Granite REIT Q2 revenue misses estimates
Overview
Granite Q2 revenue misses analyst expectations, per LSEG data
Net operating income rises to C$123.4 mln, driven by rent adjustments
Outlook
Granite forecasts 2025 FFO per unit to rise 6% to 9% over 2024
Company expects 2025 AFFO per unit to increase 1% to 4%
Result Drivers
RENT ADJUSTMENTS - Increase in net operating income driven by contractual rent adjustments and CPI-based increases
FOREIGN EXCHANGE IMPACT - Fluctuations in Canadian dollar affected FFO and AFFO
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Revenue | Miss | C$149.30 mln | C$151 mln (2 Analysts) |
Q2 Net Income |
| C$95 mln |
|
Q2 Adjusted FFO |
| C$75.10 mln |
|
Q2 FFO |
| C$85.40 mln |
|
Q2 Operating Income |
| C$123.40 mln |
|
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 9 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"
The average consensus recommendation for the commercial reits peer group is "buy"
Wall Street's median 12-month price target for Granite Real Estate Investment Trust is C$85.00, about 12.2% above its August 5 closing price of C$74.65
The stock recently traded at 13 times the next 12-month earnings vs. a P/E of 11 three months ago
Press Release: ID:nBw2JFqVWa
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