PROREIT COMPLETES ACQUISITION OF 17 INDUSTRIAL PROPERTIES FOR COMBINED PURCHASE PRICE OF $136.8 MILLION

• Acquisition of two institutional-quality industrial portfolios comprising 17 properties (13 in Québec City and 4 in Winnipeg) totaling 771,159 square feet of gross leasable area ("GLA") for an aggregate purchase price of $136.8 million
• Entered into a binding agreement to acquire four additional industrial properties in Winnipeg totaling approximately 165,000 square feet of GLA for a purchase price of $21.7 million

MONTRÉAL, July 2, 2026 /CNW/ - PRO Real Estate Investment Trust (TSX: PRV.UN) ("PROREIT") today announced the completion of its previously announced acquisition of a 100% interest in two industrial portfolios located in Québec City, Québec and Winnipeg, Manitoba (collectively, the "Acquisitions"), for an aggregate purchase price of approximately $136.8 million (excluding closing costs). The Québec portfolio comprises 13 industrial properties located in Québec City, totaling 611,924 square feet of GLA, and was acquired for $112.8 million (excluding closing costs). The Winnipeg portfolio comprises four industrial properties totaling 159,235 square feet of GLA and was acquired for $24.0 million (excluding closing costs). The Acquisitions are expected to be accretive to 2026 AFFO per unit* on a leverage neutral basis.

PROREIT also entered into a binding agreement for the previously announced acquisition of four additional industrial properties totaling approximately 165,000 square feet of GLA in Winnipeg, Manitoba for a purchase price of $21.7 million (excluding closing costs) (the "Additional Acquisitions"). The purchase price is expected to be funded through approximately $14.1 million of a new 8-year fixed-rate mortgage financing and cash on hand, including proceeds from PROREIT's equity financing completed on June 10, 2026. Closing of the Additional Acquisitions is expected to occur in the third quarter of 2026, subject to customary closing conditions.

The Acquisitions

Québec Portfolio

The Québec portfolio comprises 13 industrial properties totaling 611,924 square feet of GLA and was acquired for $112.8 million (excluding closing costs). The purchase price was funded through approximately $73.8 million drawn under a four-year secured non-revolving credit facility with $71.0 million of the facility hedged through a four-year fixed-rate swap at 4.69%, and approximately $39.1 million of cash from the net proceeds of the June 10, 2026 equity financing.

Winnipeg Portfolio

The Winnipeg portfolio comprises four industrial properties totaling 159,235 square feet of GLA and was acquired for $24.0 million (excluding closing costs). The purchase price was funded through approximately $15.6 million of a new 8-year fixed-rate mortgage financing bearing interest at 4.95% and approximately $8.4 million of cash from the net proceeds of the June 10, 2026 equity financing.

Impact on PROREIT's Overall Portfolio

Following completion of the Acquisitions and giving effect to the Additional Acquisitions under binding agreement, PROREIT's portfolio will consist of 126 income-producing properties representing approximately 7.4 million square feet of GLA.

The transactions meaningfully enhance PROREIT's industrial weighting, increasing industrial exposure to approximately 93.5% of total GLA and 92.1% of annualized base rent, on a pro forma basis. The Acquisitions further advance PROREIT's strategy of increasing its allocation to high-quality industrial assets in strong Canadian logistics and distribution markets.

About PRO Real Estate Investment Trust

Founded in 2013, PROREIT (TSX: PRV.UN) is a Canadian industrial real estate investment trust that owns and operates a portfolio of high-quality properties. With a presence in strong primary and secondary Canadian markets, PROREIT is committed to delivering stable cash flow, disciplined growth and long-term value for its unitholders.

For more information on PROREIT, please visit PROREIT's website at: https://proreit.com.

Non-IFRS and Operational Key Performance Indicators

PROREIT's condensed consolidated financial statements are prepared in accordance with IFRS^® Accounting Standards as issued by the International Accounting Standards Board ("IFRS"). In addition to reported IFRS measures, industry practice is to evaluate real estate entities giving consideration, in part, to certain non-IFRS financial measures, non-IFRS ratios and other specified financial measures (collectively, "non-IFRS measures"). Without limitation, measures followed by the suffix "*" in this press release are non-IFRS measures. In this press release, PROREIT discloses and discusses certain non-IFRS measures, including AFFO per unit. These non-IFRS measures are not defined by IFRS and do not have a standardized meaning under IFRS. PROREIT's method of calculating these non-IFRS measures may differ from other issuers and may not be comparable with similar measures presented by other income trusts or issuers. PROREIT has presented such non-IFRS measures and ratios as management believes they are relevant measures of PROREIT's underlying operating and financial performance. For information on the most directly comparable financial measure disclosed in the primary financial statements of PROREIT, composition of the non-IFRS measures, a description of how PROREIT uses these measures, an explanation of how these measures provide useful information to investors and where applicable a reconciliation to the most directly comparable measure calculated in accordance with IFRS, refer to the "Non-IFRS Measures" section of PROREIT's management's discussion and analysis for the three months ended March 31, 2026, dated May 13, 2026, available on PROREIT's SEDAR+ profile at www.sedarplus.ca, which is incorporated by reference into this press release. Non-IFRS measures should not be considered as alternatives to net income, net cash flows provided by operating activities, cash and cash equivalents, total assets, total equity, or comparable metrics determined in accordance with IFRS as indicators of PROREIT's performance, liquidity, cash flows and profitability.

Forward-Looking Information

This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities legislation, including statements relating to certain expectations, projections, growth plans and other information related to PROREIT's business strategy and future plans. Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond PROREIT's control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements.

Forward-looking statements contained in this press release include, without limitation, statements pertaining to the Additional Acquisitions, the impact of the Acquisitions on PROREIT's AFFO per unit*, and the ability of PROREIT to execute its growth strategies. PROREIT's objectives and forward-looking statements are based on certain assumptions, including that (i) PROREIT will receive financing on favourable terms; (ii) the future level of indebtedness of PROREIT and its future growth potential will remain consistent with PROREIT's current expectations; (iii) there will be no changes to tax laws adversely affecting PROREIT's financing capacity or operations; (iv) the impact of the current economic climate and the current global financial conditions on PROREIT's operations, including its financing capacity and asset value, will remain consistent with PROREIT's current expectations; (v) the performance of PROREIT's investments in Canada will proceed on a basis consistent with PROREIT's current expectations; and (vi) capital markets will provide PROREIT with readily available access to equity and/or debt.

The forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement. All forward-looking statements in this press release are made as of the date of this press release. PROREIT does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise, except as required by law.

Additional information about these assumptions and risks and uncertainties is contained under "Risk Factors" in PROREIT's latest annual information form and "Risk and Uncertainties" in PROREIT's management's discussion and analysis for the three-month period ended March 31, 2026, which are available under PROREIT's profile on SEDAR+ at www.sedarplus.ca.

SOURCE PROREIT

For further information:

For further information
please contact: PRO Real Estate Investment Trust
Gordon G. Lawlor, CPA, President and Chief Executive Officer
514-933-9552

PRO Real Estate Investment Trust
Alison J. Schafer, CPA, Chief Financial Officer and Secretary
514-933-9552