Granite REIT Announces Lease Extensions at its Properties in Graz, Austria
February 01 2023 - 6:20AM
Business Wire
Granite Real Estate Investment Trust (“Granite”) (TSX: GRT.UN /
NYSE: GRP.U) announced today that the leases at its properties in
Graz, Austria (the “Graz Facilities”), comprising approximately 5.0
million square feet, have been contractually extended for ten years
to January 31, 2034.
On February 1, 2024 the annual rent for the Graz Facilities for
the initial five years of the extension will escalate by the
increase in the consumer price index for the 60 month period
preceding that date, to a maximum of ten percent. The Graz
Facilities are Granite’s largest properties as measured by gross
leasable area and currently account for approximately 8% of
Granite’s annualized revenue(1).
ABOUT GRANITE
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.
OTHER INFORMATION
Copies of financial data and other publicly filed documents
about Granite are available through the internet on the Canadian
Securities Administrators’ System for Electronic Document Analysis
and Retrieval (SEDAR) which can be accessed at www.sedar.com and on
the United States Securities and Exchange Commission’s Electronic
Data Gathering, Analysis and Retrieval System (EDGAR) which can be
accessed at www.sec.gov. For further information, please see our
website at www.granitereit.com or contact Teresa Neto, Chief
Financial Officer, at 647-925-7560.
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 the expected annual rent increase and Granite’s future
plans, goals, strategies, intentions, beliefs, estimates, costs,
objectives, economic performance, expectations, or foresight or the
assumptions underlying any of the foregoing. Words such as ‘‘may’’,
‘‘would’’, ‘‘could’’, ‘‘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 events or performance will
be achieved. Undue reliance should not be placed on such
statements. 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
its perception of historical trends, current conditions and
expected future developments, as well as other factors management
believes are appropriate in the circumstances, and 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 risks set forth in the annual information
form of Granite for 2021 dated March 9, 2022 (the “Annual
Information Form”), filed on SEDAR at www.sedar.com and attached as
Exhibit 1 to Granite’s Annual Report on Form 40-F for the year
ended December 31, 2021 filed with the SEC and available online at
www.sec.gov all of which investors are strongly advised to review.
The ‘‘Risk Factors’’ section of the Annual Information Form 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.
(1)
Annualized revenue is calculated as the
contractual base rent for the month of January 2023 multiplied by
12. Annualized revenue excludes revenue from properties classified
as assets held for sale.
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version on businesswire.com: https://www.businesswire.com/news/home/20230131006140/en/
Teresa Neto, Chief Financial Officer, at 647-925-7560
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