Company Profile

PIRET owns and operates a diversified portfolio of income producing industrial properties in primary industrial markets across Canada. PIRET is Canada’s largest internally managed public REIT in Canada focusing purely on 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

Acquisition Strategy

  • target properties in primary markets
  • diversify geographically across Canada, with emphasis on Toronto and Western Canada
  • 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

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%

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