Business
Granite Announces 2014 First Quarter Results
TORONTO , May 7, 2014 /CNW/ - Granite Real Estate Investment Trust and Granite REIT Inc...
About this update from Granite Real Estate Investment Trust
[{"type":"text","content":"\n\n\nTORONTO, May 7, 2014 /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, 2014.\n\n\nHIGHLIGHTS\n\n\n\nHighlights for the three month period ended March 31, 2014 are set out\n below:\n\n\n\nRevenue for the first quarter was up 18% to $56.6 million compared to\n the prior year period. The increase was attributable to having a full\n quarter of revenue from the acquisitions completed during 2013 and\n favourable foreign exchange rates;\n\n\n\n\nFFO per unit was up 15% in comparison to the same quarter last year;\n\n\n\n\nTwo lease extensions were completed for the Graz, Austria properties,\n extending the lease expiry dates from December 31, 2017 to January 31,\n 2024. These are Granite's largest leases by square footage (a total of\n approximately 5.1 million square feet) and accounted for approximately\n 17% of Granite's revenue during the year ended December 31, 2013;\n\n\n\n\nThe extensions at Graz along with other new, extended and renewed leases\n completed since the beginning of the year have increased the weighted\n average lease term by square footage to 5.7 years at March 31, 2014\n from 4.8 years at December 31, 2013; and\n\n\n\n\nOn March 5, 2014, Granite entered into an asset purchase agreement with\n Magna International Inc. (\"Magna\") for the sale to Magna of Granite's\n portfolio of Mexican properties for a purchase price of U.S. $105.0\n million that is subject to certain closing adjustments. In addition,\n the asset purchase agreement contains several closing conditions, some\n of which involve action by government entities in Mexico. These\n properties are currently leased to Magna.\n\n\n\n\n\n\nGranite's results for the three month periods ended March 31, 2014 and\n 2013 are summarized below (all figures are in Canadian dollars):\n\n\n\n\n \n\n\n \n\n\n \n\n\n\n\n(in thousands, except per unit figures)\n\n\n       \n\n\n \n\n\nThree months ended\nMarch 31,\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n  2014\n\n\n2013\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\nRevenues\n\n\n \n\n\n \n\n\n \n\n\n$\n...