TSX:PRV.UN

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Pro Real Estate Investment Trust

Executive Summary

PROREIT is an unincorporated open-ended real estate investment trust owning a diversified portfolio of 93 commercial properties across Canada representing over 4.5 million square feet of GLA. More Details


Snowflake Analysis

Second-rate dividend payer and overvalued.

Share Price & News

How has Pro Real Estate Investment Trust's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: PRV.UN is less volatile than 75% of Canadian stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: PRV.UN's weekly volatility (5%) has been stable over the past year.


Market Performance


7 Day Return

0%

PRV.UN

0.6%

CA REITs

1.1%

CA Market


1 Year Return

-20.9%

PRV.UN

-15.7%

CA REITs

-1.5%

CA Market

Return vs Industry: PRV.UN underperformed the Canadian REITs industry which returned -15.7% over the past year.

Return vs Market: PRV.UN underperformed the Canadian Market which returned -1.5% over the past year.


Shareholder returns

PRV.UNIndustryMarket
7 Day0%0.6%1.1%
30 Day18.4%11.6%5.9%
90 Day10.0%9.0%4.7%
1 Year-12.6%-20.9%-10.9%-15.7%2.1%-1.5%
3 Year12.2%-15.6%14.8%-2.8%11.0%0.2%
5 Year65.7%2.6%41.6%6.9%45.4%23.1%

Long-Term Price Volatility Vs. Market

How volatile is Pro Real Estate Investment Trust's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Pro Real Estate Investment Trust undervalued compared to its fair value and its price relative to the market?

14.09x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: PRV.UN (CA$5.85) is trading above our estimate of fair value (CA$5.43)

Significantly Below Fair Value: PRV.UN is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: PRV.UN is poor value based on its PE Ratio (14.1x) compared to the CA REITs industry average (9.2x).

PE vs Market: PRV.UN is good value based on its PE Ratio (14.1x) compared to the Canadian market (15.1x).


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate PRV.UN's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: PRV.UN's PB Ratio (0.9x) is in line with the CA REITs industry average.


Next Steps

Future Growth

How is Pro Real Estate Investment Trust forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

-0.03%

Forecasted annual revenue growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: Insufficient data to determine if PRV.UN's forecast earnings growth is above the savings rate (1.7%).

Earnings vs Market: Insufficient data to determine if PRV.UN's earnings are forecast to grow faster than the Canadian market

High Growth Earnings: Insufficient data to determine if earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: PRV.UN's revenue is expected to decline over the next 3 years (-0.03% per year).

High Growth Revenue: PRV.UN's revenue is forecast to decline over the next 3 years (-0.03% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if PRV.UN's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

How has Pro Real Estate Investment Trust performed over the past 5 years?

32.0%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: PRV.UN has a large one-off loss of CA$6.1M impacting its September 30 2020 financial results.

Growing Profit Margin: PRV.UN's current net profit margins (23%) are lower than last year (38.2%).


Past Earnings Growth Analysis

Earnings Trend: PRV.UN's earnings have grown significantly by 32% per year over the past 5 years.

Accelerating Growth: PRV.UN's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: PRV.UN had negative earnings growth (-20.4%) over the past year, making it difficult to compare to the REITs industry average (16.4%).


Return on Equity

High ROE: PRV.UN's Return on Equity (6.6%) is considered low.


Next Steps

Financial Health

How is Pro Real Estate Investment Trust's financial position?


Financial Position Analysis

Short Term Liabilities: PRV.UN's short term assets (CA$12.8M) do not cover its short term liabilities (CA$65.4M).

Long Term Liabilities: PRV.UN's short term assets (CA$12.8M) do not cover its long term liabilities (CA$327.7M).


Debt to Equity History and Analysis

Debt Level: PRV.UN's debt to equity ratio (156.6%) is considered high.

Reducing Debt: PRV.UN's debt to equity ratio has reduced from 196.4% to 156.6% over the past 5 years.

Debt Coverage: PRV.UN's debt is not well covered by operating cash flow (5.6%).

Interest Coverage: PRV.UN's interest payments on its debt are not well covered by EBIT (2.2x coverage).


Balance Sheet


Next Steps

Dividend

What is Pro Real Estate Investment Trust current dividend yield, its reliability and sustainability?

7.69%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: PRV.UN's dividend (7.69%) is higher than the bottom 25% of dividend payers in the Canadian market (1.66%).

High Dividend: PRV.UN's dividend (7.69%) is in the top 25% of dividend payers in the Canadian market (5.35%)


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, PRV.UN has been paying a dividend for less than 10 years.

Growing Dividend: PRV.UN has only been paying a dividend for 7 years, and since then payments have fallen.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (123.8%), PRV.UN's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: PRV.UN's dividends in 3 years are forecast to be covered by earnings (79.7% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

7.7yrs

Average management tenure


CEO

Jim Beckerleg (73 yo)

7.67yrs

Tenure

CA$1,458,616

Compensation

Mr. James W. Beckerleg, also known as Jim, has serves as President, Chief Executive Officer at Pro Real Estate Investment Trust since March 2013 and serves as Trustee since March 11, 2013. He was the Presi...


CEO Compensation Analysis

Compensation vs Market: Jim's total compensation ($USD1.11M) is above average for companies of similar size in the Canadian market ($USD586.46K).

Compensation vs Earnings: Jim's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.


Leadership Team

NamePositionTenureCompensationOwnership
James Beckerleg
President7.67yrsCA$1.46mno data
Gordon Lawlor
Executive VP7.67yrsCA$1.19m0.59%
CA$ 1.4m
Mark O'Brien
Managing Director of Operations4.83yrsno datano data
Chris Andrea
President of Compass Commercial Realty LPno datano datano data

7.7yrs

Average Tenure

Experienced Management: PRV.UN's management team is seasoned and experienced (7.7 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
James Beckerleg
President7.67yrsCA$1.46mno data
Ronald Smith
Independent Trustee7.67yrsCA$56.94k0.095%
CA$ 221.2k
John Levitt
Independent Chairman of the Board of Trustees7.67yrsCA$66.94k0.071%
CA$ 163.9k
Gérard Limoges
Independent Trustee7.67yrsCA$55.94k0.10%
CA$ 237.3k
Martin Coté
Independent Trustee5.42yrsCA$42.94k0.044%
CA$ 103.1k
Shenoor Jadavji
6.17yrsCA$42.94kno data
Vincent Chiara
Independent Trustee5.42yrsCA$45.94k0.0094%
CA$ 21.8k
Peter Aghar
5.42yrsCA$41.94kno data

6.9yrs

Average Tenure

64yo

Average Age

Experienced Board: PRV.UN's board of directors are considered experienced (6.9 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: PRV.UN insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Pro Real Estate Investment Trust's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Pro Real Estate Investment Trust
  • Ticker: PRV.UN
  • Exchange: TSX
  • Founded: 2010
  • Industry: Diversified REITs
  • Sector: Real Estate
  • Implied Market Cap: CA$232.134m
  • Market Cap: CA$225.135m
  • Shares outstanding: 40.02m
  • Website: https://www.proreit.com

Location

  • Pro Real Estate Investment Trust
  • 2000 Mansfield Street
  • Suite 1000
  • Montreal
  • Quebec
  • H3A 2Z7
  • Canada

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
PRV.UNTSX (The Toronto Stock Exchange)YesTrust UnitsCACADNov 2011

Biography

PROREIT is an unincorporated open-ended real estate investment trust owning a diversified portfolio of 93 commercial properties across Canada representing over 4.5 million square feet of GLA. Established i...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/11/24 00:02
End of Day Share Price2020/11/23 00:00
Earnings2020/09/30
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.