Business
Granite Announces 2025 First Quarter Results
Granite Real Estate Investment Trust (TSX: GRT.UN; NYSE: GRP.U) ("Granite" or the "Trust") anno...
About this update from Granite Real Estate Investment Trust
[{"type":"text","content":"Granite Announces 2025 First Quarter Results\n\n\n .bwalignc { text-align: center; list-style-position: inside }\n.bwalignl { text-align: left }\n.bwalignr { text-align: right; list-style-position: inside }\n.bwblockalignl { margin-left: 0px; margin-right: auto }\n.bwcellpmargin { margin-bottom: 0px; margin-top: 0px }\n.bwleftsingle { border-left: solid black 1pt }\n.bwlistdisc { list-style-type: disc }\n.bwnowrap { white-space: nowrap }\n.bwpadb3 { padding-bottom: 4px }\n.bwpadl0 { padding-left: 0px }\n.bwpadl3 { padding-left: 15px }\n.bwpadr0 { padding-right: 0px }\n.bwrightsingle { border-right: solid black 1pt }\n.bwrowaltcolor0 { background-color: #cceeff }\n.bwsinglebottom { border-bottom: solid black 1pt }\n.bwtablemarginb { margin-bottom: 10px }\n.bwtopsingle { border-top: solid black 1pt }\n.bwuline { text-decoration: underline }\n.bwvertalignb { vertical-align: bottom }\n.bwvertalignt { vertical-align: top }\n.bwwidth1 { width: 1% }\n.bwwidth10 { width: 10% }\n.bwwidth100 { width: 100% }\n.bwwidth3 { width: 3% }\n.bwwidth30 { width: 30% }\n.bwwidth40 { width: 40% }\n.bwwidth43 { width: 43% }\n.bwwidth68 { width: 68% }\n.bwwidth76 { width: 76% }\n.bwwidth8 { width: 8% }\n \n\n\n\n\n Granite Real Estate Investment Trust (TSX: GRT.UN; NYSE: GRP.U)\n \n (\"Granite\" or the \"Trust\") announced today its condensed consolidated combined results for the three month period ended March 31, 2025.\n \n\n\n FIRST QUARTER 2025 HIGHLIGHTS\n \n\n\n Highlights for the three month period ended March 31, 2025 are set out below:\n \n\n\n Financial:\n \n\n\n\n Granite's net operating income (\"NOI\") was $125.7 million in the first quarter of 2025 compared to $114.5 million in the prior year period, an increase of $11.2 million primarily as a result of contractual rent adjustments and consumer price index based increases, renewal and re-leasing activity, and the lease commencement of four completed development and expansion projects in Canada, the United States and Netherlands during 2024;\n \n\n Same property NOI - cash basis\n \n (4)\n \n increased by 4.7% for the first quarter of 2025, excluding the impact of foreign exchange;\n \n\n Funds from operations (\"FFO\")\n \n (1)\n \n was $91.0 million ($1.46 per unit) in the first quarter of 2025 compared to $82.4 million ($1.30 per unit) in the first quarter of 2024;\n \n\n Adjusted funds ...