PRO Real Estate Investment Trust (PRV-UN) investor relations material

Portfolio overview and performance

• $1.1B in total assets and 105 properties across Canada as of December 31, 2025, with 95.4% occupancy and 6.4M sq. ft. of gross leasable area.

• Achieved 9.6% NOI growth in Q4 2025 and a 7.0% distribution yield, with $0.45 annual cash distribution per unit, 100% tax deferred (estimated).

• 80.1% of 2025 GLA renewed at a 34.2% positive average spread; 68.2% of 2026 GLA renewed at a 33.8% average spread.

• 92.5% of GLA is industrial, with a focus on primary and secondary Canadian markets, especially Halifax and Winnipeg.

• 5-year total return of 59.2% as of December 31, 2025, with monthly distributions since 2014.

Strategic focus and growth

• Medium-term targets include $2B in asset value and 45% adjusted debt to gross book value.

• Achieved pure-play industrial status with 90% annualized industrial base rent in Q3 2025.

• Strategy centers on organic and acquisitive growth, capital recycling, and focus on light industrial assets in high-growth, supply-constrained locations.

• Embedded value through strong renewal spreads and well-staggered lease maturities.

• Strategic acquisitions in 2025 included seven Winnipeg industrial properties for $101.9M, expanding the footprint to 1.3M sq. ft. in that market.

Operational strengths and competitive advantages

• Fully internalized property management division manages 183 properties and 10.6M sq. ft. GLA.

• Diversified tenant base with 64.7% of base rent from national and government tenants; top 10 tenants account for 27% of base rent.

• Consistently high occupancy rates across industrial, retail, and office segments, with industrial at 95.3% as of year-end 2025.

• Focus on small and mid-bay industrial properties, which have lower vacancy and operating costs.

• Unique access to Halifax’s Burnside Industrial Park, benefiting from major government contracts and tight supply.