Welcome to our dedicated page for Granite Real Estate Investment Trust news (Ticker: grpu), a resource for investors and traders seeking the latest updates and insights on Granite Real Estate Investment Trust stock.
Granite Real Estate Investment Trust (GRPU) is a Canadian-based real estate investment trust specializing in the acquisition, development, and management of industrial properties. Established with a strategic focus on high-quality industrial and logistics assets, Granite REIT caters to a diverse range of tenants primarily in the transportation, warehousing, and distribution sectors.
Core Business: Granite REIT's core business revolves around creating and maintaining a portfolio of industrial properties that yield stable, long-term returns. The company owns properties across North America and Europe, with a strong presence in key markets.
Recent Achievements: Granite REIT has recently expanded its portfolio through strategic acquisitions and developments. Notable projects include new logistics centers in key metropolitan areas aimed at servicing the growing demand from e-commerce and distribution companies.
Current Projects: The company is actively involved in several development projects that aim to enhance its property portfolio. These projects are designed to provide state-of-the-art facilities for existing and potential tenants, which include Fortune 500 companies.
Financial Condition: Granite REIT has shown strong financial performance with consistent revenue growth and a healthy balance sheet. The trust’s financial stability is underpinned by its diversified tenant base and long-term lease agreements.
Partnerships: Granite REIT collaborates with various stakeholders including developers, contractors, and financial institutions to drive its growth strategy. These partnerships are crucial for identifying new opportunities and optimizing property management.
Products: The company's primary offerings include leasing industrial warehouses and logistics facilities. These properties are tailored to meet the needs of modern businesses requiring large-scale, efficient distribution solutions.
Granite REIT continues to add value for investors through its focused strategy, robust portfolio, and commitment to sustainable growth. Stay informed about Granite REIT's latest news and developments to make well-informed investment decisions.
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.
Granite Real Estate Investment Trust (TSX: GRT.UN / NYSE: GRP.U) has successfully completed a C$800 million offering of senior unsecured debentures through its subsidiary Granite REIT Holdings Partnership. The offering consists of:
1. C$250 million of 3.999% Series 8 debentures due October 4, 2029
2. C$550 million of 4.348% Series 9 debentures due October 4, 2031
Through a cross currency interest rate swap, the effective fixed interest rate for the Series 8 debentures is 3.494%. Granite has also repaid its US$400 million senior unsecured non-revolving term facility using the offering's net proceeds. The remaining funds will be used to refinance existing debt, including a US$185 million facility due December 19, 2024, and for general corporate purposes.
Granite Real Estate Investment Trust (TSX: GRT.UN / NYSE: GRP.U) has announced it will release its financial results for the third quarter ended September 30, 2024 after market close on Wednesday, November 6, 2024. The company will host a conference call and live audio webcast to discuss these results on Thursday, November 7, 2024, at 11:00 a.m. (ET).
The conference call will be led by Kevan Gorrie, President and Chief Executive Officer. Investors can join via telephone using the toll-free number 1-800-579-2543 for North America or the international toll number 1-785-424-1789, with the conference ID/Passcode: REIT. A live audio webcast in listen-only mode will be available at the provided links. A replay of the webcast will be accessible for 90 days after the event.
Granite REIT announced that its subsidiary, Granite REIT Holdings Partnership, has priced a C$800 million offering of senior unsecured debentures in two series. The offering includes C$250 million of 3.999% Series 8 debentures due October 4, 2029, and C$550 million of 4.348% Series 9 debentures due October 4, 2031. The debentures will be guaranteed by Granite and Granite REIT Inc.
The offering is expected to close around October 4, 2024, subject to customary conditions. Granite LP plans to use the net proceeds to refinance existing debt, including a US$185 million facility due December 19, 2024, and a US$400 million facility maturing September 15, 2025. The company has also arranged a cross currency interest rate swap for the 2029 debentures, resulting in an effective fixed interest rate of 3.494% for the five-year term.
Granite Real Estate Investment Trust (Granite REIT) and Granite REIT Inc. (Granite GP) have completed the unwind of their stapled unit structure on October 1, 2024, as previously announced. This court-approved plan of arrangement, which was approved by unitholders on June 6, 2024, replaces Granite's stapled unit structure with a conventional REIT trust unit structure.
Under the arrangement, the components of each Stapled Unit were uncoupled, Granite GP Shares were exchanged for Granite REIT Units, and the Granite REIT Units were consolidated. As a result, unitholders now hold the same number of Granite REIT Units as their previous Stapled Units. Granite GP has become a wholly-owned subsidiary of Granite REIT.
The Stapled Units will be delisted from the TSX and NYSE, with Granite REIT Units trading under the same ticker symbols 'GRT.UN' and 'GRP.U' respectively. This move aims to simplify Granite's capital structure.
Granite Real Estate Investment Trust (Granite REIT) and Granite REIT Inc. (Granite GP) have announced that their proposed plan to simplify Granite's capital structure is expected to be completed on October 1, 2024. This arrangement will replace the current stapled unit structure with a conventional REIT trust unit structure. The process involves uncoupling the two components of each Stapled Unit, exchanging Granite GP common shares for fractional Granite REIT units, and consolidating Granite REIT units.
Following this change, unitholders will hold the same number of Granite REIT units as their current Stapled Units, and Granite GP will become a wholly-owned subsidiary of Granite REIT. The Granite REIT units will continue to trade on the Toronto Stock Exchange and New York Stock Exchange under the existing ticker symbols (GRT.UN and GRP.U), with standalone trading expected to begin around October 3, 2024.
Granite Real Estate Investment Trust (TSX: GRT.UN / NYSE: GRP.U) has declared a monthly distribution of CDN $0.275 per stapled unit for September 2024. The distribution will be paid on October 15, 2024 to unitholders of record as of September 27, 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 United States Treasury Regulation Section 1.1446-4.
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.
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