Pro Real Estate Investment Trust · TSX:PRV.UN
Pro Real Estate Investment Trust — Proreit — Investor Presentation (August 2026)
41 slides from Pro Real Estate Investment Trust's investor presentation, August 2026
Slide 1: Strong Foundations, Industrial Edge
Strong Foundations, Industrial Edge INVESTOR PRESENTATION AUGUST 2026 PROREIT / TSX:PRV.UN INVESTOR PRESENTATION / AUGUST 2026 1
Slide 2: A Pure-Play, High-Quality Canadian REIT
A Pure-Play, High-Quality Canadian REIT (TSX:PRV.UN) 3200-3260 Guénette Street St-Laurent, Quebec As at June 30, 2026 $1.3B 7.2M 82.6% GLA by Asset Class GLA by Region Total Owned Gross of 2026 GLA Renewed at Assets1 Leasable Area1 36.8% Positive Average As at June 30, 20265 As at June 30, 20265 (sq
Slide 3: Building on Solid Foundations
Building on Solid Foundations 550 Beards Lane Woodstock, Ontario ∕ 187 acquisitions since inception1 Total Return to Unitholders ∕ 58 dispositions since inception1 120.0% ∕ $549.4M in new equity raised since inception 100.0% ∕ Distribution yield of 6.6%2 80.0% ∕ 5-year total return of 49.7%3 60.0% 4
Slide 4: Canada’s Light Industrial Sector REIT of Choice
Canada’s Light Industrial Sector REIT of Choice Our Vision Medium-Term Targets1 To be the REIT of choice in Canada’s (3-5 years): industrial sector by delivering excellence, growth and lasting value. $2B 45% in Asset Adjusted Debt to Value Gross Book Value2 Our Mission Pure-Play Industrial Target Re
Slide 5: Our Competitive Advantages
Our Competitive Advantages Strategic Positioning in the Light Industrial Sector 01 Clear Strategy for Growth and Value Creation 02 Commitment to Sustainable Development 03 Financial Discipline 04 Seasoned Leadership with Proven Track Record 05 PROREIT / TSX:PRV.UN INVESTOR PRESENTATION / AUGUST 2026
Slide 6: Strategic Positioning in the Light Industrial Sector
Strategic Positioning in the Light Industrial Sector 01 PROREIT / TSX:PRV.UN INVESTOR PRESENTATION / AUGUST 2026 6
Slide 7: Focused on the Light Industrial Sector
Focused on the Light Industrial Sector Why we like it Resiliency of the light industrial sector ∕ Defensive asset class Small- and mid-bay properties continue to perform better than large bay in Canada in Q2-20261: ∕ Solid and stable fundamentals ∕ 3.3% vacancy rate for small-bay – Lower market rent
Slide 8: Strategic Advantages of Our Industrial Portfolio
Strategic Advantages of Our Industrial Portfolio Property Focus Geographic Focus ∕ Light industrial sector: ∕ Attractive primary and secondary – Light manufacturing markets in Canada with robust economies – Warehouse/distribution (including temp. controlled and cold storage) ∕ Key markets with land
Slide 9: Leading Halifax Industrial Position Supported by Strong Growth Tailwinds
Leading Halifax Industrial Position Supported by Strong Growth Tailwinds PROREIT is one of Federal defence investment is the largest industrial accelerating activity across Nova landlords in Burnside, Scotia, with Halifax at the centre of Halifax’s premier Canada’s Atlantic naval and industrial node
Slide 10: Building Scale in Québec City and Winnipeg
Building Scale in Québec City and Winnipeg Completed acquisitions of 21 industrial properties, establishing 13-property foothold in Québec City and expanding PROREIT’s Winnipeg portfolio with eight additional assets in June 2026, including four acquired subsequent to quarter-end. Transaction Highlig
Slide 11: A Thriving Industrial Portfolio
A Thriving Industrial Portfolio 550 McAllister Drive Saint John, New Brunswick Fair Value of Industrial Industrial Investment Properties Net Operating Income (NOI) ($ Millions) ($ Millions) As at June 30, 2026 108 6.7M 94.9% Industrial Industrial Industrial $54.6 Properties1 Owned GLA Occupancy $1,1
Slide 12: Our Retail and Office Sectors
Our Retail and Office Sectors As at June 30, 2026 Retail Portfolio: Office Portfolio: ∕ High-quality community service centres ∕ Low-rise buildings <100,000 sq. ft. with small floor plates ∕ 62.1% of base rent from national grocery stores, pharmacies, financial institutions, ∕ Capital recycling is a
Slide 13: Clear Strategy for Growth and Value Creation
Clear Strategy for Growth and Value Creation 02 500 Palladium Drive Kanata, Ontario PROREIT / TSX:PRV.UN INVESTOR PRESENTATION / AUGUST 2026 13
Slide 14: Our Strategy to Generate Value
Our Strategy to Generate Value Increase scale through organic Focus on light industrial Optimize balance sheet and and acquisitive growth properties in robust Canadian capital allocation ∕ Build robust pipeline of markets ∕ Recycle capital through sale of lower accretive acquisitions ∕ Small- and mi
Slide 15: Our Embedded Portfolio Value
Our Embedded Portfolio Value 123 Price St Moncton, New Brunswick 2026 Renewals Renewed as of August 12, 2026 (% GLA) As at June 30, 2026 17.4% 82.6% Weighted Estimated Renewed Tenants Asset Avg Fair Value Market Spread Non-Renewed Tenants Class In-Place Per Sq. Ft. Net Rent1 Net Rent Industrial $10.
Slide 16: Our Strong and Diversified Tenant Base
Our Strong and Diversified Tenant Base Top 10 Tenants High-Quality Base Rent As at June 30, 2026 As at June 30, 2026 Base Rent Base Rent from from 62.1% National and 23.7% Top 10 Government Tenants Tenants In-Place Base Rent from 30.2% Credit Quality Tenants PROREIT / TSX:PRV.UN INVESTOR PRESENTATIO
Slide 17: Industrial Leasing Highlights
Industrial Leasing Highlights 23K sq. ft. 15K sq. ft. 8K sq. ft. Renewal Renewal Renewal +57% +75% +50% spread vs. spread vs. spread vs. 7 Mellor Ave. prior year 81 Wright Ave. prior year 222 Edinburgh Dr. prior year Dartmouth, NS Dartmouth, NS Moncton, NB 12K sq. ft. 22K sq. ft. 74K sq. ft. Renewal
Slide 18: A Resilient Portfolio in All Market Conditions
A Resilient Portfolio in All Market Conditions Occupancy Rate (Including Committed Space) Overall 98.4% 99.2% 98.3% 97.8% 95.0%* * 97.4% excluding two specific vacancies 100% 90% 80% 70% 60% 50% 2022 2023 2024 2025 30-Jun-26 10 Morris Drive Industrial Retail Office Dartmouth, Nova Scotia PROREIT / T
Slide 19: Well Staggered Lease Maturity Over Time
Well Staggered Lease Maturity Over Time Staggered Lease Maturities 3,000,000 36.7% 40.0% 2,552,994 30.0% 2,500,000 17.4% 18.6% 12.6% 20.0% 2,000,000 11.8% 2.9% 10.0% 1,252,576 1,500,000 1,135,38 0.0% 946,304 6 760,265 1,000,000 -10.0% 500,000 193,653 -20.0% 0 -30.0% 2026 2027 2028 2029 2030 2031 - 2
Slide 20: A Fully Integrated Business Model
A Fully Integrated Business Model Driving Synergies 71 Ilsley Ave. Dartmouth, Nova Scotia Internalized wholly-owned property management Our Reach in the division, Compass Commercial Realty is a Property Management Space long-established group operating autonomously from Halifax (headquarters) 10.9 1
Slide 21: Commitment to Sustainable Development
Commitment to Sustainable Development 03 1750 Jean-Berchmans-Michaud Street Drummondville, Quebec PROREIT / TSX:PRV.UN INVESTOR PRESENTATION / AUGUST 2026 21
Slide 22: Our Sustainability Timeline
Our Sustainability Timeline 2019-2020 2021 2022 2023 2024 2025 > Adopted Board > Completed first > Published inaugural > Established ESG > Engaged with > Published 2024 Diversity Policy, with materiality 2021 Sustainability taskforce at third-party supplier Sustainability certain assessment and Repo
Slide 23: 2024 Sustainability Highlights
2024 Sustainability Highlights 2025 Report to be released in third quarter of 2026. / Established FY2023 as baseline and tracked FY2024 Environmental 2.97% 65% 61% for Scope 1 and Scope 2 GHG emissions decrease in of portfolio tracked of portfolio’s common / Offset approximately 35.5 tonnes of CO2 e
Slide 24: Financial Discipline
Financial Discipline 04 2945 André Avenue Dorval, Quebec PROREIT / TSX:PRV.UN INVESTOR PRESENTATION / AUGUST 2026 24
Slide 25: Q2 2026 Financial Highlights
Q2 2026 Financial Highlights 2026 Milestones 7.7% 47.4% $136.8M 22 industrial Property Total Debt to Completed Acquisitions properties Revenue Growth Total Assets of 17 Industrial Properties in acquired for Year-Over-Year Québec City, QC and $170.8M YTD (June 30, 2026) Compared to 50.6% Winnipeg, MB
Slide 26: Actively Managed Capital Structure
Actively Managed Capital Structure Property Mortgage Maturities by Years As at June 30, 2026 All 2026 mortgage maturities refinanced or committed $220.0 4.8% 4.1% 3.0 4.1% 4.7% 4.0% Current Weighted Weighted Average 3.7% 3.5% 5.0% Average Mortgage Term to Maturity $170.0 Interest Rate (in years) 0.0
Slide 27: Track Record of Financial Discipline
Track Record of Financial Discipline Net Operating Income Fund from Operations (FFO) 1 Total Debt to Total Assets ($ Millions) ($ Millions) (%) $63.4 $31.6 50.0% $30.3 49.8% $57.7 $57.9 $58.5 $28.4 49.6% $26.3 48.8% 47.8% 47.4% $16.1 $16.5 $8.7 $8.5 2022 2023 2024 2025 Q1 2026 Q2 2026 2022 2023 2024
Slide 28: Successful Execution of Capital Recycling Strategy in 2026
Successful Execution of Capital Recycling Strategy in 2026 Q2 2026 Acquisitions GLA Purchase Date Sector Address Financing (in sq.ft) Price Draw on the revolving credit facility April 23, 2026 Industrial 1245 Aviation Ave, Moncton, NB 60,057 $12.3M and cash on hand June 26, 2026 Industrial 1595 Buff
Slide 29: Successful Execution of Capital Recycling Strategy in 2026 (Cont’d)
Successful Execution of Capital Recycling Strategy in 2026 (Cont’d) Q2 2026 Acquisitions Subsequent to Quarter-End GLA Purchase Date Sector Address Financing (in sq.ft) Price July 15, 2026 Industrial 1249 Clarence and 1253 Clarence Ave., Winnipeg, MB 70,655 - July 15, 2026 Industrial 1431 Church Ave
Slide 30: Seasoned Leadership with Proven Track Record
Seasoned Leadership with Proven Track Record 05 1400 Commerce Way Woodstock, Ontario PROREIT / TSX:PRV.UN INVESTOR PRESENTATION / AUGUST 2026 30
Slide 31: Experienced and Aligned Management and Board
Experienced and Aligned Management and Board Senior Management Team Deep industry Board of Trustees knowledge and Martin Coté, ICD.D expertise in real Independent Trustee, Chair of the Board estate, property James W. Beckerleg management Trustee, Vice Chair of the Board and Co-Founder Gordon G. Lawl
Slide 32: History of Executing on Our Strategy
History of Executing on Our Strategy $1.0B $1.3B Total Assets Total Assets 2021 2022 2023 2024 2025 2026 120 properties 130 properties 123 properties 115 properties 105 properties 122 properties (At Dec. 31, 2025) (At June 30, 2026) 34 acquired industrial $1B asset value 10-year anniversary 10 non-c
Slide 33: Why Invest in PROREIT?
Why Invest in PROREIT? Increase scale Clear Growth Financial Seasoned, Aligned through Strategy Discipline Leadership ∕ High-quality industrial ∕ Significant embedded ∕ Stable cash flows and ∕ Experienced and assets in attractive portfolio value ample liquidity independent Board Canadian markets ∕ D
Slide 34: Disclaimer
Disclaimer About this Presentation This presentation is dated August 12, 2026 and is strictly intended to provide general information about PRO Real Estate Investment Trust (“PROREIT”) and its business. This presentation does not constitute an offer to sell or the solicitation of an offer to buy any
Slide 35: Appendix
Appendix 06 PROREIT / TSX:PRV.UN INVESTOR PRESENTATION / AUGUST 2026 35
Slide 36: Our Values
Our Values Integrity Operating our business in a responsible and ethical manner to build trust with our stakeholders Teamwork Working effectively as one team to drive performance for both our tenants and investors Service Excellence Delivering quality service to our tenants, while setting best-in-cl
Slide 37: Strategic Acquisitions in 2025
Strategic Acquisitions in 2025 Fiscal 2025 Acquisitions GLA Purchase Financing Date Sector Address (in sq.ft) Price June 26, 2025 Industrial 1725 Inkster Boulevard, Winnipeg, MB 268,732 $96.5M $63M from secured non-revolving credit facility and issuance of $40M of Units to Parkit at $6.20/Unit, with
Slide 38: Successful Execution of Capital Recycling Strategy in 2025
Successful Execution of Capital Recycling Strategy in 2025 Fiscal 2025 Dispositions Use of Proceeds GLA Gross Mortgage/Credit General Date Sector Address (in sq.ft) Proceeds1 Facility repayment Business February 7, 2025 Industrial 10 Vidito Drive, Dartmouth, NS 62,000 $5.4M $2.4M $3.0M (50% Owned) (
Slide 39: Successful Execution of Capital Recycling Strategy in 2024
Successful Execution of Capital Recycling Strategy in 2024 Fiscal 2024 Dispositions Use of Proceeds GLA Gross Mortgage General Date Sector Address (in sq.ft) Proceeds1 repayment Business February 2, 2024 Retail 5110 St. Margaret’s Bay Road, Upper Tantallon, NS 59,000 $13.5M $8.8M $4.7M February 9, 2
Slide 40: Successful Execution of Capital Recycling Strategy in 2023
Successful Execution of Capital Recycling Strategy in 2023 Dispositions in F2023 Number of Asset GLA Transaction Use of Date closed City Properties Class (in sq.ft) Price (in $M) Proceeds April 21, 2023 Amherst, NS 1 Office 50,000 $2.1 General business purposes $5.7M in related mortgages and August
Slide 41: Successful Joint Operation with Institutional Investor
Successful Joint Operation with Institutional Investor Joint operation with Crestpoint Real Estate Investments Ltd. completed on August 4, 2022 to jointly own 42 properties. Two-portion transaction, immediately accretive 42 to earnings: Properties / PROREIT and Crestpoint each acquired a 50% interes