Granite Real Estate Investment Trust and Granite REIT Inc. (TSX:
GRT.UN; NYSE: GRP.U) (“Granite” or the “Trust”) announced today its
combined results for the three and nine month periods ended
September 30, 2021 and also announced $260 million of
committed/completed acquisitions in the United States and
Netherlands, as well as a distribution increase of 3.3% effective
with the December 2021 distribution.
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Hwy 109 Industrial Park, Lebanon,
Tennessee (Photo: Business Wire)
THIRD QUARTER 2021
HIGHLIGHTS
Highlights for the three month period ended September 30, 2021,
including events subsequent to the quarter, are set out below:
Financial:
- Granite’s net operating income (“NOI”) was $84.5 million in the
third quarter of 2021 compared to $76.5 million in the prior year
period, an increase of $8.0 million primarily as a result of
acquisition activity beginning in the third quarter of 2020;
- Same property NOI — cash basis(4) increased by 5.0% for the
three month period ended September 30, 2021, excluding the impact
of foreign exchange;
- Funds from operations (“FFO”)(1) was $65.2 million ($0.99 per
unit) in the third quarter of 2021 compared to $55.5 million ($0.96
per unit) in the third quarter of 2020;
- Adjusted funds from operations (“AFFO”)(2) was $61.2 million
($0.93 per unit) in the third quarter of 2021 compared to $52.7
million ($0.91 per unit) in the third quarter of 2020;
- AFFO payout ratio(3) was 81% for the third quarter of 2021
compared to 80% in the third quarter of 2020;
- Granite recognized $432.2 million in net fair value gains on
investment properties in the third quarter of 2021 which were
attributable to various factors including fair market rent
increases as well as compression in discount and terminal
capitalization rates for properties located in the GTA, across the
United States and Europe. The value of investment properties was
further increased by unrealized foreign exchange gains of $68.9
million resulting from the relative weakening of the Canadian
dollar against the US dollar as at September 30, 2021 versus June
30, 2021;
- Granite’s net income attributable to stapled unitholders
increased to $421.8 million in the third quarter of 2021 from
$105.2 million in the prior year period primarily due to a $370.1
million increase in net fair value gains on investment properties
and a $8.0 million increase in net operating income as noted above,
partially offset by a $61.3 million increase in deferred and
current income tax expense; and
- On November 3, 2021, the Trust increased its targeted
annualized distribution by 3.3% to $3.10 ($0.2583 cents per month)
per stapled unit from $3.00 ($0.2500 cents per month) per stapled
unit to be effective upon the declaration of the distribution in
respect of the month of December 2021 and payable in mid-January
2022.
Investments:
During the quarter, Granite closed the following previously
announced acquisitions:
- On August 16, 2021, Granite completed the acquisition of a 92.2
acre parcel of land in Brantford, Ontario for the development of a
multi-phased business park comprising a total of approximately 1.7
million square feet of modern distribution and logistics space for
$62.2 million. The greenfield site is serviced and capable of
accommodating state-of-the-art buildings ranging from 100,000
square feet to 500,000 square feet with the first phase of
construction anticipated to commence in the third quarter of 2022.
The site is centrally located 0.5 kilometers from Highway 403, in
one of Brantford’s rapidly evolving distribution nodes, providing
access to nearly 9 million people within a 90-minute drive;
- On September 3, 2021, Granite completed the acquisition of a
portfolio of four modern distribution warehouses located in
Chicago, Cincinnati and Memphis (the “US Portfolio”), collectively
totaling 2.4 million square feet. The properties were acquired at a
combined purchase price of approximately $243.7 million (US$195.0
million) representing an in-going yield of 4.7%. The properties are
100% leased to seven prominent tenants for a weighted average
remaining lease term of 3.2 years. These institutional-quality
assets have minimum 32’ clear heights with an average age of 8
years. All of the assets are well located in their respective
markets, with close proximity to key transportation and
distribution infrastructure;
- On September 7, 2021, Granite completed the acquisition of a
0.1 million square foot modern distribution facility located in the
Chicago submarket of Joliet, IL for $20.7 million (US$16.4
million). The property is 100% leased to two tenants for a weighted
average remaining lease term of 4.4 years and is being acquired at
an in-going yield of 4.9%. Located in immediate proximity to
Granite’s three recently acquired assets in Chicago, the building
features 32’ clear height and is situated on 8 acres of land, near
the intersection of the I-55 and I-80; and
- On September 8, 2021, Granite acquired on a forward funding
basis a portfolio of three modern distribution facilities totaling
0.5 million square feet to be constructed on 39.0 acres in the
Nashville suburb of Lebanon, Tennessee for $6.5 million (US$5.2
million). Currently in early-stage development, the properties are
expected to be completed in Q4 2022 at a total fixed cost,
including land, of $83.9 million (US$66.2 million). These
state-of-the-art facilities will have modern features including 32’
clear height, LED lighting and other sustainable design features.
The properties have direct access to Highway 109, and are located
19 miles from Nashville International Airport and 24 miles from
downtown Nashville. The properties are expected to achieve a
stabilized development yield of 5.3%.
In addition to the above, during the quarter, Granite committed
to and/or completed the following new acquisitions:
- On September 1, 2021, Granite entered into a purchase and sale
agreement to acquire two modern industrial properties in Indiana
upon completion for $98.2 million (US$77.5 million) plus estimated
leasing costs and sustainability features of $8.6 million (US$6.8
million), subject to customary closing conditions. The properties
are located in close proximity to significant distribution
infrastructure with access to major highways/ thoroughfares
providing regional and national connectivity. During the
development period, Granite will finance the development by means
of a loan to the developer that has a maximum draw amount of $69.7
million (US$55.0 million). Due upon completion of the development
which is expected to be in late 2022, the loan is secured by the
properties under construction and related land;
- On September 17, 2021, Granite acquired Sophialaan 5, a 0.2
million square foot logistics complex situated on 10.1 acres in
Utrecht, Netherlands for $42.1 million (€28.2 million). The
property is 60% leased with below-market rents to 18 tenants for a
weighted average lease term of 2.0 years. Strategically located in
Utrecht, one of the most central logistics markets in the
Netherlands, the property is adjacent to the A2 motorway and in
close proximity to the A12 and A27 motorways, which connect to the
Belgian and German borders. The property is being acquired at an
in-going yield of approximately 2.3%. Upon stabilization, the
property is expected to generate a yield of approximately 4.5%. The
site’s premier location within the Netherlands also provides for
future re-development potential; and
- On September 17, 2021, Granite signed a commitment to purchase
an approximate 495,000 square foot modern distribution centre in
Tilburg, Netherlands once completed in the third quarter of 2022
for $111.1 million (€75.7 million), subject to customary closing
conditions. The property is 100% leased for 10 years to a prominent
European supplier of domestic appliances and is located within
Business Park Kraaiven, a main logistics hub within the Netherlands
and one kilometer from Granite’s De Kroonstraat 1 asset acquired in
2020.
Each of the above-noted development properties are expected to
receive a green building certification and to meet the criteria of
an Eligible Green Project (as described in the Granite Green Bond
Framework, which is available on Granite’s website).
Operations:
- As at September 30, 2021, two income producing properties and
one parcel of land held for development located in Poland and
Austria were classified as assets held for sale with a combined
fair value of $43.2 million. Granite expects to complete the
dispositions in late 2021 or early 2022.
Financing:
- On August 30, 2021, Granite completed an offering of $500.0
million aggregate principal amount of 2.194% Series 6 senior
unsecured debentures due August 30, 2028 (the “2028 Debentures”).
The net proceeds received by Granite after deducting the financing
costs totaling $2.9 million were $497.1 million; and
- On October 4, 2021, Granite filed and obtained a receipt for
new base shelf prospectuses for both equity and debt securities
(the “Shelf Prospectuses”). Granite has filed the Shelf
Prospectuses to maintain financial flexibility and to have the
ability to offer securities and debt on an accelerated basis
pursuant to the filing of prospectus supplements. There is no
certainty any securities or debt will be offered or sold under the
Shelf Prospectuses. The Shelf Prospectuses are valid for a 25-month
period, during which time Granite may offer and issue, from time to
time, stapled units, stapled convertible debentures, stapled
subscription receipts, stapled warrants, units or any combination
thereof, having an aggregate offering price of up to $1.5 billion
or debt securities having an aggregate offering price of up to
$1.75 billion. Each offering under the Shelf Prospectuses will
require the filing of a prospectus supplement that will include the
specific terms of the securities being offered at that time.
GRANITE’S FINANCIAL, OPERATING AND
PROPERTY HIGHLIGHTS
Three Months Ended
Nine Months Ended
September 30,
September 30,
(in millions, except as noted)
2021
2020
2021
2020
Revenue(4)
$
98.3
$
87.9
$
288.2
$
247.0
Net operating income (“NOI”)
$
84.5
$
76.5
$
246.4
$
215.6
Net income attributable to stapled
unitholders
$
421.8
$
105.2
$
968.8
$
262.2
Funds from operations (“FFO”)(1)
$
65.2
$
55.5
$
184.5
$
165.8
Adjusted funds from operations
(“AFFO”)(2)
$
61.2
$
52.7
$
176.0
$
159.6
Diluted FFO per stapled unit(1)
$
0.99
$
0.96
$
2.91
$
2.98
Diluted AFFO per stapled unit(2)
$
0.93
$
0.91
$
2.78
$
2.87
Monthly distributions paid per stapled
unit
$
0.75
$
0.73
$
1.50
$
1.45
AFFO payout ratio(3)
81
%
80
%
79
%
76
%
As at September 30 and December 31,
2021
2020
Fair value of investment properties(8)
$
7,286.3
$
5,855.6
Assets held for sale(8)
$
43.2
$
—
Cash and cash equivalents
$
779.0
$
831.3
Total debt
$
2,449.2
$
2,297.5
Net leverage ratio(5)
23
%
25
%
Number of income-producing
properties(8)
114
108
Gross leasable area (“GLA”), square
feet(8)
53.3
49.5
Occupancy, by GLA
99.2
%
99.6
%
Magna as a percentage of annualized
revenue(7)
31
%
36
%
Magna as a percentage of GLA
24
%
27
%
Weighted average lease term in years, by
GLA
5.8
6.3
Overall capitalization rate(6)
4.8
%
5.6
%
A more detailed discussion of Granite’s combined financial
results for the three and nine month periods ended September 30,
2021 and 2020 is contained in Granite’s Management’s Discussion and
Analysis of Results of Operations and Financial Position
(“MD&A”) and the unaudited combined financial statements for
those periods and the notes thereto, which are available through
the internet on the Canadian Securities Administrators’ System for
Electronic Document Analysis and Retrieval (“SEDAR”) and can be
accessed at www.sedar.com and on the United States Securities and
Exchange Commission’s (the “SEC”) Electronic Data Gathering,
Analysis and Retrieval System (“EDGAR”), which can be accessed at
www.sec.gov.
ENVIRONMENTAL, SOCIAL, GOVERNANCE +
RESILIENCE
Granite completed its first annual GRESB Real Estate Assessment
in 2020 and completed its second submission in June 2021. GRESB’s
2021 results were published on October 1, 2021 and Granite’s score
significantly improved by 76% to 65 points, placing Granite 3rd and
sole Canadian entity in the North American Industrial Listed sector
comprised of seven reporting entities. Further, under GRESB’s
Public Disclosure Rankings, Granite was ranked #1 in the North
American Industrial sector comprised of 10 reporting entities.
Granite’s public disclosure score improved to a “B” grade, ahead of
the global average of a “C” grade and Granite’s comparison group
average of a “D” grade. Granite continues to implement strategic
initiatives to enhance its ESG+R Program into 2022 and beyond.
COVID-19 PANDEMIC UPDATE
Granite continues to monitor developments regarding the COVID-19
pandemic and to ensure the safety of its tenants and staff. While
the full impact of the COVID-19 pandemic continues to be difficult
to predict, Granite believes at this time that its portfolio and
strong liquidity position will allow it to weather the on-going
impact of COVID-19.
During the three and nine months ended September 30, 2021, there
has not been a significant impact on Granite’s operations, assets
or liabilities as a result of COVID-19. Throughout the pandemic
thus far, Granite has not realized any negative impacts on rent
collections and therefore has not recognized any provisions for
uncollected rent at this time. Granite reviewed its future cash
flow projections and the valuation of its properties considering
the impacts of the COVID-19 pandemic during the nine months ended
September 30, 2021 and Granite does not expect, at this time, that
COVID-19 will have a significant negative impact to the fair value
of its investment property portfolio. In addition, there have not
been any significant fair value losses on investment properties
recorded in the three and nine months ended September 30, 2021.
From a liquidity perspective, as at November 3, 2021, Granite
has total liquidity of approximately $1.8 billion, including its
fully undrawn operating facility which is sufficient to meet its
current commitments, development and construction projects.
Granite’s nearest debt maturity of $400.0 million does not occur
until November 2023 and Granite’s investment property portfolio of
approximately $7.3 billion remains fully unencumbered. Granite
believes it is well-positioned to weather any short-term negative
impacts on its business; however, Granite will continue to evaluate
and monitor its liquidity as the situation prolongs.
CONFERENCE CALL
Granite will hold a conference call on Thursday, November 4,
2021 at 11:00 a.m. (ET). The toll free number to use for this call
is 1 (800) 920-2986. For international callers, please call 1 (416)
981- 9005. Please dial in at least 10 minutes prior to the
commencement of the call. The conference call will be chaired by
Kevan Gorrie, President and Chief Executive Officer. To hear a
replay of the scheduled call, please dial 1 (800) 558-5253 (North
America) or 1 (416) 626-4100 (international) and enter reservation
number 21998152. The replay will be available until Monday,
November 15, 2021.
OTHER INFORMATION
Additional property statistics as at September 30, 2021 have
been posted to our website at
https://granitereit.com/property-statistics-q3-2021/. Copies of
financial data and other publicly filed documents are available
through the internet on SEDAR, which can be accessed at
www.sedar.com and on 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. Granite owns 126
investment properties representing approximately 53.3 million
square feet of leasable area.
For further information, please see our website at
www.granitereit.com or contact Teresa Neto, Chief Financial
Officer, at (647) 925-7560.
NON-IFRS MEASURES
Readers are cautioned that certain terms used in this press
release such as FFO, AFFO, AFFO payout ratio, same property NOI —
cash basis, net leverage ratio and any related per unit amounts
used by management to measure, compare and explain the operating
results and financial performance of the Trust do not have
standardized meanings prescribed under International Financial
Reporting Standards (“IFRS”) and, therefore, should not be
construed as alternatives to net income, cash provided by operating
activities or any other measure calculated in accordance with IFRS.
Additionally, because these terms do not have a standardized
meaning prescribed by IFRS, they may not be comparable to similarly
titled measures presented by other publicly traded entities.
(1)
FFO is a non-IFRS performance measure that
is widely used by the real estate industry in evaluating the
operating performance of real estate entities. Granite calculates
FFO as net income attributable to stapled unitholders excluding
fair value gains (losses) on investment properties and financial
instruments, gains (losses) on sale of investment properties
including the associated current income tax, deferred income taxes
and certain other items, net of non-controlling interests in such
items. The Trust’s determination of FFO follows the definition
prescribed by the Real Estate Property Association of Canada
(“REALPAC”) White Paper on Funds From Operations & Adjusted
Funds From Operations for IFRS dated February 2019 and as
subsequently amended (“White Paper”). Granite considers FFO to be a
meaningful supplemental measure that can be used to determine the
Trust’s ability to service debt, fund capital expenditures and
provide distributions to stapled unitholders. FFO is reconciled to
net income, which is the most directly comparable IFRS measure (see
below). FFO should not be construed as an alternative to net income
or cash flow generated from operating activities determined in
accordance with IFRS.
(2)
AFFO is a non-IFRS performance measure
that is widely used by the real estate industry in evaluating the
recurring economic earnings performance of real estate entities
after considering certain costs associated with sustaining such
earnings. Granite calculates AFFO as net income attributable to
stapled unitholders including all adjustments used to calculate FFO
and further adjusts for actual maintenance capital expenditures
that are required to sustain Granite’s productive capacity, leasing
costs such as leasing commissions and tenant allowances incurred
and non-cash straight-line rent and tenant incentive amortization,
net of non-controlling interests in such items. The Trust’s
determination of AFFO follows the definition prescribed by
REALPAC’s White Paper. Granite considers AFFO to be a meaningful
supplemental measure that can be used to determine the Trust’s
ability to service debt, fund expansion capital expenditures, fund
property development and provide distributions to stapled
unitholders after considering costs associated with sustaining
operating earnings. AFFO is also reconciled to net income, which is
the most directly comparable IFRS measure (see below). AFFO should
not be construed as an alternative to net income or cash flow
generated from operating activities determined in accordance with
IFRS.
Three Months Ended
Nine Months Ended
September 30,
September 30,
(in millions, except per unit amounts)
2021
2020
2021
2020
Net income attributable to stapled
unitholders
$
421.8
$
105.2
$
968.8
$
262.2
Add (deduct):
Fair value gains on investment properties,
net
(432.2
)
(62.0
)
(949.8
)
(132.6
)
Fair value losses (gains) on financial
instruments
1.3
(1.0
)
1.8
4.7
Loss on sale of investment properties
—
0.2
0.6
0.2
Current income tax expense associated with
the sale of an investment property
—
—
2.3
—
Deferred income tax expense
73.4
12.3
159.1
30.1
Fair value remeasurement expense relating
to the Executive Deferred Stapled Unit Plan
0.9
0.9
1.5
1.1
Non-controlling interests relating to the
above
—
—
0.2
0.1
Three Months Ended
Nine Months Ended
September 30,
September 30,
(in millions, except per unit amounts)
2021
2020
2021
2020
FFO(1)
[A]
$
65.2
$
55.6
$
184.5
$
165.8
Add (deduct):
Maintenance or improvement capital
expenditures incurred
(0.8
)
(0.2
)
(2.7
)
(3.2
)
Leasing commissions incurred
(2.3
)
—
(2.5
)
(0.1
)
Tenant allowances incurred
—
(0.6
)
(0.2
)
(0.6
)
Tenant allowance amortization
1.3
1.4
3.9
4.0
Straight-line rent amortization
(2.2
)
(3.4
)
(7.0
)
(6.3
)
AFFO(2)
[B]
$
61.2
$
52.8
$
176.0
$
159.6
Basic and Diluted FFO per stapled unit
[A]/[C]
and
[A]/[D]
$
0.99
$
0.96
$
2.91
$
2.98
Basic and Diluted AFFO per stapled
unit
[B]/[C]
and
[B]/[D]
$
0.93
$
0.91
$
2.78
$
2.87
Basic weighted average number of stapled
units
[C]
65.7
57.8
63.4
55.6
Diluted weighted average number of stapled
units
[D]
65.8
57.9
63.4
55.7
(3)
AFFO payout ratio is calculated as monthly
distributions, which exclude special distributions, declared to
unitholders divided by AFFO in a period. AFFO payout ratio may
exclude revenue or expenses incurred during a period that can be a
source of variance between periods. The AFFO payout ratio is a
supplemental measure widely used by analysts and investors in
evaluating the sustainability of the Trust’s monthly distributions
to stapled unitholders. Refer to the change in the current year
period to the calculation of AFFO payout ratio in footnote (2)
above.
(4)
Same property NOI — cash basis refers to
the NOI — cash basis (NOI excluding lease termination and close-out
fees, and the non-cash impact from straight-line rent and tenant
incentive amortization) for those properties owned by Granite
throughout the entire current and prior year periods under
comparison. Same property NOI — cash basis excludes properties that
were acquired, disposed of, classified as properties under or held
for development or assets held for sale during the periods under
comparison. Granite believes that same property NOI — cash basis is
a useful supplementary measure in understanding period-over-period
organic changes in NOI — cash basis from the same stock of
properties owned.
(5)
The net leverage ratio is calculated as
the net debt (carrying value of total debt less cash and cash
equivalents) divided by the fair value of investment properties.
The net leverage ratio is a supplemental measure used in evaluating
the Trust’s degree of financial leverage, borrowing capacity and
the relative strength of its balance sheet.
(6)
Overall capitalization rate is calculated
as stabilized net operating income (property revenue less property
expenses) divided by the fair value of the property.
(7)
Annualized revenue for each period
presented is calculated as rental revenue excluding tenant
recoveries, for the month of September 2021 or September 2020, as
applicable, recognized in accordance with IFRS, multiplied by 12
months.
(8)
Assets held for sale are excluded from
investment properties and related property metrics. Accordingly,
three such assets that were held for sale at September 30, 2021
were excluded from investment properties and related metrics at
September 30, 2021.
FORWARD-LOOKING
STATEMENTS
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. Forward-looking statements and
forward-looking information may include, among others, statements
regarding Granite’s future plans, goals, strategies, intentions,
beliefs, estimates, costs, objectives, capital structure, cost of
capital, tenant base, tax consequences, economic performance or
expectations, or the assumptions underlying any of the foregoing.
Words such as “outlook”, “may”, “would”, “could”, “should”, “will”,
“likely”, “expect”, “anticipate”, “believe”, “intend”, “plan”,
“forecast”, “project”, “estimate”, “seek” and similar expressions
are used to identify forward-looking statements and forward-looking
information. Forward-looking statements and forward-looking
information should not be read as guarantees of future events,
performance or results and will not necessarily be accurate
indications of whether or the times at or by which such future
performance will be achieved. Undue reliance should not be placed
on such statements.
There can also be no assurance that: Granite’s expectations
regarding the impact of the COVID-19 pandemic and government
measures to contain it, including with respect to Granite’s ability
to weather the impact of COVID-19, the effectiveness of measures
intended to mitigate such impact, and Granite’s ability to deliver
cash flow stability and growth and create long-term value for
unitholders; Granite’s ability to implement its ESG+R program and
related targets and goals; the expansion and diversification of
Granite’s real estate portfolio and the reduction in Granite’s
exposure to Magna and the special purpose properties; the ability
of Granite to accelerate growth and to grow its net asset value and
FFO and AFFO per unit; the ability of Granite to find and integrate
satisfactory acquisition, joint venture and development
opportunities and to strategically deploy the proceeds from
recently sold properties and financing initiatives; Granite’s
intended use of the net proceeds of its equity and debenture
offerings to fund potential acquisitions and for the other purposes
described previously; the potential for expansion and rental growth
at the properties in Mississauga and Ajax, Ontario and the expected
enhancement to the yields of such properties from such potential
expansion and rental growth; the expected construction on and
development yield of the site in Houston, Texas; the expected
development and construction of an e-commerce and logistics
warehouse on land in Fort Worth, Texas; the expected construction
of the distribution/light industrial facility on the 13-acre site
in Altbach, Germany; the expected construction of a modern
distribution facility on the 50.8 acre site in Murfreesboro,
Tennessee; the expected development of three modern distribution
facilities in Lebanon, Tennessee, and the expected yield from the
development; the expected development of a multi-phased business
park on the 92.2 acre site in Brantford, Ontario, and the potential
yield from the project; the timing of payment of associated unpaid
construction costs and holdbacks; Granite’s ability to dispose of
any non-core assets on satisfactory terms; Granite’s ability to
meet its target occupancy goals; Granite’s ability to secure
sustainability or other certifications for any of its properties;
the expected impact of the refinancing of the term loans on
Granite’s returns and cash flow; and the expected amount of any
distributions and distribution increase, can be achieved in a
timely manner, with the expected impact or at all. 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 Granite’s perception of historical
trends, current conditions and expected future developments, as
well as other factors Granite believes are appropriate in the
circumstances. Given the impact of the COVID-19 pandemic and
government measures to contain it, there is inherently more
uncertainty associated with our assumptions as compared to prior
periods. Forward-looking statements and forward-looking information
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.
Important factors that could cause such differences include, but
are not limited to, the impact of the COVID-19 pandemic and
government measures to contain it, and the resulting economic
downturn, on Granite’s business, operations and financial
condition; the risk that the pandemic or such measures intensify;
the duration of the pandemic and related impacts; the risk of
changes to tax or other laws and treaties that may adversely affect
Granite REIT’s mutual fund trust status under the Income Tax Act
(Canada) or the effective tax rate in other jurisdictions in which
Granite operates; economic, market and competitive conditions and
other risks that may adversely affect Granite’s ability to expand
and diversify its real estate portfolio and dispose of any non-core
assets on satisfactory terms; and the risks set forth in the “Risk
Factors” section in Granite’s AIF for 2020 dated March 3, 2021,
filed on SEDAR at www.sedar.com and attached as Exhibit 1 to the
Trust’s Annual Report on Form 40-F for the year ended December 31,
2020 filed with the SEC and available online on EDGAR at
www.sec.gov, all of which investors are strongly advised to review.
The “Risk Factors” section also contains information about the
material factors or assumptions underlying such forward-looking
statements and forward-looking information. 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20211103006278/en/
Teresa Neto Chief Financial Officer (647) 925-7560
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