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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 exceeded Q2 and aligned with annual guidance, driven by strong leasing momentum, NOI growth, and robust operational performance.
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.
15 consecutive annual distribution increases, with a 4.41% increase to $3.55 per unit effective December 2025.
Portfolio transformation reduced Magna concentration from 93% of GLA in 2012 to 20% in 2025.
Achieved top ESG rankings in GRESB, ranking 1st in its North American industrial peer group.
Financial highlights
FFO per unit in Q3 was $1.48, up $0.09 (6.5%) from Q2 and $0.13 (9.6%) year-over-year; AFFO per unit was $1.26, up $0.03 from Q2 and $0.04 from the prior year.
Same property NOI increased 5.2% constant currency and 8.4% including FX effects; NOI rose to $127.1 million in Q3 2025 from $119.6 million year-over-year.
Revenue for Q3 2025 was $153.0 million, up from $141.9 million year-over-year.
AFFO payout ratio improved to 67% from 68% year-over-year; LTM AFFO payout ratio is 65%.
Investment properties totaled $9.1 billion, excluding $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 increased to $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.
GNA expenses expected at CAD 10.5 million in Q4; interest expense stable at $24.5 million per quarter.
Current income tax expected at $3 million in Q4, with potential $1.8 million credit from prior year reversals.
Impact of held-for-sale assets on 2025 outlook
Strategy behind NCIB funding via unsecured debt?
Underlying property value trend excluding FX
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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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