Transition to Pure-Play Industrial REIT
The completion of the sale of 12 noncore retail properties marked PROREIT's transition to a pure-play industrial REIT, with industrial assets now representing 91.7% of total GLA and 89.4% of base rent.
Strong Financial Performance
Property revenue increased by 12.8% year-over-year to $27.1 million, and net operating income (NOI) rose by 19.6% to $17.1 million, despite owning 10 fewer properties.
High Occupancy Rates
PROREIT achieved 99.9% occupancy in Winnipeg, making it one of the top three industrial landlords in the city.
Leasing Momentum
Leasing spreads were robust, with a 34.9% average spread for 2025 GLA and 33.4% for 2026 GLA, indicating strong embedded value in the portfolio.
Debt Reduction
Total debt decreased by $30.1 million from the previous year, and adjusted debt to gross book value fell to 49.1% from 50.2%.