GO Residential Real Estate Investment Trust (GO.U) investor relations material

Executive summary

• Achieved strong inaugural results as a public REIT, surpassing pro forma and IPO forecasts for revenue, NOI, NOI margin, and AFFO, driven by disciplined execution and robust Manhattan luxury rental market fundamentals.

• Achieved 99.5% committed occupancy at quarter-end, reflecting strong demand for luxury multifamily properties in Manhattan.

• Closed the largest REIT IPO in Toronto Stock Exchange history just over three months ago, with operations commencing July 31, 2025.

• Focused on growth, disciplined execution, and capital management, supported by a robust Manhattan luxury rental market backdrop.

Financial highlights

• Adjusted revenue for Q3 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

• Expecting at least 4% market rent growth in the high-end Manhattan segment.

• On track to close the in-place to market rent gap (just under 10%) within 12 months; "mark-to-market" rent initiative on track for completion by Q2 2026.

• Anticipate continued robust demand and limited new supply in Manhattan, with population and job growth outpacing national averages.

• Committed occupancy expected to remain high, with renewal rates projected at 70-75% through winter.

• Constrained supply and high construction costs are expected to limit new rental supply, supporting long-term value.