Earnings
June 25, 2022 - AGF.B
New! AGF Management Ltd. Q2-2022 Earnings, Price Target Update .....
June 24, 2022 - PLZ-UN
New! Plaza Retail REIT- Q1-2022 Earnings, Price Target Update .....
June 23, 2022 - BEI.UN
Boardwalk REIT - Q1-2022 Earnings, Price Target Update .....
June 22, 2022 - CAR.UN
CAPREIT - Q1-2022 Earnings, Price Target Update .....
June 19, 2022 - GRT.UN
Granite REIT - Q1-2022 Earnings, Price Target Update .....
June 17, 2022 - KBL
K-Bro Linen Inc. Q1-2022 Earnings, Price Target Update .....
June 16, 2022 - PBH
Premium Brands Holding Corp. Q1-2022Earnings, Price Target Update .....
June 15, 2022 - NWC
North West Company - Q1-2022 Earnings, Price Target Update .....
Recommendation Changes
GEI, ALA, CNQ, FTS, SMU.UN, more...

Granite REIT - Q1-2022 Earnings, Price Target Update

This is only a sample of the article, please login to view the entire article

Granite REIT (GRT.UN) is a Canadian-based REIT focused on owning logistics, warehouse and industrial properties in North America and Europe. Granite owns 137 properties (Mar-31-2022) compared to 118 properties (Jun-30-2021). in five countries having 53M sq. ft. of leasable area and total assets of $9B.(Dec-31-2020: $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 29% of annual rent as of Mar-31-2022, Amazon.com Inc.(AMZN-NAS) comprised 5% of annual rentals. 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.

You must be a member to view the entire article, please subscribe or login


Login
Username
Password
New Issues & Acquisition
June 25, 2022
New! Coverage Universe - Weekly Price Change: June 17-24, 2022
June 18, 2022
Coverage Universe - Weekly Price Change: June 10-17, 2022
June 10, 2022
Coverage Universe - Weekly Price Change: June 3-10, 2022
June 4, 2022
Coverage Universe - Weekly Price Change: May 27 - June 3, 2022
May 31, 2022
Dream Impact Trust - 5.75% Convertible Debenture New Issue
May 31, 2022
Premium Brands Holding Corp. 5.4% Convertible Debenture New Issue
May 29, 2022
Coverage Universe - Weekly Price Change: May 20-27, 2022
May 27, 2022
Coverage Universe - Weekly Price Change: May 20-27, 2022