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 a high-quality, well-leased portfolio.

• 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 mid-single digit accretive to AFFO and NAV per unit.

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

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 the quarter totaled $21.6 million.

• Adjusted NOI was $32.6 million, ahead of the $32.3 million forecast, with a NOI margin of 72.5%.

• Adjusted AFFO was $14.7 million ($0.27/unit), 4% above forecast.

• For July 31–Dec 31, 2025: revenue $68.1 million, net income $677.2 million, AFFO adjusted $23.8 million ($0.43/unit), 7.5% above forecast.

Outlook and guidance

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

• Robust acquisition pipeline and optimism for further accretive deals; preparing for a potential dual listing in August.

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

• Management expects robust demand for luxury multifamily in NYC, driven by above-average population and job growth.

• Supply constraints in NYC expected to persist, supporting long-term rental growth.