Business
PROREIT Announces April Distribution and Provides Business Update
PROREIT Announces April Distribution and Provides Business Update Canada NewsWire ...
About this update from Pro Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nPROREIT Announces April Distribution and Provides Business Update\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nMONTREAL, April 22, 2020\n\n\n\n92.3% of April 2020 rent received to date Monthly distributions revised to $0.0375 to enhance liquidity and reduce debt Temporary suspension of DRIP Solid cash on hand position and revolving credit facility available for liquidity MONTREAL, April 22, 2020 /CNW Telbec/ - PRO Real Estate Investment Trust (\"PROREIT\" or the \"REIT\") (TSX: PRV.UN) today reported financial and operational metrics and provided a business update in the context of the COVID-19 pandemic.\n\"I am pleased to report that our April rent collection has been very strong in this COVID-19 pandemic environment with 97.4% of April rents received or agreed for deferred payment. This is a testament to the underlying strength and scale of our diversified real estate portfolio in Central and Eastern Canada. It also reflects the fundamental resilience of our tenant base, well-diversified by industry sector,\" said James Beckerleg, President and CEO, PROREIT.\n\"To preserve our balance sheet strength and liquidity position in the current market environment, PROREIT's Board of Trustees decided to revise our distribution policy in order to lower both our payout and debt ratios. This is a prudent approach that we believe will prove to be an historical opportunity for the use of our capital. Unitholders should be rewarded going forward as our stronger profile will enable us to better allocate capital towards accretive initiatives. This more conservative financial structure is also likely to attract a broader investor base,\" added Mr. Beckerleg.\n\"We also decided to suspend our DRIP program as we do not think it is in the best interest of the REIT nor its unitholders to issue units at current market prices, which have fallen to a significant discount to NAV in the COVID-19 environment.\nWe continue to closely monitor the impacts of the current crisis and remain committed to supporting the health and safety of our employees, tenants and re...