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

Another distribution cut

[incomedreamer11]

Market expecting another distribution cut

From last report (  CAD $ thousands):

For the three and six month periods ended June 30, 2023 and 2022, there was a shortfall of cash flow from operating activities over distributions paid or payable mainly due to seasonal fluctuations in non-cash working capital, distribution on Class B LP Units that are recorded as a reduction of net income and comprehensive income and non-recurring items. For the three month period ended June 30, 2023, there was a shortfall of net income and comprehensive income over distributions paid or payable. The shortfall of net income and comprehensive income over distributions paid or payable is mainly due to unrealized fair value adjustments and distribution on Class B LP Units that are recorded as a reduction of net income and comprehensive income. The REIT financed the shortfalls using cash on hand and/or using the REIT’s revolving credit facility of $60,000 which bears interest at prime plus 100.0 basis points or bankers’ acceptance rate plus 200.0 basis points and/or planned normal course property refinancings.

[SNAKEYBOY]

2 distribution cuts from this turd.  Fire management 

[ndiamond]

I don't think there will be a distribution cut.     Great time to be accumulating this one.   Yield is over 9%.

[canadian]

Here comes the short seller telling lies. How low do you want this one to go? So that I can add more.

[incomedreamer11]

For anybody red flag when company pay distribution more than cash flow from operation For the three and six month periods ended June 30, 2023 and 2022, there was a shortfall of cash flow from operating activities over distributions paid or payable ( From CEO PRV.UN on last conference)

[canadian]

Thank mf short seller. Added few more.

[incomedreamer11]

Same old story: when you have less from operation than your distribution  and use debt to pay it, sooner or later you will force to cut distribution, Look. what happened with NHF.UN-TNT.UN-MPCT.UN etc, Everytime somebody try to average down, don't catch the falling knife. it down for some reason

[canadian]

Stopp spreading false informaion you mf short seller. Look at their rent renewal increases.  So, our industrial spreads like are in the plus 50%. I think 54% was our industrial spread for the quarter. Alison is just pulling up the retail there. So, strong industrial, retail kind of like above average as well. But I believe it’s 54% The temporary vacancy of a102,000 square foot industrial

[incomedreamer11]

From last report (thousand CAD) 3 Months Ended June 30 2023  Cash flow provided from operating activities $ 619  Net income and comprehensive income $ 1,742 Total distributions paid or payable – Units (1) $ 6,643 Shortfall of cash flow from operating activities over distributions paid or payable $ (6,024)  They using debt to cover shortage distribution cash

[canadian]

Stop spreading false information: From earnings call Net operating income was $14.5 million, up 1.3% year over year, also as a result of the number of properties and ownership percentages in our portfolio. G&A expense was $1.3 million in Q2, in line with our G&A run rate for the remainder of the year. As you recall, we had a one-time CEO retirement cost of $2.2 million included in G&A

[incomedreamer11]

From last report ( in thousand CAD) Cash flow provided from operating activities $ 619   Add (deduct): Changes in non-cash working capital 6,841 Distributions – Class B LP Units 157 Maintenance capital expenditures (174)  Stabilized leasing costs (592) Depreciation of property and equipment (108)  Debt settlement costs 53 Transaction costs 194 CEO succession plan costs

[canadian]

stop fake information you mf short seller Non-cash working capital is a form of working capital that may convert to money shortly, such as accounts receivables. This financial measure helps a company gauge its financial health and evaluate its turnover speed—the time it takes the company to convert its non-cash current assets into cash.

[Capharnaum]

AFFO payout is the right measure for the distribution. As to changes in non-cash working capital, it's not an expense and it's not something recurring either, it's timing based mostly. AFFO payout is on the high side, but not necessarily in a "must cut" territory either.

[canadian]

Also Affo was little high because of The temporary vacancy of a102,000 square foot industrial property in Montreal,which has been fully re-leased with 10-year terms at an average positive spread of 55%,had a temporaryimpact on the quarter, namely on our Same Property NOI(1) and our AFFO Payout Ratio. It was vacant from April 1st and lease starts from October 1st for 10 years with 55% increase in