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

Alternate Symbol(s):  PRVFF | T.PRV.UN

Real Estate REIT - Diversified
PRO Real Estate Investment Trust is a Canada-based open-ended real estate investment trust. The Company owns a portfolio of commercial real estate properties in Canada, with an industrial focus in robust secondary markets. The Company’s segments include three classifications of investment properties: Industrial, Retail and Office. All of the Company’s activities are located in a single segment, Canada. With a concentration in eastern and central Canada, its industrial-focused real estate portfolio consists of commercial properties located in secondary markets. It has approximately 123 properties, including MONCTON, NEW BRUNSWICK, Amherst, Nova Scotia; L'ancienne-Lorette, Quebec; Daveluyville, Quebec; Saint John, New Brunswick; Miramichi, New Brunswick; Woodstock, New Brunswick and others. The Company’s properties are located in Western Canada, Ontario, Quebec and Atlantic Canada.


TSX:PRV.DB - Post by User

PRO Real Estate Investment 8 Convertible Unsecured Subod Debentures > TD down target price again
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Post by incomedreamer11on Oct 24, 2023 11:02am
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Post# 35698201

TD down target price again

TD down target price againWe derive our $4.75 from $5 target price by using an AFFO multiple of 12.0x-12.5x on our 2024E, representing a 28% discount to our NAV/unit estimate.

AFFO Payout 2023E 115%

P/AFFO    11.0x(2023)   11.0x( 2024)  10.5x (2025)
Company-specific risks include exposure to smaller business tenants, an elevated payout ratio, geographic concentration, reliance on acquisitions for growth, and ownership of units by Bragg Group (~19%), which gives it significant influence over the REIT.
Other key risks to target price include local real-estate markets; competitive supply; demand swings; general economic conditions; interest-rate fluctuations; potential inability to lease up properties; general tenant credit risk; loss of key management personnel; and cost pressures.
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