Press Release: GO Residential Real Estate Investment Trust Reports Strong Second Quarter 2026 Results; Outperforming Forecast

Dow Jones
08/14

TORONTO and NEW YORK, Aug. 14, 2026 /CNW/ - GO Residential Real Estate Investment Trust (the "REIT" or "GO Residential") (TSX: GO.U) announced today its financial results for the three and six months ended June 30, 2026. Results are presented in U.S. dollars unless otherwise noted.

Quarterly Financial and Operating Results Highlights:

   -- Investment property fair value (as at June 30, 2026) was $3,118.0 
      million. 
 
   -- Net income and comprehensive income was $7.6 million. 
 
   -- Committed occupancy at the end of the quarter was 99.6% (in-place 
      occupancy was 95.8%). 
 
   -- Average monthly rent per suite for the Initial Properties at the end of 
      the quarter was $6,981 (post quarter end, for July 2026 average monthly 
      rent per suite for the Initial Properties was $7,055). 
 
   -- Average monthly rent per suite for the Total Portfolio at the end of the 
      quarter was $6,711. 
 
   -- Revenue Adjusted was $47.7 million, compared to the Forecast of $44.7 
      million. 
 
   -- NOI Adjusted was $35.0 million, as compared to the Forecast of $32.3 
      million. 
 
   -- NOI Adjusted Margin was 73.4%, as compared to the Forecast of 72.2%. 
 
   -- FFO Adjusted was $16.0 million, as compared to the Forecast of $14.1 
      million. 
 
   -- AFFO Adjusted was $14.7 million, as compared to the Forecast of $13.6 
      million. 

"Our results exceeded the pro forma forecast across every key metric, fueled by disciplined execution and the enduring strength of our Manhattan portfolio," said Joshua Gotlib, Chief Executive Officer. "Between peak occupancy, robust rent growth through our mark-to-market strategy, and a solid run rate ahead, GO Residential is positioned for sustained organic growth and long-term value creation for our unitholders."

Financial Summary

 
                 Three months ended June 30, 2026       Six months ended June 30, 2026 
                 Actual        Forecast     Variance    Actual       Forecast     Variance 
Net Income and 
 comprehensive 
 income           $     7,587  $     5,157  $    2,430  $    51,367  $     9,739  $   41,628 
NOI Adjusted(1)   $    35,027  $    32,275  $    2,752  $    68,717  $    65,090  $    3,627 
NOI Adjusted 
 Margin(1)             73.4 %       72.2 %       1.2 %       73.1 %       72.4 %       0.7 % 
EBITDA 
 Adjusted(1)      $    30,697  $    28,790  $    1,907  $    60,470  $    58,119  $    2,351 
FFO Adjusted(1)   $    16,041  $    14,142  $    1,899  $    32,509  $    28,986  $    3,523 
FFO Adjusted per 
 Unit(1)          $      0.26  $      0.25  $     0.01  $      0.55  $      0.52  $     0.03 
AFFO Adjusted(1)  $    14,710  $    13,637  $    1,073  $    29,009  $    27,380  $    1,629 
AFFO Adjusted 
 per Unit(1)      $      0.23  $      0.25  $   (0.02)  $      0.49  $      0.49  $       -- 
Weighted average 
 number of Units 
 outstanding(1)    63,013,718   55,462,534   7,551,184   59,634,388   55,462,534   4,171,854 
 
 
(1)  These measures are not recognized under IFRS and do 
      not have standardized meanings prescribed by IFRS. 
      Refer to MD&A section "Reconciliation of Non-IFRS 
      Measures" for a reconciliation of these measures to 
      standardized IFRS measures. 
 

Market Outlook

The second quarter of 2026 further reinforced management's view that the New York residential market has continued to operate from a position of structural strength.

At the end of the second quarter median rents in both Manhattan and Brooklyn reached new all-time highs, according to the M.N.S Real Estate NYC ("MNS"), as demand continued to outpace a persistently constrained supply environment. Market reports including MNS and Corcoran indicate that vacancy remains historically tight and listings are down sharply year-over-year, driven by limited new development, a high rate of lease renewals and city-policy-driven outcomes that have slowed new construction and reduced inventory coming online.

Average days on market for suites declined approximately 29% year-over-year during the second quarter of 2026, per the Corcoran. This year-over-year trend reflected tightening conditions with fewer options decreasing the time between listing and lease signing. According to the MNS, Manhattan median rents reached new all-time highs at the end of the quarter, with the borough-wide median crossing $5,334 per month for the first time on record. Strength continues to be broad-based across suite types, with average rents in several categories also setting new records.

Listing inventory continued to contract per the Corcoran report. By the end of June, available Manhattan listings had reached their lowest level in approximately four years, marking the twentieth consecutive month of year-over-year inventory decline. Manhattan vacancy also remained below 2% throughout the quarter, well below levels associated with a balanced rental market. Renter demand strengthened sequentially through the quarter, with signed leases rising in each successive month.

Management believes that the combination of record pricing, multi-year-low inventory and sub-2% vacancy in the geographies where the Initial Portfolio operates is supportive of continued strong operating performance and provides a constructive backdrop for the integration of the recently completed 7 Dey Street, Ivy Tower, and 409 Eastern Parkway acquisitions and the pending Hudson Yards' acquisition.

Business Performance Measures

The following table highlights certain key business performance indicators as at June 30, 2026:

 
As at                                                   June 30, 2026 
Total suites                                                       2,545 
Average monthly rent(1)(2)                                $        6,711 
Average monthly rent -- Same Property Portfolio(1)(2)     $        6,981 
Committed occupancy rate                                          99.6 % 
In-place occupancy rate                                           95.8 % 
Renewal rate -- expiring leases                                   66.3 % 
Total assets                                              $    3,227,179 
Total liabilities                                         $    2,040,277 
Debt to Gross Book Value(2)(3)                                    53.5 % 
Debt to Gross Book Value, Excluding Excess Cash Held 
 for Investment Property Acquisitions(2)                          52.8 % 
Weighted average contractual interest rate of all 
 debt                                                              4.5 % 
Weighted average debt term (in years)                                3.8 
 
 
(1)  Excludes rent concessions and rent for affordable 
      units. 
(2)  These measures are not recognized under IFRS and do 
      not have standardized meanings prescribed by IFRS. 
      Refer to MD&A section "Reconciliation of Non-IFRS 
      Measures" for a reconciliation of these measures to 
      standardized IFRS measures. 
 

The following table highlights certain selected financial information for the three and six months ended June 30, 2026:

 
                       Three months         Six months ended 
                       endedJune 30, 2026    June 30, 2026 
Net income and 
 comprehensive income       $        7,587    $       51,367 
Revenue Adjusted(1)         $       47,718    $       93,995 
NOI Adjusted(1)             $       35,027    $       68,717 
NOI Adjusted 
 Margin(1)                          73.4 %            73.1 % 
Revenue Adjusted - 
 Same Property 
 Portfolio(1)               $       44,807    $       91,084 
NOI Adjusted - Same 
 Property 
 Portfolio(1)               $       32,768    $       66,458 
NOI Adjusted Margin - 
 Same Property 
 Portfolio(1)                       73.1 %            73.0 % 
FFO Adjusted(1)             $       16,041    $       32,509 
FFO Adjusted per 
 Unit(1)                    $         0.26    $         0.55 
AFFO Adjusted(1)            $       14,710    $       29,009 
AFFO Adjusted per 
 Unit(1)                    $         0.23    $         0.49 
AFFO Adjusted payout 
 ratio(1)                           68.5 %            65.7 % 
 
 
(1)  These measures are not recognized under IFRS and do 
      not have standardized meanings prescribed by IFRS. 
      Refer to MD&A section "Reconciliation of Non-IFRS 
      Measures" for a reconciliation of these measures to 
      standardized IFRS measures. 
 

Distributions

The REIT adopted a monthly distribution policy targeting approximately 65% of estimated annual AFFO and pays a monthly distribution of $0.05325 per Unit, representing $0.639 on an annual basis.

The board of the trustees of the REIT approved a cash distribution of $0.05325 per Unit for the month of August 2026, representing $0.639 per Unit on an annual basis. Payment will be made on or about September 15, 2026 to unitholders of record as of the close of business on August 31, 2026.

All or a portion of distributions paid to Non-U.S. Holders (as defined in the Prospectus), including Canadian unitholders, generally will be subject to U.S. withholding tax. For a general summary of the taxation of distributions paid to unitholders, including information regarding U.S. withholding tax, please see the "Certain Canadian Federal Income Tax Considerations", "Certain U.S. Federal Income Tax Considerations" and "Risk Factors -- Tax-Related Risks" sections in the Prospectus, a copy of which is available on the SEDAR+ website at www.sedarplus.com. Unitholders should consult their tax advisors for advice with respect to the tax consequences of receiving a distribution from the REIT in their particular circumstances.

Subsequent Events

Acquisition of 409 Eastern Parkway

On July 1, 2026, a subsidiary of the REIT indirectly acquired an 81.16% ownership interest in 409 Eastern Parkway, a premier institutional-grade residential rental property located in the Prospect Heights neighbourhood of Brooklyn, New York, for total consideration of $88.5 million (representing the REIT's indirect ownership interest). As part of the acquisition, the REIT indirectly assumed the mortgage in the amount of $66.3 million (representing the REIT's indirect ownership interest). The mortgage, which is guaranteed by OpCo, bears a fixed interest rate of 3.125% until January 10, 2028, at which time, the interest rate will reset to the five-year U.S. Treasury yield plus 275 basis points, with the mortgage maturing on January 10, 2032. The remaining balance of the total consideration was funded through cash draws under the Credit Facility.

H&R Transaction

On August 11, 2026, the REIT announced that it had entered into definitive agreements with, among others, H&R Real Estate Investment Trust ("H&R"), pursuant to which the REIT will acquire, through a series of transactions to be taken under a Plan of Arrangement, the interests in various subsidiaries of H&R, collectively owning 27 properties (or JV interests therein) and various other assets with a gross value of approximately $2.8 billion from H&R for total consideration of 134,208,643 newly-issued REIT Units and approximately $30 million in cash, plus the assumption of approximately C$550 million in principal value of H&R debentures and approximately $1.1 billion in principal value of property-level debt (together, the "H&R Transaction"). The H&R Transaction is expected to close in the fourth quarter of 2026, subject to unitholder, court, and regulatory approvals and other customary closing conditions.

Second Quarter 2026 Results Conference Call

Joshua Gotlib, Chief Executive Officer and Chief Investment Officer, will host a conference call or analysts and investors on Friday, August 14, 2026 at 10:30 AM EST. Dial-in: 1-800-715-9871 or 1-646-307-1963 | Conference ID: 28247773.

About GO Residential Real Estate Investment Trust

GO Residential Real Estate Investment Trust is an internally-managed, unincorporated, open-ended real estate investment trust, established pursuant to a declaration of trust dated June 13, 2025, as amended and restated on July 31, 2025 and further amended and restated on June 16, 2026, under the laws of the Province of Ontario. The REIT is treated as a corporation for U.S. federal income tax purposes and is subject to tax as a "real estate investment trust" under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended. The REIT was formed to provide investors with an opportunity to invest in luxury high-rise multifamily properties located in the New York metropolitan area and other major metropolitan areas in the United States.

Non-IFRS Measures

This press release should be read in conjunction with the REIT's unaudited condensed consolidated interim financial statements and accompanying notes for the three months and six months ended June 30, 2026 prepared in accordance with Internal Accounting Standards ("IAS") 34, Interim Financial Reporting, as issued by the International Accounting Standards Board (the "IASB") and with the financial forecast contained in Prospectus.

The REIT uses financial measures that are not defined under IFRS Accounting Standards ("IFRS") including certain non-IFRS ratios, to measure, compare and explain the operating results, financial performance and cash flows of the REIT. These measures are commonly used by real estate operating companies and real estate investment trusts as useful metrics for measuring performance. However, they do not have standardized meanings prescribed by IFRS and may not be comparable to similar measures presented by other issuers.

   -- "FFO" is defined as IFRS consolidated net income adjusted for items such 
      as unrealized changes in the estimated fair value of investment 
      properties, the effect of changes in value puttable instruments 
      classified as financial liabilities, property taxes accounted for under 
      IFRS Interpretations Committee 21 Levies, transaction costs expensed as a 
      result of the purchase of a property being accounted for as a business 
      combination, changes in the fair value of financial instruments that are 
      economically effective hedges but do not qualify or were not designated 
      for hedge accounting, HAP Backstop receivable (as defined in the investor 
      rights agreement, by and among the REIT, OpCo and the Retained Interest 
      Holders (as defined in the Prospectus), dated July 31, 2025), IPO related 
      general and administrative expenses, operational revenue and expenses 
      from right to use assets, and other adjustments. FFO should not be 
      construed as an alternative to net income or cash flows provided by or 
      used in operating activities determined in accordance with IFRS. 
   -- "AFFO" is defined as FFO adjusted for items such as actual maintenance 
      capital expenditures incurred, straight-line rental revenue differences 
      and severance costs associated with the disposition of investment 
      properties. AFFO should not be construed as an alternative to net income 
      or cash flows provided by or used in operating activities determined in 
      accordance with IFRS. 
   -- "NOI" is defined as total revenue from properties (i.e., rental revenue 
      and other property income) and HAP Backstop receivable, less property 
      operating costs including property tax expense prepared in accordance 
      with IFRS, except for adjustments related to IFRS Interpretations 
      Committee 21 Levies. NOI should not be construed as an alternative to net 
      income determined in accordance with IFRS. The REIT's method of 
      calculating NOI may differ from other issuers' methods and, accordingly, 
      may not be comparable to NOI reported by other issuers. 
   -- "EBITDA" is defined as earnings before interest, taxes, depreciation and 
      amortization. 
   -- "EBITDA Adjusted" is defined as EBITDA adjusted for amounts that are, in 
      management's view, unique to the operations of REIT. Management of the 
      REIT regards EBITDA Adjusted as an important measure of operating 
      performance. 
   -- "FFO Adjusted" is defined as FFO adjusted for amounts that are unique to 
      the operations of REIT. Management of the REIT regards FFO Adjusted as an 
      important measure of operating performance. 
 
   -- "AFFO Adjusted" is defined as AFFO adjusted for amounts that are unique 
      to the operations of REIT. Management of the REIT regards AFFO Adjusted 
      as an important measure of operating performance and also uses AFFO 
      Adjusted in assessing its distribution paying capacity. 
 
   -- "Revenue Adjusted" is defined as Revenue adjusted for amounts that are 
      unique to the operations of REIT. Management of the REIT regards Revenue 
      Adjusted as an important measure of operating performance. 
 
   -- "NOI Adjusted" is defined as NOI adjusted for amounts that are unique to 
      the operations of REIT. Management of the REIT regards NOI Adjusted as an 
      important measure of operating performance. 
 
   -- "Average monthly rent" is defined as the total monthly rent of all market 
      based residential suites in the portfolio, divided by the number of all 
      market based residential suites within the portfolio 

Non-IFRS Ratios

   -- "AFFO Adjusted Payout Ratio" is defined as distributions declared on 
      Units of divided by AFFO Adjusted. 
   -- "AFFO Adjusted per Unit" is defined as AFFO Adjusted divided by the 
      weighted average number of Units for the period. 
 
   -- "FFO Adjusted per Unit" is defined as FFO Adjusted divided by the 
      weighted average number of Units for the period. 
 
   -- "Gross Book Value" means, at any time, the greater of (i) the book value 
      of the assets of the REIT and its consolidated subsidiaries, as shown on 
      its then most recent consolidated statement of financial position 
      prepared in accordance with IFRS; and (ii) the historical cost of the 
      investment properties, plus (a) the carrying value of cash and cash 
      equivalents, and (b) the historical cost of other assets and investments. 
 
   -- "Debt to Gross Book Value Ratio" is calculated by dividing total loans 
      and borrowings ("Debt"), by Gross Book Value. 
 
   -- "NOI Adjusted Margin" is defined as NOI Adjusted divided by Revenue 
      Adjusted. 

Reconciliation of Non-IFRS Measures

Revenue Adjusted

 
                 Same Property Portfolio                           Total Portfolio 
Three months     Actual    Forecast    Variance($)    Variance(%)  Actual   Forecast    Variance($)    Variance(%) 
ended June 30, 
2026 
Revenue           $41,321   $  44,234                              $43,815   $  44,234 
Other income        1,200          --                                1,200          -- 
Other revenue 
 from 
 services(1)           73          --                                   73          -- 
HAP Backstop(1)     1,500          --                                1,500          -- 
Normalization of 
 rent 
 concessions(1)       713         441                                  713         441 
Income                 --          --                                  417          -- 
Support(1) 
Revenue 
 Adjusted(1)      $44,807   $  44,675   $        132        0.3 %  $47,718   $  44,675   $      3,043        6.8 % 
 
 
(1)  These measures are not recognized under IFRS and do 
      not have standardized meanings prescribed by IFRS. 
      Refer to MD&A section "Reconciliation of Non-IFRS 
      Measures" for a reconciliation of these measures to 
      standardized IFRS measures. 
 
 
                 Same Property Portfolio                           Total Portfolio 
Six months       Actual    Forecast    Variance($)    Variance(%)  Actual   Forecast    Variance($)    Variance(%) 
ended June 30, 
2026 
Revenue           $81,943   $  88,225                              $84,437   $  88,225 
Other property 
 revenue            2,160          --                                2,160          -- 
Other income        1,200          --                                1,200          -- 
Other revenue 
 from 
 services(1)          300          --                                  300          -- 
HAP Backstop(1)     3,000          --                                3,000          -- 
Normalization of 
 rent 
 concessions(1)     2,481       1,674                                2,481       1,674 
Income                 --          --                                  417          -- 
Support(1) 
Revenue 
 Adjusted(1)      $91,084   $  89,899   $      1,185        1.3 %  $93,995   $  89,899   $      4,096        4.6 % 
 
 
(1)  These measures are not recognized under IFRS and do 
      not have standardized meanings prescribed by IFRS. 
      Refer to MD&A section "Reconciliation of Non-IFRS 
      Measures" for a reconciliation of these measures to 
      standardized IFRS measures. 
 

FFO Adjusted, FFO Adjusted per Unit, AFFO Adjusted and AFFO Adjusted per Unit

 
                 Three months ended June    Six months ended June 
                 30, 2026                   30, 2026 
                   Actual       Forecast     Actual       Forecast 
Net income and 
 comprehensive 
 income           $     7,587  $     5,157  $    51,367  $     9,739 
Add (deduct) 
impact of the 
following: 
HAP Backstop            1,500           --        3,000           -- 
Distributions on 
 OpCo Units             4,129        3,532        7,855        7,065 
Amortization of 
 intangible 
 asset                     92           --          183           -- 
Fair value 
 adjustment to 
 investment 
 properties            10,244          379        8,406        1,354 
Fair value 
 adjustment to 
 investment 
 properties 
 related 
 to IFRIC 21, 
 included in 
 acquisition 
 costs(1)             (2,998)           --      (2,998)           -- 
Fair value 
 adjustment to 
 OpCo Units           (6,462)           --     (48,877)           -- 
Fair value 
 adjustment to 
 financial 
 instrument           (4,739)           --      (4,739)           -- 
Fair value 
 adjustment to 
 derivative 
 liability              2,648           --        9,723           -- 
Unrealized gain 
 on foreign 
 currency 
 translation          (4,480)           --      (9,577)           -- 
Adjustment to 
 bargain 
 purchase gain            189           --          607           -- 
Salaries and 
 related costs 
 attributed to 
 leasing 
 activities               122           --          244           -- 
                  $     7,832  $     9,068  $    15,194  $    18,158 
Normalization of 
 rent 
 concessions              713          441        2,481        1,674 
Legal and other 
 professional 
 fees related to 
 prospectus 
 and other 
 securities 
 offerings                905           --        2,057           -- 
Income Support            417           --          417           -- 
Other revenue 
 from services             73           --          300           -- 
Non-cash 
 financing costs 
 and other              4,723        4,633        9,281        9,154 
Net interest 
 expense related 
 to debt 
 financing 
 incurred 
 to fund future 
 acquisitions of 
 investment 
 properties 
 currently under 
 contract                 941           --        2,076           -- 
Adjustment for 
 related costs 
 associated with 
 suite 
 upgrades                 290           --          350           -- 
General and 
 administration 
 costs 
 associated with 
 suite 
 upgrades                 147           --          353           -- 
FFO Adjusted      $    16,041  $    14,142  $    32,509  $    28,986 
FFO Adjusted per 
 Unit             $      0.26  $      0.25  $      0.55  $      0.52 
Add (deduct) 
impact of the 
following: 
Maintenance 
 capital 
 expenditures           (436)        (126)        (963)        (252) 
Straight line 
 rental revenue 
 differences             (59)        (379)      (1,153)      (1,354) 
Salaries and 
 related costs 
 attributed to 
 leasing 
 activities             (122)           --        (244)           -- 
Direct leasing 
 costs                  (714)           --      (1,140)           -- 
AFFO Adjusted     $    14,710  $    13,637  $    29,009  $    27,380 
AFFO Adjusted 
 per Unit         $      0.23  $      0.25  $      0.49  $      0.49 
Distributions 
 declared per 
 Unit             $      0.16  $      0.16  $      0.32  $      0.32 
AFFO Adjusted 
 payout ratio          68.5 %       65.0 %       65.7 %       64.7 % 
Weighted average 
 number of Units 
 outstanding(2)    63,013,718   55,462,534   59,634,388   55,462,534 
 
 
(1)  This amount represents the fair value adjustment for 
      IFRIC 21 amounts associated with acquisition costs 
      involving the acquisitions of 7 Dey Street and the 
      Ivy Tower. 
(2)  Includes REIT Units and OpCo Units. 
 

NOI Adjusted and NOI Adjusted Margin

 
                Same Property           Total Portfolio 
                Portfolio 
Three months      Actual     Forecast    Actual     Forecast 
ended June 30, 
2026 
Revenue          $  41,321  $   44,234  $  43,815  $  44,234 
Other income         1,200          --      1,200         -- 
Other revenue 
 from services          73          --         73         -- 
HAP Backstop         1,500          --      1,500         -- 
Normalization 
 of rent 
 concessions           713         441        713        441 
Income Support          --          --        417         -- 
Revenue 
 Adjusted           44,807      44,675     47,718     44,675 
Property tax 
 expense          (13,790)    (13,208)   (14,337)   (13,208) 
Fair value 
 adjustment to 
 investment 
 properties 
 (IFRIC 
 21)                 7,320       6,644     10,410      6,644 
                   (6,470)     (6,564)    (3,927)    (6,564) 
Fair value              --          --    (2,998)         -- 
adjustment to 
investment 
properties 
related 
to IFRIC 21, 
included in 
acquisition 
costs(1) 
                   (6,470)     (6,564)    (6,925)    (6,564) 
Property 
 operating 
 costs, 
 excluding 
 property tax 
 expense           (5,859)     (5,836)    (6,056)    (5,836) 
Adjustment for 
 related costs 
 associated 
 with suite 
 upgrades              290          --        290         -- 
NOI Adjusted     $  32,768  $   32,275  $  35,027  $  32,275 
NOI Adjusted 
 Margin             73.1 %      72.2 %     73.4 %     72.2 % 
 
 
(1)  This amount represents the fair value adjustment for 
      IFRIC 21 amounts associated with acquisition costs 
      involving the acquisitions of 7 Dey Street and the 
      Ivy Tower. 
 
 
                Same Property           Total Portfolio 
                Portfolio 
Six months        Actual     Forecast    Actual     Forecast 
ended June 30, 
2026 
Revenue          $  81,943  $   88,225  $  84,437  $  88,225 
Other property 
 revenue             2,160          --      2,160         -- 
Other income         1,200          --      1,200         -- 
Other revenue 
 from services         300          --        300         -- 
HAP Backstop         3,000          --      3,000         -- 
Normalization 
 of rent 
 concessions         2,481       1,674      2,481      1,674 
Income Support          --          --        417         -- 
Revenue 
 Adjusted           91,084      89,899     93,995     89,899 
Property tax 
 expense          (13,790)    (13,208)   (14,337)   (13,208) 
Fair value 
 adjustment to 
 investment 
 properties 
 (IFRIC 
 21)                   841          81      3,931         81 
                  (12,949)    (13,127)   (10,406)   (13,127) 
Fair value              --          --    (2,998)         -- 
adjustment to 
investment 
properties 
related 
to IFRIC 21, 
included in 
acquisition 
costs(1) 
                  (12,949)    (13,127)   (13,404)   (13,127) 
Property 
 operating 
 costs, 
 excluding 
 property tax 
 expense          (12,027)    (11,682)   (12,224)   (11,682) 
Adjustment for 
 related costs 
 associated 
 with suite 
 upgrades              350          --        350         -- 
NOI Adjusted     $  66,458  $   65,090  $  68,717  $  65,090 
NOI Adjusted 
 Margin             73.0 %      72.4 %     73.1 %     72.4 % 
 
 
(1)  This amount represents the fair value adjustment for 
      IFRIC 21 amounts associated with acquisition costs 
      involving the acquisitions of 7 Dey Street and the 
      Ivy Tower. 
 

EBITDA and EBITDA Adjusted

 
                                 Three months ended     Six months ended 
                                 June 30, 2026          June 30, 2026 
Net income and comprehensive 
 income                             $            7,587   $          51,367 
Add (deduct) impact of the 
following: 
Interest expense and other 
 finance charges                                25,911              49,494 
Amortization of intangible asset                    92                 183 
Fair value adjustment to 
 investment properties                          10,244               8,406 
Fair value adjustment to 
 investment properties related 
 to IFRIC 21, included in 
 acquisition costs(1)                          (2,998)             (2,998) 
Fair value adjustment to OpCo 
 Units                                         (6,462)            (48,877) 
Fair value adjustment to 
 financial instrument                          (4,739)             (4,739) 
Fair value adjustment to 
 derivative liability                            2,648               9,723 
Unrealized gain on foreign 
 currency translation                          (4,480)             (9,577) 
Adjustment to bargain purchase 
 gain                                              189                 607 
Interest income                                (1,340)             (2,077) 
                                    $           26,652   $          51,512 
HAP Backstop                                     1,500               3,000 
Other revenue from services                         73                 300 
Normalization of rent 
 concessions                                       713               2,481 
Legal and other professional 
 fees related to prospectus 
 and other securities offerings                    905               2,057 
Income Support                                     417                 417 
Adjustment for related costs 
 associated with suite 
 upgrades                                          290                 350 
General and administration costs 
 associated with suite 
 upgrades                                          147                 353 
EBITDA Adjusted                     $           30,697   $          60,470 
 
 
(1)  This amount represents the fair value adjustment for 
      IFRIC 21 amounts associated with acquisition costs 
      involving the acquisitions of 7 Dey Street and the 
      Ivy Tower. 
 

Debt to Gross Book Value

 
                                     June 30, 2026     December 31, 2025 
Debt                                   $    1,727,559   $        1,349,310 
Gross Book Value                       $    3,227,179   $        2,781,763 
Debt to Gross Book Value                       53.5 %               48.5 % 
Debt to Gross Book Value, Excluding 
 Excess Cash Held 
 for Investment Property 
 Acquisitions                                  52.8 %               48.5 % 
 

Forward-Looking Statements

This press release contains "forward-looking information" as defined under Canadian securities laws (collectively, "forward-looking statements"). This document should be read in conjunction with material contained in the REIT's condensed consolidated interim financial statements for the three and six months ended June 30, 2026, along with the REIT's other publicly filed documents. Forward-looking statements appear in this MD&A and include, but are not limited to, statements which reflect management's expectations regarding objectives, plans, goals, strategies, future growth, results of operations, performance, business prospects, opportunities of the REIT (including acquisitions, capital recycling, capital redevelopment, and rental rate increases), macroeconomic and industry trends (including those relating to job growth, population growth, vacancy and residential occupancy rates and levels). The words "plans", "expects", "does not expect", "goals", "seek", "strategy", "future", "estimates", "intends", "anticipates", "does not anticipate", "projected", "significant", "believes" or variations of such words and phrases or statements to the effect that certain actions, events or results "may", "will", "could", "would", "should", "might", "likely", "occur", "be achieved" or "continue" and similar expressions identify forward-looking statements. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking statements. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events or circumstances.

Material factors and assumptions used by management of the REIT to develop the forward-looking information in this news release include, but are not limited to, the REIT's future growth potential, results of operations, future prospects and opportunities, demographic and industry trends, no change in legislative or regulatory matters, future levels of indebtedness, the tax laws as currently in effect, the continuing availability of capital, current economic conditions, the REIT having sufficient cash to pay its distributions, and the REIT completing the recently announced H&R Transaction.

Although management believes the expectations reflected in such forward-looking statements are reasonable and represent the REIT's internal expectations and beliefs at this time, such statements involve known and unknown risks and uncertainties and may not prove to be accurate and certain objectives and strategic goals may not be achieved. A variety of factors, many of which are beyond the REIT's control, could cause actual results in future periods to differ materially from current expectations of events or results expressed or implied by such forward-looking statements, such as the risks discussed or referenced under the heading "Risks and Uncertainties" in the REIT's most recent Management's Discussion & Analysis available at www.sedarplus.com. Readers are cautioned against placing undue reliance on forward-looking statements.

Certain statements included in this press release may be considered a "financial outlook" for purposes of applicable Canadian securities laws, and as such, the financial outlook may not be appropriate for purposes other than to understand management's expectations relating to the REIT, as disclosed in this press release. There can be no assurance that actual results, performance or achievements will be consistent with these forward-looking statements. Except as required by applicable Canadian securities laws, the REIT undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made.

SOURCE GO Residential Real Estate Investment Trust

/CONTACT:

Copyright CNW Group 2026 
 

应版权方要求,你需要登录查看该内容

免责声明:投资有风险,本文并非投资建议,以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请,作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考,不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证,投资者应自行研究并在投资前寻求专业建议。

热议股票

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10