Business
Granite Announces 2014 Second Quarter Results
TORONTO , August 6, 2014 /CNW/ - Granite Real Estate Investment Trust and Granite REIT I...
About this update from Granite Real Estate Investment Trust
[{"type":"text","content":"\n\nTORONTO, August 6, 2014 /CNW/ - Granite Real Estate Investment Trust and Granite REIT Inc. (TSX: GRT.UN; NYSE: GRP.U) (\"Granite\" or the \"Trust\") today announced their combined results for the three and six month periods ended June 30, 2014. \n\nHIGHLIGHTS\n\nHighlights for the three month period ended June 30, 2014, including events subsequent to the quarter, are set out below:\n\n\nRevenue for the second quarter was up 13% to $52.2 million compared to the prior year period. The increase was primarily attributable to the acquisitions completed during the fourth quarter of 2013 and favourable foreign exchange rates relative to last year; \nDue to the increased revenue and lower current income taxes resulting from the favourable outcome of certain tax audits, comparable FFO per unit(2) was up 12% in comparison to the same quarter last year; \nOn June 26, 2014, Granite completed the disposition of its portfolio of Mexican properties to a subsidiary of Magna International Inc. for net cash proceeds before income taxes of $108.6 million; \nOn July 3, 2014, Granite issued at par $250 million of 3.788% Series 2 senior debentures due July 5, 2021 and concurrently entered into a cross currency interest rate swap to exchange the 3.788% Canadian dollar interest payments to euro denominated payments at 2.68%; and \nOn August 5, 2014, Granite redeemed all of the outstanding debentures due December 2016 for $294.7 million, which included a redemption premium of $27.7 million and accrued and unpaid interest to the redemption date of $2.0 million. \nGranite's results for the three and six month periods ended June 30, 2014 and 2013 are summarized below (all figures are in Canadian dollars):\n\n\n\n\n\n\n\n\n(in thousands, except per unit figures)\n\n\n\nThree months endedJune 30,\n\n\n\nSix months endedJune 30,\n\n\n\n\n\n2014\n\n\n2013\n\n\n\n2014\n\n\n2013\n\n\n\n\n\n\n\n\n\n\nRevenues\n\n\n$       52,160\n\n\n$     46,151\n\n\n\n$    105,093\n\n\n$      91,097\n\n\n\n\n\n\n\n\n\n\nNet income from continuing operations\n\n\n26,416\n\n\n38,919\n\n\n\n38,591\n\n\n127,977\n\n\n\nNet income from discontinued operations\n\n\n4,369\n\n\n4,475\n\n\n\n6,757\n\n\n9,811\n\n\n\nNet income \n\n\n$       30,785\n\n\n$    43,394\n\n\n\n$      45,348\n\n\n$ 
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