Pro Real Estate Investment Trust · TSX:PRV.UN
Pro Real Estate Investment Trust — Investor Presentation (March 2026)
39 slides from Pro Real Estate Investment Trust's investor presentation, Mar 4, 2026
Slide 1: Strong Foundations, Industrial Edge
Strong Foundations, Industrial Edge INVESTOR PRESENTATION MARCH 2026 PROREIT / TSX:PRV.UN INVESTOR PRESENTATION / MARCH 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 December 31, 2025 $1.1B 6.4M 80.1% Total Owned Gross of 2025 Gross Leasable GLA by Asset Class GLA by Region Assets1 Leasable Area1 Area Renewed at 34.2% As at December 31, 20255 As at December 31
Slide 3: Building on Solid Foundations
Building on Solid Foundations 550 Beards Lane Woodstock, Ontario ∕ 165 acquisitions since inception1 Total Return to Unitholders ∕ 57 dispositions since inception1 ∕ $442.1M in new equity raised since inception 120.0% 100.0% ∕ Distribution yield of 7.0%2 80.0% ∕ 5-year total return of 59.2%3 60.0% ∕
Slide 4: The REIT of Choice in Canada's Light Industrial Sector
The REIT of Choice in Canada's Light Industrial Sector 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 Ta
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 / MARCH 2026
Slide 6: Strategic Positioning in the Light Industrial Sector
Strategic Positioning in the Light Industrial Sector 01 PROREIT / TSX:PRV.UN INVESTOR PRESENTATION / MARCH 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 Q4-20251: ∕ Solid and stable fundamentals ∕ 4.3% 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 s
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: Expanding our Industrial Footprint in Winnipeg
Expanding our Industrial Footprint in Winnipeg ∕ Completed acquisition of seven institutional-quality industrial properties in Winnipeg in 2025 ∕ Portfolio of 702,842 sq. ft of GLA and 100% leased ∕ Total purchase price of $101.9M ∕ Strategic relationship with Parkit to pursue further growth opportu
Slide 11: A Thriving Industrial Portfolio
A Thriving Industrial Portfolio 550 McAllister Drive Saint John, New Brunswick Fair Value of Industrial Industrial Investment Properties Net Operating Income (NOI) ($ Millions) ($ Millions) As at December 31, 2025 91 5.9M 95.3% Industrial Industrial Industrial $54.6 Properties1 Owned GLA Occupancy $
Slide 12: Our Retail and Office Sectors
Our Retail and Office Sectors As at December 31, 2025 Retail Portfolio: Office Portfolio: ∕ High-quality community service centres ∕ Low rise buildings less than 100,000 square feet with small ∕ 64.7% of base rent from national grocery floor plates stores, pharmacies, financial institutions, governm
Slide 13: 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 ∕
Slide 14: Our Diversified and Strong Tenant Base
Our Diversified and Strong Tenant Base Top 10 Tenants High-Quality Base Rent As at December 31, 2025 As at December 31, 2025 Base Rent Base Rent from from 64.7% National and 27.0% Top 10 Government Tenants Tenants In-place Base Rent from 30.2% Credit Quality Tenants PROREIT / TSX:PRV.UN INVESTOR PRE
Slide 15: 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% 95.4%1 1 Excluding the impact of a single vacancy, occupancy rate was 98.1%. 100% 90% 80% 70% 60% 50% 2020 2021 2022 2023 2024 2025 10 Morris Dr Industrial Retail Office Da
Slide 16: 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 / MARCH 2026 16
Slide 17: 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 18: Embedded Value in Our Portfolio
Embedded Value in Our Portfolio 123 Price St Moncton, New Brunswick 2025 Renewals 2026 Renewals Renewed as of March 2, 2026 Renewed as of March 2, 2026 (% GLA) (% GLA) 19.9% 31.8% As at December 31, 2025 80.1% Weighted Estimated 68.2% Asset Avg Fair Value Market Spread Class In-Place per sq. ft. Net
Slide 19: Industrial Leasing Highlights
Industrial Leasing Highlights As at December 31, 2025 29-59 Mosher 50 Akerley 100 Ilsley Dartmouth, NS Dartmouth, NS Dartmouth, NS +83% +107% +90% spread vs. spread vs. spread vs. prior year prior year prior year 15K sq. ft. 4K sq. ft. 4K sq. ft. Renewal Renewal Renewal 2620 Lancaster 2630 Lancaster
Slide 20: Well-staggered Lease Maturity Over Time
Well-staggered Lease Maturity Over Time Staggered Lease Maturities 2,500,000 40.0% 31.9% 1,983,682 30.0% 2,000,000 17.2% 18.6% 20.0% 12.3% 10.7% 1,500,000 9.3% 10.0% 1,085,269 1,001,808 0.0% 1,000,000 828,940 609,635 596,022 -10.0% 500,000 -20.0% 0 -30.0% 2026 2027 2028 2029 2030 2031 - 2041 Industr
Slide 21: Commitment to Sustainable Development
Commitment to Sustainable Development 03 1750 Jean-Berchmans-Michaud Street Drummondville, Quebec PROREIT / TSX:PRV.UN INVESTOR PRESENTATION / MARCH 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 / 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 emissions Scope 1 and in ENERGY STAR® areas converted
Slide 24: Financial Discipline
Financial Discipline 04 2945 André Avenue Dorval, Quebec PROREIT / TSX:PRV.UN INVESTOR PRESENTATION / MARCH 2026 24
Slide 25: Fiscal 2025 Financial Highlights
Fiscal 2025 Financial Highlights 8.4% 48.8% $71.2M NOI Growth Total Debt to Sold 17 non-core Year-Over-Year Total Assets properties (Dec. 31, 2025) Compared to 50.0% (Dec. 31,2024) 8.0% 48.8% $101.9M Same Property Adjusted Debt to Acquired 7 Industrial NOI Growth1 Gross Book Value1 properties from Y
Slide 26: Actively Managed Capital Structure
Actively Managed Capital Structure Properties Mortgage Maturities by Years As at December 31, 2025 3.8% $220.0 Current Weighted 4.8% 4.1% 4.6% Average Mortgage 3.7% 3.5% 3.5% 5.0% Interest Rate $170.0 $157.1 0.0% 4.3 Weighted Average Term to Maturity $120.0 (in years) -5.0% $70.0 $59.8 $48.7 $41.2 $
Slide 27: 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 28: 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 $6.20/Unit, with
Slide 29: Our Track Record of Financial Discipline
Our Track Record of Financial Discipline Net Operating Income Fund from Operations (FFO) 1 Total Debt to Total Assets ($ Millions) ($ Millions) ($ Millions) $63.4 $31.6 $30.3 52.8% $57.7 $57.9 $58.5 $28.4 $26.3 $46.3 $21.9 49.8% 50.0% 49.6% 48.8% 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 202
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 / MARCH 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 $635M $1.0B $1.1B Total Assets Total Assets Total Assets 2019-2020 2021 2022 2023 2024 2025 91 properties 120 properties 130 properties 123 properties 115 properties 105 properties (At Dec. 31, 2025) 7 properties acquired 34 acquired industrial $1B asset value 10
Slide 33: 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 ∕ Asset growth while focused on
Slide 34: Disclaimer
Disclaimer About this Presentation This presentation is dated March 4, 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 s
Slide 35: Appendix
Appendix 06 PROREIT / TSX:PRV.UN INVESTOR PRESENTATION / MARCH 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: 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 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 39: 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
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