Business
FrontFour & Sandpiper Publish Detailed Plan for Value Creation at Granite REIT
FrontFour & Sandpiper Publish Detailed Plan for Value Creation at Granite REIT ...
About this update from Granite Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nFrontFour & Sandpiper Publish Detailed Plan for Value Creation at Granite REIT\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nFrontFour & Sandpiper Publish Detailed Plan for Value Creation at Granite REIT\nCanada NewsWire\nTORONTO, May 8, 2017\n\n\n\n•     Culture of inaction and entitlement at Granite since its 2011 re-organization•     Highest Board compensation and relative G&A expense in the Canadian REIT space•     Refusal to utilize significant balance sheet capacity has come at a cost to unitholders•     Actionable path to $60+ unit price available to a new board focused on action•     A unique opportunity to build a Canadian real estate champion\n\n\n\nTORONTO, May 8, 2017 /CNW/ - FrontFour Capital Group LLC and its affiliates (collectively, \"FrontFour\") and Sandpiper Group and its affiliates (collectively, \"Sandpiper\"), owners of approximately 6.2% of the outstanding stapled units of Granite Real Estate Investment Trust (\"Granite\") (GRT.UN:TSX, GRP.U: NYSE), announced today that they have published detailed thoughts on Granite  and the opportunity for significant value creation at the following link: http://www.unlockvalueatgranite.com.\n\nFrontFour and Sandpiper view Granite as a unique, high-quality global portfolio of industrial assets with tremendous long term potential to become a Canadian real estate champion. However, Granite, with its quality portfolio and an A- rated primary tenant, continues to be plagued by inaction, a culture of entitlement and a discounted valuation.\n\nOver the last five years, Granite's current Board of Trustees (the \"Board\") has failed to achieve its self-imposed strategic objectives of balance sheet utilization, tenant diversification, and expense reduction – we believe this has prohibited Granite from achieving its full unit price potential and maximum value.  Over that same period, the current Board has overseen and approved the highest board compen...