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Granite Real Estate Investment Trust reported strong Q3 2024 results with notable financial improvements. Net operating income reached $119.6 million, up from $109.2 million year-over-year. FFO increased to $85.2 million ($1.35 per unit) from $79.1 million ($1.24 per unit). The company achieved a 31% average rental rate spread on new leases and renewals. Occupancy stood at 94.3% with committed occupancy at 94.7%. The Trust announced a 3.03% distribution increase to $3.40 per unit effective December 2024. Notable developments include completing two facility expansions in Ajax, Ontario and Weert, Netherlands.
Granite Real Estate Investment Trust (TSX: GRT.UN / NYSE: GRP.U) has declared a distribution of CDN $0.275 per unit for October 2024. The distribution will be paid on November 15, 2024 to unitholders of record as of October 31, 2024. Granite has 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 United States Treasury Regulation Section 1.1446-4.
