Profile
Sector:
Real EstateIndustry:
IndustrialCountry:
CanadaIPO:
04 January 2013Website:
http://www.granitereit.comNext earnings report:
N/ALast dividends:
N/ANext dividends:
N/APrice
regular market | Mon, 10 Jun 2024 20:00:07 GMTDividend
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GRP.UN Latest News
We are upgrading Granite REIT to Strong Buy due to an anticipated rebound in leasing fundamentals and its historically low valuation. Q1 earnings showed modest rent and revenue growth, stable occupancy, and healthy FFO/AFFO growth. Valuation is compelling with low P/AFFO multiple relative to peers and historical averages, and potential 29-30% upside to NAVPU estimate.
TORONTO--(BUSINESS WIRE)--Granite Real Estate Investment Trust (“Granite”) (TSX: GRT.UN / NYSE: GRP.U) expects to announce its financial results for the second quarter ended June 30, 2024 after the close of markets on Wednesday, August 7, 2024. Granite will hold a conference call and live audio webcast to discuss its financial results. The conference call will be chaired by Kevan Gorrie, President and Chief Executive Officer. Conference Call: Date: Thursday, August 8, 2024 at 11:00 a.m. (.
Granite REIT's Q1-2024 report shows positive growth in revenue, NOI, and FFO. US side occupancy levels are at the low end of what we have seen for the last decade. We go over why Granite is about two years ahead of both Prologis and Rexford Industrial in terms of valuation compression.
Granite Real Estate Investment Trust ("Granite") has declared a distribution of CDN $0.275 per stapled unit for May 2024. The distribution will be paid on June 14, 2024 to stapled unitholders of record as of May 31, 2024. It is confirmed that no part of the distribution is considered effectively connected income for U.S. federal tax purposes.
Granite REIT reported a strong Q4 '23 with impressive portfolio performance and rent growth. FFO and AFFO per unit increased, largely driven by one-time items such as favorable FX and elevated interest income. However, cash FFO and AFFO were flat and up ~1%, respectively. Granite is trading at a reasonable intrinsic valuation and highly attractive multiple compared to its industrial peers, with potential for upside through development completions and near-term expiries.
Granite Real Estate Investment Trust is a Canadian REIT with a diversified portfolio of industrial assets in Canada, the US, Austria, Germany, and the Netherlands. Strong operating performance and thoughtful capital allocation have enabled Granite to preserve and increased unitholder value despite rising rates and supply challenges. We believe current prices offer an attractive entry point for a long-term holding.
Granite REIT has delivered solid returns over the years, while diversifying away from Magna. Leverage has crept a bit and the REIT has more risks as we likely head into a recession. We tell you what we like more.
Granite Real Estate Investment Trust (NYSE:GRP.U ) Q1 2023 Earnings Conference Call May 11, 2023 11:00 AM ET Company Participants Teresa Neto - CFO Kevan Gorrie - President, CEO & Trustee Conference Call Participants Michael Markidis - BMO Capital Markets Himanshu Gupta - Scotiabank Sam Damiani - TD Securities Kyle Stanley - Desjardins Securities Matt Kornack - National Bank Financial Gaurav Mathur - iA Capital Markets Pammi Bir - RBC Capital Markets Brad Sturges - Raymond James Operator Good morning. And welcome to Granite REIT's First Quarter 2023 Results Conference Call.
What type of business is Granite Real Estate Investment Trust?
Granite is a Canadian-based REIT engaged in the acquisition, development, ownership and management of logistics, warehouse and industrial properties in North America and Europe. Granite owns 108 investment properties representing approximately 45.3 million square feet of leasable area.
What sector is Granite Real Estate Investment Trust in?
Granite Real Estate Investment Trust is in the Real Estate sector
What industry is Granite Real Estate Investment Trust in?
Granite Real Estate Investment Trust is in the Industrial industry
What country is Granite Real Estate Investment Trust from?
Granite Real Estate Investment Trust is headquartered in Canada
When did Granite Real Estate Investment Trust go public?
Granite Real Estate Investment Trust initial public offering (IPO) was on 04 January 2013
What is Granite Real Estate Investment Trust website?
https://www.granitereit.com
Is Granite Real Estate Investment Trust in the S&P 500?
No, Granite Real Estate Investment Trust is not included in the S&P 500 index
Is Granite Real Estate Investment Trust in the NASDAQ 100?
No, Granite Real Estate Investment Trust is not included in the NASDAQ 100 index
Is Granite Real Estate Investment Trust in the Dow Jones?
No, Granite Real Estate Investment Trust is not included in the Dow Jones index
When does Granite Real Estate Investment Trust report earnings?
Next earnings report date is not announced yet