Pro Real Estate Investment Trust · TSX:PRV.UN
Pro Real Estate Investment Trust — Proreit — Investor Presentation (June 2025)
39 slides from Pro Real Estate Investment Trust's investor presentation, June 2025
Slide 1: Built for Sustainable Growth and Performance
Built for Sustainable Growth and Performance INVESTOR PRESENTATION JUNE 2025 PROREIT / TSX:PRV.UN INVESTOR PRESENTATION / JUNE 2025 1
Slide 2: An Industrial-Focused, High-Quality Canadian REIT
An Industrial-Focused, High-Quality Canadian REIT (TSX:PRV.UN) 1400 Commerce Way Woodstock, Ontario As at March 31, 2025 $1.0B 6.0M 10.2M Total Owned Gross Managed Gross GLA by Asset Class GLA by Region Assets Leasable Area1 Leasable Area As at March 31, 20257 As at March 31, 20257 (sq. ft.) (sq. ft
Slide 3: Building on Solid Foundations
Building on Solid Foundations ∕ 158 acquisitions since inception1 Total Return to Unitholders ∕ 42 dispositions since inception1 ∕ $400M in new equity raised since inception 250% ∕ Distribution yield of 8.84%2 200% ∕ 3-year total return of 195.1%3 150% ∕ Monthly distributions since 2014 100% 50% - 1
Slide 4: Becoming a Pure-Play Light Industrial REIT
Becoming a Pure-Play Light Industrial REIT Our Ambition To be a best-in-class pure-play Canadian light industrial REIT driven by sustainable growth and value creation. Medium-Term Targets1 (3-5 years): $2B 90% 45% in Asset Value Industrial Adjusted Debt to Base Rent Gross Book Value2 1 Medium-term t
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 / JUNE 2025 5
Slide 6: Strategic Positioning in the Light Industrial Sector
Strategic Positioning in the Light Industrial Sector 01 PROREIT / TSX:PRV.UN INVESTOR PRESENTATION / JUNE 2025 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 Q1-20251: ∕ Solid and stable fundamentals ∕ 2.7% 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 – Distribution (mainly temperature-controlled, cold storage) ∕ Key markets with land supply con
Slide 9: Unique Access to the Halifax Industrial Market
Unique Access to the Halifax Industrial Market Halifax’s Burnside Halifax’s Irving’s $8B Contract Impact Industrial Park Overview Market Overview on Halifax Burnside is the largest industrial park Average Asking Net Rent, YoY Growth1 In March 2025, the Government of north of Boston and east of Montr
Slide 10: A Thriving Industrial Portfolio
A Thriving Industrial Portfolio 550 McAllister Drive Saint John, New Brunswick Fair Value of Industrial Industrial Investment Properties Net Operating Income (NOI) ($ Millions) ($ Millions) As at March 31, 2025 84 5.2M 97.8% $840.5 $848.8 $45.6 Industrial Industrial Industrial $816.0 $779.3 Properti
Slide 11: Our Retail and Office Sectors
Our Retail and Office Sectors As at March 31, 2025 Retail Portfolio: Office Portfolio: ∕ High-quality community service centres ∕ Mainly suburban and mixed-use flex office buildings, outside large metropolitan areas ∕ 68.3% of base rent from national grocery stores, pharmacies, financial institution
Slide 12: A Fully Integrated Business Model Driving Synergies
A Fully Integrated Business Model Driving Synergies 3 Spectacle Lake Dr, Suite 290 Dartmouth, Nova Scotia Internalized wholly-owned property management division, Compass Commercial Realty, is a long- established group operating autonomously from Our Reach in the Halifax (headquarters) Property Manag
Slide 13: Our Diversified and Strong Tenant Base
Our Diversified and Strong Tenant Base Top 10 Tenants High-Quality Base Rent As at March 31, 2025 As at March 31, 2025 Base Rent Base Rent from from 66.5% National and 28.3% Top 10 Government Tenants Tenants In-place Base Rent from 37.0% Credit Quality Tenants PROREIT / TSX:PRV.UN INVESTOR PRESENTAT
Slide 14: A Resilient Portfolio in All Market Conditions
A Resilient Portfolio in All Market Conditions Occupancy Rate (Including Committed Space) Overall 98.0% 98.4% 99.2% 98.3% 97.8% 97.7% 100% 90% 80% 70% 60% 50% 2020 2021 2022 2023 2024 March 31, 2025 10 Morris Dr Dartmouth, Nova Scotia Industrial Retail Office PROREIT / TSX:PRV.UN INVESTOR PRESENTATI
Slide 15: 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 / JUNE 2025 15
Slide 16: Our Strategy to Generate Value
Our Strategy to Generate Value Increase scale through organic Focus on light industrial properties Optimize balance sheet and and acquisitive growth in Canada capital allocation ∕ Build robust pipeline of ∕ Small and mid-bay size assets ∕ Recycle capital: sale of lower potential accretive acquisitio
Slide 17: Strategic Transaction with Parkit Enterprise Inc.
Strategic Transaction with Parkit Enterprise Inc. (“Parkit”) ∕ Agreement to acquire six institutional-quality industrial properties in Winnipeg ∕ Portfolio of 678,177 sq. ft of GLA and 100% leased ∕ Total Purchase Price of $96.5M to be satisfied with: • $63.0M from a 5-year secured non-revolving cre
Slide 18: Embedded Value in Our Portfolio
Embedded Value in Our Portfolio 123 Price St Moncton, New Brunswick 2025 Renewals 2026 Renewals Renewed as of May 14, 2025 Renewed as of May 14, 2025 (% GLA) (% GLA) 46.7% As at March 31, 2025 52.7% 47.3% 53.3% Weighted Avg Estimated Asset Fair Value In-Place Net Market Spread Class per sq. ft. Rent
Slide 19: Industrial Leasing Highlights
Industrial Leasing Highlights As at March 31, 2025 1 Duck Pond Road, 1050-1051 Baxter Rd, 1455 Mountain Avenue, Halifax, NS Ottawa, ON Winnipeg, MB +104% +48% +22% spread vs. spread vs. spread vs. prior year prior year prior year 106K sq. ft. 10K sq. ft. 95K sq. ft. Renewal New Lease Renewal 1035 In
Slide 20: Well-staggered Lease Maturity Over Time
Well-staggered Lease Maturity Over Time Staggered Lease Maturities 2,500,000 34.0% 30.0% 20.6% 2,038,846 2,000,000 14.6% 20.0% 10.8% 12.3% 7.7% 1,500,000 10.0% 1,075,717 0.0% 1,000,000 787,184 765,117 655,685 570,483 -10.0% 500,000 -20.0% 0 -30.0% 2025 2026 2027 2028 2029 2030 - 2036 Industrial (sq.
Slide 21: Commitment to Sustainable Development
Commitment to Sustainable Development 03 1750 Jean-Berchmans-Michaud Street Drummondville, Quebec PROREIT / TSX:PRV.UN INVESTOR PRESENTATION / JUNE 2025 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 > 2024 ESG Report to Diversity Policy, with materiality 2021 Sustainability taskforce at property third-party supplier be published in certain amend
Slide 23: Sustainability Highlights (From 2023 ESG Report)
Sustainability Highlights (From 2023 ESG Report) / Reduced CO2 emissions at one property by an Environmental 21% 49% 100% estimated 29% through converting oil to natural of portfolio is of properties are tracked of all new leases gas power BOMA-certified on ENERGY STAR® contain a sustainability / In
Slide 24: Financial Discipline
Financial Discipline 04 2945 André Avenue Dorval, Quebec PROREIT / TSX:PRV.UN INVESTOR PRESENTATION / JUNE 2025 24
Slide 25: Q1 2025 Financial Highlights
Q1 2025 Financial Highlights 0.3% $96.5M NOI Growth1 Agreement to Acquire (despite owning 6 Industrial Properties from 8 fewer properties) Parkit Enterprise Inc. 5.0% $12.4M Same Property Sale of One 50%-owned NOI Growth1, 2 Property and Sale of Two 100%-owned Non-core Properties 49.3% Total Debt to
Slide 26: Actively Managed Capital Structure
Actively Managed Capital Structure Properties Mortgage Maturities by Years As at March 31, 2025 3.91% $ 220.0 Current Weighted 4.8% 4.8% 4.1% 4.0% Average Mortgage 3.7% 3.4% 5.0% Interest Rate $ 170.0 $142.8 0.0% 4.5 Weighted Average $ 120.0 Term to Maturity -5.0% (in years) $67.0 $52.9 $ 70.0 $41.9
Slide 27: Successful Execution of Capital Recycling Strategy in 2025
Successful Execution of Capital Recycling Strategy in 2025 Q1 Dispositions Use of Proceeds GLA Gross Mortgage General Date Sector Address (in sq.ft) Proceeds1 repayment Business February 7, 2025 Industrial 10 Vidito Drive, Dartmouth, NS 62,000 $5.4M $2.4M $3.0M (50% Owned) (PROREIT’s share) February
Slide 28: Our Track Record of Financial Discipline
Our Track Record of Financial Discipline Net Operating Income Fund from Operations (FFO) 1 Total Debt to Total Assets ($ Millions) ($ Millions) ($ Millions) $30.3 57.5% $57.7 $57.9 $58.5 $28.4 $26.3 $46.3 $21.9 $40.5 $20.9 52.8% 49.8% 50.0% 49.6% 49.3% $14.9 $7.9 2020 2021 2022 2023 2024 Q1 2025 202
Slide 29: Seasoned Leadership with Proven Track Record
Seasoned Leadership with Proven Track Record 05 3200-3260 Guénette Street St-Laurent, Quebec PROREIT / TSX:PRV.UN INVESTOR PRESENTATION / JUNE 2025 29
Slide 30: 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 31: History of Executing on Our Strategy
History of Executing on Our Strategy $635M Total Assets $1.0B Total Assets 2018 2019 2020 2021 2022 2023 2024 2025 84 properties 92 properties 91 properties 120 properties 130 properties 123 properties 115 properties 112 properties $69.1M in 7 properties 34 acquired $1B asset value 10-year 10 non-co
Slide 32: Why Invest in PROREIT?
Why Invest in PROREIT? Industrial-focused portfolio in attractive cities Financial discipline across Canada ∕ Stable cashflows with ample liquidity (cash and undrawn portion ∕ Low-risk portfolio with fully-internalized asset and property of credit facility) management ∕ Ten years of asset growth whi
Slide 33: Disclaimer
Disclaimer About this Presentation This presentation is dated May 14, 2025 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 se
Slide 34: Appendix
Appendix 06 PROREIT / TSX:PRV.UN INVESTOR PRESENTATION / JUNE 2025 34
Slide 35: Building Sustainable Value
Building Sustainable Value Our Values Our Mission Integrity To invest in high-quality commercial Operating our business in a responsible and ethical real estate and manage properties manner to build trust with our stakeholders to high standards, while contributing to the local communities in which T
Slide 36: Successful Execution of Capital Recycling Strategy in 2023
Successful Execution of Capital Recycling Strategy in 2023 Dispositions in F2023 Date closed City Number of Asset GLA Transaction Use of 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 37: 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 38: 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: Properties1 / PROREIT and Crestpoint each acquired a 50% intere
Slide 39: Leasing Highlights in Halifax Burnside Industrial Park
Leasing Highlights in Halifax Burnside Industrial Park We completed 107 renewal/backfill deals in Burnside Industrial Park in 2024, representing: 35.8% 4.5K sq. ft. Burnside tenants account for Average Tenant PROREIT’s total GLA expiries Size $8.10/sq. ft. $14.49/sq. ft. WAVG Expiring WAVG New Base