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Pro Real Estate Investment Trust (T:PRV.UN)

Business Focus: Industrial REITs

Sector:  Real Estate Industry:  Commercial REITs
Company Contact
Address: 2000 Mansfield Street Suite 1000
Tel: 1-514-9339552
IR: See website
Key People
Gordon G. Lawlor
President, Chief Executive Officer
Alison Schafer
Chief Financial Officer, Company Secretary
Chris Andrea
President of Compass Commercial Realty LP
Business Overview
PRO Real Estate Investment Trust is a Canada-based open-ended real estate investment trust. The Company owns a portfolio of commercial real estate properties in Canada, with an industrial focus in robust secondary markets. The Company's segments include three classifications of investment properties: Industrial, Retail and Office. All of the Company's activities are located in a single segment, Canada. With a concentration in eastern and central Canada, its industrial-focused real estate portfolio consists of commercial properties located in secondary markets. It has approximately 126 properties, including MONCTON, NEW BRUNSWICK, Amherst, Nova Scotia; L'ancienne-Lorette, Quebec; Daveluyville, Quebec; Saint John, New Brunswick; Miramichi, New Brunswick; Woodstock, New Brunswick and others. The Company's properties are located in Western Canada, Ontario, Quebec and Atlantic Canada.
Financial Overview
For the nine months ended 30 September 2023, PRO Real Estate Investment Trust revenues increased 3% to C$74.3M. Net income decreased 67% to C$26.1M. Revenues reflect Industrial segment increase of 8% to C$52.5M. Net income was offset by Net Operating Income (NOI) Retail decrease of 16% to C$8.6M, Fair value adjustment - investment prope decrease of 94% to C$3M (income). Dividend per share remained flat at C$0.34.
Reporting Currency: Canadian Dollars
Enterprise value: $780.23M as of Sep 30, 2023
Annual revenue (TTM): $99.35M as of Sep 30, 2023
EBITDA (TTM): $49.92M as of Sep 30, 2023
Net annual income (TTM): $32.51M as of Sep 30, 2023
Free cash flow (TTM): $3.36M as of Sep 30, 2023
Net Debt Last Fiscal Year: $506.86M as of Sep 30, 2023
Shares outstanding: 59,249,207 as of Oct 12, 2023
TTM: Trailing Twelve Months
EBITDA: Earnings Before Interest, Taxes, Depreciation, & Amortization