Granite Real Estate Investment Trust (GRT-UN) investor relations material

Executive summary

• Q3 revenue was CAD 166.6M, NOI CAD 136.0M and net income attributable to unitholders CAD 78.2M; FFO per unit rose 8.1% YoY to CAD 1.60.

• Same-property NOI grew 6.9% on a constant-currency basis; full-year guidance was maintained with tighter ranges, and the annualized distribution increased 4.23% to CAD 3.70 per unit.

Financial highlights

• Q3 revenue rose to CAD 166.6M from CAD 153.0M YoY, while NOI increased 7.0% to CAD 136.0M from CAD 127.1M.

• Q3 FFO was CAD 99.5M, or CAD 1.60 per diluted unit, versus CAD 89.9M, or CAD 1.48; AFFO was CAD 90.3M, or CAD 1.45 per unit, versus CAD 77.0M, or CAD 1.26.

• Net income attributable to unitholders rose to CAD 78.2M from CAD 68.0M, reflecting higher NOI, lower G&A and a favorable fair-value adjustment, partly offset by higher income tax expense.

• Same-property NOI increased 6.9% on a constant-currency basis and 7.7% including FX; AFFO-related capital expenditures were CAD 7.1M.

Outlook and guidance

• FY2026 guidance: FFO per unit CAD 6.32–CAD 6.37, AFFO per unit CAD 5.50–CAD 5.55 and average quarterly constant-currency same-property NOI growth of 6.0%–6.5%.

• Q4 same-property NOI growth is expected to decelerate, partly due to the Locust Grove lease’s free-rent period; year-end occupancy is expected near current levels.

• Guidance assumes no further 2026 acquisitions or dispositions and refinancing CAD 300M of December debentures with an unsecured term loan at slightly below 4.0%; AFFO-related capital costs remain forecast at CAD 40M.

• Q4 G&A affecting FFO and AFFO is forecast at CAD 11M–CAD 11.5M; 2027 guidance is expected at the next earnings call.