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.

• Completed the largest REIT IPO in TSX history, raising $500 million and using proceeds to pay down debt, positioning for growth.

• Announced accretive acquisitions of five multifamily properties in Manhattan and Brooklyn for over $820 million, expected to be accretive to AFFO and NAV per unit.

• Secured an investment-grade credit rating and completed significant refinancing and capital raises, including inaugural unsecured debenture issuance.

• 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 December 31, 2025.

Financial highlights

• Q4 2025 revenue was $40.8 million; adjusted revenue reached $45 million, surpassing the $44.6 million forecast.

• Net income and comprehensive income for Q4 2025 totaled $21.6 million.

• Adjusted NOI was $32.6 million, with a 72.5% NOI margin, both ahead of forecast.

• Adjusted AFFO was $14.7 million ($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

• Expect to achieve 10% mark-to-market rent growth by end of Q2 2026, with strong Q1 and Q2 leasing anticipated.

• Management expects robust demand for luxury multifamily in NYC, driven by above-average population and job growth, and supply constraints supporting long-term rental growth.

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

• Focus areas include amenity monetization, suite repositioning, and a robust acquisition pipeline.