Join today and have your say! It’s FREE!

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Please Try Again
{{ error }}
By providing my email, I consent to receiving investment related electronic messages from Stockhouse.

or

Sign In

Please Try Again
{{ error }}
Password Hint : {{passwordHint}}
Forgot Password?

or

Please Try Again {{ error }}

Send my password

SUCCESS
An email was sent with password retrieval instructions. Please go to the link in the email message to retrieve your password.

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Quote  |  Bullboard  |  News  |  Opinion  |  Profile  |  Peers  |  Filings  |  Financials  |  Options  |  Price History  |  Ratios  |  Ownership  |  Insiders  |  Valuation

Bullboard - Stock Discussion Forum PRO Real Estate Investment 8 Convertible Unsecured Subod Debentures T.PRV.DB

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

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,... see more

TSX:PRV.DB - Post Discussion

View:
Post by incomedreamer11 on Sep 05, 2023 6:07pm

Another distribution cut

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.
Comment by SNAKEYBOY on Sep 05, 2023 6:31pm
2 distribution cuts from this turd.  Fire management 
Comment by ndiamond on Sep 05, 2023 6:54pm
I don't think there will be a distribution cut.     Great time to be accumulating this one.   Yield is over 9%.
Comment by canadian on Sep 06, 2023 12:28am
Here comes the short seller telling lies. How low do you want this one to go? So that I can add more.
Comment by incomedreamer11 on Sep 06, 2023 3:31pm
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)
Comment by canadian on Sep 06, 2023 4:07pm
Thank mf short seller. Added few more.
Comment by incomedreamer11 on Sep 06, 2023 6:24pm
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
Comment by canadian on Sep 07, 2023 6:59am
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 ...more  
Comment by incomedreamer11 on Sep 07, 2023 9:29am
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
Comment by canadian on Sep 07, 2023 9:48am
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 ...more  
Comment by incomedreamer11 on Sep 07, 2023 10:04am
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 ...more  
Comment by canadian on Sep 07, 2023 10:18am
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.
Comment by Capharnaum on Sep 07, 2023 9:20pm
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.
Comment by canadian on Sep 08, 2023 8:04am
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 ...more  
The Market Update
{{currentVideo.title}} {{currentVideo.relativeTime}}
< Previous bulletin
Next bulletin >

At the Bell logo
A daily snapshot of everything
from market open to close.

{{currentVideo.companyName}}
{{currentVideo.intervieweeName}}{{currentVideo.intervieweeTitle}}
< Previous
Next >
Dealroom for high-potential pre-IPO opportunities