Third Quarter of Fiscal 2023 Highlights
- Property revenue remained relatively flat in Q3 year-over-year
- Same Property NOI* down 1.2% in Q3 year-over-year, but up 1.7% excluding a temporary vacancy (see Table 4)
- Net income and comprehensive income of
$11.3 million in Q3, compared to$19.5 million in the same quarter last year - Net operating income ("NOI") of
$14.1 million in the third quarter, a decrease of 5.1% year-over-year, mainly driven by sales of non-core properties and ownership changes $46.0 million in available credit facility and$11.4 million in cash atSeptember 30, 2023 - Pay down of debt and credit facility of
$14.4 million from Q2 2023 - Occupancy rate of 98.2% at
September 30, 2023 - Approximately 88.8% of gross leasable area ("GLA") maturing in 2023 has been renewed at 43.9% average spread and approximately 17.9% of GLA maturing in 2024 has been renewed at 29.7% average spread
"While the real estate market continues to face certain macro-economic challenges, we maintained our operating momentum in the third quarter of 2023, a testament to our properties and platform" said
"As we execute on our strategy to focus on the industrial sector, we have successfully sold four non-core properties for total proceeds of approximately
"With a persistent high occupancy rate and high renewals at favourable spreads across all asset classes, our portfolio remains resilient. In addition, we are well-positioned to capitalize on future growth in markets where we have a strong presence, like
"Previously, we announced a temporary 102,000 square foot vacancy would impact our industrial asset class this quarter, but the property has been fully leased since
"We continue to manage our balance sheet prudently, having reduced our debt level by
"Our primary focus remains the sound execution of our strategy, including the optimization of capital allocation, in order to maximize long-term value for the benefit of all our stakeholders," concluded Mr. Lawlor.
* Measures followed by the suffix "*" in this press release are non-IFRS measures. See "Non-IFRS Measures". |
Financial Results
Table 1- Financial Highlights
(CAD $ thousands except unit, per unit amounts and unless otherwise stated) | 3 Months Ended 2023 | 3 Months Ended 2022 | 9 Months Ended 2023 | 9 Months Ended 2022 |
Financial data | ||||
Property revenue | $ 24,052 | $ 24,086 | $ 74,275 | $ 72,140 |
Net operating income (NOI) | $ 14,054 | $ 14,808 | $ 43,044 | $ 43,158 |
Same Property NOI (1) | $ 11,893 | $ 12,041 | $ 35,612 | $ 35,371 |
Net income and comprehensive income | $ 11,265 | $ 19,547 | $ 26,055 | $ 78,038 |
Net income and comprehensive income per Unit - Basic (2) | $ 0.1861 | $ 0.3234 | $ 0.4308 | $ 1.2910 |
Net income and comprehensive income per Unit - Diluted (2) | $ 0.1836 | $ 0.3172 | $ 0.4243 | $ 1.2679 |
Total assets | $ 1,047,114 | $ 1,040,368 | $ 1,047,114 | $ 1,040,368 |
Total liabilities | $ 552,267 | $ 552,561 | $ 552,267 | $ 552,561 |
Debt (current and non-current) | $ 474,492 | $ 489,849 | $ 474,492 | $ 489,849 |
Adjusted Debt to Gross Book Value (1) | 50.0 % | 49.8 % | 50.0 % | 49.8 % |
Interest Coverage Ratio (1) | 2.4x | 2.7x | 2.5x | 2.8x |
Debt Service Coverage Ratio (1) | 1.5x | 1.6x | 1.5x | 1.6x |
Debt to Annualized Adjusted EBITDA Ratio (1) | 9.8x | 9.5x | 9.8x | 9.8x |
Weighted average interest rate on mortgage debt | 3.76 % | 3.69 % | 3.76 % | 3.69 % |
Net cash flows provided from operating activities | $ 11,036 | $ 10,975 | $ 22,237 | $ 19,904 |
Funds from Operations (FFO) (1) | $ 6,531 | $ 6,845 | $ 18,749 | $ 22,790 |
Basic FFO per unit (1)(2) | $ 0.1079 | $ 0.1132 | $ 0.3100 | $ 0.3770 |
Diluted FFO per unit (1)(2) | $ 0.1064 | $ 0.1111 | $ 0.3053 | $ 0.3703 |
Adjusted Funds from Operations (AFFO) (1) | $ 7,030 | $ 7,931 | $ 21,834 | $ 23,606 |
Basic AFFO per unit (1)(2) | $ 0.1161 | $ 0.1312 | $ 0.3610 | $ 0.3905 |
Diluted AFFO per unit (1)(2) | $ 0.1146 | $ 0.1287 | $ 0.3556 | $ 0.3835 |
AFFO Payout Ratio – Basic (1) | 96.9 % | 85.7 % | 93.5 % | 86.4 % |
AFFO Payout Ratio – Diluted (1) | 98.2 % | 87.4 % | 94.9 % | 88.0 % |
(1) Represents a non-IFRS measure. See "Non-IFRS Measures". |
(2) Total basic units consist of trust units of the REIT 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
For the three-month period ended
- Property revenue amounted to
$24.1 million , which was relatively flat compared to the same period last year, mainly resulting from the decrease in number of properties, the change in the related ownership percentages of the 42 properties purchased and sold inAugust 2022 and the nine properties sold inSeptember 2022 , offset by contractual increase in rent and higher rental rates on lease renewals. - NOI amounted to
$14.1 million , compared to$14.8 million in the same period in 2022, a decrease of 5.1%, mainly driven by the impact of the net decrease in properties owned and related ownership percentages over the last twelve-month period. - Same Property NOI* was
$11.9 million , down$0.1 million or 1.2%, compared to the same prior year period, primarily attributable to a temporary vacancy at oneMontreal 102,000 square foot industrial property, which was fully leased as ofOctober 1, 2023 , and a transitional vacancy of 90,400 square feet in the industrial segment, offset by contractual increases and higher rental rates across all classes; excluding the impact of the 102,000 square foot temporary vacancy, overall Same Property NOI* for the three-month period endedSeptember 30, 2023 increased by$0.2 million or 1.7%. - Net cash flows provided from operating activities was
$11.0 million , which was relatively flat compared to the third quarter of 2022, largely because of the timing of cash receipts and settlement of payables. - AFFO* totaled
$7.0 million , compared to$7.9 million in the same period last year, a decrease of 11.3%, mainly resulting from the above-mentioned temporary vacancy, a decrease in properties owned and related ownership percentages and an increase in variable interest rates on the credit facility, as well as increased weighted average interest rates on mortgage debt, offset by contractual increase in rent and higher rental rates on lease renewals. - AFFO Payout Ratio – Basic* was 96.9%, compared to 85.7% for the same period in the prior year, primarily resulting from the above-mentioned AFFO variance explanations.
For the nine-month period ended
- Property revenue amounted to
$74.3 million , an increase of$2.1 million or 3.0%, compared to$72.1 million for the same period last year, mainly resulting from the decrease in number of properties, the change in the related ownership percentages of the 42 properties purchased and sold inAugust 2022 and the nine properties sold inSeptember 2022 , offset by contractual increase in rent and higher rental rates on lease renewals. - NOI amounted to
$43.0 million , which was relatively flat compared to$43.2 million in the same period in 2022, mainly due to the net decrease in properties owned and related ownership percentages over the last twelve-month period. - Same Property NOI* reached
$35.6 million , up$0.2 million or 0.7%, compared to the same prior year period, for the same reasons as the three-month Same Property NOI*; excluding the impact of the 102,000 square foot temporary vacancy, overall Same Property NOI* for the nine-month period endedSeptember 30, 2023 increased by$1.0 million or 2.8%. - Net cash flows provided from operating activities was
$22.2 million , up from$19.9 million in the first nine months of 2022, an increase of 11.7%, largely as a result of the timing of cash receipts and settlement of payables. - AFFO* totaled
$21.8 million , compared to$23.6 million in the same period last year, a decrease of 7.5%, mainly resulting from the above-mentioned temporary vacancy, a decrease in properties owned and related ownership percentages and an increase in variable interest rates on the credit facility, as well as increased weighted average interest rates on mortgage deb, offset by contractual increase in rent and higher rental rates on lease renewals. - AFFO Payout Ratio – Basic* was 93.5%, compared to 86.4% for the same period in the prior year, primarily resulting from the above-mentioned AFFO variance explanations.
TABLE 2- Reconciliation of net operating income to net income and comprehensive income
(CAD $ thousands) | 3 Months Ended 2023 | 3 Months Ended 2022 | 9 Months Ended 2023 | 9 Months Ended 2022 |
Property revenue | $ 24,052 | $ 24,086 | $ 74,275 | $ 72,140 |
Property operating expenses | 9,998 | 9,278 | 31,231 | 28,982 |
Net operating income | 14,054 | 14,808 | 43,044 | 43,158 |
General and administrative expenses | 1,210 | 1,274 | 6,006 | 3,800 |
Long-term incentive plan expense | (409) | (75) | 567 | (351) |
Depreciation of property and equipment | 108 | 103 | 321 | 291 |
Amortization of intangible assets | 62 | 93 | 248 | 279 |
Interest and financing costs | 5,980 | 5,843 | 16,584 | 15,359 |
Distributions - Class B LP Units | 152 | 159 | 466 | 477 |
Fair value adjustment - Class B LP Units | (1,310) | (650) | (2,302) | (1,511) |
Fair value adjustment - investment properties | (1,567) | (11,573) | (2,968) | (52,707) |
Fair value adjustment - derivative financial instrument | (1,148) | – | (1,127) | – |
Other income | (852) | (382) | (2,435) | (1,521) |
Other expenses | 485 | 195 | 1,304 | 730 |
Debt settlement costs | 73 | 274 | 126 | 274 |
Transaction costs | 5 | – | 199 | – |
Net income and comprehensive income | $ 11,265 | $ 19,547 | $ 26,055 | $ 78,038 |
For the three months ended
For the nine months ended
Managing our Balance Sheet
As at
With approximately
The weighted average interest rate on mortgage debt was 3.76% at
Total debt (current and non-current) was
Sustained Operating Environment
At
Occupancy rate remained strong at 98.2% as at
The industrial segment accounted for 81.3% of GLA and 71.7% of base rent at
Portfolio Transactions
On
On
Subsequent to quarter-end, on
Subsequent to quarter-end, on
Distributions
Distributions to unitholders of
On
Strategy
While focusing on high-quality light industrial real estate in
Investor Conference Call and Webcast Details
PROREIT will hold a conference call to discuss its third quarter 2023 results on
The conference call will also be accessible via live webcast on PROREIT's website at www.proreit.com or at https://app.webinar.net/AjraQXaeOy7
About PROREIT
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
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
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"); Available Liquidity; funds from operations ("FFO"); gross book value ("Gross Book Value"); 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 and nine months ended
Table 3 - Reconciliation of Same Property NOI to net operating income (as reported in the consolidated financial statements)
(CAD $ thousands) | 3 Months Ended 2023 | 3 Months Ended 2022 | 9 Months Ended 2023 | 9 Months Ended 2022 |
Property revenue | $ 24,052 | $ 24,086 | $ 74,275 | $ 72,140 |
Property operating expenses | 9,998 | 9,278 | 31,231 | 28,982 |
NOI (net operating income) as reported in the financial statements | 14,054 | 14,808 | 43,044 | 43,158 |
Straight-line rent adjustment | 226 | (21) | (352) | (244) |
NOI after straight-line rent adjustment | 14,280 | 14,787 | 42,692 | 42,914 |
NOI sourced from: | ||||
Acquisitions | (2,103) | (1,936) | (6,250) | (5,269) |
Dispositions | (284) | (810) | (830) | (2,274) |
Same Property NOI (1) | $ 11,893 | $ 12,041 | $ 35,612 | $ 35,371 |
Number of same properties | 102 (2) | 102 (2) | 102 (2) | 102 (2) |
(1) Represents a non-IFRS measure. See "Non-IFRS Measures". |
(2) Includes 21 properties 50% owned at |
Table 4 - Same Property NOI and Same Property NOI by asset class, adjusted to exclude the NOI of the temporary vacancy of one industrial property
3 Months Ended | 9 Months Ended | ||||||
(CAD $ thousands) | Number of same | 2023 | 2022 | Number of same | 2023 | 2022 | |
Same Property NOI (1) | 102 | $ 11,893 | $ 12,041 | 102 | $ 35,612 | $ 35,371 | |
NOI of the temporary vacancy of 1 industrial property | (1) | 65 | (286) | (1) | (15) | (728) | |
Same Property NOI (Adjusted for One Temporary Vacancy) (1) | 101 | $ 11,958 | $ 11,755 | 101 | $ 35,597 | $ 34,643 | |
Industrial (excluding 1 temporary vacant property) (2) | 64 | $ 8,155 | $ 7,984 | 64 | $ 24,339 | $ 23,607 | |
Retail | 32 | 2,791 | 2,814 | 32 | 8,302 | 8,206 | |
Office | 5 | 1,012 | 957 | 5 | 2,956 | 2,830 | |
Same Property NOI (adjusted for one temporary vacancy) (1) | 101 | $ 11,958 | $ 11,755 | 101 | $ 35,597 | $ 34,643 |
(1) | Represents a non-IFRS measure. See "Non-IFRS Measures". |
(2) | Includes 21 properties 50% owned at |
Table 5 - Calculation of Available Liquidity
(CAD $ thousands) | 2023 | 2022 | 2022 |
Cash per condensed consolidated interim financial statements | $ 11,403 | $ 7,531 | $ 6,148 |
Undrawn revolving credit facility | 46,000 | 23,000 | 22,500 |
Available Liquidity (1) | $ 57,403 | $ 30,531 | $ 28,648 |
(1) Represents a non-IFRS measure. See "Non-IFRS Measures". |
Table 6 - 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 2023 | 3 Months Ended 2022 | 9 Months Ended 2023 | 9 Months Ended 2022 |
Net income and comprehensive income for the period | $ 11,265 | $ 19,547 | $ 26,055 | $ 78,038 |
Add: | ||||
Long-term incentive plan | (923) | (731) | (1,623) | (1,786) |
Distributions - Class B LP Units | 152 | 159 | 466 | 477 |
Fair value adjustment - investment properties | (1,567) | (11,573) | (2,968) | (52,707) |
Fair value adjustment - Class B LP Units | (1,310) | (650) | (2,302) | (1,511) |
Fair value adjustment - derivative financial instrument | (1,148) | – | (1,127) | – |
Amortization of intangible assets | 62 | 93 | 248 | 279 |
FFO (1) | $ 6,531 | $ 6,845 | $ 18,749 | $ 22,790 |
Deduct: | ||||
Straight-line rent adjustment | $ 226 | $ (21) | $ (352) | $ (244) |
Maintenance capital expenditures | (126) | (282) | (485) | (793) |
Stabilized leasing costs | (665) | (387) | (1,763) | (1,225) |
Add: | ||||
Long-term incentive plan | 514 | 656 | 2,190 | 1,435 |
Amortization of financing costs | 367 | 846 | 806 | 1,369 |
Accretion expense - Convertible Debentures | 105 | – | 124 | – |
Debt settlement costs | 73 | 274 | 126 | 274 |
Transaction costs | 5 | – | 199 | – |
CEO Succession plan costs | – | – | 2,240 | – |
AFFO (1) | $ 7,030 | $ 7,931 | $ 21,834 | $ 23,606 |
Basic FFO per unit (1)(2) | $ 0.1079 | $ 0.1132 | $ 0.3100 | $ 0.3770 |
Diluted FFO per unit (1)(2) | $ 0.1064 | $ 0.1111 | $ 0.3053 | $ 0.3703 |
Basic AFFO per unit (1)(2) | $ 0.1161 | $ 0.1312 | $ 0.3610 | $ 0.3905 |
Diluted AFFO per unit (1)(2) | $ 0.1146 | $ 0.1287 | $ 0.3556 | $ 0.3835 |
Distributions declared per | $ 0.1125 | $ 0.1125 | $ 0.3375 | $ 0.3375 |
AFFO Payout Ratio – Basic (1) | 96.9 % | 85.7 % | 93.5 % | 86.4 % |
AFFO Payout Ratio – Diluted (1) | 98.2 % | 87.4 % | 94.9 % | 88.0 % |
Basic weighted average number of units (2)(3) | 60,534,125 | 60,447,230 | 60,479,465 | 60,447,230 |
Diluted weighted average number of units (2)(3) | 61,366,430 | 61,625,646 | 61,408,491 | 61,549,406 |
(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 7 - Reconciliation of Adjusted EBITDA to net income and comprehensive income
(CAD $ thousands) | 3 Months Ended 2023 | 3 Months Ended 2022 | 9 Months Ended 2023 | 9 Months Ended 2022 |
Net income and comprehensive income | $ 11,265 | $ 19,547 | $ 26,055 | $ 78,038 |
Interest and financing costs | 5,980 | 5,843 | 16,584 | 15,359 |
Depreciation of property and equipment | 108 | 103 | 321 | 291 |
Amortization of intangible assets | 62 | 93 | 248 | 279 |
Fair value adjustment - Class B LP Units | (1,310) | (650) | (2,302) | (1,511) |
Fair value adjustment - investment properties | (1,567) | (11,573) | (2,968) | (52,707) |
Fair value adjustment - derivative financial instrument | (1,148) | – | (1,127) | – |
Distributions - Class B LP Units | 152 | 159 | 466 | 477 |
Straight-line rent | 226 | (21) | (352) | (244) |
Long-term incentive plan expense | (409) | (75) | 567 | (351) |
CEO succession plan costs | – | – | 2,240 | – |
Transaction costs | 73 | – | 126 | – |
Debt settlement costs | 5 | 274 | 199 | 274 |
Adjusted EBITDA (1) | $ 13,437 | $ 13,700 | $ 40,057 | $ 39,905 |
Annualized Adjusted EBITDA (1) | $ 53,748 | $ 54,800 | $ 53,409 | $ 53,207 |
(1) 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 2023 | 3 Months Ended 2022 | 9 Months Ended 2023 | 9 Months Ended 2022 |
Adjusted Debt (1) | $ 525,508 | $ 519,725 | $ 525,508 | $ 519,725 |
Adjusted EBITDA (1) | $ 13,437 | $ 13,700 | $ 40,057 | $ 39,905 |
Annualized Adjusted EBITDA (1) | $ 53,748 | $ 54,800 | $ 53,409 | $ 53,207 |
Adjusted Debt to Annualized Adjusted EBITDA Ratio (1) | 9.8x | 9.5x | 9.8x | 9.8x |
(1) Represents a non-IFRS measure. See "Non-IFRS Measures". |
Table 9 - Calculation of the Interest Coverage Ratio
(CAD $ thousands) | 3 Months Ended 2023 | 3 Months Ended 2022 | 9 Months Ended 2023 | 9 Months Ended 2022 |
Adjusted EBITDA (1) | $ 13,437 | $ 13,700 | $ 40,057 | $ 39,905 |
Interest expense | $ 5,612 | $ 5,020 | $ 15,926 | $ 14,006 |
Interest Coverage Ratio (1) | 2.4x | 2.7x | 2.5x | 2.8x |
(1) Represents a non-IFRS measure. See "Non-IFRS Measures". |
Table 10 - Calculation of the Debt Service Coverage Ratio
(CAD $ thousands) | 3 Months Ended 2023 | 3 Months Ended 2022 | 9 Months Ended 2023 | 9 Months Ended 2022 |
Adjusted EBITDA (1) | $ 13,437 | $ 13,700 | $ 40,057 | $ 39,905 |
| 5,612 | 5,020 | 15,926 | 14,006 |
Principal repayments | 3,317 | 3,352 | 9,924 | 10,507 |
Debt Service Requirements | $ 8,929 | $ 8,372 | $ 25,850 | $ 24,513 |
Debt Service Coverage Ratio (1) | 1.5x | 1.6x | 1.5x | 1.6x |
(1) Represents a non-IFRS measure. See "Non-IFRS Measures". |
Table 11 - Calculation of Adjusted Debt
(CAD $ thousands) | 2023 | 2022 |
Debt (non-current and current portion) | $ 474,492 | $ 489,849 |
Reconciling items: | ||
Unamortized financing costs - debt | 2,016 | 2,376 |
Debt, excluding unamortized financing costs | $ 476,508 | $ 492,225 |
Credit facility | 13,763 | 27,294 |
Unamortized financing costs - credit facility | 237 | 206 |
Credit facility, excluding unamortized financing costs | $ 14,000 | $ 27,500 |
Convertible Debentures | 30,008 | – |
Derivative financial instrument | 812 | – |
Unamortized financing costs - convertible debentures | 3,177 | – |
Accretion expense - for the 9 months ended | (124) | – |
Fair value adjustment - derivative financial instrument for the 9 months ended | 1,127 | – |
Convertible Debentures, at face value | $ 35,000 | $ – |
Adjusted Debt (1) | $ 525,508 | $ 519,725 |
(1) Represents a non-IFRS measure. See "Non-IFRS Measures". |
Table 12 - Calculation of Gross Book Value and Adjusted Debt to Gross Book Value
(CAD $ thousands unless otherwise stated) | 2023 | 2022 |
Total assets, including investment properties stated at fair value | $ 1,047,114 | $ 1,040,368 |
Accumulated depreciation on property and equipment and intangible assets | 3,619 | 2,838 |
Gross Book Value (1) | 1,050,733 | 1,043,206 |
Adjusted Debt (1) | $ 525,508 | $ 519,725 |
Adjusted Debt to Gross Book Value (1) | 50.0 % | 49.8 % |
(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, and the proposed sale of two non-strategic retail properties for total proceeds of approximately
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 and nine month periods ended
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