GO Residential Real Estate Investment Trust (GO.U) Q1 2026 earnings summary

Executive summary

• Delivered results exceeding IPO and Q1 2026 forecasts across all key metrics for the third consecutive quarter, with net income and comprehensive income reaching $43.8 million.

• Announced agreements to acquire four to five multifamily properties in Manhattan and Brooklyn, expected to double building count and add over 1,000 suites, with acquisitions anticipated to be accretive to AFFO per unit.

• Achieved 99% committed occupancy and strong average monthly rent of $6,876 per suite.

• Focuses on luxury high-rise multifamily properties in the New York metropolitan area, with a portfolio of five buildings totaling 2,015 suites and an appraised value of ~$2.7B as of March 31, 2026.

• Internally managed REIT with experienced leadership, aiming for stable returns and long-term growth.

Financial highlights

• Adjusted revenue for Q1 2026 was $46.3 million, surpassing the forecast of $45.2 million.

• Adjusted NOI margin expanded to 72.8%, with NOI Adjusted at $33.7 million.

• Adjusted FFO was $16.5 million ($0.29/unit), beating forecast by over 10%.

• Adjusted AFFO was $14.3 million ($0.25/unit), with a payout ratio of 62.8%.

• Net income and comprehensive income for the quarter was $43.8 million, including significant non-cash items.

Outlook and guidance

• Peak leasing season is underway, with expectations for continued strong performance and integration of new acquisitions anticipated to be immediately accretive.

• Recently announced acquisitions expected to close in Q2 2026, transforming the portfolio.

• Guidance for 10% rental growth through July, with normalized growth of 3–5% thereafter.

• Management remains focused on accretive, leverage-neutral acquisitions, deleveraging, and a balanced growth strategy leveraging organic and external opportunities.

• Acquisitions expected to be mid-single-digit accretive to AFFO per unit.