Business
Granite Announces 2015 Second Quarter Results
TORONTO , Aug. 12, 2015 /CNW/ - Granite Real Estate Investment Trust and Granite REIT...
About this update from Granite Real Estate Investment Trust
[{"type":"text","content":"\n\nTORONTO, Aug. 12, 2015 /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, 2015. \n\nHIGHLIGHTS\n\nHighlights for the three month period ended June 30, 2015, including events subsequent to the quarter, are set out below:\n\n\nFunds from operations (\"FFO\")(1) attributed to continuing operations increased 8.6% in comparison to the same quarter last year. The increase was driven primarily by increased revenue and reduced interest costs; \nSix leases representing approximately 1.3 million square feet with ALP(2) of approximately $7.7 million were renewed or extended; \nA property in Germany was sold for total gross proceeds of approximately $3.5 million; and \nOn June 12, 2015, the Board of Trustees (the \"Board\") announced that it is conducting a comprehensive review of strategic alternatives available to best enhance the long-term interests of Granite and all of its stakeholders. The strategic review is continuing and there can be no assurance that the Board's process will result in any specific action. Granite does not intend to disclose further developments unless and until the Board approves a specific action or otherwise concludes the review of strategic alternatives.\n\nGranite's results for the three and six month periods ended June 30, 2015 and 2014 are summarized below (all figures are in Canadian dollars):\n\n\n\n\n(in thousands, except per unit figures)\n\n\n\nThree Months Ended June 30,\n\n\n\nSix Months Ended June 30,\n\n\n\n\n2015\n\n\n2014\n\n\n\n2015\n\n\n2014\n\n\n\n\n\n\n\n\n\n\nRevenues\n\n\n$53,470\n\n\n$52,160\n\n\n\n$106,506\n\n\n$105,093\n\n\n\n\n\n\n\n\n\n\nNet income from continuing operations\n\n\n48,241\n\n\n26,416\n\n\n\n103,056\n\n\n38,591\n\n\n\nNet income from discontinued operations\n\n\n—\n\n\n4,369\n\n\n\n—\n\n\n6,757\n\n\n\nNet income\n\n\n$48,241\n\n\n$30,785\n\n\n\n$103,056\n\n\n$45,348\n\n\n\n\n\n\n\n\n\n\nFunds from operations (\"FFO\")(1)\n\n\n$40,304\n\n\n$39,870\n\n\n\n$79,099\n\n\n$78,874\n\n\n\nBasic and diluted FFO per stapled unit(1)\n\n\n$0.86\n\n\n$0.85\n\n\n\n$1.68\n\n\n$1.68\n\n\n\n\n\n\n\n\n\n\nFair value of investment properties(3)\n\n\n\n\n\n$2,408,525\n\n\n$2,246,600\n...