Granite REIT's Third-Quarter Revenue Rises to C$166.6 Million

Granite Real Estate Investment Trust's third-quarter revenue rose to C$166.6 million as net income attributable to unitholders and net operating income increased, while the Canadian property trust lifted its distribution target and tightened its 2026 per-unit outlook.

For the three months ended Sept. 30, 2026, revenue totaled C$166.6 million, compared with C$153 million a year earlier. Net income attributable to unitholders rose to C$78.2 million from C$68 million. Net operating income was C$136 million, compared with C$127.1 million. All figures are in Canadian dollars.

Funds from operations (FFO) increased to C$99.5 million, or C$1.60 per unit, from C$89.9 million, or C$1.48 per unit, a year earlier. Adjusted funds from operations (AFFO) was C$90.3 million, or C$1.45 per unit, compared with C$77 million, or C$1.26 per unit. FFO and AFFO are non-GAAP measures without standardized meanings under International Financial Reporting Standards (IFRS). They are not substitutes for net income or cash provided by operating activities.

Granite maintained its 2026 outlook while narrowing its FFO-per-unit range to C$6.32–C$6.37 from C$6.30–C$6.40. Its AFFO-per-unit range narrowed to C$5.50–C$5.55 from C$5.45–C$5.55. The trust raised its targeted annualized distribution by 4.23%, to C$3.70 per unit from C$3.55. The increase takes effect with the December 2026 distribution, payable in mid-January 2027.

Granite completed C$270.5 million in property acquisitions by Nov. 4. The acquisitions included two Houston properties bought in August and two U.K. properties acquired Oct. 9 and Oct. 30. After those later U.K. purchases, Granite had 149 investment properties spanning 62.4 million square feet; at Sept. 30, it had 147 properties and 61.9 million square feet.

The trust focuses on logistics, warehouse and industrial properties in North America and Europe. Its units trade on the Toronto Stock Exchange under the ticker GRT.UN.

Granite's board approved a three-for-one unit split on Nov. 4. Holders of record at the close of business Nov. 18 are due to receive two additional units for each unit held on Nov. 23. Granite will adjust its distribution policy for the additional units.