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Granite Real Estate Investment Trust (Granite REIT) and Granite REIT Inc. (Granite GP) reported the results of their joint annual general meetings, attended by 74% of stapled unitholders. All nominated trustees and directors were successfully elected, with Peter Aghar receiving 99.78% support as a trustee, while Remco Daal garnered 99.82% as a director. The re-appointment of Deloitte LLP as auditors was also approved with 99.93% support. Granite owns and manages 115 properties totaling approximately 50.4 million square feet in North America and Europe.
Granite Real Estate Investment Trust has received approval from the Toronto Stock Exchange for a Normal Course Issuer Bid (NCIB), allowing it to repurchase up to 6,154,057 stapled units over the next 12 months. This represents about 10% of its public float as of May 17, 2021. The NCIB will begin on May 21, 2021, and daily purchases are capped at 46,074 units. The Board believes these repurchases, especially at prices below intrinsic value, are beneficial for the company's financial health.
Granite Real Estate Investment Trust (TSX: GRT.UN / NYSE: GRP.U) declared a distribution of CAD $0.250 per stapled unit for May 2021. This distribution will be paid on June 15, 2021, to unitholders of record as of the close of trading on May 28, 2021. The stapled units will begin trading on an ex-dividend basis on May 27, 2021. Additionally, Granite confirms that no portion of the distribution is considered effectively connected income for U.S. federal tax purposes, with further details to be provided in a qualified notice.
Granite Real Estate Investment Trust reported a strong first quarter of 2021, showcasing significant growth across multiple financial metrics. Net operating income rose to $81.5 million, a 20% increase from $67.9 million in Q1 2020. Funds from operations (FFO) were $57.1 million, with a FFO per unit of $0.93. The Trust recognized $209.5 million in fair value gains on investment properties, largely influenced by favorable market conditions in the US and Canada. However, unrealized foreign exchange losses of $140.4 million affected overall valuation. Granite maintains strong liquidity and operational performance amidst the ongoing pandemic.
Granite Real Estate Investment Trust (TSX: GRT.UN / NYSE: GRP.U) has announced a monthly distribution of CAD $0.250 per stapled unit for April 2021. This distribution will be paid on May 14, 2021, to unitholders recorded by the close of trading on April 30, 2021. The stapled units will start trading ex-dividend on the Toronto and New York Stock Exchanges on April 29, 2021. Additionally, Granite stated that no part of the distribution is considered effectively connected income for U.S. federal tax purposes.
Granite Real Estate Investment Trust (TSX: GRT.UN / NYSE: GRP.U) has extended its credit facility maturity to March 2026 and doubled its borrowing capacity to $1 billion. Additionally, Granite acquired a 1.0 million square foot warehouse in Georgia for C$85.9 million, which is 75% leased to Radial, Inc. with a 7.6-year lease term. The acquisition offers a projected stabilized yield of 5.0%. The facility enhances Granite's liquidity to approximately $1.5 billion, supporting future growth and developments.
Granite Real Estate Investment Trust (TSX: GRT.UN / NYSE: GRP.U) will announce its financial results for Q1 ended March 31, 2021, on May 5, 2021, post-market close. A conference call is scheduled for May 6, 2021, at 11:00 a.m. ET, led by President and CEO Kevan Gorrie. To participate, dial 1 (800) 582-1443 (North America) or 1 (416) 981-9015 (international). The call will be available for replay until May 17, 2021. Granite, a Canadian-based REIT, owns over 114 properties with approximately 49.4 million square feet of leasable area across North America and Europe.
Granite Real Estate Investment Trust (TSX: GRT.UN / NYSE: GRP.U) has declared a distribution of CAD $0.250 per stapled unit for March 2021, payable on April 15, 2021, to unit holders of record by March 31, 2021. The units will trade ex-dividend starting March 30, 2021. Additionally, the distribution is not considered effectively connected income for U.S. federal tax, and a qualified notice will be issued post-record date. Granite operates in logistics and industrial property management, owning over 114 properties across North America and Europe.
Granite Real Estate Investment Trust (TSX: GRT.UN; NYSE: GRP.U) reported its financial results for Q4 2020, highlighting a net operating income of $77.5 million, up from $63.9 million YoY, primarily driven by acquisition activities. The Trust also completed acquisitions of six properties totaling approximately 3 million square feet for $364 million, enhancing its logistics portfolio. Net income attributable to stapled unitholders surged to $167.6 million from $90.6 million in Q4 2019, largely due to fair value gains on investments. Granite maintains a robust liquidity position, with $1.1 billion available to sustain operations amid the COVID-19 pandemic.
Granite Real Estate Investment Trust (GRT.UN, GRP.U) has declared a monthly distribution of CAD $0.250 per stapled unit for February 2021. This payment will be made on March 15, 2021, to unitholders of record as of March 1, 2021. The stapled units will start trading ex-dividend on February 26, 2021. Notably, this distribution does not qualify as U.S. federal tax-connected income. Granite operates primarily in logistics, owning over 110 properties across North America and Europe, totaling around 47 million square feet of leasable area.
