Q3 2025 Performance Review
Prairieview Industrial - Generated 2025-03-14 - Meridian Advisory
Revenue
$18.4M
+12% vs Q2
EBITDA Margin
34.2%
+2.1 pts
Occupancy
97.3%
Stable
NOI
$6.3M
-4% vs budget
Executive Summary
Prairieview Industrial delivered strong Q3 results with revenue of $18.4M, exceeding prior quarter by 12%. Occupancy remains near full capacity at 97.3%, supported by two lease renewals completed in August at above-market rates. EBITDA margin expanded by 210 basis points year-over-year, reflecting operating leverage as the asset matures.
NOI of $6.3M came in 4% below budget due to unplanned HVAC capital expenditures at Building C. Management expects to recover this variance in Q4 through deferred maintenance deferrals.
Lease renewal pipeline is strong: three leases representing 28% of GLA are up for renewal in Q4 and are currently in advanced negotiation.
Capital expenditure overrun at Building C ($340K above budget) requires board approval for reallocation from the reserve fund.
Financial Summary
| Line Item | Q3 Actual | Q3 Budget | Variance |
|---|---|---|---|
| Base Rent | $15.2M | $14.9M | +2.0% |
| Operating Cost Recovery | $2.8M | $2.7M | +3.7% |
| Other Revenue | $0.4M | $0.4M | 0% |
| Total Revenue | $18.4M | $18.0M | +2.2% |
| Operating Expenses | $7.8M | $7.4M | -5.4% |
| Capital Expenditures | $4.3M | $3.9M | -10.3% |
| NOI | $6.3M | $6.7M | -4.0% |