Think GRT
Granite REIT (TSX:GRT.UN) looks simple because it owns industrial and logistics buildings. Think warehouses, distribution centers and the places that keep e-commerce and supply chains moving. Investors often like this mix as the economy continues to thrive, but it could also hold as consumers tighten their budgets as businesses still need space to store and ship essentials.
Recent news also matters, because simplicity doesn’t mean ignoring updates. In December 2025, Granite said it planned to cease trading on the NYSE after December 31, 2025 and look for a listing on the OTCQXwhile maintaining the TSX listing. Management described it as a cost-cutting move related to low NYSE volume. Canadian investors buying it for TFSA income will still own the same buildings and receive the same monthly distribution, but cross-border holders should keep an eye on how brokers handle the change.
In income
Granite’s third-quarter 2025 results, for the period ending September 30, 2025, showed the kind of steady progress that income investors crave. The trust reported adjusted funds from operations (AFFO) of $1.26 per unit for the quarter. AFFO acts as a measure of cash flow and is more important than booking profits for a real estate investment trust (REIT). Granite also reported an AFFO payout ratio of 67%, which leaves breathing room for maintenance expenses, debt costs and future distribution growth.
Valuation always feels tricky in real estate, as markets change their mood on interest rates overnight. Granite helps itself by keeping operations tight. The industrial REIT reported a 96.8% occupancy rate at the end of the quarter and pointed to strong rental growth on renewals. It also led to higher cash flow per unit for 2025 compared to 2024, even with higher maintenance investments. Still, you should keep an eye on debt refinancing cycles, because higher rates can put pressure on any REIT, even well-managed ones.
Earn income
Now let’s connect Granite to that $1,000 monthly goal. Granite pays monthly, and in early November 2025 it set a higher targeted distribution of $0.28 per unit per month or $3.40 per year. If you want $1,000 a month, you’ll need about 3,529 units at that rate. With the same unit price of $81.66, that equates to approximately $288,383 invested, before trading fees.
| COMPANY | RECENT PRICE | NUMBER OF SHARES | DIVIDEND | TOTAL ANNUAL PAYOUT | FREQUENCY | TOTAL INVESTMENT |
|---|---|---|---|---|---|---|
| GRT.UN | $81.66 | 3,529 | $3.40 | $11,998.60 | Monthly | $288,383.14 |
That sounds like a lot, because it is a lot, and you should view that honesty as a feature and not a flaw. Retirement income goals require real capital, and Granite shows the math. The good news is that you don’t have to buy it all at once. If you hold Granite in a TFSA and reinvest the monthly money, you’ll build more units over time, and the tax shelter lets compounding do its work. Granite also increased its targeted distribution, giving long-term investors a practical tailwind.
In short
A monthly dividend stream of $1,000 can act as a personal pension, steadying nerves when markets wobble. Granite deserves a place on the shortlist because it holds essential industrial space; it keeps occupancy levels high and supports distribution with a cash flow that leaves room to breathe. The REIT still carries interest rate risk and real estate cycles, so you should pair it with other investments and not treat it like a magic trick. If you want a simple, monthly paying TSX name to build on for your retirement income, GRT.UN deserves a look.
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