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Investor Relations14 Oct 2025
Boost Your Earnings Season Strategy With Real‑Time Alerts
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Granite Real Estate Investment Trust (GRT-UN) investor relations material
Granite Real Estate Investment Trust Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary7 Aug, 2025
Executive summary
Q2 2025 results aligned with guidance, driven by strong NOI growth, robust leasing, and accretive NCIB repurchases, partially offset by FX impacts.
Portfolio includes 135 income-producing and 6 development properties, totaling 60.6M SF, with 96.5% committed occupancy and $9.0B in value as of June 30, 2025.
Completed $49.5M acquisition of two fully leased Florida distribution facilities, adding 0.1M sq ft.
Portfolio transformation reduced Magna concentration from 93% of GLA in 2012 to 20% in 2025, supporting 14 consecutive annual distribution increases.
Published 2024 ESG+R report, achieving 50MW rooftop solar, green certification on 63 properties, and top GRESB ranking.
Financial highlights
Q2 FFO per unit was $1.39, up $0.07 year-over-year; AFFO per unit was $1.23, up $0.06 year-over-year.
Net income attributable to unitholders was $95.0M, up from $76.2M in Q2 2024, mainly due to higher NOI and fair value gains.
Same property NOI up 4.6% year-over-year on constant currency, driven by rent increases and leasing spreads.
LTM AFFO payout ratio at 65% and net leverage at 36% as of June 30, 2025.
Market capitalization of ~$4.5B and enterprise value of ~$7.6B as of August 1, 2025.
Outlook and guidance
Raised 2025 FFO per unit guidance to $5.75–$5.90 (6–9% increase over 2024).
Raised 2025 AFFO per unit guidance to $4.90–$5.05 (1–4% increase over 2024), reflecting higher maintenance capex.
Constant currency same property NOI growth guidance increased to 5–6.5% for 2025.
Active development pipeline includes a 391,000 SF build-to-suit in Houston, TX, with a 12-year lease and ~7.5% yield.
Year-end committed occupancy expected at 96.5–97%, about 100 bps higher than previous expectations.
Which markets offer most compelling acquisition opportunities?
How do tariffs impact US portfolio leasing decisions?
What is the outlook for 2026 lease expiries?
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Next Granite Real Estate Investment Trust earnings date
Q3 20256 Nov, 2025
Next Granite Real Estate Investment Trust earnings date
Q3 20256 Nov, 2025
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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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