Granite Announces 2013 First Quarter Results Under IFRS

About this update from Granite Real Estate Investment Trust

[{"type":"text","content":"\n\n\n\n\n\nTORONTO, May 8, 2013 /CNW/ - Granite Real Estate Investment Trust and Granite REIT Inc. (TSX: GRT.UN;\n NYSE: GRP.U) (\"Granite\" or the \"Trust\") today announced their combined results for\n the three month period ended March 31, 2013 using, for the first time,\n International Financial Reporting Standards (\"IFRS\") as the basis of\n financial reporting.\n\n\n\"The first quarter of 2013 represents the first quarter in which Granite\n enjoyed the tax-saving benefits of being a REIT.  We completed our\n first acquisition, developed an important new joint venture\n relationship to accelerate our diversification strategy and growth\n phase, began making monthly distributions to our unitholders and we\n adopted the IFRS accounting framework.  These are important milestones\n and combined with the improved operating performance resulted in a very\n successful quarter for Granite,\" commented Tom Heslip, Chief Executive Officer.\n\n\nGranite's results for the three month periods ended March 31, 2013 and\n 2012 are summarized below (all figures are in Canadian dollars):\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n(in thousands, except per unit/share figures)\n\n\n \n\n\n \n\n\nThree months ended March 31,\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n  2013\n\n\n2012\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\nRevenues\n\n\n \n\n\n \n\n\n \n\n\n$    48,124\n\n\n$     45,660\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\nNet income\n\n\n \n\n\n \n\n\n \n\n\n        94,394\n\n\n      28,259\n\n\nFunds from operations (\"FFO\")(1)\n\n \n\n\n \n\n\n \n\n\n        34,006\n\n\n29,544\n\n\nPer stapled unit or common share amounts:\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\nBasic and diluted net income\n\n\n \n\n\n \n\n\n \n\n\n$         2.01\n\n\n$         0.60\n\n\n    \n\n\nBasic and diluted FFO(1)\n\n \n\n\n \n\n\n \n\n\n$       &#...

More updates from Granite Real Estate Investment Trust