8 stories mentioning PRV-UN.TOUpdated 1d ago
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Pro Real Estate Investment Trust (PRV-UN.TO) declared a cash distribution of C$0.0375 per trust unit for June, or C$0.45 on an annualized basis.The distribution will be payable July 15 to unitholders of record as at June 30, the Canadian industrial real estate investment trust said June 19.
PRO Real Estate Investment Trust (PRV-UN.TO) was upgraded to Buy from Hold at TD Securities on Thursday.Analyst Sam Damiani resumed coverage of the Montreal-based real estate company with a $7 price target following its $107 Million equity raise.Damiani said this is set to fund nearly $160 Million of planned acquisitions "with dry powder to spare.""This growth move and a pullback in valuation compels us to upgrade PRV."
PRO Real Estate Investment Trust (PRV-UN.TO) on Wednesday said entered into separate binding agreements to acquire a 100% interest in two industrial portfolios located in Quebec and Winnipeg, paying a combined $136.8.million.The Quebec portfolio comprises 13 industrial properties located in Quebec City, representing approximately 613,000 square feet of gross leasable area, while the Winnipeg portfolio comprises four industrial properties totaling 160,000 square feet GLA.Additionally, the REIT has entered into a conditional agreement for the acquisition of four industrial properties totaling 165,000 square feet of GLA also located in Winnipeg, for $21.7 million."The acquisitions represent a compelling strategic addition to our portfolio, delivering both immediate scale in the Quebec City market and meaningful long-term growth potential while enhancing our exposure to the Winnipeg industrial market. The acquisitions are complementary to our portfolio and provide us with a mix of stabilized income and embedded upside through leasing and mark-to-market opportunities, with small-bay industrial market rents estimated at $13 to $15 per square foot in Quebec City and $10 to $12 per square foot in Winnipeg," said chief executive Gordon Lawlor.According to the statement, upon completion of the acquisitions, REIT's portfolio will be comprised of 122 income producing commercial properties representing 7.2 million square feet of GLA and $1.2 billion of total assets with a weighted average lease term of 4.3 years.The REIT also announced Wednesday it is selling underwriters 11.15-million trust units on a bought-deal basis at a price of $6.50 per unit, raising $72.5 million. It also entered into concurrent binding subscription agreements to issue units on a non-brokered private placement basis at the offering price per unit with (a) Collingwood Investments Incorporated for gross proceeds of approximately $16.7 million and (b) Parkit Enterprise for gross proceeds of approximately $5.0 million.The $136.8 million purchase price of the acquisitions is expected to be satisfied by a combination of approximately $47.5 million in cash from the offering and concurrent private placement, and approximately $89.4 million from new mortgage financings, REIT said.The REIT's units closed down $0.06 to $6.76 on Toronto Stock Exchange.
PROREIT Also Announcing $72.5M Bought Deal Public Offering of Trust Units and $21.7M Concurrent Private Placement
PROREIT In Agreements to Buy 17 Industrial Assets for an Aggregate Purchase Price of $136.8M
BMO Capital Markets raised its price target on the units of ProREIT (PRV-UN.TO) by $0.50 to $7.00 and maintained its market perform rating, after the company posted "solid" first-quarter earnings."There is no change in our constructive stance on PROREIT post a solid Q1 print. We continue to believe the REIT's small/mid-bay industrial focus in secondary markets positions the business well to deliver 5%+ organic growth this year," writes analyst Tom Callaghan.Significant renewal leasing activity completed over the past two years should also support a strong uptick in NOI and earnings growth into the second half of 2026, Callaghan adds."At current levels, we believe these considerations are appropriately reflected in valuation."Price: $6.74, Change: $+0.02, Percent Change: +0.30%
PRO Real Estate Investment Trust (PRV-UN.TO) on Wednesday announced a cash distribution of $0.0375 per trust unit of the REIT for the month of April 2026, unchanged from the prior month.It will be payable on May 15, 2026 to unitholders of record as at April 30, 2026.
