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Granite Real Estate Investment Trust (GRT-UN) investor relations material
Granite Real Estate Investment Trust Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Q3 2025 results were ahead of Q2, with strong leasing momentum, NOI growth, and operational performance, supporting a 4.41% increase in annualized distribution to $3.55 per unit effective December 2025.
Portfolio consists of 134 income-producing and 6 development properties, totaling 60.9M SF, with 97.1% committed occupancy and $9.1B in property value.
Market capitalization is ~$4.8B and enterprise value is ~$7.8B as of October 31, 2025.
Magna concentration reduced from 93% of GLA in 2012 to 20% in 2025.
Achieved top ESG rankings in GRESB, ranking 1st in North American industrial peer group for the second year.
Financial highlights
FFO per unit in Q3 was CAD 1.48, up CAD 0.09 (6.5%) from Q2 and CAD 0.13 (9.6%) year-over-year; AFFO per unit was CAD 1.26, up CAD 0.03 from Q2 and CAD 0.04 year-over-year.
Same property NOI increased 5.2% on a constant currency basis and 8.4% including FX effects; Q3 NOI rose to $127.1 million from $119.6 million year-over-year.
G&A expenses were CAD 14.1 million, up CAD 0.9 million year-over-year and CAD 4.1 million from Q2, mainly due to non-cash compensation adjustments.
Net income attributable to unitholders was $68.0 million, down from $111.6 million, mainly due to unfavorable fair value adjustments.
Investment properties totaled CAD 9.1 billion, excluding CAD 370.7 million of assets held for sale.
Outlook and guidance
2025 FFO per unit guidance raised to CAD 5.83–5.90 (7%–9% increase over 2024); AFFO per unit guidance raised to CAD 5.03–5.10 (4%–5% increase over 2024).
Constant currency same property NOI guidance narrowed to 5.4%–6.2% for the year.
Active development pipeline includes a 391,000 SF build-to-suit project in Houston, TX, expected to complete in Q4 2026 with a 7.5% stabilized yield.
AFFO-related capital expenditures expected to be approximately CAD 40 million for 2025.
Long-term net leverage ratio target of ~30–35% and net-debt-to-EBITDA of 6.5–7.5x.
Impact of held-for-sale assets on 2025 outlook
Strategy behind NCIB funding via unsecured debt?
Underlying property value trend excluding FX
Rationale for higher distribution increase
Expected 2026 leasing spreads vs. 2025
Cap rate spread on capital recycling
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Next Granite Real Estate Investment Trust earnings date
Q4 202525 Feb, 2026
Next Granite Real Estate Investment Trust earnings date
Q4 202525 Feb, 2026
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Frequently asked questions
Granite REIT is a real estate investment trust that owns and manages logistics, warehouse, and industrial properties across North America and Europe. Its portfolio primarily serves tenants involved in distribution and manufacturing. The company is headquartered in Toronto, Canada, and its shares are listed on the TSX.
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