Overview

* Granite REIT Q3 revenue slightly beats analyst expectations

* Net operating income for Q3 rises

* Granite announces 4.4% distribution increase effective December 2025

Outlook

* Granite REIT raises 2025 FFO per unit forecast to C$5.83-C$5.90

* Granite REIT increases 2025 AFFO per unit forecast to C$5.03-C$5.10

* Company adjusts foreign exchange rate assumptions for Q4 2025

Result Drivers

* RENT ADJUSTMENTS AND ACQUISITIONS - Increase in NOI driven by contractual rent adjustments, CPI-based increases, and acquisition of properties in the US

* FAVORABLE FX IMPACT - Weaker Canadian dollar against Euro and USD positively impacted FFO and AFFO by $0.04 per unit

* OCCUPANCY IMPROVEMENT - In-place occupancy increased to 96.8% from 95.8% as of June 30, 2025

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Slight C$153 C$152

Revenue Beat* mln mln (2

Analysts

)

Q3 Net C$68 mln

Income

Q3 C$77 mln

Adjusted

FFO

Q3 FFO C$89.90

mln

Q3 C$127.10

Operatin mln

g Income

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)