• Fair value gains on investment properties of $58.6 million in Q4 and $63.2 million in 2021
  • Property revenue up 30.4% in Q4 and 11.3% in 2021
  • Same Property NOI1 grew 5.5% in Q4 and 4.3% in 2021
  • Net operating income1 up 33.6% in Q4 and 14.2% in 2021
  • Net income and comprehensive income up $58.6 million in Q4 and $60.8 million in 2021
  • AFFO1 increase of 37.0% in Q4 and 11.7% in 2021
  • Debt to Gross Book Value1 at year-end of 53.1%, down from 57.8% in 2020
  • $296.9 million of industrial assets purchased in 2021
  • $133.3 million in equity raised in 2021
  • Occupancy rate of 98.4% at year-end
  • Publication of inaugural ESG report

MONTREAL, March 23, 2022 /CNW Telbec/ - PRO Real Estate Investment Trust ("PROREIT" or the "REIT") (TSX: PRV.UN) today reported its financial and operating results for the three-month (or "fourth quarter" or "Q4") and twelve-month (or "full year") periods ended December 31, 2021.  

"Q4 2021 was an outstanding quarter that capped off an exceptional year for PROREIT, both financially and operationally. Despite the complexities and disruptions resulting from the ongoing pandemic, we successfully accelerated our growth as an industrial focused REIT, completing the accretive acquisitions of 34 industrial properties and reaching $990 million in assets by year-end. We did so while significantly strengthening our balance sheet and credit facility," said Jim Beckerleg, President and CEO, PROREIT.

"Our business fundamentals are strong and our strategic focus on mid-sized Canadian cities with robust economies has proven its merit. Our industrial portfolio, which now accounts for 78% of our gross leasable area and over 63% of our base rent, has significant growth potential largely due to an upward trend in rental rates in the Southwestern Ontario, Ottawa, Halifax and Winnipeg markets where we have a strong presence. Independent appraisals of a large portion of our portfolio confirmed the significant increases in the fair value of our properties. With the regular review of the fair value property appraisals in 2022, we are confident to recognize further increases embedded in our portfolio.

"With Same Property NOI1 increases recorded in all asset classes, we are pleased with the performance of both our retail and office segments in a persistent COVID-19 context, highlighting the quality assets we own in these segments, coupled with our low-risk tenant roster.

"Our record equity raise in 2021, from a public offering and private placements, was successfully deployed by year-end, in line with our objective to create long-term value for our unitholders. We pursued strategic financing initiatives, resulting in a decrease in our Debt to Gross Book Value1 to 53.1% at year-end, closing the year with $45 million available on our credit facility. In the medium term, we remain committed to our strategy of reducing our ratio below 50%. 

_____________________

1

This is a non-IFRS measure. See "Non-IFRS Measures".

"In 2021 and early 2022, we made important progress in our ESG journey with the introduction of our first ESG report, outlining progress to date and providing visibility on the areas that we will continue to focus on going forward.

"With 2022 now well underway, we look forward with optimism and confidence in our team, our assets and our strategy.  While remaining steadfast on optimizing our strong and flexible financial position and maintaining our disciplined capital allocation, we intend to strategically pursue our growth in the industrial sector where rent growth remains, with the ultimate goal of creating sustainable value for all stakeholders," Mr. Beckerleg concluded.

Financial Results

Table 1- Financial Highlights

(CAD $ thousands except unit, per unit amounts
and unless otherwise stated)

3 Months
Ended
December 31
2021

3 Months
Ended
December 31
2020

 

 Year Ended
December 31
2021

 

 Year Ended
December 31
2020


Financial data









Property revenue

$

22,932

$

17,589

$

77,674

$

69,810

Net operating income (NOI) (1)

$

13,358

$

10,002

$

46,282

$

40,529

Same Property NOI (1)

$

10,091

$

9,560

$

39,089

$

37,490

Net income and comprehensive income 

$

65,041

$

6,413

$

81,844

$

21,072

Total assets

$

989,963

$

634,484

$

989,963

$

634,484

Debt to Gross Book Value (1)


53.06%


57.82%


53.06%


57.82%

Interest Coverage Ratio (1)


2.9x 


2.6x 


2.8x 


2.6x 

Debt Service Coverage Ratio (1)


1.6x 


1.6x 


1.6x 


1.6x 

Weighted average interest rate on mortgage debt


3.39%


3.73%


3.39%


3.73%

Net cash flows provided by operating activities

$

20,242

$

10,273

$

29,276

$

23,410

Funds from Operations (FFO) (1)

$

6,924

$

4,789

$

21,934

$

20,908

Basic FFO per Unit (1)(2)

$

0.1158

$

0.1197

$

0.4490

$

0.5227

Diluted FFO per Unit (1)(2)

$

0.1136

$

0.1169

$

0.4389

$

0.5112

Adjusted Funds from Operations (AFFO) (1)

$

7,354

$

5,366

$

25,072

$

22,436

Basic AFFO per Unit (1)(2)

$

0.1230

$

0.1341

$

0.5132

$

0.5609

Diluted AFFO per Unit (1)(2)

$

0.1206

$

0.1310

$

0.5017

$

0.5486

AFFO Payout Ratio – Basic (1)


91.5%


83.9%


87.7%


88.3%

AFFO Payout Ratio – Diluted (1)


93.3%


85.9%


89.7%


90.2%



(1)

Non–IFRS measure. See "Non–IFRS Measures".



(2)

Total basic units consist of trust units of the REIT and Class B LP Units (as defined herein). Total diluted units also includes deferred trust units and restricted trust units issued under the REIT's long–term incentive plan.

PROREIT owned 120 investment properties as at December 31, 2021, compared to 91 properties at the end of 2020. Total assets amounted to $990.0 million as at December 31, 2021, compared to $634.5 million as at December 31, 2020, an increase of $355.5 million, or 56%. PROREIT acquired 34 investment properties and sold five non-strategic investment properties during the twelve-month period ended December 31, 2021.

________________________

1

This is a non-IFRS measure. See "Non-IFRS Measures".

For the twelve-month period ended December 31, 2021:  

  • Property revenue amounted to $77.7 million, an increase of $7.9 million, or 11.3%, compared to $69.8 million for the prior year. The increase was mainly driven by the incremental revenue from net acquisition activity over the past twelve-month period.
  • Same Property NOI1 amounted to $39.1 million, an increase of $1.6 million, or 4.3%, compared to the prior year. Excluding COVID-19 related expenses and one-time office revenue recorded in 2020 totalling $0.4 million, Same Property NOI increased by 3.1% in 2021 compared to the prior year, reflecting an overall increase in occupancy, contractual rent increases and higher rental rates on lease renewals.
  • Net operating income1 was $46.3 million, an increase of $5.8 million, or 14.2%, compared to $40.5 million in 2020. The increase mainly resulted from the favourable impact of net property acquisitions completed over the past twelve-month period.
  • AFFO1 totaled $25.1 million, an increase of $2.7 million, or 11.7%, compared to $22.4 million for the same prior year period. The increase mainly relates to net acquisition activity over the past twelve-month period.
  • AFFO Payout Ratio - Basic1 stood at 87.7%, compared to 88.3% for the prior year. The improvement mainly relates to net acquisition activity over the past twelve months and the reduction in monthly distributions starting April 2020, partially offset by increases in maintenance capital expenditures, leasing costs, and general and administrative expenses.

For the fourth quarter ended December 31, 2021: 

  • Property revenue amounted to $22.9 million, an increase of $5.3 million, or 30.4%, compared to $17.6 million for the same prior year period. The increase was mainly driven by incremental revenues from net acquisition activity over the last twelve-month period.
  • Same Property NOI1 reached $10.1 million, an increase of $0.5 million, or 5.5%, compared to the same prior year period. Excluding COVID-19 related expenses and one-time office revenue recorded in Q4-2020 totalling $0.05 million, Same Property NOI increased by 5.0% in Q4 2021 compared to the same period in the prior year, as a result of overall increase in occupancy, contractual rent increases and higher rental rates on lease renewals.
  • Net operating income1 amounted to $13.4 million, compared to $10.0 million in the same period in 2020, an increase of 33.6% mainly driven by the impact of the net property acquisitions over the last twelve-month period.
  • AFFO1 totaled $7.4 million, an increase of $2.0 million, or 37.0%, compared to $5.4 million for the same prior year period, mainly driven by the impact of the net acquisition activity over the last twelve-month period.
  • AFFO Payout Ratio - Basic1 stood at 91.5% compared to 83.9% for the same prior year period. The change is mainly due to timing between cash receipts from the equity raises in Q4 2021 and the deployment of funds for the purchase of properties in the same quarter, in addition to increases in maintenance capital expenditures, leasing costs, and general and administrative expenses in relation to the growth of the REIT.

________________________

1

This is a non-IFRS measure. See "Non-IFRS Measures".

TABLE 2- Reconciliation of net operating income to net income and comprehensive income

(CAD $ thousands)

3 Months
Ended
December 31
2021

3 Months
Ended
December 31
2020

Year Ended
December 31
2021

Year Ended
December 31
2020

Property revenue

$

22,932

$

17,589

$

77,674

$

69,810

Property operating expenses


9,574


7,587


31,392


29,281

Net operating income (NOI) (1)


13,358


10,002


46,282


40,529

General and administrative expenses


1,152


899


4,347


3,328

Long–term incentive plan expense


840


2,112


3,060


585

Depreciation of property and equipment


97


92


357


299

Amortization of intangible assets


93


93


372


372

Interest and financing costs


4,554


3,877


16,887


15,382

Distributions – Class B LP Units


164


171


663


928

Fair value adjustment – Class B LP Units


89


2,104


1,083


(5,257)

Fair value adjustment – investment properties


(58,620)


(5,604)


(63,161)


4,667

Other income


(556)


(549)


(2,338)


(2,110)

Other expenses


363


394


1,330


1,263

Debt settlement costs


141


-


1,838


-

Net income and comprehensive income

$

65,041

$

6,413

$

81,844

$

21,072



(1)

Non–IFRS measure. See "Non–IFRS Measures".

For the year ended December 31, 2021, net income and comprehensive income amounted to $81.8 million, an increase of $60.8 million compared to $21.1 million for the prior year. This increase is mainly attributable to the favourable $67.8 million non-cash fair value adjustment on investment properties, $5.7 million favourable impact in net operating income, partially offset by the $6.3 million impact of the non-cash fair value adjustment on Class B LP Units (as defined herein) for the twelve-month period ending December 31, 2021, compared to 2020. During the year ended December 31, 2021, PROREIT updated independent external appraisals for 50 properties, including 38 industrial properties, resulting in a fair market value gain of approximately $63.2 million.

For the three months ended December 31, 2021, net income and comprehensive income amounted to $65 million, compared to $6.4 million for the prior year. The $58.6 million increase mainly relates to a favourable $53.0 million impact in the non-cash fair value adjustment on investment properties for the fourth quarter of 2021 compared to the prior year, partially offset by the $2.0 million variance in non-cash long-term incentive plan expense for the quarter ended December 31, 2021, compared to the same period in 2020. During the three months ended December 31, 2021, PROREIT updated independent external appraisals for 37 properties, including 28 industrial properties, resulting in a fair market value gain of approximately $58.6 million.

Solid Balance Sheet and Liquidity Position

PROREIT strategically improved its balance sheet, debt profile and available credit position in 2021. As at December 31, 2021, PROREIT had $45 million available on its credit facility. Debt to Gross Book Value1 was reduced to 53.1% at December 31, 2021, from and 57.8% at December 31, 2020. The weighted average interest on mortgage debt was 3.39% at December 31, 2021, compared to 3.73% at the same date in 2020.

In February 2021, PROREIT obtained $46.6 million in new mortgage financing with an extended ten-year repayment term at a rate of 3.21%. Proceeds were mainly used to repay mortgages maturing in 2021 and 2022, and to reduce operating facilities.

In April 2021, PROREIT closed its $50 million private placement with Collingwood Investments Incorporated, a member of the Bragg Group of Companies of Nova Scotia, to partially fund acquisitions, repay certain indebtedness, for future acquisitions and for general business and working capital.

In June 2021, PROREIT also entered into a new $24.8 million mortgage financing with a term of seven years at a rate of 3.70%, to refinance six retail properties.

In October 2021, PROREIT closed its public offering on a bought deal basis for gross proceeds of $69 million while concurrently completing a private placement with Collingwood Investments Incorporated for additional gross proceeds of $14.3 million. Proceeds were used to fund acquisitions and to repay a portion of PROREIT's credit facility.

In November 2021, PROREIT renewed and increased its credit facility to $60 million, from $45 million, with improved terms.

Portfolio Growth

In line with its growth strategy focused on the industrial sector, PROREIT acquired 34 institutional-calibre industrial assets in 2021 totaling 2.3 million square feet for a total purchase price of $296.9 million (excluding closing costs) and a 6% average capitalization rate. 21 properties are located in Atlantic Canada, 10 properties are in Winnipeg, Manitoba, and three properties are in Ottawa, Ontario.

PROREIT sold five non-core properties totaling 0.2 million square feet for gross proceeds of $20.9 million, above their IFRS carrying value.

At December 31 2021, PROREIT's portfolio totaled 120 properties aggregating 6.6 million square feet with a weighted average lease term of 4.6 years. The industrial segment accounted for 78% of GLA and 63% of base rent at December 31, 2021.

Operating Performance

Occupancy rate remains strong at 98.4% as at December 31, 2021, slightly up from 98.0% a year earlier.

Approximately 97% of leases maturing in 2021 are renewed with an average increase of 10.2%, while almost half of 2022 renewals are renewed at positive spread of 10.1%.  

________________________

1

This is a non-IFRS measure. See "Non-IFRS Measures".

In 2021, PROREIT undertook a comprehensive materiality assessment in order to understand the ESG topics important to its business and to its stakeholders. In its initial ESG report, PROREIT outlines outline the specific priorities and initiatives it intends to focus on over the coming years. PROREIT's ESG report is available on the Sustainability section of its website.

Distributions

Distributions to unitholders of $0.0375 per trust unit of the REIT were declared monthly during the three months ended December 31, 2021, representing distributions of $0.45 per unit on an annual basis. Equivalent distributions are paid on the Class B limited partnership units of PRO REIT Limited Partnership ("Class B LP Units"), a subsidiary of the REIT.

Investor Conference Call and Webcast Details

PROREIT will hold a conference call to discuss its 2021 fiscal year and fourth quarter 2021 results on March 24, 2022, at 10:30 a.m. EDT. There will be a question period reserved for financial analysts. To access the conference call, please dial 888-664-6383 or 416-764-8650 or 514-225-6995. A recording of the call will be available until April 1, 2021 by dialing 888-390-0541 or 416-764-8677 Access code:  151159#

The conference call will also be accessible via live webcast on PROREIT's website at www.proreit.com or at https://produceredition.webcasts.com/starthere.jsp?ei=1523596&tp_key=8e9ff5e39a

Annual Meeting of Unitholders

PROREIT will host its annual meeting on June 7, 2022. Additional information regarding the meeting will be contained in the REIT's information circular to be prepared in connection with the meeting.

About PROREIT

PROREIT (TSX:PRV.UN) is an unincorporated open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario. Founded in 2013, PROREIT owns a portfolio of high-quality commercial real estate properties in Canada, with a strong industrial focus in robust secondary markets.

Non-IFRS Measures

PROREIT's consolidated financial statements are prepared in accordance with International Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board. In addition to reported IFRS measures, industry practice is to evaluate real estate entities giving consideration, in part, to certain non-IFRS financial measures, non-IFRS ratios and other specified financial measures (collectively, "non-IFRS measures"). In this press release, as a complement to results provided in accordance with IFRS, PROREIT discloses and discusses (i) certain non-IFRS financial measures, including: adjusted earnings before interest, tax, depreciation and amortization ("Adjusted EBITDA"); adjusted funds from operations ("AFFO"); funds from operations ("FFO"); gross book value ("Gross Book Value"); net operating income ("NOI"); Same Property NOI; and (ii) certain non-IFRS ratios, including: AFFO Payout Ratio – Basic; AFFO Payout Ratio – Diluted; Basic AFFO per Unit; Diluted AFFO per Unit; Basic AFFO per Unit; Diluted FFO per Unit; Debt to Gross Book Value; Debt Service Coverage Ratio; Interest Coverage Ratio. These non-IFRS measures are not defined by IFRS and do not have a standardized meaning under IFRS. PROREIT's method of calculating these non-IFRS measures may differ from other issuers and may not be comparable with similar measures presented by other income trusts. PROREIT has presented such non-IFRS measures and ratios as management believes they are relevant measures of PROREIT's underlying operating and financial performance. For information on the most directly comparable IFRS measures, composition of the non-IFRS measures, a description of how PROREIT uses these measures and an explanation of how these measures provide useful information to investors, refer to the "Non-IFRS Measures" section of PROREIT's management's discussion and analysis for the three months and year ended December 31, 2021, dated March 23, 2022 (the "Q4 MD&A"), available on PROREIT's SEDAR profile at www.sedar.com, which is incorporated by reference into this press release. As applicable, the reconciliations for each non-IFRS measure are outlined below. Non-IFRS measures should not be considered as alternatives to net income, cash flows provided by operating activities, cash and cash equivalents, total assets, total equity, or comparable metrics determined in accordance with IFRS as indicators of PROREIT's performance, liquidity, cash flow, and profitability.

Reconciliation of Same Property NOI to net operating income (as reported in the consolidated financial statements)

(CAD $ thousands)

3 Months
Ended
December 31
2021

3 Months
Ended
December 31
2020

 

 Year Ended
December 31
2021

 

 Year Ended
December 31
2020

Property revenue

$

22,932

$

17,589

$

77,674

$

69,810

Property operating expenses


9,574


7,587


31,392


29,281

Net operating income (NOI) as reported in the financial statements (1)


13,358


10,002


46,282


40,529

Less:









Straight-line rent adjustment


119


79


493


683

Prior year operating expense adjustments


-


(47)


(17)


(72)

NOI after adjustments (1)


13,239


9,970


45,806


39,918










NOI (1) sourced from:









Acquisitions


(3,150)


-


(6,154)


(447)

Dispositions


2


(410)


(563)


(1,981)

Same Property NOI (1)

$

10,091

$

9,560

$

39,089

$

37,490

Add Back: 









COVID–19 related rental abatements and bad debt expense


-


154


-


542

One-time revenue


-


(100)


-


(100)

Same Property NOI excluding COVID–19 related rental abatements and bad debt expense and one-time revenue

$

10,091

$

9,614

$

39,089

$

37,932

Number of same properties


86


86


85


85



(1)

Non–IFRS measure. See "Non–IFRS Measures".

Reconciliation of AFFO and FFO to net income and comprehensive income

(CAD $ thousands except unit, per unit amounts and unless otherwise stated)

3 Months
Ended
December 31
2021

3 Months
Ended
December 31
2020

 Year Ended
December 31
2021

Year Ended
December 31
2020

Net income and comprehensive income

$

65,041

$

6,413

$

81,844

$

21,072

Add:









Long–term incentive plan


157


1,612


1,133


(874)

Distributions – Class B LP Units


164


171


663


928

Fair value adjustment – investment properties


(58,620)


(5,604)


(63,161)


4,667

Fair value adjustment – Class B LP Units


89


2,104


1,083


(5,257)

Amortization of intangible assets


93


93


372


372

FFO (1)

$

6,924

$

4,789

$

21,934

$

20,908

Deduct:









Straight–line rent adjustment

$

(119)

$

(79)

$

(493)

$

(683)

Maintenance capital expenditures


(192)


(97)


(713)


(246)

Stabilized leasing costs


(387)


(155)


(1,013)


(348)

Add:









Long–term incentive plan


683


500


1,927


1,459

Amortization of financing costs


304


408


1,592


1,346

Debt settlement costs


141


-


1,838


-

AFFO (1)

$

7,354

$

5,366

$

25,072

$

22,436

Basic FFO per Unit (1)(2)

$

0.1158

$

0.1197

$

0.4490

$

0.5227

Diluted FFO per Unit (1)(2)

$

0.1136

$

0.1169

$

0.4389

$

0.5112

Basic AFFO per Unit (1)(2)

$

0.1230

$

0.1341

$

0.5132

$

0.5609

Diluted AFFO per Unit (1)(2)

$

0.1206

$

0.1310

$

0.5017

$

0.5486

Distributions declared per Unit and Class B LP Unit

$

0.1125

$

0.1125

$

0.4500

$

0.4950

AFFO Payout Ratio – Basic (1)


91.5%


83.9%


87.7%


88.3%

AFFO Payout Ratio – Diluted (1)


93.3%


85.9%


89.7%


90.2%

Basic weighted average number of units (2)(3)


59,786,374


40,023,023


48,853,672


39,998,598

Diluted weighted average number of units (2)(3)


60,964,929


40,969,595


49,975,662


40,898,852



(1)

Non–IFRS measure. See "Non–IFRS Measures".



(2)

FFO and AFFO per unit is calculated as FFO or AFFO, as the case may be, divided by the total of the weighted number of basic or diluted units, added to the weighted average number of Class B LP Units outstanding during the year.



(3)

Total basic units consist of trust units of the REIT and Class B LP Units. Total diluted units also include deferred trust units and restricted trust units issued under the REIT's long–term incentive plan.

Reconciliation of Adjusted EBITDA to net income and comprehensive income

(CAD $ thousands)

3 Months
Ended
December 31
2021

3 Months
Ended
December 31
2020

 Year Ended
December 31
2021

 Year Ended
December 31
2020

Net income and comprehensive income

$

65,041

$

6,413

$

81,844

$

21,072

Interest and financing costs


4,554


3,877


16,887


15,382

Depreciation of property and equipment


97


92


357


299

Amortization of intangible assets


93


93


372


372

Fair value adjustment – Class B LP Units


89


2,104


1,083


(5,257)

Fair value adjustment – investment properties


(58,620)


(5,604)


(63,161)


4,667

Distributions – Class B LP Units


164


171


663


928

Straight–line rent


(119)


(79)


(493)


(683)

Long–term incentive plan expense


840


2,112


3,060


585

Debt settlement costs


141


-


1,838


-

Adjusted EBITDA (1)

$

12,280

$

9,179

$

42,450

$

37,365



(1)

Non–IFRS measure. See "Non–IFRS Measures".

Calculation of the Interest Coverage Ratio

(CAD $ thousands)

3 Months
Ended
December 31
2021

3 Months
Ended
December 31
2020

Year Ended
December 31
2021

Year Ended
December 31
2020

Adjusted EBITDA (1)

$

12,280

$

9,179

$

42,450

$

37,365


Interest expense

$

4,250

$

3,501

$

15,323

$

14,131

Interest Coverage Ratio (1)


2.9x


2.6x


2.8x


2.6x



(1)

Non–IFRS measure. See "Non–IFRS Measures".

Calculation of the Debt Service Coverage Ratio

(CAD $ thousands)

3 Months
Ended
December 31
2021

3 Months
Ended
December 31
2020

Year Ended
December 31
2021

Year Ended
December 31
2020

Adjusted EBITDA (1)

$

12,280

$

9,179

$

42,450

$

37,365


Interest expense


4,250


3,501


15,323


14,131

Principal repayments


3,214


2,387


10,944


9,451

Debt Service Requirements

$

7,464

$

5,888

$

26,267

$

23,582

Debt Service Coverage Ratio (1)


1.6x


1.6x


1.6x


1.6x



(1)

Non–IFRS measure. See "Non–IFRS Measures".

Calculation of Gross Book Value and Debt to Gross Book Value

(CAD $ thousands unless otherwise stated)

December 31
2021

December 31,
2020

Total assets, including investment properties stated at fair value

$

989,963

$

634,484

Accumulated depreciation on property and equipment and intangible assets


2,268


1,539

Gross Book Value (1)


992,231


636,023

Debt, excluding unamortized financing costs


511,445


342,772

Credit facility, excluding unamortized financing costs


15,000


25,000

Debt

$

526,445

$

367,772

Debt to Gross Book Value (1)


53.06%


57.82%



(1)

Non–IFRS measure. See "Non–IFRS Measures".

Forward-Looking Statements

This press release contains forward looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities legislation, including statements relating to certain expectations, projections, growth plans and other information related to REIT's business strategy and future plans. Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond PROREIT's control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements.

Forward-looking statements contained in this press release include, without limitation, statements pertaining to the execution by PROREIT of its growth strategy and the future financial and operating performance of PROREIT. PROREIT's objectives and forward-looking statements are based on certain assumptions, including that (i) PROREIT will receive financing on favourable terms; (ii) the future level of indebtedness of PROREIT and its future growth potential will remain consistent with the REIT's current expectations; (iii) there will be no changes to tax laws adversely affecting PROREIT's financing capacity or operations; (iv) the impact of the current economic climate and the current global financial conditions on PROREIT's operations, including its financing capacity and asset value, will remain consistent with PROREIT's current expectations; (v) the performance of PROREIT's investments in Canada will proceed on a basis consistent with PROREIT's current expectations; and (vi) capital markets will provide PROREIT with readily available access to equity and/or debt.

The forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement. All forward-looking statements in this press release are made as of the date of this press release. PROREIT does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise, except as required by law.

Additional information about these assumptions and risks and uncertainties is contained under "Risk Factors" in PROREIT's latest annual information form and "Risk and Uncertainties" in PROREIT's management's discussion and analysis for the year ended December 31, 2021, which are available under PROREIT's profile on SEDAR at www.sedar.com.

SOURCE PROREIT

Copyright 2022 Canada NewsWire

Pro Real Estate Investment (TSX:PRV.UN)
Historical Stock Chart
Von Feb 2024 bis Mär 2024 Click Here for more Pro Real Estate Investment Charts.
Pro Real Estate Investment (TSX:PRV.UN)
Historical Stock Chart
Von Mär 2023 bis Mär 2024 Click Here for more Pro Real Estate Investment Charts.