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Tal Woolley

Research Analyst at CIBC Capital Markets

Tal Woolley is an Executive Director and Institutional Equity Research Analyst at CIBC Capital Markets, specializing in real estate and consumer goods sectors with coverage of Canadian and US markets. He covers specific companies including Sienna Senior Living (TSE:SIA), NorthWest Healthcare Properties (TSE:NWH.UN), European Commercial REIT (TSE:ERE.UN), Dream Industrial REIT (DIR-UN), and Granite Real Estate Investment Trust (GRP-UN), achieving a 45% success rate on 83 ratings with an average return of +1.50% per rating and a standout +60.10% return on his Buy recommendation for Sienna Senior Living from August 2020 to 2021. Woolley joined CIBC Capital Markets in 2025 after serving as Director and Research Analyst at National Bank Financial, with activity tracked since 2012. His professional credentials include active participation in equity research and earnings calls, though specific FINRA registrations are not detailed in available sources.

Tal Woolley's questions to GRANITE REAL ESTATE INVESTMENT TRUST (GRP-UN) leadership

Question · Q4 2025

Tal Woolley inquired about the long-term opportunity and potential scale of Granite's investment in England, the underlying market fundamentals in the U.K. given past disruptions, and where borrowing costs are expected to settle, including hedging strategies.

Answer

Kevan Gorrie, President and CEO, stated that the U.K. is expected to become an important market for Granite in Europe, with a scale similar to other significant markets, likely over a 5-year plan. He noted a sharp rebound in U.K. absorption in H2 2025, strong 3PL activity, and high expectations for the market's strength over the next few years. Teresa Neto, CFO, estimated a 5-year bond rate around 3.75% and credit facility rates around 3.5%, confirming continued hedging, especially for euro-denominated debt.

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Question · Q4 2025

Tal Woolley inquired about the long-term opportunity and potential portfolio share for England, how Granite navigated market disruptions to make its U.K. investment, and asked CFO Teresa Neto about where borrowing costs are expected to settle and plans for swapping or hedging rates.

Answer

President and CEO Kevan Gorrie reiterated that England is a large market where Granite aims for 2-3 million sq ft over a 5-year plan, emphasizing quality and redevelopment opportunities. He noted a sharp rebound in U.K. absorption in H2 2025 and strong expectations for 2026-2027, driven by active 3PLs. CFO Teresa Neto estimated a 5-year bond rate around 3.75% (under 4%) and current credit facility rates at 3.5%, confirming plans to hedge euro debt with euro debt due to favorable basis point differences.

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