Granite REIT Declares Distribution for March 2024
Granite Real Estate Investment Trust (GRT.UN / GRP.U) declares a distribution of CDN $0.275 per stapled unit for March 2024, payable on April 15, 2024. The distribution is not considered effectively connected income for U.S. federal tax purposes.
The announcement by Granite Real Estate Investment Trust regarding its monthly distribution is a routine declaration for a company operating within the REIT sector. The distribution amount of CDN $0.275 per stapled unit is a figure that investors closely monitor, as it reflects the company's current cash flow and its ability to generate income from its real estate assets. This distribution rate is a key factor in the total return calculation for REIT investors, who typically seek stable and predictable income streams.
For stakeholders, the consistency of these distributions can be an indicator of operational stability and financial health. It's important to compare this distribution against historical payouts and industry averages to assess its competitiveness. The confirmation that no portion of the distribution constitutes effectively connected income for U.S. federal tax purposes is also significant for U.S. investors, as it implies that the income may not be subject to certain U.S. taxes, potentially enhancing the after-tax return for these unitholders.
The detail regarding U.S. federal tax implications is noteworthy for cross-border investors. Granite's stipulation that the distribution does not constitute effectively connected income under U.S. tax regulations means that non-U.S. entities or individuals will not be subject to U.S. income tax on this distribution, assuming they do not have other U.S. business activities. This is aligned with the United States Treasury Regulation Section 1.1446-4, which outlines withholding tax obligations related to distributions made to foreign investors. The forthcoming qualified notice from Granite will provide further clarity on the sources of the distribution, which is essential information for tax planning and compliance purposes.
03/15/2024 - 05:00 PM
TORONTO --(BUSINESS WIRE)--
Granite Real Estate Investment Trust (“Granite ”) (TSX: GRT.UN / NYSE: GRP.U ) announced today that its board of trustees has declared a distribution of CDN $0.27 5
Granite confirms that no portion of the distribution constitutes effectively connected income for U.S. federal tax purposes. A qualified notice providing the breakdown of the sources of the distribution will be issued to the Depository Trust & Clearing Corporation subsequent to the record date of March 28, 2024, pursuant to United States Treasury Regulation Section 1.1446-4.
ABOUT GRANITE
Granite is a Canadian-based REIT engaged in the acquisition, development, ownership and management of logistics, warehouse and industrial properties in North America and Europe . Granite owns 143 investment properties representing approximately 62.9 million square feet of leasable area.
OTHER INFORMATION
Copies of financial data and other publicly filed documents about Granite are available through the internet on the Canadian Securities Administrators’ System for Electronic Data Analysis and Retrieval +(SEDAR+) which can be accessed at www.sedarplus.ca and on the United States Securities and Exchange Commission’s Electronic Data Gathering, Analysis and Retrieval System (EDGAR) which can be accessed at www.sec.gov . For further information, please see our website at www.granitereit.com or contact Teresa Neto, Chief Financial Officer, at 647-925-7560 or Andrea Sanelli, Associate Director, Legal & Investor Services, at 647-925-7504.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240315654567/en/
Teresa Neto
Andrea Sanelli
Source: Granite Real Estate Investment Trust
What distribution has Granite Real Estate Investment Trust declared for March 2024?
Granite Real Estate Investment Trust has declared a distribution of CDN $0.275 per stapled unit for the month of March 2024.
When will the distribution be paid by Granite Real Estate Investment Trust?
The distribution will be paid by Granite on Monday, April 15, 2024.
Is the distribution considered effectively connected income for U.S. federal tax purposes?
No, Granite Real Estate Investment Trust confirms that no portion of the distribution constitutes effectively connected income for U.S. federal tax purposes.
