AFFO was $52.7 million ($0.91 per unit) compared to $44.4 million ($0.90 per unit) a year earlier. The properties are at the junction of Highways 401, 410 and 403; * 555 Beck Crescent in Ajax. It also benefited from same property an NOI increase of three per cent, driven by a couple of significant rent increases. Article content. The securities to be offered have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Granite is a Canadian-based REIT engaged in the acquisition, development, ownership and management of logistics, warehouse and industrial properties in North America and Europe. The 100,000-square-foot, 24-foot clear height light manufacturing industrial facility was bought on a sale-leaseback for $15.4 million. Granite is a Canadian-based REIT engaged in the acquisition, development, ownership and management of logistics, warehouse and industrial properties in North America and Europe. Granite’s dispositions included two Magna-tenanted sited in Tecumseth and St. Catharines in Ontario, as well as a third in Barcelona for a total of $31.3 million. “During the time, we saw a number of opportunities that crossed our radar in the GTA. Toronto-based Granite (NYSE: GRP.U) reported it has agreed to acquire 8500 … Granite Real Estate Investment Trust ("Granite" or the "REIT") (TSX: GRT.UN / NYSE: GRP.U) announced today that it has closed its previously announced public offering (the "Offering") of … The 7.6-acre site contains excess land which could support an expansion of about 40,000 square feet. TORONTO, May 26, 2020 (GLOBE NEWSWIRE) -- Granite Real Estate Investment Trust (“Granite” or “the REIT”) (TSX: GRT.UN / NYSE: GRP.U) announced today that it and Granite REIT Inc. … Get the latest stock price for Granite Real Estate Investment Trust Stapled Units (GRT.UN), plus the latest news, recent trades, charting, insider activity, and analyst ratings. The distribution will be paid by Granite … In-place rents are significantly below market. Forward-looking statements and forward-looking information are based on information available at the time and/or management’s good faith assumptions and analyses made in light of its perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances, and are subject to known and unknown risks, uncertainties and other unpredictable factors, many of which are beyond Granite’s control, that could cause actual events or results to differ materially from such forward-looking statements and forward-looking information. Granite is a Canadian-based REIT engaged in the acquisition, development, ownership and management of logistics, warehouse and industrial properties in North America and Europe. Gorrie said expectations there might be some asset pricing reductions due to the COVID-19 pandemic have not materialized, except in a very few instances. Granite is a Canadian-based REIT engaged in the acquisition, … This press release may contain statements that, to the extent they are not recitations of historical fact, constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable securities legislation, including the United States Securities Act of 1933, as amended, the United States Securities Exchange Act of 1934, as amended, and applicable Canadian securities legislation. Granite … Undue reliance should not be placed on such statements. Copies of financial data and other publicly filed documents about Granite are available through the internet on the Canadian Securities Administrators’ Systems for Electronic Document Analysis and Retrieval (SEDAR) which can be accessed at www.sedar.com and on the United States Securities and Exchange Commission’s Electronic Data Gathering, Analysis and Retrieval System (EDGAR) which can be accessed at www.sec.gov. Granite is a Canadian-based REIT engaged in the acquisition, development, ownership and management of logistics, warehouse and industrial properties in North America and Europe. We liked these opportunities because they were really good locations, they had a good growth profile and we felt the pricing was impacted by COVID,” he said, noting Granite attempted to avoid bidding wars which often develop on fully marketed assets. “A big part of it was the portfolios we added in the Midwest and Memphis,” Gorrie said, referring to two portfolio purchases made earlier in 2020. The property is PVH’s primary e-commerce distribution facility and is being acquired at an in-going yield of 4.4 per cent. Granite had its roots as the real estate arm of Magna, but has been steadily diversifying and repositioning its portfolio. Granite also updated its development activities. The transaction is expected to close in Q4 2020. During the past year (since Q3 2019) Granite’s portfolio has grown from $4.5 billion to $5.4 billion in properties, and its net debt to 24 per cent from 21 per cent of asset values. The state-of-the-art facility was completed in 2019 and is leased to PVH Corp. for 15 years. The “Risk Factors” section of the Annual Information Form and the Q1 MD&A also contain information about the material factors or assumptions underlying such forward-looking statements and forward-looking information. The weighted average lease term across the portfolio dipped from 6.5 to 5.9 years, but Gorrie said management is comfortable with that because it is mainly attributed to asset acquisitions. “In the U.S., it was a different story. “We potentially mistakenly thought there would be more value opportunity out there as a result of COVID, but there was just too much capital chasing good industrial product in our target markets and pricing became much more competitive, much faster than we had expected.”. ”We don’t believe we are done in the Atlanta market. Granite is a Canadian-based REIT engaged in the acquisition, development, ownership and management of logistics, warehouse and industrial properties in North America and Europe. For its investors, the trust increase its annual distribution rate 3.4 per cent to $3 per unit, or $0.25 per month, beginning in December. Minto Apartment REIT invests in Vancouver, now…, Relief for commercial tenants and property owners: Breaking down the CERS, TorQuest acquires VersaCold from KingSett, Ivanhoé, Minto Apartment REIT invests in Vancouver, now a national player, Starlight, BSR both expand U.S. multifamily portfolios, referring to two portfolio purchases made earlier in 2020, Granite to acquire 8 U.S. distribution centres for $332M, Granite buying $393M worth of U.S. distribution centres, Dream Industrial expands portfolio; gets BBB rating from DBRS, Western Canada Apartment Investment Conference. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States. Securities Act”), and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act. The REIT intends to use the net proceeds from the Offering to fund potential future acquisitions and commitments under the REIT’s existing development projects and for general trust purposes. It completed and occupied one property in the Netherlands “months ahead of schedule” and is moving ahead with plans to start construction on other developments in Houston and Forth Worth in Texas, as well as in Germany during the first half of 2021. Forward-looking statements and forward-looking information should not be read as guarantees of the closing of the Offering, Granite’s intended use of the net proceeds of the Offering, Granite’s intention and ability to acquire and develop properties on satisfactory terms, or other events, performance or results and will not necessarily be accurate indications of whether or the times at or by which future events or performance will be achieved. “Atlanta has been on our radar for quite a while – we think it is a very important logistics market,” Gorrie said. The expansion of Granite REIT’s industrial portfolio continued without pause during Q3 2020, with the additions of 1.3 million more square feet of space, a move into a new U.S. market and an increase in the trust’s distributions to shareholders. Granite owns over 90 rental income properties representing approximately 40.3 million square feet of leasable area. TORONTO--(BUSINESS WIRE)--Nov 24, 2020--Granite Real Estate Investment Trust (“ Granite ” or the “ REIT ”) (TSX: GRT.UN / NYSE: GRP.U) announced today that it has closed its … “I think the volume of opportunities continued to grow late in the second quarter and into the third, it’s just that pricing in our minds had gone up quite considerably and cap rates had fallen. ABOUT GRANITE Granite is a Canadian-based REIT engaged in the acquisition, development, ownership and management of logistics, warehouse and industrial properties in North America and … Stay up to date on the latest stock price, chart, news, analysis, fundamentals, trading and investment tools. For further information, please see our website at www.granitereit.com or contact Teresa Neto, Chief Financial Officer, at 647-925-7560 or Andrea Sanelli, Manager, Legal & Investor Services, at 647-925-7504. We want to continue to find opportunities and grow our footprint in that market.”. No rent deferrals or rent abatements have been granted to date and Granite is currently in discussion with all tenants in arrears. The divestments leave it with about 35 per cent of its revenues from Magna, a figure it expects to pare to about 30 per cent over the next year or so. The site is in Atlanta’s Palmetto sub-market near the I-85 thoroughfare less than 15 miles from Hartsfield-Jackson Atlanta International Airport, the world’s busiest passenger airport. Granite REIT enters Atlanta market The acquisitions include an agreement to acquire 8500 Tatum Rd., a million-square-foot, 36-foot clear height modern warehouse distribution facility on 83.5 … Forward-looking statements and forward-looking information speak only as of the date the statements and information were made and unless otherwise required by applicable securities laws, Granite expressly disclaims any intention and undertakes no obligation to update or revise any forward-looking statements or forward-looking information contained in this press release to reflect subsequent information, events or circumstances or otherwise. “So, we were willing for the weighted average lease term to go down and capture some growth because we believe in the quality of those assets and the locations.”, Don is a veteran editor and journalist with over three decades of experience in print and online news, including 20 years at the Ottawa Sun. We like the markets, we love the quality of the assets and we felt that they provided strong growth potential. GRANITE REIT ANNOUNCES OFFERING OF C$500 MILLION 2.378% SENIOR DEBENTURES DUE 2030. “There has been a lot of supply but demand to date has been able to keep up with it.”. The trust (GRT-UN-T) announced this week the acquisitions of three properties in the Greater Toronto Area (each about 100,000 square feet), a firm agreement to buy a million-square-foot distribution centre in Atlanta and dispositions of three non-core Magna-tenanted facilities, one in Barcelona and the other two in Southwestern Ontario. U.K.-Canada deal hit by delays, threatening trade on WTO … Latest News. A high-level overview of Granite Real Estate Investment Trust (GRP.U) stock. TORONTO, Nov. 17, 2020 (GLOBE NEWSWIRE) -- Granite Real Estate Investment Trust (“Granite” or “the REIT”) (TSX: GRT.UN / NYSE: GRP.U) announced today that it has completed or … “The pace of our acquisition activity to date has been slower, but frankly that has been more a factor of the steep increase in pricing for good assets in our target markets during the second and third quarters than a lack of opportunities,” Granite president and CEO Kevan Gorrie told analysts and investors on the trust’s quarterly financials call this week. Granite Real Estate Investment Trust ("Granite") (TSX: GRT.UN / NYSE: GRP.U) announced today that its board of trustees has declared a distribution of CAD $0.242 per stapled unit for the month of November 2020. The Offering is expected to close on or about June 2, 2020 and is subject to certain customary conditions including the approval of the Toronto Stock Exchange. Granite … The investment market – market fundamentals to a degree, but the investment market – snapped back much faster. The trust is also working with tenant Congebec to plan the expansion of a cold storage facility in Mississauga, with work likely to start early in 2021. Words such as “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe”, “intend”, “plan”, “forecast”, “project”, “estimate”, “seek”, “objective” and similar expressions are used to identify forward-looking statements and forward-looking information. Consumer sentiment in U.S. rises unexpectedly on vaccine news. The acquisitions include an agreement to acquire 8500 Tatum Rd., a million-square-foot, 36-foot clear height modern warehouse distribution facility on 83.5 acres in Atlanta, for $107 million. © 2020 GlobeNewswire, Inc. All Rights Reserved. Canada's Granite Real Estate Investment Trust is buying a big new Atlanta distribution center for $80 million. “At this time, I would characterize our acquisitions pipeline as being very active and we expect to commit a good portion of our cash on hand by the end of the year.”. TORONTO, May 26, 2020 (GLOBE NEWSWIRE) -- Granite Real Estate Investment Trust (“Granite” or “the REIT”) (TSX: GRT.UN / NYSE: GRP.U) announced today that it and Granite REIT Inc. have entered into an agreement to sell to a syndicate of underwriters led by BMO Capital Markets and TD Securities Inc. (the “Underwriters”) on a bought deal basis 3,700,000 stapled units (“Units”) at a price of C$68.00 per Unit (the “Offering Price”) for gross proceeds of approximately C$252 million (the “Offering”). Granite REIT (GRT-UN-T) says it is acquiring seven more industrial properties in the U.S. and Netherlands, and has closed on a previously announced acquisition in Atlanta. Granite is a Canadian-based REIT engaged in the acquisition, development, ownership and management of logistics, warehouse and industrial properties in North America and Europe. Further to the REIT’s previous updates on the impacts of the COVID-19 pandemic on its operations, the status of rent collection for April and May and requests for deferral or abatement as at May 26, 2020 is summarized below: (1) Annualized revenue is calculated as rental revenue excluding tenant recoveries, for the month of March 2020, recognized in accordance with IFRS, multiplied by 12 months. Granite … Granite is already active in the nearby Savannah market, owning a couple of properties in the area which have access to its busy port facilities. “Those were shorter (remaining lease terms). Granite paid $22.2 million in a sale-leaseback of the Canadian headquarters of GameStop Corporation, for an initial five-year term at an in-going yield of 5.1 per cent; * Four industrial buildings in Mississauga, totalling about 100,000 square feet on 6.1 acres of contiguous land, for $19.5 million. Our acquisition pipeline remains robust at pricing levels we view as attractive within the current market backdrop, and we see positive momentum for industrial sector fundamentals. NOT FOR DISTRIBUTION TO U.S. NEWSWIRE OR FOR DISSEMINATION TO THE UNITED STATES December 3, 2020, Toronto, Ontario, Canada – Granite Real Estate Investment Trust (“Granite” or the “REIT”) (TSX: GRT.UN / NYSE: GRP.U) announced today that its wholly owned subsidiary Granite REIT Holdings Limited Partnership (“Granite … In the Greater Toronto Area, Granite closed on three acquisitions: * 8995 Airport Rd., a 100,000-square-foot, 26-foot clear modern distribution facility on 5.5 acres of land in Brampton. The REIT’s Q3 financial highlights reported net operating income of $76.5 million, up significantly from $60.1 million in Q3 2019 due mainly to acquisitions. On June 18, 2020, Granite closed on the acquisitions of four of a portfolio of five income-producing properties located in the Midwest markets of Cincinnati, Columbus and Indianapolis in the … TORONTO — Granite Real Estate Investment Trust (“Granite” or the “REIT”) (TSX: GRT.UN / NYSE: GRP.U) announced today that it has closed its previously announced … Kevan Gorrie, Granite’s President and CEO, commented that, “The proceeds from the equity offering position the REIT to continue to execute on high-quality acquisition opportunities, including some of which that are in advanced negotiations with vendors and that are consistent with our stated strategy. The prospectus supplement will be filed with the securities commissions and other similar regulatory authorities in each of the provinces and territories of Canada. Prior to joining RENX, Don…. It continues to like the metrics in both Georgian cities. The Real Estate News Exchange (RENX) is an online service that provides news, information and commentary about the Canadian built environment. Granite … Granite is targeting $100 to $140 million in development during 2021. Sign Up For Email Alerts The Week Ahead: Housing data, Cenovus-Husky shareholder meeting. The REIT has received 98% of May rent due (compared to 95% as at May 13, Requests have been received for deferrals of rent from 11 tenants for a weighted average period of 3.7 months and for rent abatements from 7 tenants for a weighted average period of 2.9 months, combined totaling approximately $7.3 million, representing approximately 2.6% of Granite’s total portfolio based on annualized revenue. Thus, deploying capital has remained a challenge through both Q2 and Q3. In addition, the REIT and Granite REIT Inc. have granted the Underwriters an option, exercisable in whole or in part at any time up to 30 days following closing of the Offering, to purchase up to an additional 555,000 Units at the Offering Price to cover over-allotments, if any (the "Over-Allotment Option") which, if exercised in full, would increase the gross proceeds of the Offering to approximately C$289 million. The offering allows us to maintain our strong balance sheet position with estimated pro forma liquidity of approximately C$960 million.”. It’s leased for 10 years, with contractual rent escalations, representing an in-going yield of 4.6 per cent. About Granite Granite REIT is a Canadian-based real estate investment trust engaged in the acquisition, development, ownership and management of logistics, warehouse and industrial properties in North … Kevin Gorrie, president and CEO of Granite REIT. Granite is a Canadian-based REIT engaged in the acquisition, development, ownership and management of logistics, warehouse and industrial properties in North America and Europe. The properties are 100 per cent leased to four tenants for a weighted average lease term of 5.6 years, with a in-going yield of 4.1 per cent. Granite is a Canadian-based REIT engaged in the acquisition, development, ownership and management of logistics, warehouse and industrial properties in North America and Europe. There were new entrants and pricing competition was higher, across our target markets anyways. Important factors that could cause such differences include, but are not limited to, the risks set forth in the annual information form of Granite Real Estate Investment Trust and Granite REIT Inc. dated March 4, 2020 (the “Annual Information Form”) and management’s discussion and analysis of results of operations and financial position for the three months ended March 31, 2020 (“Q1 MD&A”). Forward-looking statements and forward-looking information may include, among others, statements regarding the expected closing date of the Offering, Granite’s intended use of the net proceeds of the Offering to fund potential future acquisitions and commitments under the REIT’s existing development projects and for general trust purposes, Granite’s intention and ability to make future investments and acquisitions on satisfactory terms, Granite’s pro forma liquidity position assuming completion of the Offering, and Granite’s plans, goals, strategies, intentions, beliefs, estimates, costs, objectives, economic performance, expectations, or foresight or the assumptions underlying any of the foregoing. Each Unit is comprised of one trust unit of the REIT and one common share of Granite REIT Inc. The Debentures will be guaranteed by Granite and Granite REIT Inc. 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