million or 12.8%, compared to the same prior year period. The increase is mainly due to the contractual increases in rent and higher rental rates on lease renewals and new leases despite owning 10 fewer properties.
Net operating income (NOI) amounted to $17.1 million, an increase of $2.8 million or 19.6% compared to the same prior year period,which was mainly driven by the same factors impacting property revenue described above.
Same Property NOI*, which represented 99 properties out of the 106 properties in the portfolio, totalled $13.5 million for the quarter, an increase of $1.2 million or 9.7%, compared to the same quarter last year. The increase was largely a result of contractual increases in rent and higher rental rates on lease renewals and new leases despite a decrease in overall average occupancy primarily related to one Quebec vacancy. Notably, Same Property NOI* for industrial assets rose by $1.2 million or 10.5% for the quarter, compared to the same period in 2024.
FFO* was $8.0 million, up $1.5 million or 22.2%, from $6.5 million in Q3 2024. The increase was mainly driven by increases in contractual base rent, higher rates on renewals and higher rental rates on new leases despite owning 10 fewer properties, offset by an increase in interest and financing costs.
AFFO Payout Ratio – Basic* stood at 91.1%, compared to 97.7% in the third quarter of 2024. The year-over-year decrease was primarily driven by increases in contractual base rent, higher rates on renewals and higher rental rates on new leases, offset by an increase in stabilized leasing, interest and financing costs compared to the same period in 2024.
For the nine-month period ended September 30, 2025:
Property revenue amounted to $77.9 million, a $3.5 million increase or 4.8%, compared to the same prior year period. The increase is driven by the same factors noted for the three-month period above.
NOI amounted to $47.4 million, an increase of $3.5 million or 8%, driven by the same factors noted for the three-month period above.
Same Property NOI* totalled $40.0 million, an increase of $3.0 million or 8%, compared to the same prior year period, primarily attributable to contractual increases in rent and higher rental rates on lease renewals and new leases despite a decrease in overall average occupancy primarily related to one Quebec vacancy.
FFO* reached $23.8 million, an increase of $2.2 million or 10.3%. The increase was mainly driven by increases in contractual base rent, higher rates on renewals and higher rental rates on new leases despite owning 10 fewer properties, offset by an increase in interest and financing costs.
AFFO Payout Ratio – Basic* was 91.6%, compared to 94.1% for the same period in the prior year, a decrease driven by the same factors noted for the three-month period above.
Sustained Operating Environment
As of September 30, 2025, PROREIT's portfolio comprised 106 investment properties, totalling 6.4 million square feet of GLA, with a weighted average lease term to maturity (WALT) of 4.4 years, compared to 3.7 years at the same date last year.
The overall occupancy rate of the portfolio stood at 95.5% as at September 30, 2025 (including committed space), compared to 97.2% at the same date last year. The change primarily reflects the vacancy of a 176,000-square-foot single-tenant industrial property in Sainte-Hyacinthe, Quebec, following the tenant's decision not to renew its lease in July 2025. PROREIT has since received interest from prospective tenants seeking to lease portions of the property, as well as from potential buyers seeking to acquire the facility for their own use. PROREIT will carefully evaluate these opportunities in due course. Excluding this specific vacancy, portfolio occupancy (including committed space) would be approximately 98.1%.
As of the date of this press release, approximately 74.8% of GLA maturing in 2025 has been renewed at a positive average spread of 34.9%, supported by strong leasing activity, including:
In August 2025, PROREIT renewed an industrial lease with a covenant tenant expiring in 2025, for a 5-year term starting from the date of expiry. The renewed base rent represents a 24% increase over the expiring rent and represents approximately 45,000 square feet of GLA in Moncton, New Brunswick.
In August 2025, PROREIT entered into a 28,000 square foot industrial lease for a 5-year term commencing January 1, 2026 in Winnipeg, Manitoba. The new base rent represents a 12% increase compared to the rent paid by the previous tenant, which vacated the property in 2024.
As of the date of this press release, approximately 54.8% of GLA maturing in 2026 has been renewed at 33.4% positive average spreads, supported by notable transactions such as:
In November 2024, PROREIT renewed a retail lease with a single credit quality tenant expiring in 2026, for a 10-year term starting from the date of the expiry. The renewed base rent will remain the same as the expiring rent with a one-time rent step to commence in year 6 of the renewal term and represents approximately 42,000 square feet of GLA.
In December 2024, PROREIT renewed an industrial lease with a single tenant expiring in 2026, for a 3-year term starting from the date of the expiry. The renewed base rent is in excess of 40% over the expiring rent with annual rent steps and represents approximately 155,000 square feet of GLA.
In February 2025, the REIT renewed four industrial leases with a credit quality tenant expiring in 2026, each for a 5-year term starting from the date of the expiry. The renewed base rent is in excess of 45% over the expiring rent with annual rent steps and represents approximately 325,000 square feet of GLA.
Portfolio Transactions
In the third quarter of 2025, PROREIT completed the sale of 12 previously announced non-core retail properties totalling approximately 277,000 square feet of GLA for aggregate gross proceeds of $51.3 million (excluding closing costs), which detail as follows:
On September 15, 2025, PROREIT completed the sale of nine non-core retail properties located in Atlantic Canada totalling approximately 221,000 square feet of GLA for gross proceeds of $39.8 million (excluding closing costs). Net proceeds of the sale were used to repay approximately $21.5 million of related mortgages, with the balance used to repay approximately $8.5 million of the revolving credit facility and for general corporate purposes.
On September 26, 2025, PROREIT completed the sale of two non-core retail properties located in New Brunswick totalling approximately 50,400 square feet for gross proceeds of $9.8 million (excluding closing costs). The net proceeds of the sale were used to repay approximately $4.9 million of a related mortgage, with the balance used for general corporate purposes.
On September 29, 2025, PROREIT completed the sale of a 50% interest co-ownership non-core retail property located in Nova Scotia totalling approximately 10,900 square feet for gross proceeds of $3.5 million (excluding closing costs). The REIT's 50% share of the gross proceeds was $1.8 million (excluding closing costs), used to partially repay approximately $0.9 million of a related mortgage, with the balance used for general corporate purposes.
Subsequent to quarter-end, PROREIT continued to execute on its disposition strategy:
On October 24, 2025, PROREIT completed the sale of a non-core office property located in New Brunswick totalling approximately 51,000 square feet for gross proceeds of $7.2 million (excluding closing costs). The net proceeds of the sale were used to repay a portion of approximately $6 million of the revolving credit facility with the balance used for general corporate purposes.
On November 5, 2025, PROREIT completed the sale of a non-core retail property located in Alberta totalling approximately 5,000 square feet for gross proceeds of $0.4 million (excluding closing costs). Net proceeds of the sale and cash on hand were used to repay approximately $0.5 million in a related mortgage maturing January 31, 2033.
Financial Position
Total debt (current and non-current) was $531.1 million at September 30, 2025, compared to $562.4 million at June 30, 2025, and $501.1 million at September 30, 2024.
On September 23, 2025, PROREIT refinanced a mortgage that matured in August 2025 in connection with four 50% co-ownership industrial properties with two new mortgages totalling $64.3 million. PROREIT's 50% share of the new mortgages of $32.1 million mature in 2028 and 2030 and bear annual interest rate of 3.99% and 4.20% respectively. PROREIT's 50% portion of net proceeds from the incremental financing were used to repay approximately $8 million of the revolving credit facility with the balance used for general corporate purposes.
At September 30, 2025, mortgage maturities amounted to $6.2 million for the balance of 2025 and $150.9 million for 2026, with a weighted average interest rate on these expiring maturities of 4.6% for 2025 and 3.8% for 2026. For 2027, mortgage maturities amount to $48.7 million with a weighted average interest rate of 4.8%.
Total debt to total assets was 49.0% at September 30, 2025, compared to 50.6% at June 30, 2025 and to 49.9% at September 30, 2024.
Adjusted Debt to Gross Book Value* was 49.1% at September 30, 2025, compared to 50.7% at June 30, 2025 and 50.2% at September 30, 2024.
Adjusted Debt to Annualized Adjusted EBITDA Ratio* was 8.4x at September 30, 2025, compared to 9.5x at September 30, 2024.
Distributions
Distributions to unitholders of $0.0375 per trust unit of the REIT were declared monthly during the three months ended September 30, 2025, representing distributions of $0.45 per unit on an annual basis. Equivalent distributions are paid on the Class B limited partnership units of PRO REIT Limited Partnership ("Class B LP Units"), a subsidiary of the REIT.
On October 21, 2025, the REIT announced a cash distribution of $0.0375 per trust unit for the month of October 2025. The distribution will be payable on November 17, 2025 to unitholders of record as at October 31, 2025.
Strategy
PROREIT remains focused on the successful execution of its strategy for growth by expanding the portfolio organically and through disciplined acquisition, while optimizing its balance sheet and capital allocation. Having successfully completed its transition to a pure-play industrial REIT, PROREIT is focused on strengthening its position as a prominent Canadian light industrial REIT in strong primary and secondary markets and on delivering long-term, sustainable value for its stakeholders. In the medium-term, PROREIT is targeting goals of $2 billion in assets and 45% Adjusted Debt to Gross Book Value* in the next three to five years. These medium term goals are based on the REIT's current business plan and strategies and are not intended to be a forecast of future results. See "Forward-Looking Statements".
Investor Conference Call and Webcast Details
PROREIT will hold a conference call to discuss its third quarter results for Fiscal 2025 on November 12, 2025 at 9:00 a.m. EDT. There will be a question period reserved for financial analysts. To access the conference call, please dial 1-800-990-4777 or 514-400-3794, conference id: 71575.
A recording of the call will be available until November 19, 2025 by dialing 1-888-660-6345 or 1-289 819-1450 and using access code: 71575 #
The conference call will also be accessible via live webcast on PROREIT's website at www.proreit.com or at https://app.webinar.net/RoQAJD4Jrlp
About PROREIT
Founded in 2013, PROREIT (TSX: PRV.UN) is an unincorporated open-ended real estate investment trust focused on owning and operating a portfolio of high-quality light industrial properties in Canada. With a presence in robust primary and secondary markets, PROREIT is committed to delivering stable cash flows, disciplined growth and long-term value creation for its unitholders.
For more information on PROREIT, please visit the website at: https://proreit.com.
Non-IFRS Measures
PROREIT's consolidated financial statements are prepared in accordance with International Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board. In addition to reported IFRS measures, industry practice is to evaluate real estate entities giving consideration, in part, to certain non-IFRS financial measures, non-IFRS ratios and other specified financial measures (collectively, "non-IFRS measures"). Without limitation, measures followed by the suffix "*" in this press release are non-IFRS measures.
As a complement to results provided in accordance with IFRS, PROREIT discloses and discusses in this press release (i) certain non-IFRS financial measures, including: Adjusted Debt, adjusted earnings before interest, tax, depreciation and amortization ("Adjusted EBITDA"); adjusted funds from operations ("AFFO"); annualized adjusted earnings before interest, tax, depreciation and amortization ("Annualized Adjusted EBITDA"); funds from operations ("FFO"); gross book value ("Gross Book Value"); net asset value ("NAV") and Same Property NOI and (ii) certain non-IFRS ratios, including: Adjusted Debt to Annualized Adjusted EBITDA Ratio; Adjusted Debt to Gross Book Value; AFFO Payout Ratio – Basic; AFFO Payout Ratio – Diluted; Basic AFFO per Unit; Diluted AFFO per Unit; Basic FFO per Unit; Diluted FFO per Unit; Debt Service Coverage Ratio; Interest Coverage Ratio ; and NAV per Unit. These non-IFRS measures are not defined by IFRS and do not have a standardized meaning under IFRS. PROREIT's method of calculating these non-IFRS measures may differ from other issuers and may not be comparable with similar measures presented by other income trusts or issuers. PROREIT has presented such non-IFRS measures and ratios as management believes they are relevant measures of PROREIT's underlying operating and financial performance. For information on the most directly comparable financial measure disclosed in the primary financial statements of the REIT, composition of the non-IFRS measures, a description of how PROREIT uses these measures and an explanation of how these measures provide useful information to investors, refer to the "Non-IFRS Measures" section of PROREIT's management's discussion and analysis for the three and nine months ended September 30, 2025, dated November 11, 2025, available on PROREIT's SEDAR+ profile at www.sedarplus.ca, which is incorporated by reference into this press release. As applicable, the reconciliations for each non-IFRS measure are outlined below. Non-IFRS measures should not be considered as alternatives to net income, cash flows provided by operating activities, cash and cash equivalents, total assets, total equity, or comparable metrics determined in accordance with IFRS as indicators of PROREIT's performance, liquidity, cash flow and profitability.
Table 2 - Reconciliation of net operating income to net income and comprehensive income
(CAD $ thousands)
3 Months
Ended
September 30
2025
3 Months
Ended
September 30
2024
9 Months
Ended
September 30
2025
9 Months
Ended
September 30
2024
Net operating income
$ 17,058
$ 14,262
$ 47,372
$ 43,870
General and administrative expenses
1,296
1,284
3,960
3,942
Long-term incentive plan expense
1,181
1,620
2,093
2,838
Depreciation of property and equipment
147
192
454
508
Amortization of intangible assets
61
61
184
184
Interest and financing costs
6,693
5,706
18,290
17,347
Distributions - Class B LP Units
435
135
805
434
Fair value adjustment - Class B LP Units
504
1,257
(411)
1,361
Fair value adjustment - investment properties
(6,733)
(12)
(11,957)
17,854
Fair value adjustment - derivative financial instruments
309
685
1,255
(330)
Other income
(980)
(1,183)
(3,056)
(3,284)
Other expenses
480
700
1,607
1,725
Debt settlement costs
756
488
962
794
Net income and comprehensive income
$ 12,909
$ 3,329
$ 33,186
$ 497
Table 3 - Reconciliation of Same Property NOI to net operating income (as reported in the consolidated financial statements)
(CAD $ thousands)
3 Months
Ended
September 30
2025
3 Months
Ended
September 30
2024
9 Months
Ended
September 30
2025
9 Months
Ended
September 30
2024
Property revenue
$ 27,102
$ 24,033
$ 77,871
$ 74,330
Property operating expenses
10,044
9,771
30,499
30,460
NOI (net operating income) as reported in the financial statements
17,058
14,262
47,372
43,870
Straight-line rent adjustment
(434)
(84)
(772)
(338)
NOI after straight-line rent adjustment
16,624
14,178
46,600
43,532
NOI sourced from:
Acquisitions
(2,253)
(85)
(3,472)
(85)
Dispositions
(835)
(1,757)
(3,099)
(6,397)
Same Property NOI (1)
$ 13,536
$ 12,336
$ 40,029
$ 37,050
Number of same properties
99
99
99
99
(1) Represents a non-IFRS measure. See "Non-IFRS Measures".
Table 4 - Summary of Same Property NOI by asset class
(CAD $ thousands)
3 Months
Ended
September 30
2025
3 Months
Ended
September 30
2024
9 Months
Ended
September 30
2025
9 Months
Ended
September 30
2024
Industrial
$ 12,084
$ 10,931
$ 35,685
$ 32,834
Retail
867
915
2,534
2,607
Office
585
490
1,810
1,609
Same Property NOI (1)
$ 13,536
$ 12,336
$ 40,029
$ 37,050
(1) Represents a non-IFRS measure. See "Non-IFRS Measures".
Table 5 - Reconciliation of AFFO and FFO to net income and comprehensive income
(CAD $ thousands except unit, per unit amounts and unless otherwise stated)
3 Months
Ended
September 30
2025
3 Months
Ended
September 30
2024
9 Months
Ended
September 30
2025
9 Months
Ended
September 30
2024
Net income and comprehensive income for the period
$ 12,909
$ 3,329
$ 33,186
$ 497
Add:
Long-term incentive plan
472
1,058
769
1,614
Distributions - Class B LP Units
435
135
805
434
Fair value adjustment - investment properties
(6,733)
(12)
(11,957)
17,854
Fair value adjustment - Class B LP Units
504
1,257
(411)
1,361
Fair value adjustment - derivative financial instrument
309
685
1,255
(330)
Amortization of intangible assets
61
61
184
184
FFO (1)
$ 7,957
$ 6,513
$ 23,831
$ 21,614
Deduct:
Straight-line rent adjustment
$ (434)
$ (84)
$ (772)
$ (338)
Maintenance capital expenditures
(114)
(80)
(327)
(266)
Stabilized leasing costs
(1,184)
(869)
(3,330)
(2,648)
Add:
Long-term incentive plan
709
562
1,324
1,224
Amortization of financing costs
496
355
1,219
1,086
Accretion expense - Convertible Debentures
95
94
284
281
Debt settlement costs
756
488
962
794
AFFO (1)
$ 8,281
$ 6,979
$ 23,191
$ 21,747
Basic FFO per unit (1)(2)
$ 0.1186
$ 0.1074
$ 0.3787
$ 0.3565
Diluted FFO per unit (1)(2)
$ 0.1174
$ 0.1063
$ 0.3754
$ 0.3533
Basic AFFO per unit (1)(2)
$ 0.1234
$ 0.1151
$ 0.3685
$ 0.3587
Diluted AFFO per unit (1)(2)
$ 0.1221
$ 0.1139
$ 0.3653
$ 0.3555
Distributions declared per Unit and Class B LP unit
$ 0.1125
$ 0.1125
$ 0.3375
$ 0.3375
AFFO Payout Ratio – Basic (1)
91.1 %
97.7 %
91.6 %
94.1 %
AFFO Payout Ratio – Diluted (1)
92.1 %
98.8 %
92.4 %
94.9 %
Basic weighted average number of units (2)(3)
67,086,522
60,634,909
62,927,240
60,625,571
Diluted weighted average number of units (2)(3)
67,801,948
61,260,167
63,486,223
61,178,551
(1) Represents a non-IFRS measure. See "Non-IFRS Measures".
(2) FFO and AFFO per unit is calculated as FFO or AFFO, as the case may be, divided by the total of the weighted average number of basic or diluted units, as applicable, added to the weighted average number of Class B LP Units outstanding during the period.
(3) Total basic units consist of trust units and Class B LP Units. Total diluted units also includes deferred trust units and restricted trust units issued under the REIT's long-term incentive plan.
Table 6 - Reconciliation of Adjusted EBITDA to net income and comprehensive income
(CAD $ thousands)
3 Months
Ended
September 30
2025
3 Months
Ended
September 30
2024
9 Months
Ended
September 30
2025
9 Months
Ended
September 30
2024
Net income and comprehensive income
$ 12,909
$ 3,329
$ 33,186
$ 497
Interest and financing costs
6,693
5,706
18,290
17,347
Depreciation of property and equipment
147
192
454
508
Amortization of intangible assets
61
61
184
184
Fair value adjustment - Class B LP Units
504
1,257
(411)
1,361
Fair value adjustment - investment properties
(6,733)
(12)
(11,957)
17,854
Fair value adjustment - derivative financial instrument
309
685
1,255
(330)
Distributions - Class B LP Units
435
135
805
434
Straight-line rent
(434)
(84)
(772)
(338)
Long-term incentive plan expense
1,181
1,620
2,093
2,838
Debt settlement costs
756
488
962
794
Adjusted EBITDA (1)
$ 15,828
$ 13,377
$ 44,089
$ 41,149
Annualized Adjusted EBITDA (1)
$ 63,312
$ 53,508
$ 58,785
$ 54,865
(1) Represents a non-IFRS measure. See "Non-IFRS Measures".
Table 7 - Calculation of Adjusted Debt to Annualized Adjusted EBITDA Ratio
(CAD $ thousands)
3 Months
Ended
September 30
2025
3 Months
Ended
September 30
2024
9 Months
Ended
September 30
2025
9 Months
Ended
September 30
2024
Adjusted Debt (1)
$ 534,217
$ 505,852
$ 534,217
$ 505,852
Adjusted EBITDA (1)
$ 15,828
$ 13,377
$ 44,089
$ 41,149
Annualized Adjusted EBITDA (1)
$ 63,312
$ 53,508
$ 58,785
$ 54,865
Adjusted Debt to Annualized Adjusted EBITDA Ratio (1)
8.4x
9.5x
9.1x
9.2x
(1) Represents a non-IFRS measure. See "Non-IFRS Measures".
Table 8 - Calculation of the Interest Coverage Ratio
(CAD $ thousands)
3 Months
Ended
September 30
2025
3 Months
Ended
September 30
2024
9 Months
Ended
September 30
2025
9 Months
Ended
September 30
2024
Adjusted EBITDA (1)
$ 15,828
$ 13,377
$ 44,089
$ 41,149
Interest expense
$ 6,180
$ 5,393
$ 17,067
$ 16,441
Interest Coverage Ratio (1)
2.6x
2.5x
2.6x
2.5x
(1) Represents a non-IFRS measure. See "Non-IFRS Measures".
Table 9 - Calculation of the Debt Service Coverage Ratio
(CAD $ thousands)
3 Months
Ended
September 30
2025
3 Months
Ended
September 30
2024
9 Months
Ended
September 30
2025
9 Months
Ended
September 30
2024
Adjusted EBITDA (1)
$ 15,828
$ 13,377
$ 44,089
$ 41,149
Interest expense
6,180
5,393
17,067
16,441
Principal repayments
3,235
3,044
9,649
9,278
Debt Service Requirements
$ 9,415
$ 8,437
$ 26,716
$ 25,719
Debt Service Coverage Ratio (1)
1.7x
1.6x
1.7x
1.6x
(1) Represents a non-IFRS measure. See "Non-IFRS Measures".
Table 10 - Calculation of Gross Book Value, Adjusted Debt and Adjusted Debt to Gross Book Value
(CAD $ thousands except unit, per unit amounts and unless otherwise stated)
3 Months
Ended
Sep 30
2025
3 Months
Ended
Jun 30
2025
3 Months
Ended
Mar 31
2025
3 Months
Ended
Dec 31
2024
3 Months
Ended
Sep 30
2024
3 Months
Ended
Jun 30
2024
3 Months
Ended
Mar 31
2024
3 Months
Ended
Dec 31
2023
Total assets, including investment properties stated at fair value
$ 1,083,723
$ 1,110,963
$ 1,005,147
$ 997,762
$ 1,003,747
$ 990,199
$ 1,001,575
$ 1,034,591
Accumulated depreciation on property and equipment and intangible assets
4,649
4,441
4,230
4,011
3,867
3,649
3,409
3,201
Gross Book Value (1)
$ 1,088,372
$ 1,115,404
$ 1,009,377
$ 1,001,773
$ 1,007,614
$ 993,848
$ 1,004,984
$ 1,037,792
Debt (non-current and current portion) as reported in the financial statements
531,143
562,426
495,048
498,571
501,064
486,646
493,624
515,257
Reconciling items:
Unamortized financing costs
3,779
3,917
3,777
4,030
4,369
4,541
4,721
5,108
Cumulative accretion expense - Convertible Debentures (2)
(876)
(781)
(687)
(592)
(498)
(404)
(310)
(217)
Cumulative fair value adjustment - derivative financial instruments (2)
171
480
1,565
1,426
917
1,602
(918)
587
Adjusted Debt (1)
$ 534,217
$ 566,042
$ 499,703
$ 503,435
$ 505,852
$ 492,385
$ 497,117
$ 520,735
Adjusted Debt to Gross Book Value (1)
49.1 %
50.7 %
49.5 %
50.3 %
50.2 %
49.5 %
49.5 %
50.2 %
(1) Represents a non-IFRS measure. See "Non-IFRS Measures".
(2) Represents the cumulative amounts since issuance of the Convertible Debentures on May 26, 2023.
(3) Represents the cumulative amounts since issuance of the Convertible Debentures on May 26, 2023 and the interest rate swap on June 26, 2025.
Table 11 - Calculation of NAV and NAV per Unit
(CAD $ thousands except unit, per unit amounts and unless otherwise stated)
3 Months
Ended
Sep 30
2025
3 Months
Ended
Jun 30
2025
3 Months
Ended
Mar 31
2025
3 Months
Ended
Dec 31
2024
3 Months
Ended
Sep 30
2024
3 Months
Ended
Jun 30
2024
3 Months
Ended
Mar 31
2024
3 Months
Ended
Dec 31
2023
Total unitholders' equity per condensed consolidated interim financial statements
$ 499,716
$ 493,934
$ 472,994
$ 464,647
$ 469,455
$ 472,812
$ 472,075
$ 488,034
Adjustment for Class B LP Units
22,462
21,958
6,024
6,288
7,030
5,773
7,434
6,459
Net Asset Value (1)
$ 522,178
$ 515,892
$ 479,018
$ 470,935
$ 476,485
$ 478,585
$ 479,509
$ 494,493
Total outstanding Units and Class B LP Units
67,086,522
67,086,522
60,634,909
60,634,909
60,634,909
60,634,909
60,634,909
60,603,438
NAV per Unit (1)
$ 7.78
$ 7.69
$ 7.90
$ 7.77
$ 7.86
$ 7.89
$ 7.91
$ 8.16
(1) Represents a non-IFRS measure. See "Non-IFRS Measures".
Forward-Looking Statements
This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities legislation, including statements relating to certain expectations, projections, growth plans and other information related to REIT's business strategy and future plans. Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond PROREIT's control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements.
Forward-looking statements contained in this press release include, without limitation, statements pertaining to the execution by PROREIT of its growth strategy, the future financial and operating performance of PROREIT, and the medium-term goals of the REIT. PROREIT's objectives and forward-looking statements are based on certain assumptions, including that (i) PROREIT will receive financing on favourable terms; (ii) the future level of indebtedness of PROREIT and its future growth potential will remain consistent with the REIT's current expectations; (iii) there will be no changes to tax laws adversely affecting PROREIT's financing capacity or operations; (iv) the impact of the current economic climate and the current global financial conditions on PROREIT's operations, including its financing capacity and asset value, will remain consistent with PROREIT's current expectations; (v) the performance of PROREIT's investments in Canada will proceed on a basis consistent with PROREIT's current expectations; and (vi) capital markets will provide PROREIT with readily available access to equity and/or debt.
The medium-term goals of the REIT disclosed under "Strategy" are based on the REIT's current business plan and strategies and are not intended to be a forecast of future results. The medium-term goals contemplate the REIT's historical growth and certain assumptions including but not limited to (i) current global capital market conditions, (ii) access to capital, (iii) interest rate exposure, (iv) availability of high-quality industrial properties for acquisitions, and (v) capacity to finance acquisitions on an accretive basis.
The forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement. All forward-looking statements in this press release are made as of the date of this press release. PROREIT does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise, except as required by law.
Additional information about these assumptions and risks and uncertainties is contained under "Risk Factors" in PROREIT's latest annual information form and "Risk and Uncertainties" in PROREIT's management's discussion and analysis for the three and nine month periods ended September 30, 2025, which are available under PROREIT's profile on SEDAR+ at www.sedarplus.ca.
SOURCE PROREIT
View original content: http://www.newswire.ca/en/releases/archive/November2025/11/c2343.html
Contact:
For further information: Investor Relations: PRO Real Estate Investment Trust, Gordon G. Lawlor, CPA, President and Chief Executive Officer, 514-933-9552; PRO Real Estate Investment Trust, Alison J. Schafer, CPA, Chief Financial Officer and Secretary, 514-933-9552
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