Granite Announces Strong Third Quarter Results and Significant Acquisition Activity

About this update from Granite Real Estate Investment Trust

[{"type":"text","content":"\n\n\nTORONTO, Nov. 6, 2013 /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 and nine month periods ended September 30, 2013.\n\n\nHIGHLIGHTS\n\n\nHighlights for the three month period ended September 30, 2013,\n including events subsequent to the quarter, are as follows:\n\n\n\nFFO per unit up 26% in comparison to the same quarter last year;\n\n\n\n\nAcquired eight income -producing properties in Germany, the Netherlands\n and the United States at an acquisition cost totalling approximately\n $200 million and over 3.1 million feet of leaseable area bringing the\n total acquisitions for 2013 to approximately $275 million and over 4\n million square feet of leaseable area;\n\n\n\n\nEntered into a purchase and sale agreement to acquire a 0.1 million\n square foot income-producing property in Germany for approximately euro\n 6.7 million with the closing expected in late November 2013;\n\n\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\n\n\nEntered into a non-binding letter of intent to sell to Magna\n International Inc. (\"Magna\") the Mexican property portfolio for\n U.S.$105 million;\n\n\n\n\nIncluding the recent acquisitions, since January 1, 2013, reduced Magna\n tenant concentration from 97% to 87% based on annualized lease payments(1);\n\n\n\n\nSince January 1,  2013, completed 15 lease renewals or extensions\n totalling 3.3 million square feet for a weighted average lease term of\n 6.1 years; and\n\n\n\n\nCommenced construction on a new 0.6 million square foot multipurpose\n facility in Shepherdsville, Kentucky.\n\n\n\n\n\n\nGranite's results for the three and nine month periods ended September\n 30, 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(in thousands, except per unit/share figures)\n\n\nThree months ended\nSeptember 30,\n\n\n \n\n\nNine months ended\nSeptember 30,\n\n\n\n\n \n\n\n \n\n\n2013\n\n\n2012\n\n\n \n\n\n2013\n\n\n2012\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n ...

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