GO Residential Real Estate Investment Trust Reports Strong First Quarter 2026 Results; Exceeding Forecast

TORONTO, May 6, 2026 /CNW/ - GO Residential Real Estate Investment Trust (the "REIT" or "GO Residential") (TSX: GO.U) announced today its financial results for the three months ended March 31, 2026. Results are presented in U.S. dollars unless otherwise noted.

Quarterly Financial and Operating Results Highlights:

• Net Income and Comprehensive Income: Delivered $43.8 million.
• Accretive Acquisitions: During the quarter, announced agreements to acquire five additional multifamily properties in Manhattan and Brooklyn (the "Acquisitions"). These properties will double the REIT's building count and add 1,019 suites to the REIT's portfolio.
• Committed Occupancy: Achieved an outstanding 99.0% level at quarter-end, underscoring the desirability of the REIT's luxury portfolio.
• Tenant Retention Rate: Approximately 70.5% on leases expiring during the quarter.
• Average Monthly Rent Per Suite: $6,876 at the end of the quarter.
• Revenue Adjusted: Delivered $46.3 million as compared to the Forecast of $45.2 million.
• NOI Adjusted: Delivered $33.7 million as compared to the Forecast of $32.8 million, driving a strong NOI Adjusted Margin of 72.8% versus the Forecast of 72.6%.
• FFO Adjusted: Achieved $16.5 million ($0.29 per Unit), surpassing the Forecast by approximately 10.6%.
• Debt to Gross Book Value Ratio: Achieved a Debt to Gross Book Value Ratio of 50.3%.

"We are very pleased with GO Residential's first quarter performance, which reflects the strength of our portfolio and our disciplined execution since listing last summer," said Joshua Gotlib, Chief Executive Officer. "We delivered industry‑leading operating results, with committed occupancy reaching 99.0% and rents continuing to trend upward, underscoring the success of our mark‑to‑market initiative. The recently announced acquisition of five high‑quality New York properties is expected to be immediately accretive and further enhances the scale and quality of our portfolio. As we look ahead, we remain confident in our ability to drive sustainable earnings by leveraging our operating expertise and maintaining financial discipline for the benefit of our Unitholders."

Financial Summary

(in thousands of dollars, except per Unit amounts)	Three months ended March 31, 2026
	Actual results		Forecast		Variance ($) / %
Net income and comprehensive income		$      43,780
NOI Adjusted^(1)		$      33,690		$     32,814		$        876
NOI Adjusted Margin^(1)		72.8 %		72.6 %		0.2 %
EBITDA Adjusted^(1)		$      30,510		$     29,624		$        886
FFO Adjusted^(1)		$      16,468		$     14,892		$     1,576
FFO Adjusted per Unit^(1)		$          0.29		$         0.26		$       0.03
AFFO Adjusted^(1)		$      14,299		$     13,792		$        507
AFFO Adjusted per Unit^(1)		$          0.25		$         0.25		$          --

(1) These measures are not recognized under IFRS and do not have standardized meanings prescribed by IFRS. Refer to section " Non-IFRS Measures" below for definitions of these measures and "Reconciliations of Non-IFRS Measures" for reconciliations of these measures to standardized IFRS measures for the period ending March 31, 2026.

Market Outlook

The first quarter of 2026 reinforced management's view that the New York residential market continues to operate from a position of structural strength. According to the Residential Listing Service ("RLS") of the Real Estate Board of New York, Manhattan median rents reached new all-time highs during the quarter, with the borough-wide median crossing $5,000 per month for the first time on record in February and holding that level in March. Strength was broad-based across unit types, with average rents in several categories also setting new records.

Listing inventory continued to contract per the RLS, extending a multi-year trend. By the end of March, available Manhattan listings had reached their lowest level in approximately four years, marking the nineteenth 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 its portfolio operates is supportive of continued strong operating performance and provides a constructive backdrop for the integration of its recently announced acquisitions.

Business Performance Measures

The following tables highlight certain key business performance measures and selected financial information as of March 31, 2026 and for the three months ended March 31, 2026, as applicable.

Performance measures, as of	March 31, 2026
Total suites		2,015
Average monthly rent^(1)(2)		$               6,876
In-place occupancy rate		97.6 %
Committed occupancy rate		99.0 %
Renewal rate – expiring leases		70.5 %
Total assets (in thousands)		$        3,012,258
Total liabilities (in thousands)		$        1,826,995
Debt to Gross Book Value Ratio^(2)		50.3 %
Weighted average contractual interest rate of all debt		4.4 %
Weighted average debt term (in years)		3.7

(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 "Non-IFRS Measures" below for a definition of these measures and "Reconciliation of Non-IFRS Measures" for reconciliations of these measures to standardized IFRS measures for the period ending March 31, 2026.

(in thousands of dollars, except per Unit amounts)	Three months ended March 31, 2026
Net income and comprehensive income		$           43,780
Revenue Adjusted^(1)		$           46,277
NOI Adjusted^(1)		$           33,690
NOI Adjusted Margin^(1)		72.8 %
FFO Adjusted^(1)		$           16,468
FFO Adjusted per Unit^(1)		$               0.29
AFFO Adjusted^(1)		$           14,299
AFFO Adjusted per Unit^(1)		$               0.25
AFFO Adjusted Payout Ratio^(1)		62.8 %

(1)

These measures are not recognized under IFRS and do not have standardized meanings prescribed by IFRS. Refer to section "Non-IFRS Measures" below for definitions of these measures and "Reconciliation of Non-IFRS Measures" for reconciliations of these measures to standardized IFRS measures for the period ending March 31, 2026.

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.

On May 6, 2026, the board of trustees of the REIT approved a cash distribution of $0.05325 per Unit for the month of May 2026, representing $0.639 per Unit on an annual basis. Payment will be made on or about June 15, 2026 to Unitholders of record as of the close of business on May 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.

First Quarter 2026 Results Conference Call

Joshua Gotlib, Chief Executive Officer and Chief Investment Officer, will host a conference call or analysts and investors on Thursday, May 7, 2026 at 10:30 AM EST. Dial-in: 1-800-715-9871 or 1-646-307-1963 | Conference ID: 2824773.

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 as of July 31, 2025, 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 ended March 31, 2026, prepared in accordance with Internal Accounting Standards ("IAS") 34, Interim Financial Reporting, as issued by the International Accounting Standards Board (the "IASB") and the financial forecast contained in the 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.

Non-IFRS Measures

• "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, in management's view, 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, in management's view, 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 total revenue from properties and other property revenue, the normalization of rent concessions, amounts under the HAP Backstop receivable, and other revenue from services.
• "NOI Adjusted" is defined as NOI adjusted for amounts that are, in management's view, 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 the 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

		Three months ended March 31, 2026		Three months ended December 31, 2025		Period from July 31, 2025 to September 30, 2025
Revenue
Revenue			$     40,622		$     40,783		$      27,290
Other property revenue			2,160		762		--
Other revenue from services			227		696		--
HAP Backstop			1,500		1,500		1,000
Normalization of rent concessions			1,768		1,265		659
Revenue Adjusted	A		$     46,277		$     45,006		$      28,949
(Expenses) Income
Property tax expense			$             --		$    (12,975)		$             --
Fair value adjustment to investment properties (IFRIC 21)			(6,479)		6,402		(4,371)
			(6,479)		(6,573)		(4,371)
Property operating costs, excluding property tax expense			(6,168)		(5,816)		(3,817)
Selling, general and administrative expenses			(5,366)		(5,058)		(6,057)
Fair value gain (loss) to investment properties			1,838		6,796		(1,103)
Fair value gain to OpCo Units			42,415		20,522		51,855
Interest income			737		163		46
Finance costs			(23,583)		(29,922)		(18,984)
Fair value adjustment to derivative liability			(7,075)		--		--
Unrealized gain on foreign currency translation			5,097		--		--
Transaction costs			--		--		(19,418)
Total income (expenses) before bargain purchase gain			$       1,416		$    (19,888)		$       (1,849)
Bargain purchase gain			(418)		(92)		630,169
Subtotal	B		$          998		$    (19,980)		$    628,320
Net income and comprehensive income as adjusted^(1)	A+B		$     47,275		$     25,026		$    657,269
Business Performance Measures
NOI Adjusted			$     33,690		$     32,617		$     20,102
NOI Adjusted Margin			72.8 %		72.5 %		69.4 %
EBITDA Adjusted			$     30,510		$     29,816		$     18,965
FFO Adjusted			$     16,468		$     15,866		$       8,579
FFO Adjusted per Unit			$         0.29		$         0.29		$         0.15
AFFO Adjusted			$     14,299		$     14,744		$       8,348
AFFO Adjusted per Unit			$         0.25		$         0.27		$         0.16
AFFO Adjusted payout ratio			62.8 %		60.1 %		70.8 %

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

	Three months ended March 31, 2026		Three months ended December 31, 2025
Net income and comprehensive income		$             43,780		$             21,565
Add (deduct) impact of the following:
HAP Backstop		1,500		1,500
Distributions on OpCo Units		3,726		3,525
Loss on debt extinguishment		--		7,110
Amortization of intangible asset		91		92
Funds received from interest rate cap		--		77
Fair value adjustment to interest rate cap		--		2
Fair value gain to investment properties		(1,838)		(6,796)
Fair value gain to OpCo Units		(42,415)		(20,522)
Fair value adjustment to derivative liability		7,075		--
Unrealized gain on foreign currency translation		(5,097)		--
Adjustment to bargain purchase gain		418		92
Salaries and related costs attributed to leasing activities		122		--
IPO-related general and administrative expenses		--		258
		$              7,362		$              6,903
Normalization of rent concessions		1,768		1,265
Legal and other professional fees related to prospectus and other securities offerings		1,152		1,907
Other revenue from services		227		696
Non-cash financing costs and other		4,558		5,095
Net interest expense related to debt financing incurred to fund future acquisitions of investment properties currently under contract		1,135		--
Other adjustment		60		--
General and administration costs associated with other capital related initiatives		206		--
FFO Adjusted		$             16,468		$             15,866
FFO Adjusted per Unit		$                 0.29		$                 0.29
Add (deduct) impact of the following:
Maintenance capital expenditures		(527)		(484)
Straight line rental revenue differences		(1,094)		(164)
Salaries and related costs attributed to leasing activities		(122)		--
Direct leasing costs		(426)		(474)
AFFO Adjusted		$              14,299		$              14,744
AFFO Adjusted per Unit		$                0.254		$                0.266
Distributions declared per Unit		$                0.160		$                0.160
AFFO Adjusted payout ratio		62.8 %		60.1 %
Weighted average number of Units outstanding^(1)		56,217,509		55,462,534

(1)     Includes REIT Units and OpCo Units.

NOI Adjusted and NOI Adjusted Margin

	Three months ended March 31, 2026
Revenue		$           40,622
Other property revenue		2,160
Other revenue from services		227
HAP Backstop		1,500
Normalization of rent concessions		1,768
Revenue Adjusted		46,277
Property operating costs, excluding property tax expense		(6,168)
Other adjustment		60
Fair value adjustment to investment properties (IFRIC 21)		(6,479)
NOI Adjusted		$           33,690
NOI Adjusted Margin		72.8 %

EBITDA Adjusted

	Three months ended March 31, 2026
Net income and comprehensive income		$             43,780
Add (deduct) impact of the following:
Interest expense and other finance charges		23,583
Amortization of intangible asset		91
Fair value adjustment to investment properties		(1,838)
Fair value adjustment to OpCo Units		(42,415)
Fair value adjustment to derivative liability		7,075
Unrealized gain on foreign currency translation		(5,097)
Adjustment to bargain purchase gain		418
		$             25,597
HAP Backstop		1,500
Other revenue from services		227
Normalization of rent concessions		1,768
Legal and other professional fees related to prospectus and other securities offerings		1,152
Other adjustment		60
General and administration costs associated with other capital related initiatives		206
EBITDA Adjusted		$             30,510

Debt to Gross Book Value Ratio

	March 31, 2026
Debt		$        1,515,285
Gross Book Value		$        3,012,258
Debt to Gross Book Value		50.3 %

Forward-Looking Statements

This press release contains "forward-looking information" as defined under Canadian securities laws. Forward-looking statements are identified by words such as "believe", "anticipate", "project", "expect", "intend", "plan", "will", "may", "can", "could", "would", "must", "estimate", "target", "objective", and other similar expressions, or negative versions thereof, and include statements herein concerning: management's expectations regarding objectives, plans, goals, strategies, future growth, including with respect to the Acquisitions, results of operations, performance, business prospects, opportunities of the REIT (including future 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). 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 and the REIT having sufficient cash to pay its distributions.

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, unless required by applicable law.

SOURCE GO Residential Real Estate Investment Trust

For further information, please contact: Max Kaufman, Chief Operating Officer, Corporate Secretary and General Counsel, GO Residential Real Estate Investment Trust, [email protected]