If I'm looking to an industrial REIT right now, I'm probably looking elsewhere in my opinion. Although ProREIT could turn out fine here, a quick peek at its financial statements has me concerned about a few things.
For one, dipping interest coverage ratios and high debt levels. The company's interest coverage ratios have dipped from 2.8x last year to 2.5x this year. This is expected among all REITs as rates rise, but that is a sizable drop in coverage, and if it continues it could get concernin.
Secondly, the company's debt to adjusted EBITDA is 9.8x. This is quite high.
Lets take both these metrics and compare them to Foundational Stock Granite REIT to give you an idea. Granite REITs interest coverage ratio is nearly 6x, and debt to adjusted EBITDA around 7.5x.
In addition to this, the company's payout ratios are what I would deem in the high zone when it comes to REITs. Adjusted funds from operations payout ratio is 98.2%. I typically want to see REITs I own in the 80% range, 90% tops. Again, I'll use Granite as an example, it is 71%.
This is a REIT that wouldn't even really make it past my pre-screens for further investigation. It could be a turnaround play as you've mentioned, but for right now, I'd be sticking with REITs with healthier balance sheets and operations.