TSX:GRT.UN - Post by User
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retiredcfon Nov 08, 2024 9:50am
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Raymond James Follows Suit
Raymond James Follows SuitRaymond James’ Brad Sturges moved his target for Granite REIT to $93 from $92 with a “strong buy” rating . The average is $88.89. “Granite hit a number of key strategic high notes on a number of fronts within its reported 3Q24 results, including: 1) simplifying its trust structure by collapsing the stapled to a traditional REIT structure; 2) refinancing its 2024E and 2025E debt maturities totaling $800-million for new 5-7 year terms at 3.5-4.3-per-cent interest rates; 3) renewing over 90 per cent of 2024E lease maturities at higher average rents psf; 4) increasing its monthly distribution rate for the 14th consecutive year; and 5) delivering solid 3Q24 FFO/unit growth YoY in a relatively slower global industrial leasing demand backdrop,” said Mr. Sturges.