Latest news with #PropertyManagement
Yahoo
16-05-2025
- Business
- Yahoo
PRO Real Estate Investment Trust (TSX:PRV. ...
Property Revenue: $25.7 million for Q1, slightly higher year over year. Net Operating Income (NOI): $14.9 million, stable compared to last year. Same Property NOI: $14.1 million, up 5% year over year. Net Cash Flows from Operating Activities: $7.4 million, compared to $9.7 million last year. Funds From Operations (FFO): $7.9 million, slightly higher year over year. Basic AFFO Payout Ratio: 93.8% in Q1, compared to 91.6% last year. Total Debt: $495 million, a $1.4 million reduction from last year. Total Debt to Total Assets: Improved to 49.3% from 50.0% at December 31, 2024. Weighted Average Capitalization Rate: Approximately 6.7% as of March 31, 2025. Portfolio Occupancy: Stable at 97.7%, including committed space. Weighted Average In-Place Rent for Industrial Portfolio: $9.92 per square foot, nearly 5% increase year over year. Distribution: Maintained at $3.75 per unit for Q1 2025. Warning! GuruFocus has detected 6 Warning Signs with TSX: Release Date: May 15, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. PRO Real Estate Investment Trust (TSX: reported a stable net operating income despite owning eight fewer properties compared to the previous year. The acquisition of six industrial properties in Winnipeg is expected to be accretive to AFFO per unit and strengthens their presence in the region. Same property NOI increased by 5%, driven by strong performance in the industrial portfolio. The company achieved robust leasing spreads, renewing 53.3% of 2025 GLA at an average spread of 34.1%. Debt management improved, with total debt to total assets reduced to 49.3% from 50.0% at the end of 2024. Net cash flows from operating activities decreased to $7.4 million from $9.7 million in the same quarter last year. The basic AFFO payout ratio increased to 93.8% from 91.6% last year, indicating higher costs relative to income. There is a potential risk with a single tenant not renewing a lease for a 176,000 square foot property in Quebec, which could impact Q4 results. The weighted average interest rate on maturing mortgages is relatively low, posing a refinancing challenge in the current higher interest rate environment. The acquisition strategy involves complex transactions, which may not always align with stock price expectations, posing a risk of overpaying for assets. Q: Gordy, regarding the strategic opportunity with Parkit, how does PROREIT plan to leverage this relationship? Does it involve acquiring more of their industrial properties? A: Gordon Lawlor, President and CEO, explained that Parkit has a significant portfolio of industrial properties in key areas like Winnipeg and Ottawa. The relationship is seen as an opportunity to manage stabilized assets and potentially collaborate on future deals, but specifics are still being developed. Q: Alison, with the upcoming debt maturities, how is PROREIT planning to handle refinancing, especially given the low existing rates? A: Alison Schafer, CFO, stated that the maturities are spread throughout 2026, with strong-performing industrial assets backing them. The company anticipates no issues in refinancing and expects potential for up-financing, with current market rates being favorable. Q: Mark, how does the accretion from the market transaction compare to the growth from future leases? A: Gordon Lawlor noted that the transaction is accretive on an AFFO per unit basis and has significant under-market rent potential, making it beneficial in the first few years and aligning with their growth strategy. Q: Brad, regarding the Parkit relationship, do you foresee opportunities to manage some of their assets and increase fee income? A: Gordon Lawlor mentioned that while formal management agreements haven't been discussed, the relationship opens up potential opportunities for collaboration and mutual benefit, especially in overlapping markets. Q: Zachary, what is the current vendor appetite for units in the acquisition pipeline, and is this a one-off strategy? A: Gordon Lawlor indicated that while there are tax synergies for sellers, these transactions are complex. The recent deal has sparked interest, but achieving a satisfactory price for both stock and assets remains challenging. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
CTV News
15-05-2025
- General
- CTV News
‘My apartment is 95 degrees inside'
Seniors at a Winnipeg high-rise say the property management company refuses to tun on air conditioning amid a heat wave. Joseph Bernacki reports.
Yahoo
10-05-2025
- Business
- Yahoo
JLL sees successful Q1 for new real estate management services segment
This story was originally published on Facilities Dive. To receive daily news and insights, subscribe to our free daily Facilities Dive newsletter. Revenue at Jones Lang LaSalle's newly formed Real Estate Management Services segment grew 14% in the first quarter from a year ago on the back of workplace management and project management, the company said in its Q1 earnings report, released May 7. 'Our real estate management services business has capitalized on the growing trend of outsourcing as well as the increased focus on building operations and tenant experience across occupier and investor portfolios,' Christian Ulbrich, president and CEO of JLL, said on an earnings call. 'We are now globalizing our property management business with a shift into this segment, which went into effect on January 1.' The segment's performance suggests the economic uncertainty from the Trump administration's tariff policy has so far had a negligible effect. 'To date, there have been limited direct impacts on our results from the recent policy volatility and uncertainty, although some clients are delaying decision-making as they monitor macro development,' Ulbrich said. 'Slower economic growth could have spillover effects for our industry, but it is still too early to predict the future implications for our business.' JLL's total revenue during the quarter was $5.75 billion. Resilient businesses grew revenue 13% collectively during that time, with workplace management and project management growing revenue 15% and 16%, respectively. Workplace management benefited from a balanced mix of client wins and mandate expansions, with incremental pass-through costs bolstering high single-digit management fee growth, the company said. Ulbrich also attributed JLL's Q1 results to the firm capitalizing on 'the growing trend of outsourcing,' noting that many geographies and industries have significant untapped potential for outsourcing penetration and advancements in technology. The reason for outsourcing real estate needs are 'numerous,' Ulbrich said. 'It could be driven by your interest in cutting costs.' 'And so this is an environment where people will look at their operating costs, and we will see that there may be an opportunity … that would drive them to talk to people like us in order to get those [cost] benefits. The other reason is very often, they are expanding,' Ulbrich said. He noted that while current market conditions could cause large companies to pick up less strong companies, providing opportunities for the best companies in each sector, JLL also expects companies to slow decision-making, which could cause short-term impacts to the business. 'The picture is slightly mixed. It's way too early to tell whether [the current market environment] has a negative impact on our outsourcing business or whether it will almost be unimpacted by it,' Ulbrich said. 'For the time being, we don't see any impact.' Despite the revenue increase at the new real estate management services segment, its net earnings fell 7% year-over-year to $66 million. The drop was primarily due to continued investments in technology, including artificial intelligence and project management capabilities, and increased investments in talent during the second half of 2024 aimed at supporting business growth, the company said. JLL also benefited in the first quarter from a broader recovery in the office sector, supported by the expansion of return-to-office mandates, moderation of downsizing rates in office leasing activity and improvements in office sales and financing, according to Ulbrich. 'Corporates around the world are gaining more clarity on future space needs and with historically low development pipelines in the U.S. and Europe, office fundamentals and trends are likely to continue to strengthen for top-tier buildings,' he said. 'Quality assets are also growing more scarce, creating spillover demand for the next tier of buildings.' North America office leasing volumes were up 15% year over year in Q1, and the global vacancy rate inched up 10-basis-points to 16.9%. While the firm has seen improvements in office transactions revenues in the past year, especially in the U.S., JLL Chief Financial Officer Karen Brennan noted that large transaction volume in the region still remains about 30% below pre-pandemic levels. 'Within office, tenant requirements are generally steady with sectors such as professional services, finance and legal, driving demand in many markets,' Brennan said on the earnings call. 'So as we've seen in the recent past, this could evolve quickly as clients consider the macro outlook.' Sign in to access your portfolio
Business Upturn
28-04-2025
- Business
- Business Upturn
RateGain launches UNO VIVA, the AI voice agent for hotels
RateGain Travel Technologies Limited, a global leader in AI-powered SaaS solutions for the travel and hospitality industry, has introduced UNO VIVA, an advanced AI voice agent designed to streamline hotel reservations. UNO VIVA integrates seamlessly with RateGain's UNO platform, an AI-driven hotel commerce solution, to enhance the efficiency and accuracy of reservation-related calls. UNO VIVA leverages automatic speech recognition and supports over 18 languages, allowing hotels to handle guest inquiries efficiently. The AI agent addresses the significant challenge of repetitive, often missed, inbound calls—accounting for nearly 90% of hotel communication. By automating responses to frequent queries, UNO VIVA minimizes agent fatigue and eliminates inconsistencies, leading to improved customer satisfaction. The AI voice agent is available 24/7, improving operational efficiency and reducing the burden on front desk staff. It is designed to sync live rates and availability, reducing pricing errors, and ensuring accurate booking confirmations. UNO VIVA also enables guests to make, modify, or cancel reservations easily, all while maintaining a personalized experience by understanding the guest's preferences. By offering seamless integration with Property Management Systems (PMS), UNO VIVA provides a scalable solution that can start delivering results within a week. It supports hotels in reducing operational costs, recovering lost revenue, and improving overall guest experiences. This innovative AI tool is set to transform hotel reservation management and contribute to the future of the hospitality industry. Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at
Yahoo
12-04-2025
- Climate
- Yahoo
Manatee County working with contractors to clear canals and waterways before 2025's hurricane season
The Brief Hurricanes Debby, Helene and Milton toured through Manatee County, leaving record damage. Much of that damage remains as another hurricane season approaches Florida. Crews say they've been working around the clock to clear canals and waterways in the county. PARRISH, Fla. - Tropical storm Debby brought flooding that had never been seen in many parts of Manatee County. Hurricanes Helene and Milton didn't help. Since the twin storms, crews have been working around the clock to clear county waterways. They've finished hundreds of requests from residents, and now they're working with contractors to get to each site as a new hurricane season approaches. Dig deeper A once flowing waterway, Gamble Creek isn't its old self. In fact, it needs some help. READ: China retaliates: Tariffs on American goods hiked from 84% to 125% "It's barely passable to get down to the creek. A lot of times, people who have lived here longer say it would be nice to get the creek back to what it once was," said Brett Reeder. Residents said the creek and nearby canals and ponds have been neglected for far too long. They say debris and overgrowth have clogged things up. The backstory Last June, tropical storm Debby brought flooding that had never been seen before to Reeder's property and his neighbors off Jim Davis Road in Parrish. "Everybody's barns that were lower than the house – a lot of that was lost. Dry wall in a lot of the houses," said Reeder. Manatee County has been working to clear 600 work orders, where canals and ponds have been blocked by debris. CLICK HERE:>>>Follow FOX 13 on YouTube "We have trees that are 48 inches in diameter, sometimes smaller, but 15 inches in one canal," said Zach Custer, the Supervisor of Landscape & Stormwater for Manatee County. What they're saying Their job continues every day. "We work 14 hours a day, six days a week since the hurricane. We've had one day off a week, and we are just trying to push to get all this open as best we can before the storm season," said Custer. READ: Bradenton woman sentenced to jail, probation for hit-and-run that killed 'Peace Walker' With 145 work orders left, Manatee County Commissioners approved $2 million for canal clearing. They're now working with contractors to speed up the process. "We are in the air with drones, we are in the water with boats and we are on the land with machines. That trifecta alone we are accomplishing more than we ever have," said Carmine DeMilio, the Deputy Director of Property Management for Manatee County. Big picture view Residents have voiced their concerns to county commissioners. "We are asking for more than this, but this is what they were able to achieve. I'll take any positive steps," said Tony Sciullo. Residents like Sciullo hope commissioners will look closely at new developments and silt formed in Gamble Creek. For now, he and other neighbors said it's a first step. "Something has got to be done. The creek can't handle the current volume of water that it's getting right now. This is a great start. I'm glad they're here. They're doing something; they've heard us. We are happy something is being done," said resident Lawrence Marchione. The Source FOX 13's Kimberly Kuizon collected the information in this story. WATCH FOX 13 NEWS LIVE: STAY CONNECTED WITH FOX 13 TAMPA: Download the FOX Local app for your smart TV Download FOX Local mobile app: Apple | Android Download the FOX 13 News app for breaking news alerts, latest headlines Download the SkyTower Radar app Sign up for FOX 13's daily newsletter
