Granite Real Estate Investment Trust and Granite REIT Inc.
(TSX: GRT.UN; NYSE: GRP.U) (“Granite” or the “Trust”) announced
today its combined results for the three and nine month periods
ended September 30, 2022 and a distribution increase of 3.2%
effective with the December 2022 distribution.
THIRD QUARTER 2022
HIGHLIGHTS
Highlights for the three month period ended September 30, 2022,
including events subsequent to the quarter, are set out below:
Financial:
- Granite's net operating income ("NOI") was $94.0 million in the
third quarter of 2022 compared to $84.5 million in the prior year
period, an increase of $9.5 million primarily as a result of net
acquisition activity beginning in the third quarter of 2021 and
contractual rent adjustments;
- Same property NOI - cash basis(4) increased by 3.2% for the
three month period ended September 30, 2022, excluding the impact
of foreign exchange;
- Funds from operations ("FFO")(1) was $70.7 million ($1.08 per
unit) in the third quarter of 2022 compared to $65.2 million ($0.99
per unit) in the third quarter of 2021;
- Adjusted funds from operations ("AFFO")(2) was $63.3 million
($0.97 per unit) in the third quarter of 2022 compared to $61.2
million ($0.93 per unit) in the third quarter of 2021;
- AFFO payout ratio(3) was 80% for the third quarter of 2022
compared to 81% in the third quarter of 2021;
- Granite recognized $229.2 million in net fair value losses on
investment properties in the third quarter of 2022 which were
attributable to various factors including the expansion in discount
and terminal capitalization rates across all of Granite's markets
in response to rising interest rates, partially offset by fair
market rent increases across the Greater Toronto Area in Ontario
(the "GTA") and selective US and European markets reflecting
current market fundamentals. The value of investment properties was
increased by unrealized foreign exchange gains of $318.0 million in
the third quarter of 2022 primarily resulting from the relative
weakening of the Canadian dollar against the US dollar, partially
offset by a strengthening of the Canadian dollar against the Euro
as at September 30, 2022; and
- Granite's net loss in the third quarter of 2022 was $93.3
million in comparison to net income of $421.8 million in the prior
year period primarily due to a negative change in the fair value of
investment properties of $661.4 million, partially offset by a $9.5
million increase in net operating income as noted above and a
$135.2 million increase in income tax recovery; and
- On November 9, 2022, the Trust increased its targeted
annualized distribution by 3.2% to $3.20 ($0.2667 per month) per
stapled unit from $3.10 ($0.2583 per month) per stapled unit to be
effective upon the declaration of the distribution in respect of
the month of December 2022 and payable in mid-January 2023.
Investments:
On August 19, 2022, Granite acquired a 10.1 acre parcel of land
northeast of the Rest Acres Road and Highway 403 interchange in
Brant County, Ontario for $6.4 million. The site is capable of
supporting a modern distribution/logistics facility consisting of
approximately 0.2 million square feet. This land is located
approximately 6 kilometers northwest of Granite’s existing 92.0
acre development site in Brantford, Ontario.
Operations:
- During the quarter, Granite executed an approximate 10-year
lease agreement, inclusive of annual rental escalations, with a
leading investment grade producer of specialized commercial
vehicles for 0.8 million square feet at its development site in
Murfreesboro, Tennessee. The fully pre-leased modern distribution
facility is expected to be completed in the fourth quarter of
2022.
- On October 3, 2022, Granite executed a 10-year lease agreement,
inclusive of annual rental escalations, with a leading distributor
of photovoltaic products for the remaining 0.2 million square feet
at Granite’s newly developed property in Altbach, Germany which was
delivered in the second quarter of 2022. Upon occupancy in the
fourth quarter of 2022, the property will be fully leased.
Financing:
- On September 15, 2022, Granite LP entered into and fully drew
upon a US$400.0 million senior unsecured non-revolving term
facility that matures on September 15, 2025 (“2025 Term Loan”). In
conjunction with the 2025 Term Loan funding, Granite entered into a
floating to fixed interest rate swap (the “2025 Interest Rate
Swap”) to exchange the floating Secured Overnight Financing Rate
(“SOFR”) portion of the interest payments from the term loan for
fixed interest payments resulting in an all-in fixed interest rate
of 5.016%. Granite used the net proceeds from the 2025 Term Loan to
repay the outstanding balance on the Credit Facility with the
remainder to be used for general corporate purposes, including to
fund development and property acquisitions.
- During the quarter ended September 30, 2022, including up to
November 9, 2022, Granite repurchased 1,787,200 stapled units under
its Normal Course Issuer Bid ("NCIB") at an average stapled unit
cost of $70.27 for total consideration of $125.6 million, excluding
commissions.
GRANITE’S FINANCIAL, OPERATING AND
PROPERTY HIGHLIGHTS
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions, except as noted)
2022
2021
2022
2021
Revenue(4)
$
111.6
$
98.3
$
330.0
$
288.2
Net operating income ("NOI")
$
94.0
$
84.5
$
278.0
$
246.4
Net (loss) income attributable to stapled
unitholders
$
(93.3
)
$
421.8
$
282.1
$
968.8
Funds from operations ("FFO")(1)
$
70.7
$
65.2
$
212.1
$
184.5
Adjusted funds from operations
("AFFO")(2)
$
63.3
$
61.2
$
197.2
$
176.0
Diluted FFO per stapled unit(1)
$
1.08
$
0.99
$
3.23
$
2.91
Diluted AFFO per stapled unit(2)
$
0.97
$
0.93
$
3.00
$
2.78
Monthly distributions paid per stapled
unit
$
0.78
$
0.75
$
2.32
$
2.25
AFFO payout ratio(3)
80
%
81
%
77
%
79
%
As at September 30, and December
31
2022
2021
Fair value of investment properties(9)
$
8,938.9
$
7,971.2
Assets held for sale(9)
$
17.5
$
64.6
Cash and cash equivalents
$
274.3
$
402.5
Total debt(5)
$
2,852.4
$
2,414.0
Net leverage ratio(6)
29
%
25
%
Number of income-producing
properties(9)
128
119
Gross leasable area (“GLA”), square
feet(9)
58.8
55.1
Occupancy, by GLA
99.1
%
99.7
%
Magna as a percentage of annualized
revenue(8)
26
%
29
%
Magna as a percentage of GLA
21
%
22
%
Weighted average lease term in years, by
GLA
5.7
5.8
Overall capitalization rate(7)
4.7
%
4.5
%
A more detailed discussion of Granite’s combined financial
results for the three and nine month periods ended September 30,
2022 and 2021 is contained in Granite’s Management’s Discussion and
Analysis of Results of Operations and Financial Position
("MD&A") and the unaudited condensed combined financial
statements for those periods and the notes thereto, which are
available through the internet on the Canadian Securities
Administrators’ System for Electronic Document Analysis and
Retrieval (“SEDAR”) and can be accessed at www.sedar.com and on the
United States Securities and Exchange Commission’s (the “SEC”)
Electronic Data Gathering, Analysis and Retrieval System (“EDGAR”),
which can be accessed at www.sec.gov.
ENVIRONMENTAL, SOCIAL, GOVERNANCE +
RESILIENCE (ESG+R)
Granite completed its third annual GRESB Real Estate Assessment
in June 2022. GRESB’s 2022 results were published in October 2022
and Granite ranked 2nd out of 9 in the Northern America Industrial
| Listed | Tenant Controlled GRESB peer group. Granite’s score
increased by 8 points (12%) compared to 2021 improving Granite’s
overall position from 3rd to 2nd place in 2022 within its peer
group. Granite also achieved a score of A in the 2022 GRESB Public
Disclosure Report, an increase from the 2021’s score of B. The
GRESB Public Disclosure Report evaluates the level of ESG
disclosure by listed property companies and REITs. Granite
continues to implement strategic initiatives to enhance its ESG+R
Program into 2023 and beyond.
CONFERENCE CALL
Granite will hold a conference call on Thursday, November 10,
2022 at 11:00 a.m. (ET). The toll free number to use for this call
is 1 (800) 748-2715. For international callers, please call 1 (416)
620-9188. Please dial in at least 10 minutes prior to the
commencement of the call. The conference call will be chaired by
Kevan Gorrie, President and Chief Executive Officer. To hear a
replay of the scheduled call, please dial 1 (800) 558-5253 (North
America) or 1 (416) 626-4100 (international) and enter reservation
number 22020831. The replay will be available until Monday,
November 21, 2022.
OTHER INFORMATION
Additional property statistics as at September 30, 2022 have
been posted to our website at
https://granitereit.com/property-statistics-q3-2022. Copies of
financial data and other publicly filed documents are available
through the internet on SEDAR, which can be accessed at
www.sedar.com and on EDGAR, which can be accessed at
www.sec.gov.
Granite is a Canadian-based REIT engaged in the acquisition,
development, ownership and management of logistics, warehouse and
industrial properties in North America and Europe. Granite owns 141
investment properties representing approximately 58.8 million
square feet of leasable area.
For further information, please see our website at
www.granitereit.com or contact Teresa Neto, Chief Financial
Officer, at (647) 925-7560.
NON-IFRS MEASURES, RATIOS AND
RECONCILIATIONS
Readers are cautioned that certain terms used in this press
release such as FFO, AFFO, AFFO payout ratio, same property NOI -
cash basis, total debt and net debt, net leverage ratio, available
liquidity, and any related per unit amounts used by management to
measure, compare and explain the operating results and financial
performance of the Trust do not have standardized meanings
prescribed under International Financial Reporting Standards
(“IFRS”) and, therefore, should not be construed as alternatives to
net income, cash provided by operating activities or any other
measure calculated in accordance with IFRS. Additionally, because
these terms do not have a standardized meaning prescribed by IFRS,
they may not be comparable to similarly titled measures presented
by other publicly traded entities.
(1)
FFO is a non-IFRS performance
measure that is widely used by the real estate industry in
evaluating the operating performance of real estate entities.
Granite calculates FFO as net income attributable to stapled
unitholders excluding fair value gains (losses) on investment
properties and financial instruments, gains (losses) on sale of
investment properties including the associated current income tax,
deferred income taxes and certain other items, net of
non-controlling interests in such items. The Trust’s determination
of FFO follows the definition prescribed by the Real Estate
Property Association of Canada (“REALPAC”) guidelines on Funds From
Operations & Adjusted Funds From Operations for IFRS dated
January 2022 (“REALPAC Guidelines”). Granite considers FFO to be a
meaningful supplemental measure that can be used to determine the
Trust’s ability to service debt, fund capital expenditures and
provide distributions to stapled unitholders. FFO is reconciled to
net income, which is the most directly comparable IFRS measure (see
below). FFO should not be construed as an alternative to net income
or cash flow generated from operating activities determined in
accordance with IFRS.
(2)
AFFO is a non-IFRS performance
measure that is widely used by the real estate industry in
evaluating the recurring economic earnings performance of real
estate entities after considering certain costs associated with
sustaining such earnings. Granite calculates AFFO as net income
attributable to stapled unitholders including all adjustments used
to calculate FFO and further adjusts for actual maintenance capital
expenditures that are required to sustain Granite’s productive
capacity, leasing costs such as leasing commissions and tenant
allowances incurred and non-cash straight-line rent and tenant
incentive amortization, net of non-controlling interests in such
items. The Trust's determination of AFFO follows the definition
prescribed by REALPAC’s Guidelines. Granite considers AFFO to be a
meaningful supplemental measure that can be used to determine the
Trust’s ability to service debt, fund expansion capital
expenditures, fund property development and provide distributions
to stapled unitholders after considering costs associated with
sustaining operating earnings. AFFO is also reconciled to net
income, which is the most directly comparable IFRS measure (see
below). AFFO should not be construed as an alternative to net
income or cash flow generated from operating activities determined
in accordance with IFRS.
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions, except per unit amounts)
2022
2021
2022
2021
Net (loss) income attributable to
stapled unitholders
$
(93.3
)
$
421.8
$
282.1
$
968.8
Add (deduct):
Fair value losses (gains) on investment
properties, net
229.2
(432.2
)
(10.2
)
(949.8
)
Fair value (gains) losses on financial
instruments, net
(1.4
)
1.3
(9.3
)
1.8
Loss on sale of investment properties,
net
—
—
0.7
0.6
Current income tax expense associated with
the sale of investment properties
—
—
—
2.3
Deferred tax (recovery) expense
(61.3
)
73.4
(46.6
)
159.1
Fair value remeasurement of the Executive
Deferred Stapled Unit Plan
(1.3
)
0.9
(2.7
)
1.5
Fair value remeasurement of the Directors
Deferred Stapled Unit Plan(1)
(1.2
)
—
(1.9
)
—
Non-controlling interests relating to the
above
—
—
—
0.2
FFO
[A]
$
70.7
$
65.2
$
212.1
$
184.5
Add (deduct):
Maintenance or improvement capital
expenditures incurred
(4.3
)
(0.8
)
(5.9
)
(2.7
)
Leasing costs
(2.0
)
(2.3
)
(4.9
)
(2.5
)
Tenant allowances
(0.3
)
—
(0.4
)
(0.2
)
Tenant incentive amortization
1.1
1.3
3.3
3.9
Straight-line rent amortization
(1.9
)
(2.2
)
(7.0
)
(7.0
)
AFFO
[B]
$
63.3
$
61.2
$
197.2
$
176.0
Basic and Diluted FFO per stapled
unit
[A]/[C]
and
[A]/[D]
$
1.08
$
0.99
$
3.23
$
2.91
Basic AFFO per stapled unit
[B]/[C]
$
0.97
$
0.93
$
3.01
$
2.78
Diluted AFFO per stapled unit
[B]/[D]
$
0.97
$
0.93
$
3.00
$
2.78
Basic weighted average number of
stapled units
[C]
65.3
65.7
65.6
63.4
Diluted weighted average number of
stapled units
[D]
65.5
65.8
65.7
63.4
(1)
On June 9, 2022, amendments were made to
Granite’s Directors Deferred Stapled Unit (“DSU”) Plan (the “DSU
Plan”) to allow, at the discretion of the Compensation, Governance
and Nominating Committee (the "CGN Committee”) for the DSUs to be
settled in cash or stapled units at the time of redemption.
Accordingly, from the amendment date of June 9, 2022, fair value
remeasurement of the DSU Plan has been included as an adjustment to
FFO.
(3)
AFFO payout ratio is calculated
as monthly distributions, which exclude special distributions,
declared to unitholders divided by AFFO in a period. AFFO payout
ratio may exclude revenue or expenses incurred during a period that
can be a source of variance between periods. The AFFO payout ratio
is a non-IFRS ratio widely used by analysts and investors in
evaluating the sustainability of the Trust’s monthly distributions
to stapled unitholders.
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions, except as noted)
2022
2021
2022
2021
Monthly distributions declared to
unitholders
[A]
$
50.4
$
49.3
$
152.3
$
142.8
FFO
70.7
65.2
212.1
184.5
Add (deduct):
Early redemption premium related to 2021
Debentures
—
—
—
4.0
Accelerated amortization of credit
facility deferred finance fees
—
—
—
0.5
FFO adjusted for the above
[B]
$
70.7
$
65.2
$
212.1
$
189.0
AFFO
63.3
61.2
197.2
176.0
Add (deduct):
Early redemption premium related to 2021
Debentures
—
—
—
4.0
Accelerated amortization of credit
facility deferred finance fees
—
—
—
0.5
AFFO adjusted for the above
[C]
$
63.3
$
61.2
$
197.2
$
180.5
AFFO payout ratio
[A]/[C]
80
%
81
%
77
%
79
%
(4)
Same property NOI — cash basis
refers to the NOI — cash basis (NOI excluding lease termination and
close-out fees, and the non-cash impact from straight-line rent and
tenant incentive amortization) for those properties owned by
Granite throughout the entire current and prior year periods under
comparison. Same property NOI — cash basis excludes properties that
were acquired, disposed of, classified as properties under or held
for development or assets held for sale during the periods under
comparison. Granite believes that same property NOI — cash basis is
a useful measure in understanding period-over-period organic
changes in NOI — cash basis from the same stock of properties
owned.
Sq ft(1)
Three Months Ended
September 30,
Sq ft(1)
Nine Months Ended
September 30,
(in
millions)
2022
2021
$
change
%
change
(in
millions)
2022
2021
$
change
%
change
Revenue
$
111.6
$
98.3
13.3
$
330.0
$
288.2
41.8
Less: Property operating costs
17.6
13.8
3.8
52.0
41.8
10.2
NOI
$
94.0
$
84.5
9.5
11.2
%
$
278.0
$
246.4
31.6
12.8
%
Add (deduct):
Straight-line rent amortization
(1.9
)
(2.2
)
0.3
(7.0
)
(7.1
)
0.1
Tenant incentive amortization
1.0
1.3
(0.3
)
3.3
3.9
(0.6
)
NOI - cash basis
58.8
$
93.1
$
83.6
9.5
11.4
%
58.8
$
274.3
$
243.2
31.1
12.8
%
Less NOI - cash basis for:
Acquisitions
7.6
(11.2
)
(1.1
)
(10.1
)
9.7
(36.3
)
(3.3
)
(33.0
)
Developments
0.9
—
—
—
0.9
0.1
—
0.1
Dispositions and assets held for sale
1.1
(0.2
)
(1.6
)
1.4
1.1
(2.0
)
(5.2
)
3.2
Same property NOI - cash basis
50.3
$
81.7
$
80.9
0.8
1.0
%
48.2
$
236.1
$
234.7
1.4
0.6
%
Constant currency same property NOI -
cash basis(2)
50.3
$
81.7
$
79.2
2.5
3.2
%
48.2
$
236.1
$
229.9
6.2
2.7
%
(1)
The square footage relating to the NOI —
cash basis represents GLA of 58.8 million square feet as at
September 30, 2022. The square footage relating to the same
property NOI — cash basis represents the aforementioned GLA
excluding the impact from the acquisitions, dispositions, assets
held for sale and developments during the relevant period.
(2)
Constant currency same property NOI - cash
basis is calculated by converting the comparative same property NOI
- cash basis at current period average foreign exchange rates.
(5)
Total debt is calculated as the
sum of all current and non-current debt, the net mark to market
fair value of derivatives and lease obligations as per the
consolidated financial statements. Net debt subtracts cash and cash
equivalents from total debt. Granite believes that it is useful to
include the derivatives and lease obligations for the purposes of
monitoring the Trust’s debt levels.
(6)
The net leverage ratio is
calculated as the net debt (a non-IFRS performance measure defined
above) divided by the fair value of investment properties. The net
leverage ratio is a non-IFRS ratio used in evaluating the Trust’s
degree of financial leverage, borrowing capacity and the relative
strength of its balance sheet.
As at September 30, 2022 and December
31, 2021
2022
2021
Unsecured debt, net
$
2,995.9
$
2,425.1
Derivatives, net
(223.1
)
(44.1
)
Lease obligations
33.2
32.2
Secured debt
46.4
0.8
Total debt
$
2,852.4
$
2,414.0
Less: cash and cash equivalents
274.3
402.5
Net debt
[A]
$
2,578.1
$
2,011.5
Investment properties
[B]
$
8,938.9
$
7,971.2
Net leverage ratio
[A]/[B]
29
%
25
%
(7)
Overall capitalization rate is
calculated as stabilized net operating income (property revenue
less property expenses) divided by the fair value of the
property.
(8)
Annualized revenue for each
period presented is calculated as the contractual base rent for the
month subsequent to the quarterly reporting period multiplied by 12
months. Annualized revenue excludes revenue from properties
classified as assets held for sale.
(9)
Assets held for sale are excluded
from investment properties and related property metrics.
Accordingly, one such asset that was held for sale at September 30,
2022 and three such assets that were held for sale at December 31,
2021 were excluded from investment properties and related metrics
at September 30, 2022 and December 31, 2021, respectively.
(10)
Available liquidity is a non-IFRS
performance measure defined as the sum of cash and cash equivalents
and the unused portion of the credit facility. Granite believes
that available liquidity is a useful measure to investors in
determining the Trust’s resources available as at period-end to
meet its ongoing obligations and future commitments.
FORWARD-LOOKING
STATEMENTS
This press release may contain statements that, to the extent
they are not recitations of historical fact, constitute
“forward-looking statements” or “forward-looking information”
within the meaning of applicable securities legislation, including
the United States Securities Act of 1933, as amended, the United
States Securities Exchange Act of 1934, as amended, and applicable
Canadian securities legislation. Forward-looking statements and
forward-looking information may include, among others, statements
regarding Granite’s future plans, goals, strategies, intentions,
beliefs, estimates, costs, objectives, capital structure, cost of
capital, tenant base, tax consequences, economic performance or
expectations, or the assumptions underlying any of the foregoing.
Words such as “outlook”, “may”, “would”, “could”, “should”, “will”,
“likely”, “expect”, “anticipate”, “believe”, “intend”, “plan”,
“forecast”, “project”, “estimate”, “seek” and similar expressions
are used to identify forward-looking statements and forward-looking
information. Forward-looking statements and forward-looking
information should not be read as guarantees of future events,
performance or results and will not necessarily be accurate
indications of whether or the times at or by which such future
performance will be achieved. Undue reliance should not be placed
on such statements. There can also be no assurance that Granite’s
expectations regarding various matters, including the following,
will be realized in a timely manner, with the expected impact or at
all: the effectiveness of measures intended to mitigate such
impact, and Granite’s ability to deliver cash flow stability and
growth and create long-term value for unitholders; Granite’s
ability to implement its ESG+R program and related targets and
goals; the expansion and diversification of Granite’s real estate
portfolio and the reduction in Granite’s exposure to Magna and the
special purpose properties; Granite’s ability to accelerate growth
and to grow its net asset value and FFO and AFFO per unit;
Granite’s ability to find and integrate satisfactory acquisition,
joint venture and development opportunities and to strategically
deploy the proceeds from recently sold properties and financing
initiatives; Granite’s sale from time to time of stapled units
under its ATM Program; the potential for expansion and rental
growth at the properties in Mississauga and Ajax, Ontario and
Whitestown, Indiana and the enhancement to the yields of such
properties from such potential expansion and rental growth; the
construction on and development yield of the 89.0 acre site in
Houston, Texas; the construction of a modern distribution facility
on the 50.8 acre site in Murfreesboro, Tennessee; the development
of three modern distribution facilities in Lebanon, Tennessee, and
the yield from the development; the development of a 0.4 million
square foot distribution facility on the 22.0 acre site in
Brantford, Ontario, and the potential yield from the project; the
development of a 0.2 million square foot built-to-suit modern
distribution facility at a 13.0 acre site in Bolingbrook, Illinois,
and the potential yield from the project; the development of a 2.7
million square foot multi-phased business park on the remaining
101.0 acres of land in Houston, Texas and the potential yield from
the project; the development of 12.9 acres of land in West
Jefferson, Ohio and the potential yield from that project; the
development of a 1.3 million square foot multi-phased business park
on the remaining 70.0 acre parcel of land in Brantford, Ontario and
the potential yield from that project; the development of the 0.5
million square foot modern distribution facility in Tilburg,
Netherlands and the potential yield from the project; the
development of a 0.2 million square foot modern
distribution/logistics facility in Brant County, Ontario and the
potential yield of the project; the timing of payment of associated
unpaid construction costs and holdbacks; Granite’s ability to
dispose of any non-core assets on satisfactory terms; Granite’s
ability to meet its target occupancy goals; Granite’s ability to
secure sustainability or other certifications for any of its
properties; the impact of the refinancing of the term loans on
Granite’s returns and cash flow; and the amount of any
distributions and distribution increase. Forward-looking statements
and forward-looking information are based on information available
at the time and/or management’s good faith assumptions and analyses
made in light of Granite’s perception of historical trends, current
conditions and expected future developments, as well as other
factors Granite believes are appropriate in the circumstances.
Forward-looking statements and forward-looking information are
subject to known and unknown risks, uncertainties and other
unpredictable factors, many of which are beyond Granite’s control,
that could cause actual events or results to differ materially from
such forward-looking statements and forward-looking information.
Important factors that could cause such differences include, but
are not limited to, the risk of changes to tax or other laws and
treaties that may adversely affect Granite REIT’s mutual fund trust
status under the Income Tax Act (Canada) or the effective tax rate
in other jurisdictions in which Granite operates; the risks related
to Russia’s 2022 invasion of Ukraine that may adversely impact
Granite’s operations and financial performance; economic, market
and competitive conditions and other risks that may adversely
affect Granite’s ability to expand and diversify its real estate
portfolio and dispose of any non-core assets on satisfactory terms;
and the risks set forth in the “Risk Factors” section in Granite’s
AIF for 2021 dated March 9, 2022, filed on SEDAR at www.sedar.com
and attached as Exhibit 1 to the Trust’s Annual Report on Form 40-F
for the year ended December 31, 2021 filed with the SEC and
available online on EDGAR at www.sec.gov, all of which investors
are strongly advised to review. The “Risk Factors” section also
contains information about the material factors or assumptions
underlying such forward-looking statements and forward-looking
information. Forward-looking statements and forward-looking
information speak only as of the date the statements and
information were made and unless otherwise required by applicable
securities laws, Granite expressly disclaims any intention and
undertakes no obligation to update or revise any forward-looking
statements or forward-looking information contained in this press
release to reflect subsequent information, events or circumstances
or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221109005844/en/
Teresa Neto Chief Financial Officer (647) 925-7560
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