Granite Real Estate Investment Trust Stock Price, News & Analysis

Granite REIT (TSX: GRT.UN / NYSE: GRP.U) held its 2025 annual general meeting with 76.33% of outstanding units represented. All nominated trustees were successfully elected with overwhelming support, each receiving over 98% approval. The meeting saw strong shareholder participation with 46,975,817 units represented. Deloitte LLP was reappointed as auditor with 99.67% approval. The non-binding advisory resolution on executive compensation received 97% support. Notable trustee elections included Sheila A. Murray with 98.68% approval and Emily Pang with 99.89% support.

Granite REIT (TSX: GRT.UN / NYSE: GRP.U) has announced its monthly distribution for May 2025. The company will distribute CDN $0.2833 per unit to unitholders. The payment will be made on June 16, 2025, with the record date set for May 30, 2025. The company has confirmed that no portion of the distribution qualifies as effectively connected income for U.S. federal tax purposes.

Granite REIT reported its Q1 2025 financial results with notable performance metrics. Net Operating Income (NOI) reached $125.7M, up from $114.5M in Q1 2024. Funds from Operations (FFO) increased to $91.0M ($1.46 per unit) from $82.4M ($1.30 per unit), while Adjusted Funds from Operations (AFFO) rose to $88.4M ($1.41 per unit) from $77.9M ($1.22 per unit). The company maintained a strong occupancy rate of 94.8% and achieved rental rate spreads of 10% over expiring rents. However, Granite recognized $48.2M in net fair value losses on investment properties due to higher discount rates. Net income decreased to $43.9M from $89.1M in Q1 2024. The company maintains its 2025 guidance, projecting 5-8% FFO per unit growth and -1% to 2% AFFO per unit change over 2024.

Granite Real Estate Investment Trust (TSX: GRT.UN / NYSE: GRP.U) has announced its monthly distribution for April 2025. The company will distribute CDN $0.2833 per unit to unitholders. The payment is scheduled for May 15, 2025, with a record date of April 30, 2025. The company has confirmed that no portion of the distribution qualifies as effectively connected income for U.S. federal tax purposes.

Granite REIT (TSX: GRT.UN / NYSE: GRP.U) has scheduled the announcement of its first quarter 2025 financial results for Wednesday, May 7, 2025, after market close. The company will host a conference call and live audio webcast on Thursday, May 8, 2025, at 11:00 a.m. ET to discuss the results.

The conference call will be led by Kevan Gorrie, President and Chief Executive Officer. Participants can join via North America toll-free number (1-800-549-8228) or international toll number (1-289-819-1520) using conference ID 15227. A webcast replay will be available for 90 days on the company's website.

Granite Real Estate Investment Trust (TSX: GRT.UN / NYSE: GRP.U) has announced its monthly distribution for March 2025. The company will distribute CDN $0.2833 per unit to unitholders of record as of March 31, 2025. The payment will be made on April 15, 2025.

The company has confirmed that no portion of the distribution qualifies as effectively connected income for U.S. federal tax purposes. A qualified notice detailing the distribution sources will be provided to the Depository Trust & Clearing after the March 31 record date.

Granite REIT (TSX: GRT.UN; NYSE: GRP.U) reported strong financial results for Q4 and full-year 2024. Net Operating Income (NOI) reached $121.2 million in Q4, up $11.2 million from the previous year, driven by lease commencements of expansion projects in Canada and Netherlands, and development completions in Canada and the US.

Key Q4 metrics include:

• FFO of $92.7 million ($1.47 per unit), up from $81.2 million ($1.27 per unit) in Q4 2023
• AFFO of $78.8 million ($1.25 per unit), increased from $73.2 million ($1.15 per unit)
• Same property NOI increased 6.3% on cash basis
• Occupancy rate of 94.9% as of December 31, 2024

The company achieved 14% average rental rate spreads over expiring rents for approximately 1,066,000 square feet of new leases and renewals in Q4. For 2025, Granite forecasts FFO per unit between $5.70-$5.85 (5-8% increase) and AFFO per unit of $4.80-$4.95 (flat to 2% increase).

Granite Real Estate Investment Trust (TSX: GRT.UN / NYSE: GRP.U) has announced its monthly distribution for February 2025. The company will distribute CDN $0.2833 per unit to unitholders of record as of February 28, 2025. The payment will be made on March 14, 2025.

The company has confirmed that no portion of the distribution qualifies as effectively connected income for U.S. federal tax purposes. A qualified notice detailing the distribution sources will be provided to the Depository Trust & Clearing after the record date.

Granite REIT has announced the completion of two significant financial transactions. First, through its subsidiary Granite REIT Holdings Partnership, the company has completed a C$300 million offering of Series 10 senior unsecured debentures. These debentures will mature on December 11, 2026, and bear interest at Daily Compounded CORRA plus 0.77% per annum, paid quarterly.

Through an existing cross currency interest rate swap, the company has converted the Canadian dollar principal and floating rate payments into Euro denominated principal and fixed payments, resulting in an effective fixed interest rate of 0.27% per annum. Additionally, Granite LP has fully repaid its C$300 million senior unsecured non-revolving term facility that was due to mature in December 2026, using proceeds from the new debenture offering.