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Draft:Pro REIT

From Wikipedia, the free encyclopedia
PRO Real Estate Investment Trust (PROREIT)
Company typePublic company
IndustryReal estate, property management
FoundedMarch 2013
FoundersJames W. Beckerleg and Gordon G. Lawlor
Area served
Canada
Key people
James W. Beckerleg Trustee, Chair of the Board and Co-Founder

Gordon G. Lawlor, CPA, President and Chief Executive Officer, Co-Founder and Trustee

Alison Schafer, CPA, Chief Financial Officer and Secretary
Number of employees
82 employees (PROREIT and Compass Commercial Realty)
Websitehttps://proreit.ca/en/

Overview

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PROREIT is an industrial-focused Canadian unincorporated, open-ended real estate investment trust, which owns portfolio of commercial properties located in secondary markets with a high concentration in Eastern and Central Canada..[1] Founded in 2013, shares of PROREIT trade on the TSX under the symbol “PRV.UN”.[2]

History

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In March 2013, PROREIT was cofounded by James W. Beckerleg[3] and Gordon G. Lawlor[4] and shares of PROREIT began trading on the Toronto Venture Stock Exchange (TSX-V) under the symbol “PRV.UN”.[5]

In 2018, PROREIT acquired 100% of Compass Commercial Realty LP, a Canadian commercial real estate and property management company.[6]

In May 2019, PROREIT graduated to the Toronto Stock Exchange (TSX) and began trading under the symbol “PRV.UN”.[7]

In 2022, PROREIT completed a strategic venture with Crestpoint Real Estate Investments Ltd to jointly own 42 industrial properties in Halifax, Nova Scotia and New Brunswick.[8]

Half of PROREIT's portfolio is located in the Maritimes, and just over 9 % is in Québec.[9]

Properties

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With a concentration in Eastern and Central Canada, PROREIT’s industrial-focused real estate portfolio consists of commercial properties located in secondary markets.[1] At the end of Fiscal 2022, the portfolio reached over C$1 billion in total assets.[10]

Property Management Division

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Acquired in 2018, PROREIT owns 100% of Compass Commercial Realty LP, a property management firm headquartered in Halifax, Nova Scotia, and operating across Canada. Compass employs over 70 people and offers commercial property management and real estate services to institutional, corporate and private clients.[8]

References

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  1. ^ a b "Busines Summary". Market Screener.
  2. ^ "PRO Real Estate Investment Trust (PRV.UN) To Trade on Toronto Stock Exchange". TMX Exchange. 2019-05-03.
  3. ^ Marr, Garry (2022-10-05). "Co-Founder of Montreal's PROREIT to Step Down From Top Job in April". CoStar.
  4. ^ "Company Profile". Yahoo! Finance.
  5. ^ "Company News Release". PROREIT. 2013-03-12.
  6. ^ "PROREIT buys 12 properties, internalizes management". Real Estate News Exchange. 2018-06-07.
  7. ^ "PRO Real Estate Investment Trust (PRV.UN) To Trade on Toronto Stock Exchange". TMX Exchange. 2019-05-03.
  8. ^ a b "PROREIT, Crestpoint form $455M industrial JV". Real Estate News Exchange. 2022-06-21.
  9. ^ "Un rendement de près de 10 % sur ce titre québécois". 2023-12-18.
  10. ^ McLean, Steve (2023-03-24). "Milestone call for PROREIT: $1B in assets, new CEO on way". Real Estate News Exchange.