I have been in the construction business for over 15 years, and I know how important it is to have a reliable and reputable surety bond company to back up my projects.
A surety bond is a guarantee that I will fulfill my contractual obligations to my clients and that they will be compensated in case of any default or failure on my part.
Without a surety bond, I would not be able to bid on many public and private contracts, and I would risk losing my reputation and credibility in the industry.
However, finding the right surety bond company is not easy.
There are many factors to consider, such as the company’s financial strength, rating, experience, flexibility, service, and fees.
I have tried several surety bond companies in the past, but none of them met my expectations and needs.
Some of them were too expensive, some of them were too rigid, some of them were too slow, and some of them were too unprofessional.
That is why I was so glad when I discovered Granite Re, Inc., a surety bond company that specializes in providing bonds for small and medium-sized contractors across the country.
Granite Re, Inc. has been in business since 1986 and has a proven track record of delivering quality service and solutions to its customers.
Here are some of the reasons why I chose Granite Re, Inc. as my surety bond partner:
Granite Re, Inc. Complaints
One of the first things I did before choosing Granite Re, Inc. was to check their complaints history.
I wanted to make sure that they had a good reputation and that they treated their customers fairly and respectfully.
I searched online for any negative reviews or feedback from their previous or current customers, but I could not find any.
In fact, I found many positive testimonials and ratings from satisfied customers who praised Granite Re, Inc. for their professionalism, responsiveness, and flexibility.
I also contacted the Better Business Bureau (BBB) to see if there were any complaints filed against Granite Re, Inc.
The BBB is an organization that helps consumers find trustworthy businesses and resolve disputes with them.
To my surprise, Granite Re, Inc. had an A+ rating from the BBB, which is the highest possible rating.
This means that Granite Re, Inc. has met the BBB’s standards of trust, honesty, transparency, responsiveness, and customer satisfaction.
Granite Re, Inc. Claims
Another thing that impressed me about Granite Re, Inc. was their claims handling process.
As a contractor, I know that sometimes things can go wrong on a project and that I might need to file a claim with my surety bond company.
This can be a stressful and time-consuming process, especially if the surety bond company is uncooperative or slow to respond.
However, with Granite Re, Inc., I never had any problems with filing or resolving a claim.
They have a dedicated claims team that handles claims promptly and fairly.
Also have a toll-free number that I can call anytime to report a claim or ask a question.
They always keep me informed of the status of my claim and work with me to find the best solution possible.
Granite Re, Inc. Contact
One of the things that I appreciate most about Granite Re, Inc. is their customer service.
They are always friendly, helpful, and attentive to my needs.
They have a toll-free number that I can call anytime to speak with a live person.
The company also has an email address that I can use to send them any inquiries or requests.
They always respond quickly and professionally to my messages.
They also have a website where I can find more information about their products and services.
The website is easy to navigate and has useful features such as online forms, FAQs, and news.
The website also allows me to access my account online and view my bond information.
Granite Real Estate Investment Trust
Granite Re, Inc. is not only a surety bond company but also a real estate investment trust (REIT).
A REIT is a company that owns and operates income-producing real estate properties such as warehouses, logistics centers, and industrial buildings.
A REIT distributes most of its income to its shareholders as dividends, and benefits from tax advantages.
Granite REIT is a Canadian-based REIT that owns and manages over 140 properties in North America and Europe, with a total leasable area of over 60 million square feet.
Granite REIT focuses on institutional-quality assets in key distribution and e-commerce markets, and has a diversified tenant base that includes Magna International Inc.,
Granite REIT News
Granite REIT is always looking for new opportunities to expand its portfolio and enhance its value.
Granite REIT regularly announces its acquisitions, dispositions, developments, and financings of its properties.
Some of the recent news from Granite REIT include:
– Granite REIT declared a distribution of CAD $0.2667 per stapled unit for the month of October 2023¹⁴.
– It completed a C$400 million green bond offering and closed a new €70 million term loan¹⁵.
– Granite REIT announced a C$400 million green bond offering and the issuance of its 2022 Global ESG+R Report¹⁶.
– Granite REIT reported its second quarter 2023 results and increased its full-year guidance¹⁷.
Who Owns Granite REIT
It is a publicly traded company that is listed on the Toronto Stock Exchange (TSX) and the New York Stock Exchange (NYSE) under the symbol GRT.UN and GRP.U
Granite REIT has over 60 million stapled units outstanding, which consists of one trust unit of Granite REIT and one common share of Granite REIT Inc.,
a subsidiary of Granite REIT.
Granite REIT’s stapled units are owned by various institutional and individual investors.
According to the latest information available, some of the largest shareholders of Granite REIT include:
– BlackRock, Inc., an American investment management company, with a 10.6% stake.
– The Vanguard Group, Inc., an American investment advisor, with a 7.4% stak.
– CI Investments Inc., a Canadian investment management company, with a 6.9% stake.
– Fidelity Management & Research Company LLC, an American investment management company, with a 5.8% stake.
– RBC Global Asset Management Inc., a Canadian investment management company, with a 5.2% stake.
Granite REIT Dividend History
Granite REIT has been paying monthly distributions to its shareholders since 2013 and has increased its distribution per unit by over 40% since then.
It is current annualized distribution rate is CAD $3.20 per stapled unit, which represents a yield of about 4.7% based on the closing price of CAD $68.28 as of October 25, 2023.
Granite REIT’s dividend history is presented in the table below:
|Amount Per Stapled Unit
Granite REIT Magna
Granite REIT has a long and unique relationship with Magna International Inc., a global automotive supplier and one of the largest companies in Canada.
Magna was the former parent company of Granite and still remains as its principal tenant.
Granite was originally formed in 2003 as MI Developments Inc., a spin-off from Magna that held most of its real estate assets.
MI Developments was indirectly controlled by Frank Stronach, the founder of Magna, through a multiple-voting share structure.
MI Developments also owned a majority stake in Magna Entertainment Corp., a horse racing and gaming company that went bankrupt in 2009.
In 2011, Frank Stronach gave up control of MI Developments in exchange for the gaming assets of Magna Entertainment Corp.
MI Developments then changed its name to Granite Real Estate.
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