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MONTREAL, Dec. 17, 2020 /CNW Telbec/ - PRO Real Estate Investment Trust ("PROREIT" or the "REIT") (TSX: PRV.UN) today announced its December 2020 distribution and provided an update on December rent collections.
"We are pleased to close the year with a continuing collection rate of nearly 100% across every asset class in December, thanks to the resiliency of our well-diversified tenant base that has held up remarkably well in the context of COVID-19. With less than 0.2% of gross rent in arrears, our cash flow position remains very solid," said James Beckerleg, President and CEO, PROREIT.
"With the positive momentum currently observed in the market, bolstered by the arrival of vaccines, we are beginning to look forward to the new year and being able to return once again to actively pursuing our strategic priorities," concluded James Beckerleg.
Rent Collection Update
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 under fixed repayment terms
Gross rent in arrears and discussions with tenants ongoing and managed on a case-by-case basis
PROREIT's Board of Trustees declared a cash distribution of $0.0375 per trust unit of the REIT for the month of December 2020. It will be payable on January 15, 2021 to unitholders of record as at December 31, 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 nine months ended September 30, 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 92 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.
For further information:
PROREIT Announces November 2020 Distribution; Provides Rent Collection and Operating Liquidity Update> Read More