Q: Can you comment on the recent quarter please. How did results compare to expectations and is this REIT still growing and valued wel compared to competitors thanks
5i Research Answer:
GRT's net operating income grew 17.0% year-over-year to $108.6 million. This was attributed to net acquisition activity. Same property NOI increased by 7.7%. Funds from operations (FFO) rose from $72.1 million or $1.09 per unit in 2Q22, to $77.6 million or $1.21 per unit in the recent quarter. Headline occupancy declined from 99.6% to 96.3%, due to unexpected US non-renewal and new US developments still early in their leasing stages. We think GRT has a highly stable tenant base but requires investor patience while it gets through the temporary disruption.