Canada's Granite REIT Q3 revenue rises on leasing and rental growth
Granite REIT's Q3 revenue rose year over year to C$166.6 million, while adjusted FFO was C$90.3 million. It announced a 4.2% distribution increase effective December 2026 and expects 2026 AFFO per unit of C$5.50 to C$5.55.
1. Quarterly results
Granite REIT said higher net operating income was driven by new and renewal leasing, contractual rent adjustments and consumer price index-based increases, mainly in Canada and the U.S. The trust achieved average rental rate spreads of 35% over expiring rents on new leases and renewals during the quarter.
2. Outlook and acquisitions
Granite closed C$270.5 million in acquisitions and said eight income-producing properties acquired in the U.S. and UK since Q4 2025 contributed to higher net operating income. It expects 2026 constant-currency same-property NOI growth of 6.0% to 6.5% and announced a 4.2% distribution increase effective December 2026.
