Pro REIT closes sale of 12 properties for $51.3-million

Mr. Gordon Lawlor reports PROREIT COMPLETES TRANSITION INTO PURE-PLAY INDUSTRIAL REIT WITH SALE OF 12 NON-CORE RETAIL PROPERTIES FOR GROSS PROCEEDS OF $51.3 MILLION Pro Real Estate Investment Trust has completed the sale of 12 non-core retail properties totalling approximately 277,000 square feet of gross leasable area (GLA) for total gross proceeds of $51.3-million, or $185 per square foot, excluding closing costs. The completed sales include nine properties* previously announced sold for $39.8-million, along with three additional properties that closed for $11.5-million, for a total of $51.3-million (excluding closing costs). "Achieving our medium-term target of 90-per-cent industrial base rent marks an important achievement for PROREIT in its evolution from a diversified REIT to a pure-play light industrial REIT, a process that began in 2023," said Gordon G. Lawlor, president and chief executive officer of Pro REIT. "This accomplishment was made possible by the discipline, execution and dedication of our highly skilled and committed team. Looking ahead, we will remain focused on strengthening our position as a prominent Canadian light industrial REIT and on delivering long-term, sustainable value for our stakeholders." * In Pro's Aug. 13, 2025, press release, the 2480-2485 King-George Highway properties were collectively disclosed as one property within a six-property retail portfolio in Atlantic Canada under binding agreement. In this press release, these properties are reported as four separate properties in relation to the total property count of the portfolio. Approximately $27.0-million of the net proceeds from the sales were used to repay related mortgages, approximately $13.0-million was allocated to partially repay amounts drawn under the REIT's revolving credit facility and the remaining balance will be used for general business purposes. Portfolio impact Following these dispositions, Pro REIT owns 106 investment properties (including a 50-per-cent ownership interest in 40 investment properties), representing approximately 6.4 million square feet of GLA. The industrial segment now accounts for 92 per cent of GLA and 90 per cent of annualized base rent, while Atlantic Canada represents 45 per cent of annualized base rent. Refreshed brand identity To reflect its strategic evolution, Pro REIT has unveiled a refreshed brand identity, including an updated logo and new tagline: "Strong Foundations, Industrial Edge." This brand refresh highlights Pro REIT's successful transition, initiated in 2023, from a diversified REIT to a pure-play light industrial REIT. About Pro Real Estate Investment Trust Founded in 2013, Pro REIT 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, Pro REIT is committed to delivering stable cash flows, disciplined growth and long-term value creation for its unitholders. We seek Safe Harbor.