Granite Real Estate Investment Trust (TSX: GRT.UN, NYSE: GRP.U) announced that it will voluntarily delist its units from the New York Stock Exchange and deregister from its U.S. Securities Exchange Act of 1934 reporting obligations. The Form 25 filing is expected on December 22, 2025, and the delisting will take effect on January 1, 2026. The company will continue to trade on the Toronto Stock Exchange under GRT.UN and will seek a listing on the OTCQX platform, with trading anticipated to begin on December 23, 2025.
The decision follows consistently low trading volumes on the NYSE, which account for less than 1% of Granite’s global average daily volume. By removing the NYSE listing, the company expects to cut the costs and administrative burdens associated with maintaining a U.S. exchange presence, while preserving the ability to serve U.S. investors through the TSX and OTCQX venues.
Granite’s Q3 2025 results underscored the financial strength that supports this strategic shift. Funds from operations per unit rose to $1.48 from $1.35 in Q3 2024, and adjusted funds from operations per unit increased to $1.26 from $1.22 year‑over‑year. The company also raised its 2025 guidance for FFO and AFFO per unit, reflecting confidence in continued operational performance and a robust balance sheet.
President and CEO Kevan Gorrie said, “The TSX provides Canadian and U.S. unitholders with sufficient liquidity, and the direct and indirect costs of maintaining our NYSE listing outweigh the benefits to our unitholders.” He added that the move will streamline regulatory compliance without affecting Granite’s core business strategy or investment focus.
The delisting and deregistration signal a deliberate effort to reduce overhead, simplify reporting, and concentrate resources on core real‑estate operations. The company’s strong financial metrics and raised guidance suggest that the cost savings will be absorbed without compromising growth or investor liquidity.
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