Company Profile

PIRET is an unincorporated, open-ended investment trust that owns and operates a diversified portfolio of income-producing industrial properties in leading markets. PIRET is an internally managed REIT that focuses exclusively on investing in industrial properties.

Business Strategy

Long-Term Objectives

  1. generate stable and growing cash distributions
  2. maximize the long-term value of PIRET's properties through active management
  3. grow in size and increase distributable income through accretive acquisitions
  4. select dispositions of non-core assets

Acquisition Strategy

  • target properties in primary markets
  • diversify geographically across Canada, with emphasis on Toronto, Western Canada and select U.S. markets
  • buy in clusters and asset sizes that will ensure regional economies of scale
  • target functional distribution product
  • acquire properties with strong tenant bases, low vacancy rates and existing long-term leases
  • good to superior physical condition with little to no deferred maintenance
  • U.S. presence will represent up to 20% of PIRET's overall portfolio

Financing Strategy

  • maximize return on equity while mitigating financial risk and maintaining stable cash flows
  • primarily 5, 7, 10, and 20-year fixed rate property level amortizing debt
  • interest only and floating rate loans to be used in certain circumstances
  • 70% maximum overall indebtedness permitted under PIRET's Declaration of Trust
  • PIRET intends to prudently manage the REIT's overall financial leverage within a range of 50% to 55%, with a long-term target to decrease financial leverage to 40%

Portfolio Management Strategy

  • maintain strong tenant relations and re-lease premises as leases expire
  • enhance property values through strategic management, upgrades and re-leasing, if applicable
  • acquire assets with medium to long term leases to high quality tenants
  • stagger lease termination dates across the portfolio to minimize rollover risk
  • manage all assets and properties internally so to align management interests with  the interest of unitholders