Granite Real Estate Investment Trust · TSX:GRT.UN
Granite Real Estate Investment Trust — Shareholder Meeting (June 2024)
17 slides from Granite Real Estate Investment Trust's shareholder meeting presentation, Jun 6, 2024
Slide 1: Joint Annual General and Special Meetings, June 6, 2024
Joint Annual General and Special Meetings of Granite Real Estate Investment Trust and Granite REIT Inc. | June 6, 2024
Slide 2: Presentation of Certain Information
PRESENTATION OF CERTAIN INFORMATION • Unless otherwise indicated in this presentation, all information is presented as of December 31, 2023 and all financial information that is identified as current refers to the period ending December 31, 2023. For definitions of certain non-IFRS performance measu
Slide 3: Granite Highlights
GRANITE HIGHLIGHTS (as at December 31, 2023)2 ORGANIZATIONAL PRINCIPLES PORTFOLIO OVERVIEW FINANCIAL PERFORMANCE • Long-term total return • 137 income-producing • 71% LTM AFFO POR2 focused properties + 6 • 33% net leverage ratio2 development properties • Conservative and flexible • 6.2% constant cur
Slide 4: Granite's Evolution
GRANITE’S EVOLUTION Investment Property Summary Then - December 31, 2012 Now - December 31, 2023 0.6M SF Flex/Office2 48.4M SF 16.2M SF 11.8M SF $150M Distribution/E- Special Purpose Multi-Purpose2 commerce3 $970M $690M 5.0M SF $6,194M Industrial/Warehouse2 $1.7B $1,112M $8.8B Value 8.9M SF Value Sp
Slide 5: Highlights for 2023
HIGHLIGHTS FOR 2023 Strategic Allocation of Capital $437M of expansion & development projects completed 1 (3.4MSF of GLA) at an average yield on cost of 6.0% 2 2 non-core properties disposed for gross proceeds of $45M €70M of new unsecured term debt, issued for a 3-year term Lebanon, Tennessee 3 bea
Slide 6: Highlights for 2023
HIGHLIGHTS FOR 2023 CAGR Financial and Operational Performance 5.50 FFOPU: +6.2% FFO1 and AFFO1 per unit of $4.97 and $4.50, respectively AFFOPU: +8.4% 4.97 5.00 1 representing a year-over-year increase of 12% and 11%, respectively 4.50 4.50 4.43 FFO and AFFO payout ratio1 improved to 64% and 71%, 2
Slide 7: Highlights for 2023
HIGHLIGHTS FOR 2023 ESG + R Performance Ranked 2nd out of 10 in the United States of America | 1 Industrial GRESB peer group for the 2023 GRESB Public Disclosure Level, achieving an A score Ranked 1st out of 9 in the North American Industrial | Listed 2 | Tenant Controlled peer group in 2023. Granit
Slide 8: Commitment to Green Investments
COMMITMENT TO GREEN INVESTMENTS Acquisition and certification (in progress) of a Green Completed development of a Green Building in Building in Tilburg, Netherlands Brantford, ON, Canada Acquisition and certification of two Green Completed development of three Green Buildings Green Expansion in prog
Slide 9: Case Study: Houston, Texas
CASE STUDY: HOUSTON, TEXAS Strategically located, the property has immediate access to US-90 and is within close proximity to the Port of Houston and IAH Airport The property was developed as a build-to-suit distribution center for Chewy, a leading pet supply retailer 687,902 SF on 47.0 acres
Slide 10: Highlights for 2023
HIGHLIGHTS FOR 2023 Unitholder Return and Increased Distribution Cumulative Total Return % 350% 15.2% total return for 2023 vs 2.8% for the S&P/TSX 1 325% Capped REIT Index and 11.8% for the S&P/TSX Composite 300% Index 275% 3.1% year-over-year increase in the annual amount 250% 2 distributed to uni
Slide 11: 2024 Priorities
2024 PRIORITIES PRIORITY PROGRESS TO DATE FFOPU1 outlook of $5.30 - $5.45 for 2024 (+7-10% YoY) Driving NAV, FFO1 and AFFO1 per unit growth while 1 maintaining conservative capital ratios AFFOPU1 outlook of $4.60 - $4.75 for 2024 (+2-6% YoY) Q1 2024 Net Debt1-to-EBITDA 7.2x and Net Leverage1 3
Slide 12: Leadership Team
LEADERSHIP TEAM Kevan Gorrie Teresa Neto Lorne Kumer Michael A. Ramparas President and Chief Executive Officer Chief Financial Officer Executive Vice President, Executive Vice President, Global Head of Global Real Estate Real Estate & Head of Investments Witsard Schaper Lawrence Clarfield Jon Sorg S
Slide 13: Investor Relations Contact
INVESTOR RELATIONS CONTACT Andrea Sanelli Associate Director, Legal & Investor Services T: 647.925.7504 E: ir@granitereit.com 13
Slide 14: Appendix
APPENDIX The following non-IFRS performance measures and non-IFRS ratios are important measures used by management in evaluating the Trust’s underlying operating performance and debt management. These non-IFRS performance measures and non-IFRS ratios are not defined by IFRS and do not have standar
Slide 15: Appendix
APPENDIX Same property net operating income - cash basis Same property NOI - cash basis refers to the NOI - cash basis for those properties owned by Granite throughout the entire current and prior year periods under comparison. Same property NOI - cash basis excludes properties that were acquired, d
Slide 16: Appendix: Non-IFRS Ratios
APPENDIX B) NON-IFRS RATIOS FFO and AFFO payout ratios The FFO and AFFO payout ratios are calculated as monthly distributions, which exclude special distributions, declared to unitholders divided by FFO and AFFO (non-IFRS performance measures), respectively, in a period. FFO payout ratio and AFFO pa
Slide 17: Appendix: Subsequent Events
APPENDIX C) SUBSEQUENT EVENTS APPLICABLE TO DECEMBER 31, 2023 Trustee Events On February 15, 2024, Granite appointed Mr. Robert Brouwer to its Board of Trustees and Board of Directors and Mr. Brouwer was also appointed to Granite’s Audit Committee. Renewal of Base Shelf Prospectus On February 21, 20
Granite Real Estate Investment Trust — Shareholder Meeting (June 2024) on 6ix