GO Residential Real Estate Investment Trust (GO.U) Q4 2025 earnings summary

Executive summary

• Achieved strong Q4 2025 results, exceeding forecasts for revenue, NOI, and AFFO, with robust operational momentum and disciplined financial management following a record-setting IPO.

• 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 December 31, 2025.

• Announced accretive acquisitions of five multifamily properties in Manhattan and Brooklyn for over $820 million, positioning the portfolio for long-term growth.

• Secured investment-grade BBB (low) rating from Morningstar DBRS and completed inaugural unsecured debenture issuance.

• Provides pure-play exposure to the NYC multifamily market, benefiting from strong demand and premium rents.

Financial highlights

• Q4 2025 revenue was $40.8M, with adjusted revenue of $45M, surpassing the $44.6M forecast.

• Net income and comprehensive income for the quarter reached $21.6M.

• Adjusted NOI was $32.6M (72.5% margin), ahead of the $32.3M forecast.

• Adjusted AFFO was $14.7M ($0.27/unit), 4% above forecast; adjusted FFO was $0.29/unit vs. $0.26 forecast.

• Committed occupancy ended at 98.5%; average monthly rent rose 2.5% since IPO to $6,835 per suite.

Outlook and guidance

• Management expects robust demand for luxury multifamily in NYC, driven by above-average population and job growth, and is confident in achieving 10% mark-to-market rent growth by end of Q2 2026.

• Robust acquisition pipeline, with recent deals expected to be mid-single digit accretive to AFFO and NAV per unit.

• Focus areas include amenity monetization, suite repositioning, and a balanced growth strategy through organic initiatives and external acquisitions.

• Preparing for an investor day in Q2 and a potential dual listing in August 2026.

• Manhattan luxury rental market expected to remain resilient, supported by strong demand and constrained supply.