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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.
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