- 98.5% of July 2020 rent received
to date
- Monthly cash distribution of $0.0375 per unit declared
MONTREAL, July 21, 2020 /CNW Telbec/ - PRO Real Estate
Investment Trust ("PROREIT" or the "REIT") (TSX: PRV.UN) today
announced its July 2020 distribution
and provided an update on its July rent collections.
"We are truly pleased with our July collection performance,
which once again demonstrates the resilience of our tenant base in
a challenging environment over the past few months. Our sound
diversification strategy has resulted in robust results with
increased collection rates across all asset classes and regions,"
said James Beckerleg, President and CEO, PROREIT.
"While maintaining high occupancy rates across our portfolio, we
achieved 100% collection results from our office and mixed-used
commercial tenants and over 97% from our retail portfolio, mainly
comprised of community strip centres providing essential services
and products," added Mr. Beckerleg.
"With the reopening of markets across Canada, we continue to closely monitor the
situation and to proactively strengthen our position, to ensure our
continued success and value creation for our
unitholders," concluded James
Beckerleg.
July 2020 Rent Collection
Status
|
July
2020
|
June
2020
|
May
2020
|
April
2020
|
|
Gross rent
collections, including government and other tenants who typically
pay at the end of the month, based on historical collection
cycles
|
98.5%
|
95.3%
|
90.4%
|
92.5%
|
|
Breakdown:
|
|
|
|
|
|
Industrial
tenants
|
97.9%
|
96.2%
|
87.5%
|
90.7%
|
|
Mixed-use commercial
tenants
|
100.0%
|
95.6%
|
96.3%
|
99.5%
|
|
Office
tenants
|
100.0%
|
98.7%
|
90.5%
|
92.0%
|
|
Retail
tenants
|
97.4%
|
92.1%
|
88.4%
|
88.2%
|
|
Temporary rent
deferral agreements under fixed repayment terms
|
0.6%
|
3.3%
|
7.7%
|
5.3%
|
|
Gross rent in arrears
and discussions with tenants are ongoing and managed on a
case-by-case basis
|
0.9%
|
1.4%
|
1.9%
|
2.2%
|
Distribution
PROREIT's Board of Trustees declared a cash distribution of
$0.0375 per trust unit of the
REIT for the month of July 2020. It will be payable on
August 17, 2020 to unitholders
of record as at July 31, 2020.
Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of applicable securities legislation. 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, the future economic activity and
the future 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 three months ended
March 31, 2020, which are available
under PROREIT's profile on SEDAR at www.sedar.com.
About PROREIT
PROREIT (www.proreit.com) is an unincorporated open-ended real
estate investment trust owning a diversified portfolio of 93
commercial properties across Canada representing over 4.5 million square
feet of gross leasable area. Established in March 2013, PROREIT is mainly focused on strong
primary and secondary markets in Québec, Atlantic Canada and Ontario, with selective exposure in
Western Canada.
SOURCE PROREIT