Mr. Gordon Lawlor reports

PROREIT COMPLETES ACQUISITION OF 17 INDUSTRIAL PROPERTIES FOR COMBINED PURCHASE PRICE OF $136.8 MILLION

Pro Real Estate Investment Trust has completed its previously announced acquisition of a 100-per-cent interest in two industrial portfolios located in Quebec City, Que., and Winnipeg, Man., for an aggregate purchase price of approximately $136.8-million (excluding closing costs). The Quebec portfolio comprises 13 industrial properties located in Quebec City, totalling 611,924 square feet of GLA, and was acquired for $112.8-million (excluding closing costs). The Winnipeg portfolio comprises four industrial properties totalling 159,235 square feet of GLA and was acquired for $24.0-million (excluding closing costs). The acquisitions are expected to be accretive to 2026 AFFO (adjusted funds from operations) per unit on a leverage-neutral basis.

• Acquisition of two institutional-quality industrial portfolios comprising 17 properties (13 in Quebec City and four in Winnipeg) totalling 771,159 square feet of gross leasable area (GLA) for an aggregate purchase price of $136.8-million.
• Entered into a binding agreement to acquire four additional industrial properties in Winnipeg totalling approximately 165,000 square feet of GLA for a purchase price of $21.7-million.

PROREIT also entered into a binding agreement for the previously announced acquisition of four additional industrial properties totalling approximately 165,000 square feet of GLA in Winnipeg, Man., for a purchase price of $21.7-million (excluding closing costs). The purchase price is expected to be financed through approximately $14.1-million of a new eight-year fixed-rate mortgage financing and cash on hand, including proceeds from PROREIT's equity financing completed on June 10, 2026. Closing of the additional acquisitions is expected to occur in the third quarter of 2026, subject to customary closing conditions.

The acquisitions

Quebec portfolio

The Quebec portfolio comprises 13 industrial properties totalling 611,924 square feet of GLA and was acquired for $112.8-million (excluding closing costs). The purchase price was financed through approximately $73.8-million drawn under a four-year secured non-revolving credit facility with $71.0-million of the facility hedged through a four-year fixed-rate swap at 4.69 per cent, and approximately $39.1-million of cash from the net proceeds of the June 10, 2026, equity financing.

Winnipeg portfolio

The Winnipeg portfolio comprises four industrial properties totalling 159,235 square feet of GLA and was acquired for $24.0-million (excluding closing costs). The purchase price was financed through approximately $15.6-million of a new eight-year fixed-rate mortgage financing bearing interest at 4.95 per cent and approximately $8.4-million of cash from the net proceeds of the June 10, 2026 equity financing.

Impact on PROREIT's overall portfolio

Following completion of the acquisitions and giving effect to the additional acquisitions under binding agreement, PROREIT's portfolio will consist of 126 income-producing properties representing approximately 7.4 million square feet of GLA.

The transactions meaningfully enhance PROREIT's industrial weighting, increasing industrial exposure to approximately 93.5 per cent of total GLA and 92.1 per cent of annualized base rent, on a pro forma basis. The acquisitions further advance PROREIT's strategy of increasing its allocation to high-quality industrial assets in strong Canadian logistics and distribution markets.

About Pro Real Estate Investment Trust

Founded in 2013, PROREIT is a Canadian industrial real estate investment trust that owns and operates a portfolio of high-quality properties. With a presence in strong primary and secondary Canadian markets, PROREIT is committed to delivering stable cash flow, disciplined growth and long-term value for its unitholders.

We seek Safe Harbor.