Data centres have become one of the biggest infrastructure stories on the market. Artificial intelligence (AI), cloud computing, streaming, e-commerce, and automation all need physical space, power, logistics networks, and land. Yet investors don’t need to buy a pure data-centre stock to benefit. Some of the best picks may sit one step away from the boom. So today, let’s look at one to consider on the TSX.
Source: Getty Images
GRT
Granite REIT (TSX: GRT.UN) is a Canadian-based real estate investment trust (REIT) focused on logistics, warehouse, and industrial properties. The buildout for data centres needs more than server rooms. It needs suppliers, storage, power equipment, construction materials, electrical components, and distribution space. That’s where Granite stock comes in.
Industrial landlords are interesting because demand can come from companies supporting the AI and cloud infrastructure supply chain. Granite stock’s portfolio spans Canada, the United States, Germany, the Netherlands, and Austria, giving it more geographic reach than many smaller REITs.
Into earnings
Granite stock’s Q1 2026 results looked steady as per usual, which is exactly what investors want from a REIT. Revenue came in at about $165.8 million in Q1 2026, funds from operations (FFO) per unit rose 7.5% year over year to $1.57, and same-property net operating income grew 8.3%. This shows the existing portfolio produced stronger cash flow without needing major new acquisitions.
Yet despite all this, Granite stock doesn’t look all too pricey; in fact, it looks quite reasonable for the quality investors are getting. Shares trade at about 14 times earnings at writing, with a 3.8% dividend yield. Shares are also near, but just lower, than 52-week highs, offering some upside as well. So investors can grab a deal while collecting income, with even $7,000 earning quite a fair amount.
| COMPANY | RECENT PRICE | NUMBER OF SHARES | ANNUAL DIVIDEND | ANNUAL TOTAL PAYOUT | FREQUENCY | TOTAL INVESTMENT |
|---|---|---|---|---|---|---|
| GRT.UN | $91.64 | 76 | $3.46 | $262.96 | Monthly | $6,964.64 |
Future focus
That upside looks likely, as management left full-year FFO-per-unit guidance unchanged at $6.25 to $6.40 and AFFO-per-unit guidance at $5.40 to $5.55. The long-term outlook depends on industrial property demand, rent growth, and balance sheet discipline. Meanwhile, data-centre growth can pull in tenants tied to equipment, energy infrastructure, construction, logistics, and inventory storage. In fact, major asset managers are also paying attention to industrial real estate as part of the AI infrastructure theme.
Granite stock, therefore, gives investors exposure to a real-world piece of the digital economy. AI may sound abstract, but the buildout needs land, buildings, storage yards, logistics networks, power gear, and reliable industrial space. Granite stock doesn’t need to become a pure data-centre REIT to benefit, but can win from demand around the ecosystem, while still offering a monthly distribution and a diversified property base.
Bottom line
In short, the data-centre buildout has created a new kind of infrastructure opportunity. Granite stock gives investors a calmer way to play it through logistics and industrial real estate. All while collecting a strong dividend income. For investors who want exposure to the AI infrastructure boom without chasing the hottest tech stock, Granite stock looks like one TSX name worth watching closely.
