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 six month periods
ended June 30, 2024.
SECOND QUARTER 2024 HIGHLIGHTS
Highlights for the three month period ended June 30, 2024 are
set out below:
Financial:
- Granite's net operating income ("NOI") was $116.8 million in
the second quarter of 2024 compared to $108.6 million in the prior
year period, an increase of $8.2 million primarily as a result of
the completion of a development property in Brantford, Canada in
the first quarter of 2024, contractual rent adjustments and
consumer price index based increases and renewal leasing
activity;
- Same property NOI - cash basis(4) increased by 6.0% for the
second quarter of 2024, excluding the impact of foreign
exchange;
- Funds from operations ("FFO")(1) was $83.5 million ($1.32 per
unit) in the second quarter of 2024 compared to $77.6 million
($1.21 per unit) in the second quarter of 2023;
- Adjusted funds from operations ("AFFO")(2) was $73.8 million
($1.17 per unit) in the second quarter of 2024 compared to $69.5
million ($1.09 per unit) in the second quarter of 2023;
- During the three month period ended June 30, 2024, the Canadian
dollar weakened against the Euro and the US dollar, respectively,
relative to the prior year period. The impact of foreign exchange
on FFO for the three month period ended June 30, 2024, relative to
the same period in 2023, was $0.02 per unit, and for AFFO, the
impact of foreign exchange was $0.02 per unit;
- AFFO payout ratio(3) was 70% for the second quarter of 2024
compared to 73% in the second quarter of 2023;
- Occupancy as at June 30, 2024 and committed occupancy as at
August 7, 2024 are each 94.5%;
- Granite recognized $0.8 million in net fair value losses on
investment properties in the second quarter of 2024, which were
primarily attributable to the expansion in discount and terminal
capitalization rates across selective Granite assets in Europe
largely due to market conditions, partially offset by the lease
renewal of a property in the GTA and fair market rent increases in
selective European markets. The value of investment properties was
further increased by unrealized foreign exchange gains of $59.6
million in the second quarter of 2024 resulting from the relative
weakening of the Canadian dollar against the US dollar and Euro, as
at June 30, 2024; and
- Granite's net income attributable to stapled unitholders in the
second quarter of 2024 was $76.2 million in comparison to $62.5
million in the prior year period primarily due to a positive change
in the fair value on investment properties of $12.7 million and a
$8.2 million increase in net operating income as noted above,
partially offset by a $3.6 million increase in fair value losses on
financial instruments and a $3.0 million increase in interest
expense and other financing costs.
Operations:
- During the second quarter of 2024, Granite achieved average
rental rate spreads of 25% over expiring rents representing
approximately 890,000 square feet of new leases and renewals
completed in the quarter.
Financing:
- During the second quarter of 2024, Granite repurchased 644,300
stapled units under its normal course issuer bid at an average
stapled unit cost of $68.62 for total consideration of $44.2
million, excluding commissions and taxes on net repurchases of
stapled units.
GRANITE’S FINANCIAL, OPERATING AND PROPERTY
HIGHLIGHTS
Three Months
Ended
June 30,
Six Months Ended
June 30,
(in millions, except as noted)
2024
2023
2024
2023
Revenue
$
140.3
$
130.3
$
279.2
$
259.9
Net operating income ("NOI")
$
116.8
$
108.6
$
231.3
$
216.0
Net income attributable to stapled
unitholders
$
76.2
$
62.5
$
165.3
$
72.2
Funds from operations ("FFO")(1)
$
83.5
$
77.6
$
166.0
$
157.2
Adjusted funds from operations
("AFFO")(2)
$
73.8
$
69.5
$
151.8
$
144.6
Diluted FFO per stapled unit(1)
$
1.32
$
1.21
$
2.62
$
2.46
Diluted AFFO per stapled unit(2)
$
1.17
$
1.09
$
2.39
$
2.26
Monthly distributions paid per stapled
unit
$
0.83
$
0.80
$
1.65
$
1.60
AFFO payout ratio(3)
70
%
73
%
69
%
71
%
As at June 30, 2024 and December 31,
2023
2024
2023
Fair value of investment properties
$
9,035.6
$
8,808.1
Cash and cash equivalents
$
101.3
$
116.1
Total debt(5)
$
3,036.1
$
2,998.4
Net leverage ratio(6)
32
%
33
%
Number of income-producing properties
138
137
Gross leasable area (“GLA”), square
feet
63.3
62.9
Occupancy, by GLA
94.5
%
95.0
%
Committed occupancy, by GLA(9)
94.5
%
NA
Magna as a percentage of annualized
revenue(8)
27
%
26
%
Magna as a percentage of GLA
19
%
19
%
Weighted average lease term in years, by
GLA
5.9
6.2
Overall capitalization rate(7)
5.3
%
5.2
%
A more detailed discussion of Granite’s combined financial
results for the three and six month periods ended June 30, 2024 and
2023 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 Data Analysis and Retrieval Plus (“SEDAR+”) and can be
accessed at www.sedarplus.ca 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.
2023 GLOBAL ENVIRONMENTAL, SOCIAL, GOVERNANCE + RESILIENCE
(ESG+R) REPORT
Today, Granite released its 2023 ESG+R report which highlights
Granite's ESG+R program initiatives and updates from the 2023
calendar year. A copy of the report can be found on Granite's
website at https://granitereit.com/2023-global-esgr-report.
2024 OUTLOOK
For 2024 outlook, Granite’s FFO forecast has been adjusted to
reflect a slight reduction in NOI as a result of new vacancy and
some revised leasing assumptions on certain vacant properties,
offset by reductions in general and administrative expenses, most
of which have been realized to date. The FFO per unit forecast
range has been narrowed to $5.30 to $5.40 from the previous
forecast range of $5.30 to $5.45. Similarly, for AFFO per unit, the
forecast range has also narrowed to $4.60 to $4.70 from previous
forecast of $4.60 to $4.75. Granite has not made any changes to
foreign currency exchange rate assumptions pertaining to the
forecast period from July to December 2024. The high and low ranges
continue to reflect foreign currency exchange rate assumptions
where the high end of the range estimates the Canadian dollar to
Euro exchange rate of 1.48 and the Canadian dollar to US dollar
exchange rate of 1.38. On the low end of the range, we are assuming
exchange rates of the Canadian dollar to Euro of 1.43 and the
Canadian dollar to US dollar of 1.32. With respect to constant
currency same property NOI – cash basis guidance, Granite is
reducing its forecast range to 6.0% to 6.5% from the previous
forecast range of 7.0% to 8.0%, based on a four-quarter average
over 2024. The reduction in constant currency same property NOI -
cash basis is a result of the updated vacancy and leasing
assumptions noted above. Granite’s 2024 outlook assumes no
acquisitions and dispositions, excludes all corporate restructuring
costs and assumes no favourable reversals of tax provisions
relating to prior years which cannot be determined at this
time.
Non-IFRS measures are included in Granite’s 2024 forecasts above
(see “NON-IFRS PERFORMANCE MEASURES”). See also “FORWARD-LOOKING
STATEMENTS”.
CONFERENCE CALL
Granite will hold a conference call and live audio webcast to
discuss its financial results. The conference call will be chaired
by Kevan Gorrie, President and Chief Executive Officer.
Date:
Thursday, August 8, 2024 at 11:00 a.m.
(ET)
Telephone:
North America (Toll-Free):
1-800-579-2543
International (Toll): 1-785-424-1789
Conference ID/Passcode:
REIT
Webcast:
To access the live audio webcast in
listen-only mode, please visit
https://events.q4inc.com/attendee/995179082 or
https://granitereit.com/events.
To hear a replay of the webcast, please visit
https://granitereit.com/events. The replay will be available for 90
days.
OTHER INFORMATION
Additional property statistics as at June 30, 2024 have been
posted to our website at
https://granitereit.com/property-statistics-q2-2024. Copies of
financial data and other publicly filed documents are available
through the internet on SEDAR+, which can be accessed at
www.sedarplus.ca 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 143
investment properties representing approximately 63.3 million
square feet of gross 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, FFO payout ratio, AFFO payout ratio,
same property NOI - cash basis, constant currency same property NOI
- cash basis, total debt and net debt, net leverage ratio, 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, corporate restructuring
costs 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”) except for the exclusion of corporate restructuring
costs. 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 table below). FFO
should not be construed as an alternative to net income or cash
flow provided by 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 the REALPAC Guidelines
except for the exclusion of corporate restructuring costs as noted
above. 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 table below). AFFO should not be
construed as an alternative to net income or cash flow provided by
operating activities determined in accordance with IFRS.
Three Months Ended
June 30,
Six Months Ended
June 30,
(in millions, except per unit amounts)
2024
2023
2024
2023
Net income attributable to stapled
unitholders
$
76.2
$
62.5
$
165.3
$
72.2
Add (deduct):
Fair value losses (gains) on investment
properties, net
0.8
13.5
(11.8
)
86.5
Fair value losses (gains) on financial
instruments, net
2.5
(1.1
)
4.5
(0.6
)
Loss on sale of investment properties
—
—
—
0.6
Deferred tax expense (recovery)
5.4
5.4
9.2
(6.9
)
Fair value remeasurement of the Executive
Deferred Stapled Unit Plan
(1.2
)
(0.4
)
(1.0
)
4.2
Fair value remeasurement of the Directors
Deferred Stapled Unit Plan
(1.2
)
(0.5
)
(1.2
)
0.9
Corporate restructuring costs(1)
0.9
—
1.1
—
Non-controlling interests relating to the
above
0.1
(1.8
)
(0.1
)
0.3
FFO
[A]
$
83.5
$
77.6
$
166.0
$
157.2
Add (deduct):
Maintenance or improvement capital
expenditures incurred
(5.8
)
(2.2
)
(6.4
)
(2.3
)
Leasing costs
(0.3
)
(1.9
)
(0.5
)
(2.3
)
Tenant allowances
(1.0
)
(0.4
)
(1.6
)
(1.0
)
Tenant incentive amortization
—
1.1
0.1
2.2
Straight-line rent amortization
(2.6
)
(4.9
)
(5.8
)
(9.5
)
Non-controlling interests relating to the
above
—
0.2
—
0.3
AFFO
[B]
$
73.8
$
69.5
$
151.8
$
144.6
Basic FFO per stapled unit
[A]/[C]
$
1.33
$
1.22
$
2.63
$
2.47
Diluted FFO per stapled unit
[A]/[D]
$
1.32
$
1.21
$
2.62
$
2.46
Basic AFFO per stapled unit
[B]/[C]
$
1.17
$
1.09
$
2.40
$
2.27
Diluted AFFO per stapled unit
[B]/[D]
$
1.17
$
1.09
$
2.39
$
2.26
Basic weighted average number of
stapled units
[C]
63.0
63.7
63.2
63.7
Diluted weighted average number of
stapled units
[D]
63.2
63.9
63.4
63.9
(1) Effective January 1, 2024, Granite
amended its definition of Funds From Operations (FFO) to exclude
corporate restructuring costs associated with the uncoupling of the
Trust’s stapled unit structure (refer to “NON-IFRS PERFORMANCE
MEASURES” in the MD&A). See also “SIGNIFICANT MATTERS - STAPLED
UNIT STRUCTURE” in the MD&A. Granite views these restructuring
costs as non-recurring, as they are solely related to this specific
transaction and do not reflect normal operating activities.
(3) The FFO and AFFO payout ratios are calculated as monthly
distributions, which exclude special distributions, declared to
unitholders divided by FFO and AFFO (non-IFRS performance
measures), respectively, in a period. FFO payout ratio and AFFO
payout ratio may exclude revenue or expenses incurred during a
period that can be a source of variance between periods. The FFO
payout ratio and AFFO payout ratio are supplemental measures widely
used by investors in evaluating the sustainability of the Trust’s
monthly distributions to stapled unitholders.
Three Months Ended
June 30,
Six Months Ended
June 30,
(in millions, except as noted)
2024
2023
2024
2023
Monthly distributions declared to
unitholders
[A]
$
51.9
$
51.0
$
104.2
$
102.0
FFO
[B]
83.5
77.6
166.0
157.2
AFFO
[C]
73.8
69.5
151.8
144.6
FFO payout ratio
[A]/[B]
62
%
66
%
63
%
65
%
AFFO payout ratio
[A]/[C]
70
%
73
%
69
%
71
%
(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 development properties 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
June 30,
Sq ft(1)
Six Months Ended
June 30,
(in millions)
2024
2023
$ change
% change
(in millions)
2024
2023
$ change
% change
Revenue
$
140.3
$
130.3
10.0
$
279.2
$
259.9
19.3
Less: Property operating costs
23.5
21.7
1.8
47.9
43.9
4.0
NOI
$
116.8
$
108.6
8.2
7.6
%
$
231.3
$
216.0
15.3
7.1
%
Add (deduct):
Lease termination and close-out fees
(0.5
)
—
(0.5
)
(0.5
)
—
(0.5
)
Straight-line rent amortization
(2.6
)
(4.9
)
2.3
(5.8
)
(9.5
)
3.7
Tenant incentive amortization
—
1.1
(1.1
)
0.1
2.2
(2.1
)
NOI - cash basis
63.3
$
113.7
$
104.8
8.9
8.5
%
63.3
$
225.1
$
208.7
16.4
7.9
%
Less NOI - cash basis for:
Acquisitions
—
—
—
—
1.0
0.4
0.3
0.1
Developments
0.5
(1.3
)
—
(1.3
)
2.8
(6.4
)
—
(6.4
)
Dispositions and assets held for sale
—
—
—
—
—
—
(0.2
)
0.2
Same property NOI - cash basis
62.9
$
112.4
$
104.8
7.6
7.3
%
59.8
$
219.1
$
208.8
10.3
4.9
%
Constant currency same property NOI -
cash basis(2)
62.9
$
112.4
$
106.0
6.4
6.0
%
59.8
$
219.1
$
210.2
8.9
4.2
%
(1) The square footage relating to the NOI
— cash basis represents GLA of 63.3 million square feet as at June
30, 2024. 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 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 June 30, 2024 and December 31,
2023
2024
2023
Unsecured debt, net
$
3,095.6
$
3,066.0
Derivatives, net
(94.1
)
(100.8
)
Lease obligations
34.6
33.2
Total debt
$
3,036.1
$
2,998.4
Less: cash and cash equivalents
101.3
116.1
Net debt
[A]
$
2,934.8
$
2,882.3
Investment properties
[B]
$
9,035.6
$
8,808.1
Net leverage ratio
[A]/[B]
32
%
33
%
(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) Committed occupancy as at August 7, 2024.
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 advance 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, FFO and AFFO per unit, and
constant currency same property NOI - cash basis; Granite's ability
to execute on its strategic plan and its priorities for the
remainder of 2024; Granite's 2024 outlook for FFO per unit, AFFO
per unit and constant currency same property NOI, including the
anticipated impact of future foreign currency exchange rates on FFO
and AFFO per unit and expectations regarding Granite's business
strategy; fluctuations in foreign currency exchange rates and the
effect on Granite's revenues, expenses, cash flows, assets and
liabilities; Granite's ability to offset interest or realize
interest savings relating to its term loans, debentures and cross
currency interest rate swaps; 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
intended use of available liquidity, its ability to obtain secured
funding against its unencumbered assets and its expectations
regarding the funding of its ongoing operations and future growth;
any future offerings under the Shelf Prospectuses; the potential
for expansion and rental growth at the property in Ajax, Ontario
and the enhancement to the yield of the property from such
potential expansion and rental growth; the completion of the
property in Ajax, Ontario and subsequent commencement of the lease
in the third quarter of 2024; the potential for expansion and
rental growth at the property in Weert, Netherlands and the
enhancement to the yield of the property from such potential
expansion and rental growth; obtaining site planning approval of a
0.7 million square foot distribution facility on the 34.0 acre site
in Brantford, Ontario; obtaining site planning approval for a third
phase of development for up to 1.3 million square feet on the 101.5
acre site 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 0.6 million square foot multi-phased business park on the
remaining 36.0 acre parcel of land in Brantford, Ontario and the
potential yield from that project; the development of a 0.2 million
square foot modern distribution/logistics facility on the 10.1
acres of land in Brant County, Ontario and the potential yield of
the project; estimates regarding Granite's development properties
and expansion projects, including square footage of construction,
total construction costs and total costs; Granite’s ability to meet
its target occupancy goals; Granite’s ability to secure
sustainability or other certifications for any of its properties;
Granite’s ability to generate peak solar capacity on its
properties; the impact of the refinancing of the term loans on
Granite’s returns and cash flow; the amount of any distributions;
the effect of any legal proceedings on Granite; and the timing and
successful completion of the Arrangement that would simplify
Granite’s capital structure by replacing its current stapled unit
structure with a conventional REIT trust unit structure.
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 the risks set
forth in the “Risk Factors” section in Granite’s AIF for 2023 dated
February 28, 2024, filed on SEDAR+ at www.sedarplus.ca and attached
as Exhibit 1 to the Trust’s Annual Report on Form 40-F for the year
ended December 31, 2023 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/20240807128928/en/
Teresa Neto Chief Financial Officer (647) 925-7560
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