Business
Granite Announces 2013 Fourth Quarter and Year End Results
TORONTO , March 5, 2014 /CNW/ - Granite Real Estate Investment Trust and Granite REIT I...
About this update from Granite Real Estate Investment Trust
[{"type":"text","content":"\n\n\nTORONTO, March 5, 2014 /CNW/ - Granite Real Estate Investment Trust and Granite REIT Inc. (TSX:\n GRT.UN; NYSE: GRP.U) (\"Granite\" or the \"Trust\") today announced their combined results for\n the three month period and year ended December 31, 2013.\n\n\nHIGHLIGHTS \n\n\n\nHighlights for the three month period and year ended December 31, 2013,\n together with some recent subsequent events, are set out below:\n\n\n\nFFO per unit up 65% in comparison to the same quarter last year;\n\n\nAcquired eight income-producing properties in Germany and the\n Netherlands at an acquisition cost totalling approximately $189 million\n and over 2.5 million feet of leaseable area bringing the total\n acquisitions for 2013 to approximately $284 million and over 4 million\n square feet of leaseable area;\n\n\nIssued $200 million of 4.613% Series 1 senior unsecured debentures due\n 2018 on October 2, 2013 which was swapped into euro 142 million\n denominated debt at 3.56% to facilitate the funding of the European\n acquisitions;\n\n\nIncluding the recent acquisitions, since January 1, 2013, reduced Magna\n International Inc. (\"Magna\") tenant concentration from 97% to 85% based\n on annualized lease payments(1);\n\n\nSince January 1, 2013, completed 26 lease renewals, extensions\n (including the recent extension of the Graz, Austria property) or\n entered into new leases totalling 9.2 million square feet for a\n weighted average lease term of 7.2 years;\n\n\nIncreased the monthly distribution by 4.6% to 18.3 cents per stapled\n unit commencing with the December 2013 distribution; and\n\n\nOn March 5, 2014, entered into an asset purchase agreement with Magna\n for the sale to Magna of Granite's portfolio of Mexican properties for\n a purchase price of U.S. $105.0 million. The sale is subject to the\n satisfaction of several closing conditions, some of which involve\n action by government entities in Mexico.\n\n\n\nGranite's results for the three month periods and years ended December\n 31, 2013 and 2012 are summarized below (all figures are in Canadian\n dollars):\n\n\n\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\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\nThree months ended\nDecember 31,\n\n\n \n\n\nYe...