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Granite REIT - Q2-2021 Earnings, Price Target Update

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Granite REIT(GRT.UN) is a Canadian-based REIT focused on owning logistics, warehouse and industrial properties in North America and Europe. Granite owns 118 properties (Jun-30-2021) properties (115 properties, Dec-31-2020) in seven countries having 51.3M sq. ft. of leasable area and a fair value of $6.4B.(Dec-31-2021: $5.9B) Properties consist of income-producing properties, properties under development and land held for development. Properties consist of logistics, e-commerce and distribution/warehouse properties, light industrial properties and heavy industrial manufacturing facilities. Lease payments are primarily denominated in Canadian dollars, Euros and USD, with approximately 50% of properties located in the US, 15% in Canada and the 35% in Europe, mainly Austria and Germany. Magna contributes 34% of annual rent as of Jun-30-2021, Amazon.com Inc.(AMZN-NAS). Modern warehouses comprise 30% of leasable area, special purpose buildings – 43% and multi-purpose at 23%. Granite holds approximately one third of Magna's real estate.

The terms of the lease arrangements with Magna generally provide for Magna to pay for costs of occupancy, including operating costs, property taxes and maintenance and repair costs, rent escalations based on either fixed-rate steps or inflation, renewal options tied to market rental rates or inflation, environmental indemnities from the tenant; and a right of first refusal in favour of Magna on the sale of a property.

Magna is dependent upon the levels of car and light truck production by Magna's customers, the relative amount of content Magna has in the various programs and its operating costs in the various countries in which it operates. Granite management expects Magna to continuously seek to optimize its global manufacturing footprint and consequently, Magna may not renew leases for facilities currently under lease at their expiries.

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