GO Residential Real Estate Investment Trust Reports Strong Fourth Quarter 2025 Results; Exceeding Forecast

TORONTO, March 23, 2026 /CNW/ – GO Residential Real Estate Investment Trust (the “REIT” or “GO Residential“) (TSX:GO) announced today its financial results for the three months ended December 31, 2025, and the period from June 13, 2025 (date of formation) to December 31, 2025. Results are presented in U.S. dollars unless otherwise noted.

Quarterly Financial and Operating Results Highlights:

• Revenue: Delivered $40.8 million.
• Net Income and Comprehensive Income: Delivered $21.6 million.
• Committed Occupancy: Achieved an outstanding 98.5% at quarter-end, underscoring the desirability of the REIT’s luxury portfolio.
• “Mark-to-Market” Initiative: Average monthly rent at the end of the quarter was $6,835 per suite, representing a 2.5% increase as compared to July 24, 2025. Management remains on track to complete its “mark-to-market” initiative by the end of the second quarter of 2026.
• Revenue Adjusted: Delivered $45.0 million as compared to the Pro-Rata Forecast of $44.6 million.
• NOI Adjusted: Delivered $32.6 million as compared to the Pro-Rata Forecast of $32.3 million, driving a robust Adjusted NOI Margin of 72.5% versus the Pro-Rata Forecast of 72.3%.
• AFFO Adjusted: Achieved $14.7 million ($0.27 per unit), surpassing the Pro-Rata Forecast by approximately 3.8%.
• Debt to Gross Book Value Ratio: Achieved a Debt to Gross Book Value Ratio of 48.5%.
• Investment Grade Rating: Subsequently announced that GO Residential Operating LLC (“OpCo“) received an Issuer Rating of “BBB (low)” with a “Stable” trend from DBRS, Inc, and issued C$325 million in senior unsecured debentures, in which proceeds were used to repay existing indebtedness (including the REIT’s credit facility) and for general corporate purposes, including funding acquisitions.
• Accretive Acquisitions: Subsequently announced agreements to acquire five additional multifamily properties in Manhattan and Brooklyn in Q1 2026, with a combined consideration of over $820 million. To fund certain of these acquisitions, the REIT closed a $37.5 million Bought Deal Offering (as defined below) and a $37.6 million Concurrent OpCo Private Placement (as defined below). The acquisition of Ivy Tower will represent the REIT’s first addition to its unencumbered asset pool following closing.

Highlights of for the period from July 31, 2025 to December 31, 2025:

• Revenue: Delivered $68.1 million.
• Net Income and Comprehensive Income: Delivered $677.2 million.
• Revenue Adjusted: Delivered $74.0 million as compared to the Pro-Rata Forecast of $73.2 million.
• NOI Adjusted: Delivered $53.4 million as compared to the Pro-Rata Forecast of $52.5 million.
• AFFO Adjusted: Achieved $23.8 million ($0.43 per unit), surpassing the pro-rata forecast by approximately 7.5%.

“Since our listing on July 31, 2025, we have made significant progress on each of our core objectives: enhancing operating performance across our portfolio, maintaining disciplined financial management, and positioning the REIT for long-term, accretive growth.” said Joshua Gotlib, Chief Executive Officer. “With an experienced management team, a high-quality portfolio, and a clear strategy for disciplined expansion, GO Residential REIT is well positioned to continue delivering sustainable value for our Unitholders.”

Meyer Orbach, Chairman of the Board of Trustees of the REIT added: “We are extremely proud of GO Residential REIT’s performance since its IPO and the strong momentum we have carried into 2026. Achieving an investment grade credit rating and successfully issuing our inaugural unsecured debenture further validates the strength of our balance sheet. The announcement of our recent acquisitions reinforces our commitment to expanding our portfolio in desirable markets. We are also on track to pursue the light upgrade program at One East River Place in 2026. This collectively allows us to deliver sustainable value for our unitholders.”

All references to the fourth quarter 2025 results reflect the period from September 30, 2025 to December 31, 2025, and all references to the annual 2025 results reflect the period from July 31, 2025 to December 31, 2025 as the REIT had no operations prior to July 31, 2025, the date on which it completed its initial public offering (“IPO“) of trust units (the “REIT Units“) on the Toronto Stock Exchange (the “TSX“).

In order to provide investors with a more complete understanding of the REIT’s performance, the results of certain metrics are compared to a pro-rated version of the financial forecast (the “Forecast“) contained in the REIT’s final IPO prospectus dated July 24, 2025 (the “Prospectus“) and with the Prospectus Supplement dated March 18, 2026 (the “Supplement“). The pro-rata forecast (the “Pro-Rata Forecast“) has been calculated by dividing the financial forecast for the three months ended September 30, 2025 by 92 days and multiplying by 62 days, representing the actual number of days from July 31, 2025 to September 30, 2025, or where relevant, by dividing the financial Forecast for the three months ended September 30, 2025 by three months and multiplying by two months, representing the months of August and September, or where relevant by applying judgment for certain items that are appropriately included in the period before July 31, 2025, or thereafter. This has been added to the Forecast for the three months ended December 31, 2025 to calculate the Pro-Rata Forecast.

Financial Summary

Market Outlook

Looking forward, management continues to see a robust environment for the Portfolio (as defined in the Prospectus) based on supply and demand trends. On the demand side, Manhattan is expected to exceed the national average in terms of both population and economic growth, which management views as the two key drivers behind demand. The U.S. Census Bureau expects the cumulative population growth in Manhattan to outpace that of the United States by nearly 50% over the next 30 years. The Federal Reserve, on the other hand, estimates that non-farm job growth in New York City will continue to outperform the nation, as it has over the last 15 years.

On the supply side, an already constrained environment is expected to continue to underperform. As of 2010, only 5.8% of usable acreage in New York City was vacant. Even when land is available, high costs to construct make it difficult for new product to enter the market. From 2025 to 2029, the average annual growth rate of rental supply in New York City is projected to be 1.0%, compared to 1.3% in other gateway cities and 1.8% in non-gateway cities, according to Green Street. These compelling supply and demand fundamentals underpin management’s belief that investing in luxury high-rise multifamily properties in New York City is a prudent investment strategy that will create long-term value.

Business Performance Measures

The following tables highlights certain key business performance measures as of December 31, 2025, for the three months ended December 31, 2025, and for the period from June 13, 2025 (date of formation) to December 31, 2025. Because the formation of the REIT occurred on June 13, 2025 and did not commence operations until the closing of its IPO on July 31, 2025, the results for the period from June 13, 2025 through December 31, 2025 are identical to those for the period from July 31, 2025 to December 31, 2025.

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