PROREIT Announces November 2020 Distribution; Provides Rent Collection and Operating Liquidity Update

• Monthly cash distribution of $0.0375 per unit declared
• 99.8% of rent collected in November 2020
• New $13.25 million term loan secured

MONTREAL, Nov. 19, 2020 /CNW/ - PRO Real Estate Investment Trust ("PROREIT" or the "REIT") (TSX: PRV.UN) today announced its November 2020 distribution and provided an update on November rent collections and operating liquidity.

"Our positive monthly rent collection trend continues in November, with 99.8% of rent collected across our portfolio and approved rent deferrals repaid on schedule," said James Beckerleg, President and CEO, PROREIT.

"Underpinned by the stability of our cash flows, our operating liquidity position remains very solid. We are pleased to have successfully secured an additional $13.25 million term loan with proceeds being received this month," added Mr. Beckerleg.

"Although still in the midst of the pandemic, economic activity has started to show encouraging signs with positive indications regarding the ongoing development of vaccines. We are confident in our ability to resume our growth plans as we return to more normal market conditions," concluded James Beckerleg.

Rent Collection Update

Operating Liquidity Update

PROREIT entered into a new financing commitment with a current lender to increase its operating liquidity, as previously announced. Secured by second charge security on a pool of 14 properties, the new term loan of $13.25 million has a three-year term at an annual interest rate of 6.45%. Net proceeds of the loan are expected to be received in November 2020 and will be used to pay down portions of certain term loans and credit facilities, increasing the REIT's operating liquidity by approximately $9 million.

Distribution

PROREIT's Board of Trustees declared a cash distribution of $0.0375 per trust unit of the REIT for the month of November 2020. It will be payable on December 15, 2020 to unitholders of record as at November 30, 2020.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of applicable securities legislation. 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 economic activity and the future performance of PROREIT. PROREIT's objectives and forward-looking statements are based on certain assumptions, including that (i) PROREIT will receive financing on favourable terms; (ii) the future level of indebtedness of PROREIT and its future growth potential will remain consistent with the REIT's current expectations; (iii) there will be no changes to tax laws adversely affecting PROREIT's financing capacity or operations; (iv) the impact of the current economic climate and the current global financial conditions on PROREIT's operations, including its financing capacity and asset value, will remain consistent with PROREIT's current expectations; (v) the performance of PROREIT's investments in Canada will proceed on a basis consistent with PROREIT's current expectations; and (vi) capital markets will provide PROREIT with readily available access to equity and/or debt.

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 nine months ended September 30, 2020, which are available under PROREIT's profile on SEDAR at www.sedar.com.

About PROREIT

PROREIT (www.proreit.com) 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 gross leasable area. Established in March 2013, PROREIT is mainly focused on strong primary and secondary markets in Québec, Atlantic Canada and Ontario, with selective exposure in Western Canada.

SOURCE PROREIT