Canada · Delayed Price · Currency is CAD Granite Real Estate Investment Trust Earnings Call Transcripts
Fiscal Year 2025
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Q4 and full-year 2025 results exceeded guidance, with strong FFO and AFFO growth, robust leasing, and high occupancy. 2026 guidance calls for continued NOI and earnings growth, supported by disciplined capital allocation and portfolio rebalancing.
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Q3 2025 saw strong leasing momentum, robust NOI and FFO growth, and raised guidance for FFO and AFFO per unit. Capital recycling and acquisitions continue, with a focus on tier one markets and a sustainable distribution increase.
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Q2 2025 results met guidance, with strong leasing, NOI growth, and raised FFO/AFFO guidance for 2025. Occupancy is expected to reach 96.5%-97% by year-end, and capital allocation remains focused on strategic acquisitions, unit buybacks, and asset sales.
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Q1 2025 results met guidance with strong NOI, FX gains, and robust leasing spreads, offset by higher net interest expense. Guidance for FFO and AFFO per unit is unchanged, with NOI expected to recover in H2 2025 as leasing activity remains strong and capital recycling accelerates.
Fiscal Year 2024
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Q4 and FY 2024 results exceeded expectations with strong NOI and FFO growth, aided by FX gains and positive leasing spreads. 2025 guidance calls for continued FFO/AFFO growth, higher CapEx, and stable leverage, with robust liquidity and active capital management.
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Q3 saw strong NOI and FFO growth, driven by robust leasing spreads and development completions. Debt refinancing extended maturities and improved liquidity, while guidance for 2024 remains positive with stable occupancy and continued rent growth expected, especially in Europe and key U.S. markets.
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Q2 2024 saw strong NOI and FFO growth, with results in line with guidance despite a new U.S. vacancy. Leasing spreads and renewal rates remained robust, and liquidity and leverage metrics improved. Guidance for 2024 was narrowed, with expectations for accelerating same-property NOI growth in 2025.
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The meeting covered board elections, auditor reappointment, and approval of a plan to consolidate the unit structure. Strong financial results were reported, with growth in NOI and outperformance of the REIT index, while all resolutions passed with significant support.