- 90.4% of May 2020 rent received
to date
- Monthly cash distribution of $0.0375 per unit declared
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
|
May
2020
|
April
2020
|
Gross rent
collections, including government and other tenants who typically
pay at the end of the month, based on historical collection
cycles.
|
90.4%
|
92.5%
|
Breakdown:
|
|
|
Industrial
tenants
|
87.5%
|
90.7%
|
Mixed-use commercial
tenants
|
96.3%
|
99.5%
|
Office
tenants
|
90.5%
|
92.0%
|
Retail
tenants
|
88.4%
|
88.2%
|
Temporary rent
deferral agreements, the majority of which will be payable in the
second half of 2020
|
7.7%
|
5.3%
|
Gross rent in arrears
and discussions with tenants are ongoing and managed on a
case-by-case basis
|
1.9%
|
2.2%
|
Distribution
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.
Forward-Looking Statements
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.
About PROREIT
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.
SOURCE PROREIT