PRO Real Estate Investment (TSE:PRV.UN)
TSX:PRV.UN
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PRO Real Estate Investment
(TSX:PRV.UN)
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Rating:65Neutral
Price Target:
C$7.00
▲(5.11% Upside)
Action:ReiteratedDate:03/06/26
The score is driven primarily by moderate financial strength: improved TTM profitability and steady cash generation are tempered by earnings volatility, high leverage, and weakening recent free-cash-flow momentum. Valuation is a clear positive (low P/E and high yield), while technicals are mixed with softer near-term momentum. The latest earnings call adds modest support from strong leasing and growth guidance but is constrained by refinancing risk and near-100% AFFO payout coverage.
Positive Factors
Strategic shift to pure‑play industrial
Management's completed transition to a pure‑play industrial REIT creates a clearer, focused business model tied to structurally stronger industrial fundamentals. Concentration in small/mid-bay industrials and a Parkit partnership improve asset specialization, operational efficiency, and investor clarity over the medium term.
Negative Factors
High leverage and near‑term maturities
Material near‑term maturities and elevated leverage concentrate refinancing risk into 2026–2028. Even with management's refinancing expectations, high absolute debt and a ~9x adjusted debt/EBITDA multiple constrain flexibility and increase sensitivity to higher rates or tighter credit conditions over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Strategic shift to pure‑play industrial
Management's completed transition to a pure‑play industrial REIT creates a clearer, focused business model tied to structurally stronger industrial fundamentals. Concentration in small/mid-bay industrials and a Parkit partnership improve asset specialization, operational efficiency, and investor clarity over the medium term.
Read all positive factors
PRO Real Estate Investment (PRV.UN) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$449.10M
Dividend Yield6.89%
Average Volume (3M)33.06K
Price to Earnings (P/E)12.0
Beta (1Y)0.85
Revenue Growth2.81%
EPS Growth9677.19%
CountryCA
Employees83
SectorReal Estate
Sector Strength53
IndustryREIT - Diversified
Share Statistics
EPS (TTM)0.03
Shares Outstanding63,558,910
10 Day Avg. Volume28,047
30 Day Avg. Volume33,060
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)0.85
Price to Sales (P/S)4.07
P/FCF Ratio13.63
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$6.75Price Target Upside1.35% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering4
EPS Forecast (FY)N/A
Revenue Forecast (FY)C$109.39M
PRO Real Estate Investment Business Overview & Revenue Model
Company Description
PROREIT is an unincorporated open-ended real estate investment trust owning a diversified portfolio of 92 commercial properties across Canada representing over 4.5 million square feet of GLA. Established in March 2013, PROREIT is mainly focused on...
How the Company Makes Money
PRO Real Estate Investment generates revenue primarily through rental income derived from its portfolio of properties. The company leases space to tenants in its residential and commercial properties, receiving monthly rental payments that contrib...
PRO Real Estate Investment Earnings Call Summary
Earnings Call Date:Mar 04, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 13, 2026
Earnings Call Sentiment Neutral
The call conveys balanced results: strong operational execution and leasing momentum drove revenue, NOI and FFO growth and validated the strategic shift to an industrial focus, with meaningful portfolio recycling, accretive acquisitions and embedded rent growth. Offsetting these positives are near-term refinancing needs, elevated leverage metrics, a large single vacancy that lowered occupancy, near-100% AFFO payout coverage and higher interest costs. Management is confident in refinancing prospects and incremental acquisitions, but financial flexibility remains constrained in the near term.Positive Updates
Strategic Transition to Pure-Play Industrial REIT
Completed transition to a pure-play industrial REIT in FY2025, repositioning portfolio to small and mid-bay industrial properties and establishing a strategic partnership with Parkit to pursue future growth.
Negative Updates
Occupancy Decline and Large Vacancy
Overall portfolio occupancy fell to 95.4% at year-end from 97.8% a year earlier, driven by a single 176,000 sq ft vacancy (Saint-Hyacinthe). Management notes occupancy would be ~98.1% if that property were included as leased.
Read all updates
Q4-2025 Updates
Positive
Negative
Strategic Transition to Pure-Play Industrial REIT
Completed transition to a pure-play industrial REIT in FY2025, repositioning portfolio to small and mid-bay industrial properties and establishing a strategic partnership with Parkit to pursue future growth.
Read all positive updates
Company Guidance
Management guided that PROREIT is entering 2026 as a focused industrial REIT with 105 properties totaling 6.4M sq ft GLA and a WALT of 4.3 years, with industrial assets now 90.5% of base rent (up from 80.8%); Q4 property revenue was $26.2M (+5.4% YoY) and FY property revenue $104.1M (+4.9%), Q4 NOI $16.1M (+9.6%) and FY NOI $63.4M (+8.4%) with same‑property NOI Q4 $14.1M (+8.1%) and FY $53.0M (+8%), Q4 FFO $7.8M (+14.3%) and basic AFFO payout 99.1% (vs 96.1%); leasing momentum includes 80.1% of 2025 GLA secured at a +34.2% average spread (95% excluding the Saint‑Hyacinthe asset), 68.2% of 2026 GLA secured at a +33.8% spread (five renewals +40–45%), portfolio occupancy 95.4% (≈98.1% pro forma), a LOI for ~74k sf of a 176k sf building with rent commencement expected mid‑2026, and a weighted average cap rate of ~6.7%; on capital, management completed sales of 17 non‑core properties for $71.2M, acquired 7 Winnipeg industrials for $101.9M in partnership with Parkit while raising $42.1M of equity, holds total debt of $525M, adjusted debt/annualized adjusted EBITDA of 9.0x (down from 9.2x), adjusted debt/gross book value of 48.8% (down from 50.3%), faces maturities of $157.1M in 2026, $48.7M in 2027 and $59.8M in 2028 (mortgage rates of 3.7%/4.8%/3.5% respectively), expects competitive refinancing (management cited a ~4.5% blended refinancing expectation), room for roughly $40M of acquisitions (recent $12.3M Milton deal) and plans to pursue further leverage reduction toward midterm targets while maintaining the Q4 distribution of $0.0375/unit and targeting 7–9% cash‑flow (FFO) growth across 2026–2028.PRO Real Estate Investment Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
61
Positive
Cash Flow
64
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 104.10M | 99.21M | 99.89M | 97.21M | 77.67M |
| Gross Profit | 62.59M | 58.52M | 57.94M | 57.74M | 46.28M |
| EBITDA | 60.73M | 24.95M | 47.93M | 51.99M | 36.55M |
| Net Income | 35.35M | 2.38M | 25.91M | 136.75M | 81.84M |
Balance Sheet | |||||
| Total Assets | 1.08B | 997.76M | 1.03B | 1.04B | 989.96M |
| Cash, Cash Equivalents and Short-Term Investments | 13.67M | 9.07M | 13.26M | 7.53M | 5.94M |
| Total Debt | 525.01M | 498.57M | 515.26M | 514.33M | 522.78M |
| Total Liabilities | 554.68M | 533.12M | 546.56M | 548.24M | 560.27M |
| Stockholders Equity | 496.89M | 464.65M | 488.03M | 487.69M | 429.69M |
Cash Flow | |||||
| Free Cash Flow | 31.09M | 29.87M | 30.84M | 27.80M | 29.00M |
| Operating Cash Flow | 31.50M | 31.10M | 31.70M | 28.23M | 29.28M |
| Investing Cash Flow | -21.18M | 9.89M | 4.34M | 11.93M | -281.61M |
| Financing Cash Flow | -5.72M | -45.17M | -30.32M | -38.58M | 252.01M |
PRO Real Estate Investment Technical Analysis
Positive
6.66
Price Trends
6.33
Positive
6.29
Positive
5.95
Positive
Market Momentum
0.07
Negative
65.77
Neutral
88.41
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:PRV.UN, the sentiment is Positive. The current price of 6.66 is above the 20-day moving average (MA) of 6.32, above the 50-day MA of 6.33, and above the 200-day MA of 5.95, indicating a bullish trend. The MACD of 0.07 indicates Negative momentum. The RSI at 65.77 is Neutral, neither overbought nor oversold. The STOCH value of 88.41 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:PRV.UN.
PRO Real Estate Investment Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | C$343.37M | 16.24 | 4.52% | 7.37% | 0.92% | 92.93% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
65 Neutral | C$449.10M | 11.98 | 7.20% | 6.89% | 2.81% | 9677.19% | |
57 Neutral | C$283.01M | 12.12 | 3.93% | 8.35% | 5.67% | ― | |
51 Neutral | C$273.48M | -2.47 | -40.17% | 269.20% | -33.76% | -125.67% | |
49 Neutral | C$444.06M | -25.11 | -1.91% | 3.85% | -5.37% | 13.86% | |
45 Neutral | C$313.69M | -2.20 | -16.57% | 5.65% | -1.06% | -20.07% |
* Real Estate Sector Average
TSE:PRV.UN
PRO Real Estate Investment
6.66
2.29
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PRO Real Estate Investment Corporate Events
Business Operations and StrategyFinancial DisclosuresM&A Transactions
PROREIT Caps 2025 With Earnings Growth and Completion of Industrial Pivot
Positive
Mar 5, 2026
PRO Real Estate Investment Trust reported strong fourth-quarter and full-year 2025 results, highlighted by net operating income growth of 9.6% in Q4 and 8.4% for the year, alongside funds from operations increases of 14.3% and 11.2%, respectively....
Dividends
PROREIT Declares February 2026 Cash Distribution to Unitholders
Positive
Feb 19, 2026
PRO Real Estate Investment Trust, a Canadian industrial-focused REIT listed on the TSX, manages a portfolio of high-quality properties in primary and secondary markets across the country and aims to deliver stable cash flow, disciplined growth and...
Dividends
PROREIT Declares February 2026 Monthly Cash Distribution
Positive
Feb 19, 2026
PRO Real Estate Investment Trust, a Canadian industrial REIT listed on the TSX, owns and manages a portfolio of industrial properties in primary and secondary markets across the country. Since its founding in 2013, the trust has prioritized stable...
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
PROREIT Sets March Dates for 2025 Year-End Results and Investor Call
Positive
Feb 17, 2026
PROREIT will publish its financial results for the 2025 fiscal year and fourth quarter after markets close on March 4, 2026, and will follow with a management-hosted conference call the morning of March 5 to discuss the performance. The REIT will ...
Dividends
PROREIT Declares January 2026 Monthly Cash Distribution
Positive
Jan 21, 2026
PROREIT has declared a cash distribution of $0.0375 per trust unit for January 2026, equivalent to $0.45 on an annualized basis, payable on February 17, 2026 to unitholders of record as of January 30, 2026. The announcement underscores the REIT...
Business Operations and StrategyDividends
PROREIT Declares December 2025 Cash Distribution to Unitholders
Positive
Dec 18, 2025
PROREIT has declared a cash distribution of $0.0375 per trust unit for December 2025, equivalent to $0.45 on an annualized basis, payable on January 15, 2026 to unitholders of record as of December 31, 2025. The announcement underscores the trust&...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
PROREIT Expands Winnipeg Footprint With $5.4 Million Industrial Acquisition
Positive
Dec 18, 2025
PROREIT has acquired a 24,665-square-foot single-tenant light industrial property in Winnipeg’s St. Boniface Industrial Park from Parkit Enterprise Inc. for $5.4 million, at approximately $217 per square foot and a mid‑six percent capi...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.