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MONTREAL, May 21, 2020 /CNW Telbec/ - PRO Real Estate Investment Trust ("PROREIT" or the "REIT") (TSX: PRV.UN) today announced its May 2020 distribution and provided an update on its May rent collections.
"Our collection capacity continues to be strong as we work through the current challenging environment, with over 90% of May rent received to date, and collections even ahead of where we were at this time last month in our retail sector. We are gratified with the positive results we have achieved again this month and believe it demonstrates the strength and resiliency of our well-diversified tenant base," said James Beckerleg, President and CEO, PROREIT.
"Over the years, we have strategically grown our portfolio in strong secondary markets, which is to our benefit as we see some economic activity resuming at a faster pace outside of larger metropolitan cities. In addition, our strategy to focus our retail investment on community strip centers anchored by strong grocery and drug store covenants has contributed to our results," added Mr. Beckerleg.
"While much uncertainty remains, we continue to closely monitor the situation and to manage our business prudently, especially with regards to our tenant relationships," concluded James Beckerleg.
May 2020 Rent Collection Status
Gross rent collections, including government and other tenants who typically pay at the end of the month, based on historical collection cycles.
Mixed-use commercial tenants
Temporary rent deferral agreements, the majority of which will be payable in the second half of 2020
Gross rent in arrears and discussions with tenants are ongoing and managed on a case-by-case basis
PROREIT's Board of Trustees has declared a cash distribution of $0.0375 per trust unit of the REIT for the month of May 2020. It will be payable on June 15, 2020 to unitholders of record as at May 29, 2020.
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.
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.
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