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Granite REIT: A Robust Investment Opportunity Amidst Industrial Real Estate Market Dynamics
ByAinvest
Sunday, Jun 30, 2024 8:36 pm ET1min read
Granite REIT's attractive fundamentals and historical valuations make it an appealing GARP play, according to a recent analysis. The company's Q1 performance saw a modest portfolio growth, stable occupancy rates, and a 10% leasing spread, with a 2% decrease in ABRs in Canada. The firm's NOI growth and a slight decline in FFO per unit are expected to improve in 2025 due to a rebound in supply/demand leasing fundamentals. The upgrade to a Strong Buy recommendation is based on anticipated high-single-digit SPNOI growth driven by mark-to-market rent upside and improved balance sheet metrics.
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