- 95.3% of June 2020 rent received
to date
- Monthly cash distribution of $0.0375 per unit declared
MONTREAL, June 18, 2020 /CNW Telbec/ - PRO Real Estate
Investment Trust ("PROREIT" or the "REIT") (TSX: PRV.UN) today
announced its June 2020 distribution
and provided an update on its June rent collections.
"We are pleased with our performance throughout the ongoing
pandemic, with our strong rent collection trend continuing into the
month of June. This reflects the soundness of the three pillars on
which PROREIT is built: sound diversification by asset class, solid
geographic positioning in strong secondary markets mainly in
Central and Eastern Canada, and a
robust tenant base," said James Beckerleg, President and CEO,
PROREIT.
"We benefit from a stable portfolio and a defensive tenant
roster, and we are particularly pleased with the resilience of our
retail segment, mainly comprised of needs-based community
services. We are also supporting our smaller tenants requiring
assistance, both through the Canada Emergency Commercial Rent Assistance
program and the internal deferral arrangements we put in place,"
added Mr. Beckerleg.
"While we continue to adapt our near-term strategy to the
current environment, we are confident that we are well-positioned
to benefit from the gradual reopening of the economy," concluded
James Beckerleg.
June 2020 Rent Collection
Status
|
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
|
95.3%
|
90.4%
|
92.5%
|
Breakdown:
|
|
|
|
Industrial
tenants
|
96.2%
|
87.5%
|
90.7%
|
Mixed-use commercial
tenants
|
95.6%
|
96.3%
|
99.5%
|
Office
tenants
|
98.7%
|
90.5%
|
92.0%
|
Retail
tenants
|
92.1%
|
88.4%
|
88.2%
|
Temporary rent
deferral agreements under
fixed repayment terms
|
3.3%
|
7.7%
|
5.3%
|
Gross rent in arrears
and discussions with
tenants are ongoing and managed on a case-
by-case basis
|
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 June 2020. It will be payable on
July 15, 2020 to unitholders of
record as at June 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 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