PROREIT ANNOUNCES FIRST QUARTER RESULTS FOR FISCAL 2025

Cision Canada

14-05-2025

MONTREAL, May 14, 2025 /CNW/ - PRO Real Estate Investment Trust ("PROREIT" or the "REIT") (TSX: PRV.UN) today reported its financial and operating results for the three months ended March 31, 2025 ("first quarter" or "Q1").
First Quarter of Fiscal 2025 Highlights
Net operating income (NOI) increased by 0.3% in Q1, despite owning eight fewer properties, compared to the same period last year
Same Property NOI* was up 5.0% in Q1 year-over-year
53.3% of 2025 gross leasable area ("GLA") renewed at average spread of 34.1% and 47.3% of 2026 GLA renewed at 34.4% average spread
Occupancy rate at 97.7% at March 31, 2025 (including committed space)
Total debt to total assets of 49.3% at March 31, 2025, compared to 50.0% at December 31, 2024
Adjusted Debt to Annualized Adjusted EBITDA Ratio* of 9.0x at March 31, 2025, compared to 9.3x at December 31, 2024
Adjusted Debt to Gross Book Value* of 49.5% at March 31, 2025, compared to 50.3% at December 31, 2024
Previously announced agreement to acquire six industrial properties in Winnipeg for aggregate purchase price of $96.5 million to be satisfied in part by the issuance of $40 million of units at a price of $6.20 per unit; establishing strategic relationship with Parkit Enterprise Inc. ("Parkit")
Previously announced sale of one 50%-owned property for gross proceeds of $5.4 million (PROREIT's share) and sale of two 100%-owned non-core properties for total gross proceeds of $7.0 million
"Our 2025 first quarter results reflect our focus on driving growth and maintaining a resilient balance sheet," said Gordon Lawlor, President and Chief Executive Officer of PROREIT.
"Same Property NOI* across our portfolio increased by 5.0% year-over-year, led by the continued performance of our industrial assets, which delivered 5.9% growth. We are pleased with our leasing momentum, having renewed 53.3% of 2025 GLA at an average spread of 34.1% and 47.3% of 2026 GLA at an average spread of 34.4%. These results highlight the embedded value of our portfolio and the quality of the markets in which we operate.
"Subsequent to quarter-end, we announced an agreement to acquire six institutional-quality industrial properties in Winnipeg for a total purchase price of $96.5 million, while forming a strategic relationship with Parkit by issuing $40 million of equity to Parkit. This accretive transaction will increase our industrial exposure to 88% of GLA and 83% of base rent, further advancing our strategy to scale our industrial platform in high-performing secondary markets in Canada.
"During the quarter, we also sold three non-core properties for total gross proceeds of $12.4 million, in line with our disciplined capital recycling strategy enabling us to reallocate capital to higher-conviction opportunities in the light industrial sector. At the same time, we continued to manage our debt prudently, maintaining balance sheet flexibility.
"With 52.4% of our base rent coming from the Atlantic region, we are pleased to see Halifax continue to lead in Canada, recording the largest year-over-year increase in rental rates at 19.4% 1.
"Looking ahead, we remain focused on expanding our industrial platform, by targeting small- and mid-bay properties in strong secondary markets in Canada. Backed by a high-quality portfolio, active asset management and disciplined capital deployment, we are well positioned to generate sustainable long-term value for our unitholders," concluded Mr. Lawlor.
(CAD $ thousands except unit, per unit amounts and unless otherwise stated)
3 Months
Ended
March 31
2025
3 Months
Ended
March 31
2024
Financial data
Property revenue
$25,737
$25,702
Net operating income ("NOI")
$14,870
$14,822
Same Property NOI (1)
$14,056
$13,383
Net income (loss) and comprehensive income (loss)
$15,033
$(9,452)
Net income (loss) and comprehensive income (loss) per Unit - Basic (2)
$0.2479
$(0.1560)
Net income (loss) and comprehensive income (loss) per Unit - Diluted (2)
$0.2462
$(0.1549)
Total assets
$1,005,147
$1,001,575
Total debt
$495,048
$493,624
Total debt to total assets
49.3 %
49.3 %
Adjusted Debt to Gross Book Value (1)
49.5 %
49.5 %
Interest Coverage Ratio (1)
2.6x
2.5x
Debt Service Coverage Ratio (1)
1.6x
1.6x
Adjusted Debt to Annualized Adjusted EBITDA Ratio (1)
9.0x
9.0x
Weighted average interest rate on mortgage debt
3.91 %
3.89 %
Net cash flows provided from operating activities
$ 7,440
$ 9,743
Funds from Operations (FFO) (1)
$ 7,900
$ 7,722
Basic FFO per unit (1)(2)
$0.1303
$0.1274
Diluted FFO per unit (1)(2)
$0.129
$0.1266
Adjusted Funds from Operations (AFFO) (1)
$ 7,270
$ 7,441
Basic AFFO per unit (1)(2)
$0.1199
$0.1228
Diluted AFFO per unit (1)(2)
$0.1191
$0.1220
AFFO Payout Ratio – Basic (1)
93.8 %
91.6 %
AFFO Payout Ratio – Diluted (1)
94.5 %
92.2 %
(1)
Represents a non-IFRS measure. See "Non-IFRS Measures".
(2)
Total basic units consist of trust units and Class B LP Units (as defined herein). Total diluted units also includes deferred trust units and restricted trust units issued under the REIT's long-term incentive plan.
At March 31, 2025, PROREIT owned 112 investment properties (including a 50% ownership interest in 41 investment properties), compared to 120 investment properties (including a 50% ownership interest in 42 investment properties) at March 31, 2024.
At March 31, 2025, total assets amounted to $1.01 billion, compared to $1.0 billion as at March 31, 2024.
For the first quarter ended March 31, 2025:
Property revenue amounted to $25.7 million in Q1 2025, a slight increase compared to the same prior year period. The increase is mainly due to the contractual increases in rent and higher rental rates on lease renewals and new leases, partially offset by the impact of the net decrease in the number of properties in the portfolio.
Net operating income (NOI) amounted to $14.9 million for the quarter, compared to $14.8 million in Q1 2024, an increase of 0.3%, which was mainly driven by the same factors impacting property revenue described above.
Same Property NOI*, which represented 111 properties out of the 112 properties in the portfolio, reached $14.1 million for the quarter, an increase of $0.7 million or 5.0%, compared to the same quarter last year. The increase was largely a result of contractual increases in rent and higher rental rates on lease renewals and new leases, partially offset by a decrease in occupancy. Notably, Same Property NOI* for industrial assets rose by $0.6 million or 5.9% for the quarter, compared to the same period in 2024.
FFO* was $7.9 million for the quarter, up $0.2 million or 2.3% from $7.7 million in Q1 2024. The increase was mainly driven by lower debt settlement costs, lower general and administrative expenses costs related to the timing of certain salary expenses, and higher contractual base rents due to higher rental rates on renewals and new leases, despite owning eight fewer properties compared the same period in 2024.
AFFO Payout Ratio – Basic* stood at 93.8% for the quarter, compared to 96.1% in Q4 2024 and to 91.6% in Q1 2024. The year-over-year increase was primarily driven by an increase in stabilized leasing costs and maintenance capital expenditures.
Sustained Operating Environment
As of March 31, 2025, PROREIT's portfolio comprised 112 investment properties, totalling 6.0 million square feet of GLA, with a weighted average lease term to maturity (WALT) of 4.5 years, compared to 3.9 years at the same date last year.
The occupancy rate of the portfolio remains strong at 97.7% as at March 31, 2025, including committed space.
As of the date of this press release, approximately 53.3% of GLA maturing in 2025 has been renewed at 34.1% positive average spread, and approximately 47.3% of GLA maturing in 2026 has been renewed at 34.4% positive average spread.
The industrial segment accounted for 86.5% of GLA and 81.8% of base rent at March 31, 2025.
Portfolio Transactions
In the first quarter of 2025, PROREIT completed the sales of three properties, as follows:
On February 7, 2025, PROREIT completed the sale of a 50% co-ownership industrial property located at 10 Vidito Drive in Dartmouth, Nova Scotia totalling approximately 62,000 square feet for gross proceeds of $10.8 million (excluding closing costs). PROREIT's 50% share of the gross proceeds was $5.4 million (excluding closing costs). The net proceeds of the sale were used to repay approximately $2.4 million of a related mortgage, with the balance used for general business and working capital purposes.
On March 6, 2025, PROREIT completed the sale of a non-core retail property located at 8934-8944 Commercial Street in New Minas, Nova Scotia totalling approximately 52,000 square feet for gross proceeds of $5.9 million (excluding closing costs). The net proceeds of the sale were used to partially repay approximately $4.0 million in a related mortgage maturing in July 2028, with the balance used for general business and working capital purposes.
On March 12, 2025, PROREIT completed the sale of a non-core retail property located at 1118 Canyon Street in Creston, British Columbia, totalling approximately 5,200 square feet for gross proceeds of $1.1 million (excluding closing costs). Proceeds from the sale were used to partially repay approximately $0.7 million in a related mortgage maturing in January 2033, with the balance used for general business and working capital purposes.
On May 13, 2025, subsequent to quarter-end, PROREIT announced that it had entered into an agreement to acquire a portfolio of six industrial properties in Winnipeg, Manitoba, comprising a total of 678,177 square feet of GLA, from Parkit (TSX.V:PKT), for an aggregate purchase price of approximately $96.5 million (the "Transaction").
The purchase price is expected to be satisfied with approximately $63 million from a 3-year secured non-revolving credit facility at an anticipated fixed swap rate of approximately 4.4% and the issuance of $40 million of a combination of trust units and Class B LP Units to Parkit at a price of $6.20 per unit, with the balance expected to be used to repay a portion of indebtedness outstanding under the REIT's existing credit facilities and for general business purposes.
As part of the Transaction, PROREIT and Parkit will also enter into an investor rights agreement, providing among other things, the right for Parkit to nominate one trustee to PROREIT's board. Parkit's initial nominee will be Steven Scott, who currently serves as Chairman of Parkit.
The Transaction is expected to be accretive to 2025 consensus AFFO per unit and is anticipated to close in the second quarter of 2025, subject to customary closing conditions, including Toronto Stock Exchange and TSX Venture Exchange approval.
Portfolio Pro Forma the Transaction
Upon completion of the Transaction, PROREIT's portfolio will be comprised of 118 properties representing approximately 6.7 million square feet of GLA and $1.1 billion of total assets, with a WALT of approximately 4.5 years. The Transaction will increase PROREIT's exposure to the industrial segment to approximately 88% by GLA and 83% by base rent.
Financial Position
Total debt (current and non-current) was $495.0 million at March 31, 2025, compared to $498.6 million at December 31, 2024, and to $493.6 million at March 31, 2024.
At March 31, 2025, mortgage maturities amounted to $41.9 million for 2025 and $142.8 million for 2026, with a weighted average interest rate on these expiring maturities of 4.8% for 2025 and 3.7% for 2026.
On March 28, 2025, PROREIT received $12 million in incremental financing for an Ontario industrial property from its current lender at an annual rate of 4.98% and maturing in September 2026, consistent with the original mortgage maturity.
Total debt to total assets was 49.3% at March 31, 2025, compared to 50.0% at December 31, 2024 and to 49.3% at March 31, 2024.
Adjusted Debt to Gross Book Value* was 49.5% at March 31, 2025, compared to 50.3% at December 31, 2024 and to 49.5% at March 31, 2024.
Adjusted Debt to Annualized Adjusted EBITDA Ratio* of 9.0x at March 31, 2025, compared to 9.3x at December 31, 2024 and to 9.0x at March 31, 2024.
Distributions
Distributions to unitholders of $0.0375 per trust unit of the REIT were declared monthly during the three months ended March 31, 2025, 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.
On April 22, 2025, PROREIT announced a cash distribution of $0.0375 per trust unit for the month of April 2025. The distribution is payable on May 15, 2025, to unitholders of record as at April 30, 2025.
Strategy
PROREIT remains focused on the successful execution of its strategy for growth by expanding the portfolio organically and through disciplined acquisition, while optimizing its balance sheet and capital allocation. Management continues to evaluate acquisition opportunities under strict criteria, while also implementing its capital recycling program to move assets away from non-core properties to increase holdings in quality light industrial properties in strong secondary markets. In the medium-term, PROREIT is targeting a goal of $2 billion in assets, 90% industrial base rent and 45% Adjusted Debt to Gross Book Value* in the next three to five years. These targets are based on the REIT's current business plan and strategies and are not intended to be a forecast of future results. See "Forward-Looking Statements".
Investor Conference Call and Webcast Details
PROREIT will hold a conference call to discuss its first quarter results for Fiscal 2025 on May 15, 2025 at 9:00 a.m. EDT. There will be a question period reserved for financial analysts. To access the conference call, please dial 1-800-990-4777 or 514-400-3794, conference id: 80408.
A recording of the call will be available until May 22, 2025 by dialing 1-888-660-6345 or 1-289 819-1450 and using access code: 80408 #
The conference call will also be accessible via live webcast on PROREIT's website at www.proreit.com or at https://app.webinar.net/Xb5ml8yGe4r
Annual Meeting of Unitholders
PROREIT will host its annual meeting on June 3, 2025 at 11:00am (EDT) in Montréal, Québec at the Le Germain Hotel at 2050 Mansfield Street in the Pavillon Room. An audio webcast of the meeting will also be available at https://app.webinar.net/9wPpoGrWYa2. Additional information regarding the meeting is contained in the REIT's information circular, which has been prepared in connection with the meeting and is available on PROREIT's website in the Investors section under Annual Meeting and at www.sedarplus.ca.
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.
For more information on PROREIT, please visit the website at: https://proreit.com.
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 Debt, adjusted earnings before interest, tax, depreciation and amortization ("Adjusted EBITDA"); adjusted funds from operations ("AFFO"); annualized adjusted earnings before interest, tax, depreciation and amortization ("Annualized Adjusted EBITDA"); funds from operations ("FFO"); gross book value ("Gross Book Value"); and Same Property NOI and (ii) certain non-IFRS ratios, including: Adjusted Debt to Annualized Adjusted EBITDA Ratio; Adjusted Debt to Gross Book Value; 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 Service Coverage Ratio; and Interest Coverage 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 or issuers. 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 financial measure disclosed in the primary financial statements of the REIT, 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 March 31, 2025, dated May 14, 2025, available on PROREIT's SEDAR+ profile at www.sedarplus.ca, 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.
Table 3 - Reconciliation of Same Property NOI to net operating income (as reported in the consolidated financial statements)
(1) Represents a non-IFRS measure. See "Non-IFRS Measures".
Table 4 – Summary of Same Property NOI by asset class
(1) Represents a non-IFRS measure. See "Non-IFRS Measures".
Table 5 - Reconciliation of AFFO and FFO to net income and comprehensive income
(CAD $ thousands except unit, per unit amounts and unless otherwise stated)
3 Months
Ended
March 31
2025
3 Months
Ended
December 31
2024
3 Months
Ended
March 31
2024
Net income (loss) and comprehensive income (loss) for the period
$15,033
$1,879
$(9,452)
Add:
Long-term incentive plan
(104)
(669)
1,206
Distributions - Class B LP Units
135
134
152
Fair value adjustment - investment properties
(6,822)
6,665
13,275
Fair value adjustment - Class B LP Units
(264)
(742)
975
Fair value adjustment - derivative financial instrument
(139)
(509)
1,505
Amortization of intangible assets
61
61
61
FFO (1)
$ 7,900
$6,819
$ 7,722
Deduct:
Straight-line rent adjustment
$(159)
$(139)
$(142)
Maintenance capital expenditures
(114)
(87)
(63)
Stabilized leasing costs
(1,028)
(922)
(888)
Add:
Long-term incentive plan
149
655
152
Amortization of financing costs
359
346
389
Accretion expense - Convertible Debentures
94
94
93
Debt settlement costs
69
332
178
AFFO (1)
$ 7,270
$ 7,098
$ 7,441
Basic FFO per unit (1)(2)
$0.1303
$0.1125
$0.1274
Diluted FFO per unit (1)(2)
$0.1294
$0.1113
$0.1266
Basic AFFO per unit (1)(2)
$0.1199
$0.1171
$0.1228
Diluted AFFO per unit (1)(2)
$0.1191
$0.1159
$0.1220
Distributions declared per Unit and Class B LP Unit
$0.1125
$0.1125
$0.1125
AFFO Payout Ratio – Basic (1)
93.8 %
91.6 %
91.6 %
AFFO Payout Ratio – Diluted (1)
94.5 %
97.1 %
92.2 %
Basic weighted average number of units (2)(3)
60,634,909
60,634,909
60,606,896
Diluted weighted average number of units (2)(3)
61,060,134
61,251,790
61,015,319
(1)
Represents a 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 average 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.
Table 6 - Reconciliation of Adjusted EBITDA to net income (loss) and comprehensive income (loss)
(1) Represents a non-IFRS measure. See "Non-IFRS Measures".
Table 7 - Calculation of Adjusted Debt
(CAD $ thousands)
March 31
2025
December 31
2024
March 31
2024
Debt (non-current and current portion) as reported in the financial statements
$495,048
$498,571
$493,624
Reconciling items:
Unamortized financing costs
3,777
4,030
4,721
Cumulative accretion expense - Convertible Debentures (1)
(687)
(591)
(310)
Cumulative fair value adjustment - derivative financial instrument (1)
1,565
1,426
(918)
Adjusted Debt (2)
$499,703
$503,436
$497,117
(1)
Represents the cumulative amounts since issuance of the Convertible Debentures on May 26, 2023.
(2)
Represents a non-IFRS measure. See "Non-IFRS Measures".
Table 8 - Calculation of Adjusted Debt to Annualized Adjusted EBITDA Ratio
(CAD $ thousands)
3 Months
Ended
March 31
2025
3 Months
Ended
December 31
2024
3 Months
Ended
March 31
2024
Adjusted Debt (1)
$499,703
$503,436
$497,117
Adjusted EBITDA (1)
$13,866
$13,575
$13,851
Annualized Adjusted EBITDA (1)
$55,464
$54,300
$55,404
Adjusted Debt to Annualized Adjusted EBITDA Ratio (1)
9.0x
9.3x
9.0x
(1) Represents a non-IFRS measure. See "Non-IFRS Measures".
Table 9 - Calculation of the Interest Coverage Ratio
(CAD $ thousands)
3 Months
Ended
March 31
2025
3 Months
Ended
December 31
2024
3 Months
Ended
March 31
2024
Adjusted EBITDA (1)
$13,866
$13,575
$13,851
Interest expense
$ 5,415
$ 5,514
$ 5,474
Interest Coverage Ratio (1)
2.6x
2.5x
2.5x
(1) Represents a non-IFRS measure. See "Non-IFRS Measures".
Table 10 - Calculation of the Debt Service Coverage Ratio
(1) Represents a non-IFRS measure. See "Non-IFRS Measures".
Table 11 - Calculation of Gross Book Value and Adjusted Debt to Gross Book Value
(CAD $ thousands except unit, per unit amounts and unless otherwise stated)
3 Months
Ended
Mar 31
2025
3 Months
Ended
Dec 31
2024
3 Months
Ended
Sep 30
2024
3 Months
Ended
Jun 30
2024
3 Months
Ended
Mar 31
2024
3 Months
Ended
Dec 31
2023
3 Months
Ended
Sep 30
2023
3 Months
Ended
Jun 30
2023
Total assets, including investment properties stated at fair value
$ 1,005,147
$ 997,762
$ 1,003,747
$ 990,199
$ 1,001,575
$ 1,034,591
$ 1,047,114
$ 1,057,548
Accumulated depreciation on property and equipment and intangible assets
4,230
4,011
3,867
3,649
3,409
3,201
3,619
3,451
Gross Book Value (1)
$ 1,009,377
$ 1,001,773
$ 1,007,614
$ 993,848
$ 1,004,984
$ 1,037,792
$ 1,050,733
$ 1,060,999
Debt (non-current and current portion)
495,048
498,571
501,064
486,646
493,624
515,257
519,075
534,394
Unamortized financing costs
3,777
4,030
4,369
4,541
4,721
5,108
5,430
5,701
Cumulative accretion expense - Convertible Debentures
(687)
(592)
(498)
(404)
(310)
(217)
(124)
(19)
Cumulative fair value adjustment - derivative financial instrument
1,565
1,426
917
1,602
(918)
587
1,127
(21)
Adjusted Debt (1)
$ 499,703
$ 503,435
$ 505,852
$ 492,385
$ 497,117
$ 520,735
$ 525,508
$ 540,055
Adjusted Debt to Gross Book Value (1)
49.5 %
50.3 %
50.2 %
49.5 %
49.5 %
50.2 %
50.0 %
50.9 %
(1) Represents a 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, the future financial and operating performance of PROREIT, the expected closing of the Transaction and the timing thereof, the financing of the Transaction and the use of the proceeds of the financing, the impact of the Transaction on the portfolio of the REIT and AFFO, the entering into of an investor rights agreement, and the medium-term goals of the REIT. 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 medium-term goals of the REIT disclosed under "Strategy" are based on the REIT's current business plan and strategies and are not intended to be a forecast of future results. The medium-term goals contemplate the REIT's historical growth and certain assumptions including but not limited to (i) current global capital market conditions, (ii) access to capital, (iii) interest rate exposure, (iv) availability of high-quality industrial properties for acquisitions, (v) dispositions of retail and office properties, and (vi) capacity to finance acquisitions on an accretive basis.
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, 2025, which are available under PROREIT's profile on SEDAR+ at www.sedarplus.ca.