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Granite Real Estate Investment Trust (TSX: GRT.UN / NYSE: GRP.U) has declared a monthly distribution of CDN $0.275 per stapled unit for August 2024. The distribution will be paid on September 16, 2024 to unitholders of record as of August 30, 2024. Granite confirmed that no portion of the distribution constitutes effectively connected income for U.S. federal tax purposes. A qualified notice detailing the sources of the distribution will be issued to the Depository Trust & Clearing after the record date, in compliance with U.S. Treasury regulations.
Granite Real Estate Investment Trust announced its Q2 2024 results and released its 2023 Global ESG+R Report. Key highlights include:
- Net Operating Income (NOI) increased to $116.8 million, up from $108.6 million in Q2 2023
- Funds from Operations (FFO) rose to $83.5 million ($1.32 per unit) from $77.6 million ($1.21 per unit) in Q2 2023
- Adjusted Funds from Operations (AFFO) increased to $73.8 million ($1.17 per unit) from $69.5 million ($1.09 per unit) in Q2 2023
- Occupancy and committed occupancy as of August 7, 2024, both at 94.5%
- Net income attributable to stapled unitholders was $76.2 million, up from $62.5 million in Q2 2023
Granite revised its 2024 outlook, narrowing the FFO forecast range to $5.30-$5.40 per unit and AFFO forecast range to $4.60-$4.70 per unit.
Granite Real Estate Investment Trust (TSX: GRT.UN / NYSE: GRP.U) has declared a monthly distribution of CDN $0.275 per stapled unit for July 2024. The distribution will be paid on August 15, 2024 to unitholders of record as of July 31, 2024. Granite confirmed that no portion of the distribution constitutes effectively connected income for U.S. federal tax purposes. A qualified notice detailing the sources of the distribution will be issued to the Depository Trust & Clearing after the record date, in compliance with U.S. Treasury regulations.
Granite REIT (TSX: GRT.UN / NYSE: GRP.U) will announce its Q2 2024 financial results on August 7, 2024, after market close. A conference call chaired by CEO Kevan Gorrie will follow on August 8, 2024, at 11:00 a.m. ET. The call can be accessed toll-free in North America at 1-800-579-2543 and internationally at 1-785-424-1789 using ID 'REIT'. A live audio webcast will be available on Granite's website. A replay of the webcast will be accessible for 90 days post-event.
Granite Real Estate Investment Trust (TSX: GRT.UN / NYSE: GRP.U) has declared a distribution of CDN $0.275 per stapled unit for June 2024. This distribution will be paid on July 15, 2024, to unitholders of record as of June 28, 2024. Granite also noted that no part of this distribution will be considered effectively connected income for U.S. federal tax purposes. A detailed breakdown of the distribution sources will be issued to the Depository Trust & Clearing after the record date, in accordance with United States Treasury Regulation Section 1.1446-4.
Granite Real Estate Investment Trust (Granite REIT) and Granite REIT Inc. (Granite GP) have received final court approval from the Supreme Court of British Columbia for their proposed plan to simplify their capital structure. This plan involves replacing the current stapled unit structure with a conventional REIT trust unit structure. The plan was approved by Granite's unitholders during their Annual and Special Meetings on June 6, 2024. Completion of the arrangement is expected in the fourth quarter of fiscal 2024, pending satisfaction or waiver of remaining conditions.
Granite Real Estate Investment Trust (Granite REIT) and Granite REIT Inc. (Granite GP) announced the voting results from their 2024 joint annual general and special meetings held virtually. All nominated trustees and directors outlined in the Management Information Circular were elected.
Key resolutions, including the arrangement to simplify Granite's stapled unit structure, were approved. The meetings had a 78.11% attendance, represented by 49,511,964 stapled units. Voting results showed overwhelming support for all nominees and resolutions including the re-appointment of Deloitte LLP as auditors and the executive compensation approach.
Granite Real Estate Investment Trust and Granite GP announced the Toronto Stock Exchange has accepted their Notice of Intention to Make a Normal Course Issuer Bid (NCIB). Granite plans to purchase up to 6,273,168 of its stapled units, approximately 10% of its public float, over the next 12 months. As of May 15, 2024, Granite had already bought 768,300 stapled units at an average price of $69.0523 per unit under a previous NCIB. The new NCIB will commence on May 24, 2024, and end by May 23, 2025, with daily purchase limits of 23,113 units. The purchases will be managed by Granite's broker, even during blackout periods.
Granite Real Estate Investment Trust (TSX: GRT.UN / NYSE: GRP.U) has declared a CDN $0.275 per stapled unit distribution for May 2024. The distribution is scheduled for payment on June 14, 2024, to unitholders recorded as of May 31, 2024. The distribution does not constitute effectively connected income for U.S. federal tax purposes. Details on the sources of the distribution will be provided to the Depository Trust & Clearing post the record date.
Granite Real Estate Investment Trust and Granite REIT Inc. announced their combined results for the first quarter of 2024. Financial highlights include a net operating income increase, FFO and AFFO growth, net income rise, and fair value gains. Developments and operations also showed positive outcomes, with a lease signed and rental rate spreads achieved. Financing-wise, Granite extended its credit facility agreement. The 2024 outlook maintains FFO per unit but adjusts AFFO per unit due to increased capital expenditures.
