Latest news with #FFO
Yahoo
02-06-2025
- Business
- Yahoo
Globe Trade Centre SA (FRA:G91) Q1 2025 Earnings Call Highlights: Revenue Growth and Strategic ...
Release Date: May 29, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Globe Trade Centre SA (FRA:G91) reported a 9% increase in combined revenues for the CE and German residential portfolio. The company improved its occupancy rate by 2 percentage points in the first quarter. Significant disposals added approximately 88 million to the company's cash position, demonstrating the high quality of its asset base. The portfolio is well-diversified across sectors and geographies, with 51% in offices, 30% in retail, and 19% in residential properties. The company has strong relationships with banks, which aids in refinancing efforts and managing upcoming maturities. FFO1 declined to around 12 million due to increased interest costs from new funding. The company faced increased finance costs due to additional senior facilities in Bulgaria and Germany. There was a loss from the revaluation of assets due to capitalized expenditures on completed properties. The weighted average interest rate increased to 3.63%, impacting financing costs. Administrative expenses increased, partly due to the integration of the German portfolio and additional employees. Warning! GuruFocus has detected 8 Warning Signs with FRA:G91. Q: Could you elaborate on the short-term blocked deposits and what drove their increase in the first quarter? A: The increase was due to a voluntary dedication of 45 million for deleveraging the company. We will decide how to utilize these funds, potentially for repaying bank loans or other facilities. - Unidentified_2 Q: Is the 45 million dedicated for deleveraging restricted to specific uses, such as bond repayment? A: The funds could potentially be used for bond repayment or senior facilities. We have not concluded on this yet, but it will help manage credit metrics. - Unidentified_2 Q: Can you provide details on the 37-38 million CapEx spent on investment property in Q1? A: The spending was on developments, fit-outs, and building maintenance. Approximately 20 million was spent on developments, including renovations, with the remainder on fit-outs and improvements. Most of it was financed through cash. - Unidentified_2 Q: What are the expected major cash outflows in the coming quarters? A: Significant cash outflows include interest costs and 42 million for an option to buy 10% of the German portfolio. We aim to finance these from external sources. - Unidentified_1 Q: Could you clarify the impact of the German portfolio on financials, particularly the increase in interest costs and admin expenses? A: The German portfolio's initial lower occupancy contributed to lower gross margin, but improvements are underway. Admin costs increased due to additional employees in Germany. Other finance expenses were largely one-off items. - Unidentified_2 For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Globe and Mail
30-05-2025
- Business
- Globe and Mail
Northview Residential REIT insiders buy as funds from operations grows
This week, Northview Residential REIT ( traded into positive territory for the year as investor sentiment towards the REIT group improved. In Q1, Northview's non-GAAP funds from operations (FFO) improved 26.7 per cent to almost $16.6-million. The FFO payout ratio per basic unit fell to 59.4 per cent from 75.2 per cent in Q1 2024. The most recent insider public market purchases took place between May 13-26 when independent trustee Harry Rosenbaum bought 4,000 Class A Units in the public market at an average price of $15.38. Ted Dixon is CEO of INK Research which provides insider news and knowledge to investors. For more background on insider reporting in Canada, visit the FAQ section at Securities referenced in this profile may have already appeared in recent reports distributed to INK subscribers. INK staff may also hold a position in profiled securities. Chart reflects public-market transactions of common shares or unit trusts by company officers and directors.
Yahoo
17-05-2025
- Business
- Yahoo
Federal Realty Beats Q1 FFO & Revenue Estimates, Raises 2025 View
Federal Realty Investment Trust's FRT first-quarter 2025 funds from operations (FFO) per share of $1.70 surpassed the Zacks Consensus Estimate by a cent. This also marked a rise of 3.7% from the year-ago quarter's tally of $1.64. Reflecting positive sentiments, shares were up more than 1% in pre-market reflect healthy leasing activity and occupancy levels at its properties. Following better-than-expected first results, Federal Realty has raised its 2025 FFO outlook revenues of $309.2 million exceeded the consensus mark of $306.9 million and improved 6.1% from the year-ago quarter's tally. Federal Realty generated 2.8% comparable property operating income (POI), excluding lease termination fees and prior-period rents collected. Per Donald C. Wood, chief executive officer, "We started the year with strong operating results and are encouraged to see continuing elevated foot traffic across our properties.' In terms of leasing, during the reported quarter, Federal Realty signed 91 leases for 429,865 square feet of retail space. On a comparable space basis, the company signed 87 leases for 368,759 square feet of space at an average rent of $40.63 per square foot. This denotes cash-basis rollover growth of 6% and 17% on a straight-line basis. On the operational front, the comparable portfolio occupancy rate was up 180 basis points (bps) year over year to 93.6% as of March 31, 2025. The portfolio was 95.9% leased as of the same date, reflecting an increase of 160 bps year over year. It was ahead of our estimate of 95.7%. Moreover, Federal Realty's residential properties were 94.9% leased as of the same robust leasing activity for small shops resulted in a quarter-ending lease rate of 93.5%, marking an increase of 210 bps year over year. The anchor tenant leased rate was 96.8%, up 100 bps year over Realty extended its $600 million unsecured term loan maturity date to March 2028, plus two one-year extension options, and increased the potential size to $750 million. It ended the quarter with nearly $1.5 billion of total liquidity. It exited the first quarter of 2025 with cash and cash equivalents of $109.2 million, down from $123.4 million recorded at the end of 2024. Federal Realty closed on the prior announced $123.5 million acquisition of Del Monte Shopping Center in Monterey, CA, on Feb. 25, 2025. For 2025, Federal Realty expects its FFO per share in the range of $7.11-$7.23, up from $7.10-$7.22 guided earlier. This represents about 6% growth at the increased midpoint of $7.17. The Zacks Consensus Estimate of $7.16 also lies within this retail REIT's full-year guidance is backed by assumptions for comparable properties growth of 3%-4%, incremental redevelopment/expansion POI of $3-$5 million, disposed properties 2024 POI of $5 million and lease termination fees of $4-$5 million. The company anticipates occupancy to remain stable in the second quarter, with growth resuming in the second half of the year, reaching the mid-94% range on a comparable basis by the end of 2025. Concurrent with the first-quarter earnings release, Federal Realty announced a regular quarterly cash dividend of $1.10 per share, indicating an annual rate of $4.40 per share. The dividend will be paid out on July 15 to shareholders of record as of July 1, Realty currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Federal Realty Investment Trust price-consensus-eps-surprise-chart | Federal Realty Investment Trust Quote We now look forward to the earnings release of other retail REITs — Simon Property Group SPG and The Macerich Company MAC — which are slated to report on May Zacks Consensus Estimate for Simon Property's first-quarter 2025 FFO per share has been revised a cent upward over the past month to $2.91 on revenues of $1.48 billion. SPG currently has a Zacks Rank #3. (Find the latest EPS estimates and surprises on Zacks Earnings Calendar.)The Zacks Consensus Estimate for Macerich's first-quarter 2025 FFO per share stands at 31 cents, indicating no increase year over year, on revenues of $218.9 million. MAC currently has a Zacks Rank #3. Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Simon Property Group, Inc. (SPG) : Free Stock Analysis Report Macerich Company (The) (MAC) : Free Stock Analysis Report Federal Realty Investment Trust (FRT) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
17-05-2025
- Business
- Yahoo
InterRent Real Estate Investment Trust (IIPZF) Q1 2025 Earnings Call Highlights: Strong ...
Occupancy Rate: Total portfolio occupancy at 96.8%, same-property occupancy improved by 10 basis points to 96.9%. Annualized Rent Revenue (ARR) Growth: 6.2% for the total portfolio, 5% for the same property in March. Operating Revenue Growth: Total portfolio operating revenues grew by 1.7% year-over-year; same-property revenue growth was 4.7%. Same-Property NOI Margin: Decreased by 110 basis points to 64.1%. Same-Property NOI Growth: 3.1% for the quarter. Funds From Operations (FFO): $21.8 million, a 3.3% year-over-year improvement; $0.15 per unit, a 4.2% increase. Net Proceeds from Dispositions: $39 million through three dispositions. Unit Repurchase: $4.8 million or 3.2% of diluted outstanding units in Q1; additional 1.2% post-Q1. Interest Coverage Ratio: Increased to 2.6 times. Total Debt to Gross Book Value: 40.9%. Available Liquidity: $236 million. Utility Costs Increase: 18.1% year-over-year to $521 per suite. Same-Property Operating Expenses: Increased by 6.3% year-over-year. Financing Costs: $14.6 million or 23.2% of operating revenue, down from $15.2 million or 24.5% a year ago. Weighted Average Cost of Mortgage Debt: 3.31%, down from 3.37% three months ago. Warning! GuruFocus has detected 4 Warning Signs with IIPZF. Release Date: May 16, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. InterRent Real Estate Investment Trust (IIPZF) maintained a high occupancy rate of 96.8% for the total portfolio, with a slight improvement in the same-property portfolio to 96.9%. The company achieved a year-over-year average rent revenue (ARR) growth of 6.2% for the total portfolio and 5% for the same property in March. InterRent Real Estate Investment Trust (IIPZF) successfully executed a buyback of 4.4% of its outstanding units at a significant discount to its IFRS NAV, enhancing shareholder value. The company reported a 3.3% year-over-year improvement in funds from operations (FFO), reaching $21.8 million for the quarter. InterRent Real Estate Investment Trust (IIPZF) has a strong balance sheet with a total debt to gross book value of 40.9% and $236 million in available liquidity. The company faced increased operating costs due to higher utility expenses, snow removal, and other weather-related costs, which impacted net margins. Same-property net operating income (NOI) margin dipped by 110 basis points from the previous year, although it remained at a healthy 64.1%. The gain on lease decreased to 8.5% this quarter from 20.3% a year ago, indicating a trend of rents aligning more closely with market rates. Utility costs increased by 18.1% per suite due to higher usage and rates, driven by colder temperatures and increased carbon taxes. The company is facing challenges in some markets, such as Vancouver, due to increased supply, which may affect rental pricing and occupancy strategies. Q: Are you considering increasing vacancy to drive rents given the current market conditions? A: Bradley Cutsey, President and CEO, mentioned that while they remain bullish, it's still early in the leasing season. They will continue to take a balanced approach and adjust strategies as necessary, particularly in Ontario where they feel comfortable pushing rents. Q: How is the asset disposition program progressing, and has market uncertainty affected it? A: Bradley Cutsey stated that the disposition program is on target, with no impact from market uncertainties. They remain disciplined in earmarking assets for disposition across their core regions. Q: How did Q1 occupancy and rent compare to internal expectations? A: Bradley Cutsey expressed satisfaction with Q1 performance, noting stability in a challenging environment. They are optimistic about maintaining this trend through the leasing season. Q: What is the impact of the carbon tax removal on your financials? A: Curt Millar, CFO, explained that the removal of the carbon tax is expected to save approximately $1 million for the remainder of 2025, positively impacting net operating margins. Q: Are there any new initiatives to close the NAV gap? A: Curt Millar highlighted their active buyback program and asset sales as key strategies. They are pausing most developments to focus on maximizing value through these initiatives. Q: How are you managing incentives and leasing spreads? A: Dave Nevins, COO, stated that incentives are used strategically to maintain occupancy levels. They are optimistic about leasing trends and expect to maintain healthy spreads. Q: Can you provide details on the 360 Laurier development's financials? A: Bradley Cutsey noted that the development is expected to yield mid-teens levered IRR. They have successfully repatriated $2 million of their investment through financing. Q: How are you addressing the valuation gap with the NCIB? A: Bradley Cutsey emphasized their disciplined approach to asset sales and buybacks, aligning timing and economics to maximize shareholder value without significantly altering leverage. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
National Post
07-05-2025
- Business
- National Post
Granite Announces 2025 First Quarter Results
Article content TORONTO — Granite Real Estate Investment Trust (TSX: NYSE: GRP.U) ('Granite' or the 'Trust') announced today its condensed consolidated combined results for the three month period ended March 31, 2025. Article content Article content Highlights for the three month period ended March 31, 2025 are set out below: Article content Financial: Article content Granite's net operating income ('NOI') was $125.7 million in the first quarter of 2025 compared to $114.5 million in the prior year period, an increase of $11.2 million primarily as a result of contractual rent adjustments and consumer price index based increases, renewal and re-leasing activity, and the lease commencement of four completed development and expansion projects in Canada, the United States and Netherlands during 2024; Same property NOI – cash basis (4) increased by 4.7% for the first quarter of 2025, excluding the impact of foreign exchange; Funds from operations ('FFO') (1) was $91.0 million ($1.46 per unit) in the first quarter of 2025 compared to $82.4 million ($1.30 per unit) in the first quarter of 2024; Adjusted funds from operations ('AFFO') (2) was $88.4 million ($1.41 per unit) in the first quarter of 2025 compared to $77.9 million ($1.22 per unit) in the first quarter of 2024; During the three month period ended March 31, 2025, the Canadian dollar weakened against the Euro and the US dollar relative to the prior year period. The impact of foreign exchange on FFO and AFFO for the three month period ended March 31, 2025, relative to the same period in 2024, was favourable by $0.07 per unit for each measure; AFFO payout ratio (3) was 60% for the first quarter of 2025 compared to 67% in the first quarter of 2024; Occupancy as at March 31, 2025 was 94.8%, with committed occupancy as at May 7, 2025 also at 94.8%, a decrease of 10 basis points and 20 basis points relative to December 31, 2024 and February 26, 2025, respectively; Granite recognized $48.2 million in net fair value losses on investment properties in the first quarter of 2025 mostly related to higher discount rates across select properties in all regions. The value of investment properties was increased by unrealized foreign exchange gains of $83.5 million in the first quarter of 2025 primarily resulting from the relative weakening of the Canadian dollar against the Euro, partially offset by the slight strengthening of the Canadian dollar against the US dollar as at March 31, 2025; and Granite's net income attributable to unitholders in the first quarter of 2025 was $43.9 million in comparison to $89.1 million in the prior year period primarily due to an unfavourable change in the fair value adjustment on investment properties of $60.9 million, partially offset by an $11.2 million increase in net operating income as noted above, and a $4.1 million decrease in income tax expense. Article content During the first quarter of 2025, Granite achieved average rental rate spreads of 10% over expiring rents representing approximately 736,000 square feet of new leases and renewals taking effect in the quarter; and In April 2025, a subsidiary of Do it Best Corp. assumed True Value's lease for Granite's property at 12 Tradeport Road in Hanover Township, Pennsylvania for the remaining term of 15.9 years. Article content During the first quarter of 2025, Granite repurchased 930,969 units under the normal course issuer bid ('NCIB') at an average unit cost of $68.30 for total consideration of $63.6 million, excluding commissions and taxes on net repurchases of units; Subsequent to March 31, 2025, Granite repurchased 497,300 units under the NCIB at an average unit cost of $63.42 for total consideration of $31.5 million, excluding commissions and taxes on net repurchases of units; and On March 28, 2025, Granite amended its existing unsecured revolving credit facility agreement to extend the maturity date by one year for a new five-year term to March 31, 2030. Article content Three Months Ended March 31, (in millions, except as noted) 2025 2024 Revenue $ 154.7 $ 138.9 Net operating income ('NOI') $ 125.7 $ 114.5 Net income attributable to unitholders $ 43.9 $ 89.1 Funds from operations ('FFO') (1) $ 91.0 $ 82.4 Adjusted funds from operations ('AFFO') (2) $ 88.4 $ 77.9 Diluted FFO per unit (1) $ 1.46 $ 1.30 Diluted AFFO per unit (2) $ 1.41 $ 1.22 Monthly distributions paid per unit $ 0.85 $ 0.83 AFFO payout ratio (3) 60 % 67 % As at March 31, 2025 and December 31, 2024 2025 2024 Fair value of investment properties $ 9,441.2 $ 9,397.3 Cash and cash equivalents $ 123.1 $ 126.2 Total debt (5) $ 3,162.1 $ 3,087.8 Net leverage ratio (6) 32 % 32 % Number of income-producing properties 138 138 Gross leasable area ('GLA'), square feet 63.3 63.3 Occupancy, by GLA 94.8 % 94.9 % Committed occupancy, by GLA (9) 94.8 % 95.0 % Magna as a percentage of annualized revenue (8) 27 % 26 % Magna as a percentage of GLA 19 % 19 % Weighted average lease term in years, by GLA 5.6 5.7 Overall capitalization rate (7) 5.4 % 5.3 % Article content A more detailed discussion of Granite's condensed consolidated combined financial results for the three month periods ended March 31, 2025 and 2024 is contained in Granite's Management's Discussion and Analysis of Results of Operations and Financial Position ('MD&A') and the unaudited condensed consolidated combined financial statements for those periods and the notes thereto, which are available through the internet on the Canadian Securities Administrators' System for Electronic Data Analysis and Retrieval Plus ('SEDAR+') and can be accessed at and on the United States Securities and Exchange Commission's (the 'SEC') Electronic Data Gathering, Analysis and Retrieval System ('EDGAR'), which can be accessed at Article content Granite is maintaining its 2025 guidance as presented on February 26, 2025. Granite's current outlook does not significantly change assumptions relating to new leasing of vacant space which continues to be projected primarily later in the second half of 2025 and also reflects year to date financing and NCIB activity. Granite's FFO per unit forecast represents an approximate 5% to 8% increase over 2024 and the AFFO per unit forecast represents a change of -1% to 2% over 2024 driven by higher maintenance capital expenditures relative to the prior year. Article content The high and low ranges of Granite's forecast are driven by foreign currency exchange rate assumptions for the nine-month forecast period between April and December, 2025, which have been modified relative to guidance provided on February 26, 2025, reflecting a recent weakening of the Canadian dollar relative to the Euro offset by the strengthening of the Canadian dollar against the U.S. dollar. The table below outlines Granite's current forecast for the year ending December 31, 2025: Article content Measure Current Previously Published EUR:CAD exchange rate (1) 1.52 to 1.58 1.45 to 1.50 USD:CAD exchange rate (1) 1.37 to 1.42 1.40 to 1.45 FFO per unit no change $5.70 to $5.85 AFFO per unit no change $4.80 to $4.95 Maintenance capital expenditures, tenant allowances and leasing commissions impacting AFFO no change $40.0 million Constant currency same property NOI – cash basis, four quarter average no change 4.5% to 6.0% (1) Foreign exchange rate assumptions pertain to forecast period only of the respective outlook. Article content Granite's 2025 forecast assumes no acquisitions and dispositions, and assumes no favourable reversals of tax provisions relating to prior years which cannot be determined at this time. Non-GAAP performance measures are included in Granite's 2025 forecast above (see ' NON-GAAP PERFORMANCE MEASURES '). See also ' FORWARD-LOOKING STATEMENTS '. Article content 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. To hear a replay of the webcast, please visit The replay will be available for 90 days. Article content Granite's Annual General Meeting of Unitholders (the 'Meeting') will take place on June 5, 2025 at 10:00 a.m. (ET) virtually by way of a live audio webcast. Unitholders can participate at the Meeting by joining the live audio webcast online at Refer to the 'Voting Information and General Proxy Matters' within Granite's Management Information Circular/Proxy Statement for detailed instructions on how to vote at the Meeting. The webcast of the Meeting will be archived on our website following the conclusion of the Meeting. Please refer to the Annual Meetings page at for additional details on the virtual Meeting. Article content Additional property statistics as at March 31, 2025 have been posted to our website at Copies of financial data and other publicly filed documents are available through the internet on SEDAR+, which can be accessed at and on EDGAR, which can be accessed at Article content 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 144 investment properties representing approximately 63.3 million square feet of gross leasable area. Article content For further information, please see our website at or contact Teresa Neto, Chief Financial Officer, at (647) 925-7560. Article content Readers are cautioned that certain terms used in this press release such as FFO, AFFO, FFO payout ratio, AFFO payout ratio, same property NOI – cash basis, constant currency same property NOI – cash basis, total debt and net debt, net leverage ratio, and any related per unit amounts used by management to measure, compare and explain the operating results and financial performance of the Trust do not have standardized meanings prescribed under IFRS® Accounting Standards as issued by the International Accounting Standards Board ('IFRS Accounting Standards' or 'GAAP') and, therefore, should not be construed as alternatives to net income, cash provided by operating activities or any other measure calculated in accordance with IFRS Accounting Standards. Additionally, because these terms do not have a standardized meaning prescribed by IFRS Accounting Standards, they may not be comparable to similarly titled measures presented by other publicly traded entities. Article content (1) FFO is a non-GAAP performance measure that is widely used by the real estate industry in evaluating the operating performance of real estate entities. Granite calculates FFO as net income attributable to unitholders excluding fair value gains (losses) on investment properties and financial instruments, gains (losses) on sale of investment properties including the associated current income tax, foreign exchange gains (losses) on certain monetary items not forming part of a net investment in a foreign operation, deferred income taxes, corporate restructuring costs and certain other items, net of non-controlling interests in such items. The Trust's determination of FFO follows the definition prescribed by the Real Property Association of Canada ('REALPAC') guidelines on Funds From Operations & Adjusted Funds From Operations for IFRS Accounting Standards dated January 2022 ('REALPAC Guidelines') except for the exclusion of corporate restructuring costs. Granite considers FFO to be a meaningful supplemental measure that can be used to determine the Trust's ability to service debt, fund capital expenditures and provide distributions to unitholders. FFO is reconciled to net income, which is the most directly comparable GAAP measure (see table below). FFO should not be construed as an alternative to net income or cash flow provided by operating activities determined in accordance with IFRS Accounting Standards. (2) AFFO is a non-GAAP performance measure that is widely used by the real estate industry in evaluating the recurring economic earnings performance of real estate entities after considering certain costs associated with sustaining such earnings. Granite calculates AFFO as net income attributable to unitholders including all adjustments used to calculate FFO and further adjusts for actual maintenance capital expenditures that are required to sustain Granite's productive capacity, leasing costs such as leasing commissions and tenant allowances incurred and non-cash straight-line rent and tenant incentive amortization, net of non-controlling interests in such items. The Trust's determination of AFFO follows the definition prescribed by the REALPAC Guidelines except for the exclusion of corporate restructuring costs as noted above. Granite considers AFFO to be a meaningful supplemental measure that can be used to determine the Trust's ability to service debt, fund expansion capital expenditures, fund property development and provide distributions to unitholders after considering costs associated with sustaining operating earnings. AFFO is also reconciled to net income, which is the most directly comparable GAAP measure (see table below). AFFO should not be construed as an alternative to net income or cash flow provided by operating activities determined in accordance with IFRS Accounting Standards. Article content Three Months Ended March 31, (in millions, except per unit amounts) 2025 2024 Net income attributable to unitholders $ 43.9 $ 89.1 Add (deduct): Fair value losses (gains) on investment properties, net 48.2 (12.7 ) Fair value (gains) losses on financial instruments, net (0.1 ) 2.0 Deferred tax (recovery) expense (0.3 ) 3.8 Fair value remeasurement of the Executive Deferred Unit Plan (0.3 ) 0.2 Fair value remeasurement of the Directors Deferred Unit Plan (0.3 ) — Corporate restructuring costs — 0.2 Non-controlling interests relating to the above (0.1 ) (0.2 ) FFO [A] $ 91.0 $ 82.4 Add (deduct): Maintenance or improvement capital expenditures incurred (0.4 ) (0.6 ) Leasing costs (0.3 ) (0.2 ) Tenant allowances — (0.6 ) Tenant incentive amortization — 0.1 Straight-line rent amortization (1.9 ) (3.2 ) Non-controlling interests relating to the above — — AFFO [B] $ 88.4 $ 77.9 Basic and Diluted FFO per unit [A]/[C] and [A]/[D] $ 1.46 $ 1.30 Basic AFFO per unit [B]/[C] $ 1.42 $ 1.23 Diluted AFFO per unit [B]/[D] $ 1.41 $ 1.22 Basic weighted average number of units [C] 62.3 63.4 Diluted weighted average number of units [D] 62.5 63.6 Article content (3) The FFO and AFFO payout ratios are calculated as monthly distributions, which exclude special distributions, declared to unitholders divided by FFO and AFFO (non-GAAP performance measures), respectively, in a period. FFO payout ratio and AFFO payout ratio may exclude revenue or expenses incurred during a period that can be a source of variance between periods. The FFO payout ratio and AFFO payout ratio are supplemental measures widely used by investors in evaluating the sustainability of the Trust's monthly distributions to unitholders. Article content Three Months Ended March 31, (in millions, except as noted) 2025 2024 Monthly distributions declared to unitholders [A] $ 52.8 $ 52.3 FFO [B] 91.0 82.4 AFFO [C] 88.4 77.9 FFO payout ratio [A]/[B] 58 % 63 % AFFO payout ratio [A]/[C] 60 % 67 % Article content (4) Same property NOI — cash basis refers to the NOI — cash basis (NOI excluding lease termination and close-out fees, and the non-cash impact from straight-line rent and tenant incentive amortization) for those properties owned by Granite throughout the entire current and prior year periods under comparison. Same property NOI — cash basis excludes properties that were acquired, disposed of, classified as development properties or assets held for sale during the periods under comparison. Granite believes that same property NOI — cash basis is a useful supplementary measure in understanding period-over-period organic changes in NOI — cash basis from the same stock of properties owned. Article content Sq ft (1) Three Months Ended March 31, (in millions) 2025 2024 $ change % change Revenue $ 154.7 $ 138.9 15.8 Less: Property operating costs 29.0 24.4 4.6 NOI $ 125.7 $ 114.5 11.2 9.8 % Add (deduct): Lease termination and close-out fees (0.8 ) — (0.8 ) Straight-line rent amortization (1.9 ) (3.2 ) 1.3 Tenant incentive amortization — 0.1 (0.1 ) NOI – cash basis 63.3 $ 123.0 $ 111.4 11.6 10.4 % Less NOI – cash basis for: Acquisitions — — — — Developments 0.5 (1.5 ) (0.2 ) (1.3 ) Dispositions and assets held for sale — — — — Same property NOI – cash basis 62.9 $ 121.5 $ 111.2 10.3 9.3 % Constant currency same property NOI – cash basis (2) 62.9 $ 121.5 $ 116.0 5.5 4.7 % Article content (1) The square footage relating to the NOI — cash basis represents GLA of 63.3 million square feet as at March 31, 2025. The square footage relating to the same property NOI — cash basis represents the aforementioned GLA excluding the impact from the acquisitions, dispositions, assets held for sale and developments during the relevant period. (2) Constant currency same property NOI – cash basis is calculated by converting the comparative same property NOI – cash basis at current period average foreign exchange rates. Article content (5) Total debt is calculated as the sum of all current and non-current debt, the net mark to market fair value of derivatives and lease obligations. Net debt subtracts cash and cash equivalents from total debt. Granite believes that it is useful to include the derivatives and lease obligations for the purposes of monitoring the Trust's debt levels. (6) The net leverage ratio is calculated as net debt (a non-GAAP performance measure defined above) divided by the fair value of investment properties (excluding assets held for sale). The net leverage ratio is a non-GAAP ratio used in evaluating the Trust's degree of financial leverage, borrowing capacity and the relative strength of its balance sheet. Article content As at March 31, 2025 and December 31, 2024 2025 2024 Unsecured debt, net $ 3,092.1 $ 3,078.5 Derivatives, net 35.3 (25.1 ) Lease obligations 34.7 34.4 Total debt $ 3,162.1 $ 3,087.8 Less: cash and cash equivalents 123.1 126.2 Net debt [A] $ 3,039.0 $ 2,961.6 Investment properties [B] $ 9,441.2 $ 9,397.3 Net leverage ratio [A]/[B] 32 % 32 % Article content (7) Overall capitalization rate is calculated as stabilized net operating income (property revenue less property expenses) divided by the fair value of the income-producing property. (8) Annualized revenue for each period presented is calculated as the contractual base rent for the month subsequent to the quarterly reporting period multiplied by 12 months. Annualized revenue excludes revenue from properties classified as assets held for sale. (9) Committed occupancy as at May 7, 2025. Article content This press release may contain statements that, to the extent they are not recitations of historical fact, constitute 'forward-looking statements' or 'forward-looking information' within the meaning of applicable securities legislation, including the United States Securities Act of 1933, as amended, the United States Securities Exchange Act of 1934, as amended, and applicable Canadian securities legislation. Forward-looking statements and forward-looking information may include, among others, statements regarding Granite's future plans, goals, strategies, intentions, beliefs, estimates, costs, objectives, capital structure, cost of capital, tenant base, tax consequences, economic performance or expectations, or the assumptions underlying any of the foregoing. Words such as 'outlook', 'may', 'would', 'could', 'should', 'will', 'likely', 'expect', 'anticipate', 'believe', 'intend', 'plan', 'forecast', 'project', 'estimate', 'seek' and similar expressions are used to identify forward-looking statements and forward-looking information. Forward-looking statements and forward-looking information should not be read as guarantees of future events, performance or results and will not necessarily be accurate indications of whether or the times at or by which such future performance will be achieved. Undue reliance should not be placed on such statements. There can also be no assurance that Granite's expectations regarding various matters, including the following, will be realized in a timely manner, with the expected impact or at all: the effectiveness of measures intended to mitigate such impact, and Granite's ability to deliver cash flow stability and growth and create long-term value for unitholders; Granite's ability to advance its ESG+R program and related targets and goals; the expansion and diversification of Granite's real estate portfolio and the reduction in Granite's exposure to Magna and the special purpose properties; Granite's ability to accelerate growth and to grow its net asset value, FFO and AFFO per unit, and constant currency same property NOI – cash basis; Granite's ability to execute on its strategic plan and its priorities in 2025; Granite's 2025 outlook for FFO per unit, AFFO per unit and constant currency same property NOI, including the anticipated impact of future foreign currency exchange rates on FFO and AFFO per unit and expectations regarding Granite's business strategy; fluctuations in foreign currency exchange rates and the effect on Granite's revenues, expenses, cash flows, assets and liabilities; Granite's ability to offset interest or realize interest savings relating to its term loans, debentures and cross currency interest rate swaps; Granite's ability to find and integrate satisfactory acquisition, joint venture and development opportunities and to strategically deploy the proceeds from recently sold properties and financing initiatives; Granite's intended use of available liquidity, its ability to obtain secured funding against its unencumbered assets and its expectations regarding the funding of its ongoing operations and future growth; any future offerings under Granite's base shelf prospectuses; obtaining site planning approval of a 0.7 million square foot distribution facility on the 34.0 acre site in Brantford, Ontario; obtaining site plan approval for the future phases of its development for up to 0.7 million square feet on the 68.7 acre site in Houston, Texas and up to 0.4 million square feet on the 30.8 acre site in Houston, Texas and the expected timing and potential yield from each project; the development of 12.9 acres of land in West Jefferson, Ohio and the potential yield from that project; the development of a 0.6 million square foot multi-phased business park on the remaining 36.0 acre parcel of land in Brantford, Ontario and the potential yield from that project; the development of a 0.2 million square foot modern distribution/logistics facility on the 10.1 acres of land in Brant County, Ontario and the potential yield of the project; estimates regarding Granite's development properties and expansion projects, including square footage of construction, total construction costs and total costs; Granite's ability to meet its target occupancy goals; Granite's ability to secure sustainability or other certifications for any of its properties; Granite's ability to generate peak solar capacity on its properties; the impact of the refinancing of the term loans on Granite's returns and cash flow; the amount of any distributions; and the effect of any legal proceedings on Granite. Forward-looking statements and forward-looking information are based on information available at the time and/or management's good faith assumptions and analyses made in light of Granite's perception of historical trends, current conditions and expected future developments, as well as other factors Granite believes are appropriate in the circumstances. Forward-looking statements and forward-looking information are subject to known and unknown risks, uncertainties and other unpredictable factors, many of which are beyond Granite's control, that could cause actual events or results to differ materially from such forward-looking statements and forward-looking information. Important factors that could cause such differences include, but are not limited to, the risk of changes to tax or other laws and treaties that may adversely affect Granite's mutual fund trust status under the Income Tax Act (Canada) or the effective tax rate in other jurisdictions in which Granite operates; the risk related to tariffs, global trade and supply chains that may adversely impact Granite's tenants' operations and in turn impact Granite's operations and financial performance; economic, market and competitive conditions and other risks that may adversely affect Granite's ability to expand and diversify its real estate portfolio; and the risks set forth under 'Risks and Uncertainties' in Granite's Management's Discussion and Analysis for the quarter ended March 31, 2025 filed on May 7, 2025 and in the 'Risk Factors' section in Granite's AIF for 2024 dated February 26, 2025, filed on SEDAR+ at and attached as Exhibit 1 to the Trust's Annual Report on Form 40-F for the year ended December 31, 2024 filed with the SEC and available online on EDGAR at all of which investors are strongly advised to review. The 'Risk Factors' section also contains information about the material factors or assumptions underlying such forward-looking statements and forward-looking information. Forward-looking statements and forward-looking information speak only as of the date the statements and information were made and unless otherwise required by applicable securities laws, Granite expressly disclaims any intention and undertakes no obligation to update or revise any forward-looking statements or forward-looking information contained in this press release to reflect subsequent information, events or circumstances or otherwise. Article content Article content Article content Article content Article content Article content
