GO Residential Real Estate Investment Trust (GO.U) Q3 2025 earnings summary

Executive summary

• Achieved strong inaugural results as a public REIT, surpassing pro forma and IPO forecasts for revenue, NOI, NOI margin, and AFFO for Q3 2025.

• Achieved 99.5% committed occupancy at quarter-end, reflecting strong demand for luxury multifamily properties in Manhattan.

• Average monthly rent per suite reached $6,818, a 2.5% increase since July 24, 2025, setting a new high.

• Closed the largest REIT IPO in Toronto Stock Exchange history just over three months ago, with results reflecting operations from July 31 to September 30, 2025.

• Manhattan luxury rental market fundamentals remain robust, with high demand and limited new supply.

Financial highlights

• Adjusted revenue for Q3 2025 was $28.29 million, in line with or exceeding pro forma and pro-rata forecasts.

• Adjusted NOI reached $20.1 million, 0.7% above forecast, with a 71.1% margin.

• Adjusted AFFO totaled $8.35 million ($0.15/unit), 6.8% above forecast.

• FFO Adjusted was $8.58 million ($0.15/unit), 8.5% above forecast.

• Net income and comprehensive income was $656.6 million, reflecting a significant bargain purchase gain.

Outlook and guidance

• Expect to close the gap between in-place and market rents (currently just under 10%) within 12 months; "mark-to-market" rent initiative on track for completion by Q2 2026.

• Anticipate at least 4% market rent growth in the high-end Manhattan segment.

• No signs of market softness; demand and occupancy expected to remain strong.

• Manhattan projected to outpace national averages in population and economic growth, supporting long-term demand.

• Constrained supply and high construction costs are expected to limit new rental supply, supporting long-term value.