PRO Real Estate Investment 8 Convertible Unsecured Subod Debentures T.PRV.DB

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 BMO’s Jenny Ma increased her PRO Real Estate Investment Trust (PRV.UN-T) target to $7.25 from $6.50 with a “market perform” rating. The average is $7.43.

“PROREIT had an exceptionally busy Q2/21, acquiring several industrial portfolios which boosted the REIT’s size by almost one-quarter,” she said. “Presently, more than half of PROREIT’s revenue is derived from the highly coveted industrial asset class, albeit of properties located in secondary markets such as Winnipeg, Ottawa, and Atlantic Canada. Reflecting the attractiveness of industrial and stabilization of retail properties, we are lowering our utilized cap rate by 25bps to 6.25 per cent, which raises our NAV estimate to $7.23.”