MONTREAL, Aug. 10, 2022 /CNW/ – PRO Real Estate Investment Trust (“PROREIT” or the “REIT”) (TSX: PRV.UN) today reported its financial and operating results for the three-month period (or “second quarter” or “Q2”) ended June 30, 2022.
Second Quarter 2022 Highlights
- Property revenue up 33.6% in Q2 2022 compared to Q2 2021
- Net operating income* up 33.0% in Q2 2022 compared to Q2 2021
- Net income and comprehensive income up $0.9 million in Q2 2022 compared to Q2 2021
- AFFO* increase of 36.9% in Q2 2022 compared to Q2 2021
- AFFO Payout Ratio – Basic* of 86.5% in Q2 2022 compared to 92.3% in Q2 2021
- Debt to Gross Book Value* of 51.3% at June 30, 2022, compared to 58.2% at same date last year
- Occupancy rate of 98.3% at June 30, 2022
- 81.8% of 2022 gross leasable area (“GLA”) renewed at 12.9% average spreads
- Completion of previously announced joint venture transaction with Crestpoint…
