GO Residential Real Estate Investment Trust (GO.U) Q4 2025 earnings summary

Executive summary

• Achieved strong Q4 2025 results, exceeding forecasts for revenue, NOI, and AFFO, and ended the year with robust operating momentum and a well-leased, high-quality portfolio.

• Completed the largest REIT IPO in TSX history, raising $500 million, and secured an investment-grade BBB (low) rating from Morningstar DBRS.

• Announced accretive acquisitions of five multifamily properties in Manhattan and Brooklyn for over $820 million, expected to be accretive to AFFO and NAV per unit.

• Focuses on luxury high-rise multifamily properties in NYC, with a portfolio of five buildings totaling 2,015 suites and an appraised value of ~$2.7B as of December 31, 2025.

• Internally managed REIT with an experienced leadership team, providing pure-play exposure to the NYC multifamily market.

Financial highlights

• Q4 2025 revenue was $40.8 million; adjusted revenue of $45 million exceeded the $44.6 million forecast.

• Net income and comprehensive income for Q4 2025 reached $21.6 million.

• Adjusted NOI was $32.6 million, above the $32.3 million forecast, with a NOI margin of 72.5%.

• Adjusted AFFO was $14.7 million ($0.27/unit), surpassing forecast by 3.8%.

• Committed occupancy ended at 98.5%; average monthly rent rose 2.5% since IPO to $6,835 per suite.

Outlook and guidance

• Management expects robust demand for luxury multifamily in NYC, driven by above-average population and job growth, with supply constraints supporting long-term rental growth.

• "Mark-to-market" rent initiative on track for completion by Q2 2026, targeting 10% rent growth.

• Focus areas include amenity monetization, suite repositioning, and a robust acquisition pipeline.

• Preparing for an investor day in Q2 and a potential dual listing in August.