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

Executive summary

• Delivered Q1 2026 results exceeding IPO forecasts, with net income and comprehensive income of $43.8 million and 99% committed occupancy.

• Announced agreements to acquire four to five multifamily properties, expected to double building count and add over 1,000 suites, with anticipated accretion to AFFO per unit.

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

• Achieved strong average monthly rent of $6,876 per suite and a tenant retention rate of about 71%.

• 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 forecasts, aided by a $2.2 million non-refundable branding fee.

• Adjusted NOI margin reached 72.8%, with adjusted NOI of $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 mark-to-market items.

Outlook and guidance

• Management expects continued strong operating performance, supported by record pricing, low inventory, and sub-2% vacancy in Manhattan.

• Announced acquisitions are expected to close in Q2 2026 and be immediately accretive.

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

• Management expects to provide more detailed guidance post-acquisition closing.

• Growth strategy leverages organic and external opportunities, including amenity monetization and suite repositioning.