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Granite Real Estate Investment Trust T.GRT.UN

Alternate Symbol(s):  GRP.U

Granite Real Estate Investment Trust (the Trust) is a Canada-based real estate investment trust. The Trust is engaged in the acquisition, development, ownership and management of logistics, warehouse and industrial properties in North America and Europe. The Trust owns 143 investment properties representing approximately 62.9 million square feet of leasable area. The Trust has approximately 38 industrial properties in Canada, 66 in the United States, 16 in the Netherlands, 14 in Germany and nine in Australia. The Trust's investment properties consist of income-producing properties, properties under development and land held for development. The income producing properties consist primarily of logistics, e-commerce and distribution warehouses, and light industrial and heavy industrial manufacturing properties. All of its income-producing properties are for industrial use and can be categorized as distribution/e-commerce, industrial/warehouse, flex/office or special purpose properties.


TSX:GRT.UN - Post by User

Post by retiredcfon May 22, 2024 8:29am
64 Views
Post# 36051531

Scotiabank

Scotiabank

Scotiabank analyst Himanshu Gupta remained overweight in industrial REITs after an industry conference,

“We are keeping an overweight position on Industrial REITs based on a combination of lower AFFO [adjusted funds from operations] multiples and higher AFFO-per-unit growth (which we believe is key to outperformance in the REIT sector); (1) we expect Seniors Housing to show the highest earnings growth among all asset classes in 2024; (Industrial REITs rank no. 3). However, we expect Industrial to show the highest growth in 2025 as interest expense becomes less of a headwind and SP NOI [same property net operating income] growth is likely to accelerate; (2) No valuation premium for Industrial REITs. Industrial REITs now trading in line with the REIT sector on a P/NAV basis (versus a 9-point premium, historically) and only a 0.5x turn premium on a P/AFFO multiple basis (versus a 3-turn premium, historically) ... We reiterate our SO rating on GRT and DIR "

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