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GO Residential Real Estate Investment Trust (GO.U) investor relations material
GO Residential Real Estate Investment Trust Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved strong inaugural results as a public REIT, surpassing pro forma and IPO forecasts for revenue, NOI, NOI margin, and AFFO for Q3 2025.
Achieved 99.5% committed occupancy at quarter-end, reflecting strong demand for luxury multifamily properties in Manhattan.
Average monthly rent per suite reached $6,818, a 2.5% increase since July 24, 2025, setting a new high.
Closed the largest REIT IPO in Toronto Stock Exchange history just over three months ago, with results reflecting operations from July 31 to September 30, 2025.
Manhattan luxury rental market fundamentals remain robust, with high demand and limited new supply.
Financial highlights
Adjusted revenue for Q3 2025 was $28.29 million, in line with or exceeding pro forma and pro-rata forecasts.
Adjusted NOI reached $20.1 million, 0.7% above forecast, with a 71.1% margin.
Adjusted AFFO totaled $8.35 million ($0.15/unit), 6.8% above forecast.
FFO Adjusted was $8.58 million ($0.15/unit), 8.5% above forecast.
Net income and comprehensive income was $656.6 million, reflecting a significant bargain purchase gain.
Outlook and guidance
Expect to close the gap between in-place and market rents (currently just under 10%) within 12 months; "mark-to-market" rent initiative on track for completion by Q2 2026.
Anticipate at least 4% market rent growth in the high-end Manhattan segment.
No signs of market softness; demand and occupancy expected to remain strong.
Manhattan projected to outpace national averages in population and economic growth, supporting long-term demand.
Constrained supply and high construction costs are expected to limit new rental supply, supporting long-term value.
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