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MONTREAL, Nov. 9, 2022 /CNW/ - PRO Real Estate Investment Trust ("PROREIT" or the "REIT") (TSX:PRV.UN) today reported its financial and operating results for the three-month period (or "third quarter" or "Q3") ended September 30, 2022.
Third Quarter 2022 Highlights
"We achieved consistent operating results in the third quarter, while maintaining an improved balance sheet, highlighting the strength of our business," said Jim Beckerleg, President and CEO, PROREIT.
"The increases in almost all our key metrics is evidence that our operating efficiency continues to improve. Notably, we continue to generate recurring organic growth with solid Same Property NOI* increases in our industrial segment, but also in our retail segment, which were up 7.2% and 3.3%, respectively, in Q3.
"We are maintaining a strategic focus on the defensive aspects of our portfolio as well as the mark to market opportunities in the industrial sector, which now accounts for 80% of our total GLA. Despite the increasing interest rate environment in which we find ourselves, increasing rental rates as well as our maturing and new leases are offsetting some upward movement in capitalization and discount rates in our portfolio.
"Through our capital allocation reviews, risk and cost management, we have successfully executed on the disposition of 10 non-core retail assets since the beginning of the year, which helped us achieve our target of reducing our Debt to Gross Book Value* below 50% in the quarter.
"We are particularly pleased with the results flowing from our joint venture with Crestpoint Real Estate Investments Ltd. and its affiliates in Dartmouth, Nova Scotia. Completed during the current quarter, this accretive transaction makes us one of the largest landlords in the local Halifax industrial market, which uniquely positions us to continue to capture rent growth in this strategic location, while providing us with the flexibility to grow further externally.
"We remain mindful of the heightened macro-economic uncertainty and market volatility. We have $32.5 million available under our credit facilities, lower leverage and are well-positioned and view this as a time opportunity to focus on operating results. We will have opportunities to perform and grow sustainably, underpinned by financial discipline, to the benefit of all our stakeholders," Mr. Beckerleg concluded.
* Measures followed by the suffix "*" in this press release are non-IFRS measures. See "Non-IFRS Measures".
Financial Results
Table 1- Financial Highlights
(CAD $ thousands except unit, per unit amounts and unless otherwise stated) | 3 Months | 3 Months | 9 Months | 9 Months |
| ||||
Property revenue | $ 24,086 | $ 19,588 | $ 72,140 | $ 54,742 |
Net operating income (NOI) (1) | $ 14,808 | $ 12,100 | $ 43,158 | $ 32,924 |
Same Property NOI (1) | $ 11,072 | $ 10,686 | $ 26,279 | $ 26,132 |
Net income and comprehensive income | $ 19,547 | $ 4,068 | $ 78,038 | $ 16,803 |
Total assets | $ 1,040,368 | $ 769,085 | $ 1,040,368 | $ 769,085 |
Debt to Gross Book Value (1) | 49.82 % | 58.19 % | 49.82 % | 58.19 % |
Interest Coverage Ratio (1) | 2.7x | 2.7x | 2.8x | 2.7x |
Debt Service Coverage Ratio (1) | 1.6x | 1.6x | 1.6x | 1.6x |
Debt to Annualized Adjusted EBITDA Ratio (1) | 9.5x | 9.9x | 9.9x | 11.2x |
Weighted average interest rate on mortgage debt | 3.69 % | 3.50 % | 3.69 % | 3.50 % |
Net cash flows provided from operating activities | $ 10,975 | $ 833 | $ 19,904 | $ 9,034 |
Funds from Operations (FFO) (1) | $ 6,845 | $ 6,349 | $ 22,790 | $ 15,009 |
Basic FFO per unit (1)(2) | $ 0.1132 | $ 0.1315 | $ 0.3770 | $ 0.3323 |
Diluted FFO per unit (1)(2) | $ 0.1111 | $ 0.1284 | $ 0.3703 | $ 0.3244 |
Adjusted Funds from Operations (AFFO) (1) | $ 7,931 | $ 6,556 | $ 23,606 | $ 17,719 |
Basic AFFO per unit (1)(2) | $ 0.1312 | $ 0.1358 | $ 0.3905 | $ 0.3923 |
Diluted AFFO per unit (1)(2) | $ 0.1287 | $ 0.1325 | $ 0.3835 | $ 0.3829 |
AFFO Payout Ratio – Basic (1) | 85.7 % | 82.8 % | 86.4 % | 86.0 % |
AFFO Payout Ratio – Diluted (1) | 87.4 % | 84.9 % | 88.0 % | 88.1 % |
(1) | Non‑IFRS measure. See "Non‑IFRS Measures". |
(2) | Total basic units consist of trust units of the REIT ("Units") and Class B LP Units (as defined herein). Total diluted units also include deferred trust units and restricted trust units issued under the REIT's long‑term incentive plan. |
PROREIT owned 132 investment properties at September 30, 2022, including a 50% ownership interest in 42 investment properties, compared to 104 properties owned at 100% at the same time last year. Total assets amounted to $1.04 billion at September 30, 2022, compared to $769.1 million as at September 30, 2021, an increase of $271.3 million, or 35.3%. During the twelve-month period ended September 30, 2022, PROREIT acquired a 100% interest in 16 investment properties, acquired a 50% interest in 21 investment properties, sold a 50% interest in 21 investment properties and sold a 100% interest in nine non-strategic retail properties.
For the third quarter ended September 30, 2022:
For the nine-month period ended September 30, 2022:
TABLE 2- Reconciliation of net operating income to net income and comprehensive income
(CAD $ thousands) | 3 Months | 3 Months | 9 Months | 9 Months | |
Property revenue | $ 24,086 | $ 19,588 | $ 72,140 | $ 54,742 | |
Property operating expenses | 9,278 | 7,488 | 28,982 | 21,818 | |
Net operating income(1) | 14,808 | 12,100 | 43,158 | 32,924 | |
General and administrative expenses | 1,274 | 1,064 | 3,800 | 3,195 | |
Long‑term incentive plan expense | (75) | 349 | (351) | 2,220 | |
Depreciation of property and equipment | 103 | 86 | 291 | 260 | |
Amortization of intangible assets | 93 | 93 | 279 | 279 | |
Interest and financing costs | 5,843 | 4,408 | 15,359 | 12,333 | |
Distributions ‑ Class B LP Units | 159 | 166 | 477 | 499 | |
Fair value adjustment ‑ Class B LP Units | (650) | (325) | (1,511) | 994 | |
Fair value adjustment ‑ investment properties | (11,573) | 2,576 | (52,707) | (4,541) | |
Other income | (382) | (664) | (1,521) | (1,782) | |
Other expenses | 195 | 279 | 730 | 967 | |
Debt settlement costs | 274 | - | 274 | 1,697 | |
Net income and comprehensive income | $ 19,547 | $ 4,068 | $ 78,038 | $ 16,803 |
(1) Non‑IFRS measure. See "Non‑IFRS Measures". |
For the three months ended September 30, 2022, net income and comprehensive income amounted to $19.5 million, compared to $4.1 million during the same prior year period. The $15.5 million increase mainly relates to the $14.1 million favorable impact in the non-cash fair market value adjustment on investment properties, combined with the $2.7 million favourable impact in net operating income, partially offset by the $1.4 million increase in interest and financing costs for the third quarter of 2022, compared to the same prior year period. PROREIT updated independent external appraisals for 23 properties during the third quarter of 2022, contributing to the fair market value gain of $11.6 million.
For the nine months ended September 30, 2022, net income and comprehensive income amounted to $78.0 million, compared to $16.8 million during the same prior year period. The $61.2 million increase mainly relates to the $57.2 million favourable impact in the non-cash fair value adjustment on investment properties, combined with the $10.2 million increase in net operating income, partially offset by the $3.0 million increase in interest and financing costs, compared to the same prior year period. During the first nine months of 2022, PROREIT updated independent external appraisals for 37 properties, contributing to the fair market value gain of $52.7 million.
Solid Balance Sheet
PROREIT remains committed to steadily improving its balance sheet, including its Debt to Gross Book Value* ratio, and its cash position and sources of funds available. PROREIT continues to maintain diversified debt maturities appropriate for the overall debt level of its portfolio.
Debt to Gross Book Value* was 49.8% at September 30, 2022, down from 58.2% at the same date last year. Weighted average interest rate on mortgage debt was 3.7% at September 30, 2022, compared to 3.5% at the same date last year.
At September 30, 2022, PROREIT had $32.5 million available on its credit facility.
Portfolio Transactions
On August 5, 2022, PROREIT announced the closing of its accretive transaction with Crestpoint to jointly own an industrial-focused portfolio of 42 properties located in Atlantic Canada. Under the transaction, PROREIT and Crestpoint each acquired a 50% interest in 21 primarily industrial properties owned by a third party, for a total purchase price of $228.0 million (before closing costs). In conjunction with the acquisition, PROREIT sold a 50% interest in 21 of its owned properties to Crestpoint, having a total value of $227 million, for a total consideration to PROREIT of $113.5 million (before closing costs). As sole property manager for the entire portfolio, PROREIT collects industry standard fees.
PROREIT's acquisition of the 50% interest in the 21 properties amounted to a cost to PROREIT of approximately $114.0 million (excluding closing costs), financed from the proceeds of a 50% interest in approximately $148.0 million in new fixed-rate mortgages. The $40 million balance was satisfied with cash on hand, including cash from the proceeds of the sale of a 50% interest in existing properties to Crestpoint.
PROREIT's sale of a 50% interest in 21 of its currently owned properties resulted in a consideration of approximately $49.0 million in cash received from Crestpoint (before closing costs), with Crestpoint also assuming a 50% interest in approximately $129.0 million of fixed-rate mortgages held by PROREIT. The balance of the proceeds to PROREIT resulting from the sale, net of the acquisition payment, was used to partially repay PROREIT's credit facility.
On September 27, 2022, PROREIT announced that it had completed the sale of a portfolio of nine non-core retail properties for gross proceeds of $18.8 million (excluding closing costs), totaling approximately 94,000 square feet of GLA located in Western Canada. Proceeds of the sale were used to repay approximately $14.1 million in related mortgages maturing in January 2023, with the balance used to partially repay a term loan.
On November 3, 2022, subsequent to quarter-end, PROREIT completed the sale of a non-strategic retail property in Alberta, totaling approximately 11,000 square feet of GLA, for gross proceeds of $5.4 million (before closing costs). Proceeds of the sale were used to pay out a term loan of approximately $3.4 million, with the balance being used for general trust purposes.
Operating Performance
At September 30, 2022, PROREIT's portfolio totaled 132 investment properties, including a 50% ownership interest in 42 investment properties, aggregating 6.5 million square feet of GLA with a weighted average lease term of 4.2 years. The occupancy rate of the portfolio remains strong at 97.9% as at September 30, 2022.
PROREIT continues to benefit from a solid operating environment, with approximately 85.5% of leases maturing in 2022 renewed at a positive average spread of 14.9%, and approximately 21.0% of leases maturing in 2023 renewed at a positive average spread of 50.3%.
CEO Succession
On October 4, 2022, PROREIT announced that Gordon G. Lawlor will succeed James W. Beckerleg as President and Chief Executive Officer of the REIT and will join the REIT's Board of Trustees, effective April 1, 2023, at which time Mr. Beckerleg will be named Vice Chair of the Board and Co-Founder, as part of the REIT's CEO succession plan. Mr. Beckerleg has been President and Chief Executive Officer and a Trustee of PROREIT since 2013. The REIT also announced that Alison Schafer will be appointed Chief Financial Officer and Secretary of the REIT concurrently with these changes.
Distributions
Distributions to unitholders of $0.0375 per trust unit of the REIT were declared monthly during the three months ended September 30, 2022, representing distributions of $0.45 per unit on an annual basis. Equivalent distributions are paid on the Class B limited partnership units of PRO REIT Limited Partnership ("Class B LP Units"), a subsidiary of the REIT.
Investor Conference Call and Webcast Details
PROREIT will hold a conference call to discuss its third quarter 2022 results on November 10, 2022, at 9:00 a.m. Eastern. There will be a question period reserved for financial analysts. To access the conference call, please dial 888-664-6383. A recording of the call will be available until November 17, 2022 by dialing 888-390-0541 Access code: 503379#
The conference call will also be accessible via live webcast on PROREIT's website at www.proreit.com or at
https://app.webinar.net/6b4MK2LJ9Yx
About PROREIT
PROREIT (TSX:PRV.UN) is an unincorporated open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario. Founded in 2013, PROREIT owns a portfolio of high-quality commercial real estate properties in Canada, with a strong industrial focus in robust secondary markets.
Non-IFRS Measures
PROREIT's consolidated financial statements are prepared in accordance with International Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board. In addition to reported IFRS measures, industry practice is to evaluate real estate entities giving consideration, in part, to certain non-IFRS financial measures, non-IFRS ratios and other specified financial measures (collectively, "non-IFRS measures"). Without limitation, measures followed by the suffix "*" in this press release are non-IFRS measures.
As a complement to results provided in accordance with IFRS, PROREIT discloses and discusses in this press release (i) certain non-IFRS financial measures, including: adjusted earnings before interest, tax, depreciation and amortization ("Adjusted EBITDA"); annualized adjusted earnings before interest, tax, depreciation and amortization ("Annualized Adjusted EBITDA"); adjusted funds from operations ("AFFO"); funds from operations ("FFO"); gross book value ("Gross Book Value"); net operating income ("NOI"); Same Property NOI; and (ii) certain non-IFRS ratios, including: AFFO Payout Ratio – Basic; AFFO Payout Ratio – Diluted; Basic AFFO per Unit; Diluted AFFO per Unit; Basic FFO per Unit; Diluted FFO per Unit; Debt to Gross Book Value; Debt Service Coverage Ratio; Interest Coverage Ratio; Debt to Annualized Adjusted EBTIDA Ratio. These non-IFRS measures are not defined by IFRS and do not have a standardized meaning under IFRS. PROREIT's method of calculating these non-IFRS measures may differ from other issuers and may not be comparable with similar measures presented by other income trusts. PROREIT has presented such non-IFRS measures and ratios as management believes they are relevant measures of PROREIT's underlying operating and financial performance. For information on the most directly comparable IFRS measures, composition of the non-IFRS measures, a description of how PROREIT uses these measures and an explanation of how these measures provide useful information to investors, refer to the "Non-IFRS Measures" section of PROREIT's management's discussion and analysis for the three months ended September 30, 2022, dated November 9, 2022 (the "Q3 MD&A"), available on PROREIT's SEDAR profile at www.sedar.com, which is incorporated by reference into this press release. As applicable, the reconciliations for each non-IFRS measure are outlined below. Non-IFRS measures should not be considered as alternatives to net income, cash flows provided by operating activities, cash and cash equivalents, total assets, total equity, or comparable metrics determined in accordance with IFRS as indicators of PROREIT's performance, liquidity, cash flow, and profitability.
Reconciliation of Same Property NOI to net operating income (as reported in the consolidated financial statements)
(CAD $ thousands) | 3 Months | 3 Months | 9 Months | 9 Months |
Property revenue | $ 24,086 | $ 19,588 | $ 72,140 | $ 54,742 |
Property operating expenses | 9,278 | 7,488 | 28,982 | 21,818 |
NOI (net operating income) as reported in the financial statements (1) | 14,808 | 12,100 | 43,158 | 32,924 |
Straight-line rent adjustment | (21) | (129) | (244) | (374) |
NOI after straight-line rent adjustment (1) | 14,787 | 11,971 | 42,914 | 32,550 |
NOI (1) sourced from: | ||||
Acquisitions | (3,329) | (799) | (15,432) | (4,684) |
Dispositions | (386) | (486) | (1,203) | (1,734) |
Same Property NOI (1) | $ 11,072 | $ 10,686 | $ 26,279 | $ 26,132 |
Number of same properties | 89 | 89 | 71 | 71 |
(1) Non-IFRS measure. See "Non‑IFRS Measures". |
The following is the Same Property NOI by asset class for the three and nine month periods ended September 30, 2022 and 2021:
(CAD $ thousands) | 3 Months | 3 Months | 9 Months | 9 Months |
Industrial | $ 6,741 | $ 6,288 | $ 13,763 | $ 13,159 |
Retail | 3,122 | 3,021 | 9,123 | 8,821 |
Office | 1,209 | 1,377 | 3,393 | 4,152 |
Same Property NOI (1) | $ 11,072 | $ 10,686 | $ 26,279 | $ 26,132 |
(1) | Non‑IFRS measure. See "Non‑IFRS Measures". |
(2) | As of January 1, 2022, the REIT reclassified one of its Office assets to Industrial assets to be more consistent with the asset's use. The comparative period has been updated to reflect this adjustment. |
Reconciliation of AFFO and FFO to net income and comprehensive income
(CAD $ thousands except unit, per unit amounts and unless otherwise stated) | 3 Months | 3 Months | 9 Months | 9 Months |
Net income and comprehensive income for the period | $ 19,547 | $ 4,068 | $ 78,038 | $ 16,803 |
Add: | ||||
Long‑term incentive plan | (731) | (229) | (1,786) | 975 |
Distributions ‑ Class B LP Units | 159 | 166 | 477 | 499 |
Fair value adjustment ‑ investment properties | (11,573) | 2,576 | (52,707) | (4,541) |
Fair value adjustment ‑ Class B LP Units | (650) | (325) | (1,511) | 994 |
Amortization of intangible assets | 93 | 93 | 279 | 279 |
FFO (1) | $ 6,845 | $ 6,349 | $ 22,790 | $ 15,009 |
Deduct: | ||||
Straight‑line rent adjustment | $ (21) | $ (129) | $ (244) | $ (374) |
Maintenance capital expenditures | (282) | (335) | (793) | (521) |
Stabilized leasing costs | (387) | (220) | (1,225) | (626) |
Add: | ||||
Long‑term incentive plan | 656 | 578 | 1,435 | 1,245 |
Amortization of financing costs | 846 | 313 | 1,369 | 1,289 |
Debt settlement costs | 274 | - | 274 | 1,697 |
AFFO (1) | $ 7,931 | $ 6,556 | $ 23,606 | $ 17,719 |
Basic FFO per unit (1)(2) | $ 0.1132 | $ 0.1315 | $ 0.3770 | $ 0.3323 |
Diluted FFO per unit (1)(2) | $ 0.1111 | $ 0.1284 | $ 0.3703 | $ 0.3244 |
Basic AFFO per unit (1)(2) | $ 0.1312 | $ 0.1358 | $ 0.3905 | $ 0.3923 |
Diluted AFFO per unit (1)(2) | $ 0.1287 | $ 0.1325 | $ 0.3835 | $ 0.3829 |
Distributions declared per Unit and Class B LP unit | $ 0.1125 | $ 0.1125 | $ 0.3375 | $ 0.3375 |
AFFO Payout Ratio – Basic (1) | 85.7 % | 82.8 % | 86.4 % | 86.0 % |
AFFO Payout Ratio – Diluted (1) | 87.4 % | 84.9 % | 88.0 % | 88.1 % |
Basic weighted average number of units (2)(3) | 60,447,230 | 48,287,486 | 60,447,230 | 45,169,392 |
Diluted weighted average number of units (2)(3) | 61,625,646 | 49,466,041 | 61,549,406 | 46,272,319 |
(1) | Non‑IFRS measure. See "Non‑IFRS Measures". |
(2) | FFO and AFFO per unit is calculated as FFO or AFFO, as the case may be, divided by the total of the weighted number of basic or diluted units, as applicable, added to the weighted average number of Class B LP Units outstanding during the period. |
(3) | Total basic units consist of Units and Class B LP Units. Total diluted units also includes deferred trust units and restricted trust units issued under the REIT's long‑term incentive plan. |
Reconciliation of Adjusted EBITDA to net income and comprehensive income
(CAD $ thousands) | 3 Months | 3 Months | 9 Months | 9 Months |
Net income and comprehensive income | $ 19,547 | $ 4,068 | $ 78,038 | $ 16,803 |
Interest and financing costs | 5,843 | 4,408 | 15,359 | 12,333 |
Depreciation of property and equipment | 103 | 86 | 291 | 260 |
Amortization of intangible assets | 93 | 93 | 279 | 279 |
Fair value adjustment ‑ Class B LP Units | (650) | (325) | (1,511) | 994 |
Fair value adjustment ‑ investment properties | (11,573) | 2,576 | (52,707) | (4,541) |
Distributions ‑ Class B LP Units | 159 | 166 | 477 | 499 |
Straight‑line rent | (21) | (129) | (244) | (374) |
Long‑term incentive plan expense | (75) | 349 | (351) | 2,220 |
Debt settlement costs | 274 | - | 274 | 1,697 |
Adjusted EBITDA (1) | $ 13,700 | $ 11,292 | $ 39,905 | $ 30,170 |
(1) Non‑IFRS measure. See "Non‑IFRS Measures". |
Calculation of Debt to Annualized Adjusted EBITDA Ratio
(CAD $ thousands) | 3 Months | 3 Months | 9 Months | 9 Months |
Debt, excluding unamortized financing costs | $ 492,225 | $ 420,752 | $ 492,225 | $ 420,752 |
Credit facility, excluding unamortized financing costs | 27,500 | 28,000 | 27,500 | 28,000 |
Total Debt and Credit facility, excluding unamortized financing costs | $ 519,725 | $ 448,752 | $ 519,725 | $ 448,752 |
Adjusted EBITDA (1) | $ 13,700 | $ 11,292 | $ 39,905 | $ 30,170 |
Annualized Adjusted EBITDA (1) | $ 54,800 | $ 45,168 | $ 52,410 | $ 40,227 |
Debt to Annualized Adjusted EBITDA Ratio (1) | 9.5x | 9.9x | 9.9x | 11.2x |
(1) Non‑IFRS measure. See "Non‑IFRS Measures". |
Calculation of the Interest Coverage Ratio
(CAD $ thousands) | 3 Months | 3 Months | 9 Months | 9 Months |
Adjusted EBITDA (1) | $ 13,700 | $ 11,292 | $ 39,905 | $ 30,170 |
| $ 5,020 | $ 4,112 | $ 14,006 | $ 11,073 |
Interest Coverage Ratio (1) | 2.7x | 2.7x | 2.8x | 2.7x |
(1) Non‑IFRS measure. See "Non‑IFRS Measures". |
Calculation of the Debt Service Coverage Ratio
(CAD $ thousands) | 3 Months | 3 Months | 9 Months | 9 Months |
Adjusted EBITDA (1) | $ 13,700 | $ 11,292 | $ 39,905 | $ 30,170 |
| 5,020 | 4,112 | 14,006 | 11,073 |
Principal repayments | 3,352 | 2,787 | 10,507 | 7,730 |
Debt Service Requirements | $ 8,372 | $ 6,899 | $ 24,513 | $ 18,803 |
Debt Service Coverage Ratio (1) | 1.6x | 1.6x | 1.6x | 1.6x |
(1) Non‑IFRS measure. See "Non‑IFRS Measures". |
Calculation of Gross Book Value and Debt to Gross Book Value
(CAD $ thousands unless otherwise stated) | September 30 | September 30 |
Total assets, including investment properties stated at fair value | $ 1,040,367 | $ 769,085 |
Accumulated depreciation on property and equipment and intangible assets | 2,838 | 2,046 |
Gross Book Value (1) | 1,043,205 | 771,131 |
Debt, excluding unamortized financing costs | 492,225 | 420,752 |
Credit facility, excluding unamortized financing costs | 27,500 | 28,000 |
Total Debt and Credit facility, excluding unamortized financing costs | $ 519,725 | $ 448,752 |
Debt to Gross Book Value (1) | 49.82 % | 58.19 % |
(1) Non‑IFRS measure. See "Non‑IFRS Measures". |
Forward-Looking Statements
This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities legislation, including statements relating to certain expectations, projections, growth plans and other information related to REIT's business strategy and future plans. 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 and the future financial and operating 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 September 30, 2022, which are available under PROREIT's profile on SEDAR at www.sedar.com.
SOURCE PROREIT
For further information:
Investor Relations: PRO Real Estate Investment Trust
James W. Beckerleg
President and Chief Executive Officer
514-933-9552
PRO Real Estate Investment Trust
Gordon G. Lawlor, CPA, CA
Executive Vice President
Chief Financial Officer and Secretary
514-933-9552
PROREIT ANNOUNCES DATE FOR RELEASE OF THIRD QUARTER 2022 RESULTS AND CONFERENCE CALL
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