PRO Real Estate Investment Trust (PRV-UN) Q3 2025 earnings summary

Executive summary

• Completed transition to a pure-play industrial REIT with the sale of 12 non-core retail properties for CAD 51.3 million, now with 91.7% of GLA and 89.4% of base rent from industrial assets.

• Achieved significant scale in Winnipeg, becoming a top three industrial landlord with 21 properties, 1.3 million sq. ft. of GLA, and 99.9% occupancy.

• Maintained strong performance in Atlantic Canada, with Halifax industrial rents up over 15% year-over-year and Atlantic Canada accounting for 45.4% of base rent.

• Occupancy rate at 95.5% (98.1% excluding a single large vacancy); 74.8% of 2025 GLA and 54.8% of 2026 GLA renewed at strong positive spreads.

• Strategic focus on light industrial properties in Canada, with a refreshed brand identity and tagline, "Strong Foundations, Industrial Edge."

Financial highlights

• Property revenue rose 12.8% year-over-year to CAD 27.1 million in Q3 2025, despite owning 10 fewer properties.

• Net operating income (NOI) increased 19.6% to CAD 17.1 million; same property NOI up 9.7%, led by 10.5% growth in industrial segment.

• Funds from operations (FFO) grew 22.2% to CAD 8 million; AFFO was CAD 8.3 million, up 18.7% year-over-year.

• Basic AFFO per unit up 7.2% year-over-year; basic payout ratio improved to 91.1% from 97.7%.

• Net income for Q3 2025 was CAD 12.9 million, up from CAD 3.3 million in Q3 2024; NAV per unit at September 30, 2025 was CAD 7.78.

Outlook and guidance

• Expecting mid-single digit same property NOI growth for Q4 and full year, despite a large vacancy impacting Q4.

• Leasing spreads for 2026 maturities expected to remain healthy at around 30%.

• Well positioned to strengthen as a leading Canadian light industrial REIT, targeting CAD 2 billion in assets and 45% Adjusted Debt to Gross Book Value in 3–5 years.

• Atlantic Canada portfolio expected to benefit from record project investment in 2025 and sustained economic momentum into 2026.

• Approximately CAD 30 million in capacity for new acquisitions, with no further dispositions planned.