- Over 99.5% of rent collected to date for August, September and
October 2020
- Monthly cash distribution of $0.0375 per unit declared
MONTREAL, Oct. 21, 2020 /CNW Telbec/ - PRO Real Estate
Investment Trust ("PROREIT" or the "REIT") (TSX: PRV.UN) today
announced its October 2020
distribution and provided an update on recent rent collections.
"The underlying value of our portfolio, the quality of our
tenants and our solid operational fundamentals have positioned
PROREIT to perform well in the current environment,"
said James Beckerleg, President and CEO, PROREIT.
"Our consistent and robust rent collection results across our
portfolio demonstrate the stability of our diversified asset base.
With over 99.5% rent collected for the past three months, I am
particularly pleased with the resiliency of our focused retail
portfolio, mainly comprised of community strip centres
offering essential services and products," added Mr.
Beckerleg.
"In an evolving and challenging business environment, we remain
focused on maintaining our solid tenant relationships and
prudent management approach while capitalizing on organic growth
opportunities as they arise," concluded James Beckerleg.
Rent Collection Update
|
October
2020
|
September
2020
|
August
2020
|
|
|
|
|
|
Gross rent
collections, including government and other tenants who typically
pay at the end of the month, based on historical collection
cycles
|
99.6%
|
99.6%
|
99.5%
|
|
Breakdown:
|
|
|
|
|
Industrial
tenants
|
100.0%
|
100.0%
|
100.0%
|
|
Mixed-use commercial
tenants
|
98.5%
|
98.5%
|
98.5%
|
|
Office
tenants
|
100.0%
|
100.0%
|
100.0%
|
|
Retail
tenants
|
99.9%
|
99.7%
|
99.6%
|
|
Temporary rent
deferral agreements under fixed repayment terms
|
0%
|
0%
|
0%
|
|
Gross rent in arrears
and discussions with tenants are ongoing and managed on a
case-by-case basis
|
0.4%
|
0.4%
|
0.5%
|
Distribution
PROREIT's Board of Trustees declared a cash distribution of
$0.0375 per trust unit of the
REIT for the month of October 2020.
It will be payable on November
16, 2020 to unitholders of record as at October
30, 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 six months ended
June 30, 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 92
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