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Granite REIT (TSX: GRT.UN; NYSE: GRP.U) reported strong financial results for Q4 and full-year 2024. Net Operating Income (NOI) reached $121.2 million in Q4, up $11.2 million from the previous year, driven by lease commencements of expansion projects in Canada and Netherlands, and development completions in Canada and the US.
Key Q4 metrics include:
- FFO of $92.7 million ($1.47 per unit), up from $81.2 million ($1.27 per unit) in Q4 2023
- AFFO of $78.8 million ($1.25 per unit), increased from $73.2 million ($1.15 per unit)
- Same property NOI increased 6.3% on cash basis
- Occupancy rate of 94.9% as of December 31, 2024
The company achieved 14% average rental rate spreads over expiring rents for approximately 1,066,000 square feet of new leases and renewals in Q4. For 2025, Granite forecasts FFO per unit between $5.70-$5.85 (5-8% increase) and AFFO per unit of $4.80-$4.95 (flat to 2% increase).
Granite Real Estate Investment Trust (TSX: GRT.UN / NYSE: GRP.U) has announced its monthly distribution for February 2025. The company will distribute CDN $0.2833 per unit to unitholders of record as of February 28, 2025. The payment will be made on March 14, 2025.
The company has confirmed that no portion of the distribution qualifies as effectively connected income for U.S. federal tax purposes. A qualified notice detailing the distribution sources will be provided to the Depository Trust & Clearing after the record date.
Granite REIT has announced the completion of two significant financial transactions. First, through its subsidiary Granite REIT Holdings Partnership, the company has completed a C$300 million offering of Series 10 senior unsecured debentures. These debentures will mature on December 11, 2026, and bear interest at Daily Compounded CORRA plus 0.77% per annum, paid quarterly.
Through an existing cross currency interest rate swap, the company has converted the Canadian dollar principal and floating rate payments into Euro denominated principal and fixed payments, resulting in an effective fixed interest rate of 0.27% per annum. Additionally, Granite LP has fully repaid its C$300 million senior unsecured non-revolving term facility that was due to mature in December 2026, using proceeds from the new debenture offering.
Granite REIT announced that its subsidiary Granite REIT Holdings Partnership has priced a C$300 million offering of Series 10 senior unsecured debentures. The debentures will bear interest at Daily Compounded CORRA plus 0.77% per annum, payable quarterly, and will mature on December 11, 2026.
The offering is expected to close around February 4, 2025, subject to conditions including a Morningstar DBRS credit rating of 'BBB (high)' or higher. The debentures will be guaranteed by Granite and Granite REIT Inc.
The net proceeds will be used to repay Granite LP's C$300 million senior unsecured non-revolving term facility maturing December 11, 2026. Through an existing cross currency interest rate swap, Granite LP has converted the Canadian dollar principal and floating rate payments to Euro denominated principal with fixed interest payments at an effective rate of 0.27%.
Granite Real Estate Investment Trust (TSX: GRT.UN / NYSE: GRP.U) has announced its monthly distribution for January 2025. The company will distribute CDN $0.2833 per unit to unitholders of record as of January 31, 2025, with payment scheduled for February 14, 2025. The company has confirmed that no portion of the distribution qualifies as effectively connected income for U.S. federal tax purposes. A qualified notice detailing the distribution sources will be provided to the Depository Trust & Clearing after the record date.
Granite Real Estate Investment Trust (TSX: GRT.UN / NYSE: GRP.U) has scheduled its fourth quarter and year-end 2024 financial results announcement for Wednesday, February 26, 2025, after market close. The company will host a conference call and live audio webcast on Thursday, February 27, 2025, at 11:00 a.m. ET to discuss the results.
The conference call will be led by President and CEO Kevan Gorrie. Participants can join via telephone using the toll-free number 1-800-549-8228 (North America) or 1-289-819-1520 (International) with Conference ID 77638. A live audio webcast will be available in listen-only mode, and a replay will be accessible for 90 days on the company's website.
Granite Real Estate Investment Trust has announced its monthly distribution for December 2024. The company will pay CDN $0.2833 per unit to unitholders of record as of December 31, 2024. The payment will be distributed on January 15, 2025. The company confirmed that no portion of the distribution constitutes effectively connected income for U.S. federal tax purposes. A qualified notice detailing the distribution sources will be issued to the Depository Trust & Clearing after the record date.
Granite Real Estate Investment Trust has announced its monthly distribution of CDN $0.275 per unit for November 2024. The distribution will be paid on December 16, 2024, to unitholders of record as of November 27, 2024. The company confirmed that no portion of the distribution constitutes effectively connected income for U.S. federal tax purposes.
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.
