Cash flow Granite Real Estate Investment Trust

Equities

GRT.UN

CA3874372053

Commercial REITs

End-of-day quote Toronto S.E. Other stock markets 2025-07-11			5-day change	1st Jan Change
71.56 ^CAD	-0.51%		+0.80%	+2.58%

Jul. 01	Granite Real Estate Investment Trust (TSX:GRT.UN) acquired Coral Springs Logistics Center, a 124,500-square-foot property in Coral Springs, Florida from Barings LLC and Arkadia Property Group LLC for $36.4 million.	CI
Jun. 17	Granite Real Estate Investment Trust Keeps Monthly Distribution at C$0.2833 a Unit, Payable July 15 to Shareholders on June 30	MT

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Published financial data: GRANITE REAL ESTATE INVESTMENT TRUST

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Rental Revenues	340M	393M	456M	521M	569M
Tenant Reimbursements	-	-	-	-	-
Total Revenues	340M	393M	456M	521M	569M
Property Expenses	47.16M	60.81M	75.22M	86.01M	97.15M
Selling General & Admin Expenses, Total	31.44M	38.4M	28.6M	41.44M	35.44M
Depreciation & Amortization - (IS) - (Collected)	1.15M	1.32M	1.6M	1.27M	1.29M
Other Operating Expenses	568K	-	867K	-	-
Total Operating Expenses	80.32M	101M	106M	129M	134M
Operating Income (REIT / Utility Template)	260M	293M	349M	393M	435M
Interest Expense, Total	-41.78M	-41.85M	-37.16M	-99.09M	-82.75M
Interest and Investment Income	2.37M	3.11M	1.62M	7.71M	7.07M
Net Interest Expenses	-39.4M	-38.74M	-35.53M	-91.38M	-75.68M
Currency Exchange Gains (Loss)	3.67M	5.11M	1.22M	-1.03M	-14.41M
Other Non Operating Income (Expenses)	2.53M	-2.63M	-2.43M	3.08M	-1.98M
EBT, Excl. Unusual Items	227M	257M	313M	303M	343M
Gain (Loss) on Sale of Assets	-901K	-761K	-666K	-1.5M	-
Asset Writedown	273M	1.3B	-220M	-173M	53.04M
Other Unusual Items	-200K	-3.96M	-	-	-2.98M
EBT, Incl. Unusual Items	499M	1.55B	92.16M	129M	393M
Income Tax Expense	69.09M	241M	-63.66M	-9.49M	30.87M
Earnings From Continuing Operations	430M	1.31B	156M	138M	362M
Net Income to Company	430M	1.31B	156M	138M	362M
Minority Interest	-123K	-335K	-54K	-1.83M	-1.27M
Net Income - (IS)	430M	1.31B	156M	137M	361M
Net Income to Common Incl Extra Items	430M	1.31B	156M	137M	361M
Net Income to Common Excl. Extra Items	430M	1.31B	156M	137M	361M
Per Share Items
Net EPS - Basic	6.97	19.94	2.45	2.16	5.75
Basic EPS - Continuing Operations	6.97	19.94	2.45	2.16	5.75
Basic Weighted Average Shares Outstanding	61.69M	65.69M	63.71M	63.36M	62.72M
Net EPS - Diluted	6.97	19.94	2.45	2.16	5.75
Diluted EPS - Continuing Operations	6.97	19.94	2.45	2.16	5.75
Diluted Weighted Average Shares Outstanding	61.69M	65.69M	63.71M	63.36M	62.72M
Normalized Basic EPS	2.29	2.44	3.07	2.96	3.39
Normalized Diluted EPS	2.29	2.44	3.07	2.96	3.39
Dividend Per Share	2.91	3.01	3.11	3.21	3.31
Payout Ratio	37.94	14.59	129.86	149.21	57.64
Supplemental Items
EBITDA	261M	294M	351M	394M	436M
EBITA	260M	293M	349M	393M	435M
EBIT	260M	293M	349M	393M	435M
EBITDAR	-	-	-	-	-
Total Revenues (As Reported)	340M	-	-	-	569M
Effective Tax Rate - (Ratio)	13.85	15.51	-69.08	-7.36	7.86
Total Current Taxes	6.59M	11.62M	7.38M	6.71M	8.7M
Total Deferred Taxes	62.5M	229M	-71.04M	-16.2M	22.18M
Normalized Net Income	142M	160M	195M	188M	213M
Interest Capitalized	617K	607K	3.67M	2.05M	479K
Interest on Long-Term Debt	34.23M	40M	48.85M	74.92M	86.91M
Supplemental Operating Expense Items
General and Administrative Expenses	31.44M	38.4M	28.6M	41.44M	35.44M
Net Rental Expense, Total	-	-	-	-	-
Imputed Operating Lease Interest Expense	-	-	-	-	-
Imputed Operating Lease Depreciation	-	-	-	-	-
Maintenance & Repair Expenses, Total	4.61M	7.97M	10.5M	10.87M	13.08M
Stock-Based Comp., G&A Exp. (Total)	8.12M	12.44M	-167K	10.21M	5.36M
Stock-Based Comp., Other (Total)	-	-	-	-	-
Total Stock-Based Compensation	8.12M	12.44M	-167K	10.21M	5.36M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Net Property Plant And Equipment	5.82B	7.89B	8.76B	8.77B	9.4B
Land Held For Development Or Sale	37.76M	80.97M	80.96M	45.85M	-
Total Real Estate Assets	5.86B	7.97B	8.84B	8.81B	9.4B
Cash And Equivalents	831M	403M	135M	116M	126M
Accounts Receivable, Total	6.75M	10.77M	12.18M	12.17M	18.35M
Other Receivables	915K	1.44M	1.29M	589K	534K
Investment In Debt and Equity Securities	28.68M	62.77M	152M	100M	57.38M
Notes Receivable (Collected)	-	-	69.19M	-	-
Restricted Cash	-	-	-	-	-
Other Current Assets, Total	6.9M	71.81M	55.86M	13.77M	12.95M
Trading Asset Securities, Total	-	-	-	9.04M	-
Deferred Tax Assets Long-Term (Collected)	4.73M	4.45M	629K	639K	668K
Deferred Charges Long-Term	599K	2.47M	1.89M	2.27M	2.24M
Other Long-Term Assets, Total	8.75M	36.83M	8.78M	283K	264K
Total Assets	6.75B	8.57B	9.28B	9.07B	9.62B
Liabilities
Current Portion of Long-Term Debt	250M	-	451M	244M	-
Current Portion of Leases	829K	505K	746K	765K	945K
Short-Term Borrowings	16.95M	-	7.08M	-	-
Long-Term Debt	2.03B	2.44B	2.59B	2.83B	3.11B
Long-Term Leases	32.94M	31.64M	32.98M	32.42M	33.44M
Accounts Payable, Total	9.88M	5.4M	11.2M	11.4M	13.54M
Accrued Expenses, Total	38.24M	51.53M	49.51M	56.31M	68.86M
Current Income Taxes Payable	18.37M	21.56M	11.29M	10.03M	10.56M
Unearned Revenue, Current	11.28M	12.1M	17.36M	17.81M	18.68M
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	28.5M	73.28M	71.05M	44.04M	34.43M
Deferred Tax Liability Non-Current	393M	605M	557M	536M	592M
Other Non Current Liabilities	-	-	-	-	-
Total Liabilities	2.83B	3.25B	3.8B	3.78B	3.88B
Common Stock, Total	3.14B	3.44B	3.35B	3.33B	3.29B
Additional Paid In Capital	53.33M	53.33M	11.6M	5.25M	-
Retained Earnings	632M	1.75B	1.7B	1.63B	1.79B
Comprehensive Income and Other	95.9M	71.95M	414M	306M	649M
Total Common Equity	3.92B	5.32B	5.48B	5.28B	5.73B
Minority Interest	2.14M	2.88M	4.97M	6.69M	8.39M
Total Equity	3.92B	5.32B	5.48B	5.28B	5.74B
Total Liabilities And Equity	6.75B	8.57B	9.28B	9.07B	9.62B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	61.69M	65.69M	63.71M	63.36M	62.72M
ECS Total Common Shares Outstanding	61.69M	65.69M	63.71M	63.36M	62.72M
Book Value / Share	63.55	80.96	85.94	83.29	91.32
Tangible Book Value	3.92B	5.32B	5.48B	5.28B	5.73B
Tangible Book Value Per Share	63.55	80.96	85.94	83.29	91.32
Total Debt	2.33B	2.48B	3.08B	3.11B	3.15B
Net Debt	1.49B	2.07B	2.95B	2.98B	3.02B
Debt Equivalent Oper. Leases	-	-	-	-	-
Minority Interest, Total (Incl. Fin. Div)	2.14M	2.88M	4.97M	6.69M	8.39M
Account Code - Inventory Valuation	3	3	3	3	3
Full Time Employees	-	-	69	69	70

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	430M	1.31B	156M	137M	361M
Depreciation, Depletion & Amortization	1.15M	1.32M	1.6M	1.27M	1.29M
Total Depreciation, Depletion & Amortization	1.15M	1.32M	1.6M	1.27M	1.29M
Amortization of Deferred Charges, Total	6.66M	7.63M	6.46M	6.89M	2.99M
(Gain) Loss On Sale of Asset - (CF)	901K	761K	666K	1.5M	-
Total Asset Writedown	-273M	-1.3B	220M	173M	-53.04M
Stock-Based Compensation (CF)	8.12M	12.44M	-167K	10.21M	5.36M
Change in Accounts Receivable	10.14M	-4.12M	1.67M	-200K	-5.96M
Change in Accounts Payable	844K	5.41M	-4.21M	-1.73M	-2.33M
Change in Unearned Revenues	5.6M	191K	4.7M	654K	-90K
Change in Other Net Operating Assets (Collected)	61K	-2.9M	-2.27M	-3.39M	642K
Other Operating Activities	54.49M	230M	-106M	-11.38M	29.14M
Cash from Operations	244M	262M	277M	313M	339M
Acquisition of Real Estate Assets, Total	-1.11B	-1.05B	-761M	-234M	-52.03M
Sale of Real Estate Assets, Total	42.51M	35.43M	63.94M	43.77M	-
Net Sale / Acquisition of Real Estate Assets	-1.07B	-1.02B	-697M	-190M	-52.03M
Cash Acquisitions	-	-	-	-	-
Net (Increase) Decrease in Loans Originated / Sold - Investing	-	-10.46M	-55.78M	69.26M	-
Other Investing Activities, Total	1.62M	1.73M	-14.02M	-7.16M	-13.43M
Cash from Investing	-1.07B	-1.03B	-767M	-128M	-65.46M
Short Term Debt Issued, Total	-	-	-	-	-
Long-Term Debt Issued, Total	994M	498M	831M	595M	796M
Total Debt Issued	994M	498M	831M	595M	796M
Short Term Debt Repaid, Total	-	-	-	-	-
Long-Term Debt Repaid, Total	-638K	-255M	-265M	-548M	-825M
Total Debt Repaid	-638K	-255M	-265M	-548M	-825M
Issuance of Common Stock	553M	303M	13.12M	-	-
Repurchase of Common Stock	-25.02M	-	-156M	-26.99M	-45.81M
Common Dividends Paid	-163M	-191M	-202M	-204M	-208M
Common & Preferred Stock Dividends Paid	-163M	-191M	-202M	-204M	-208M
Special Dividend Paid	-	-	-	-	-
Other Financing Activities, Total	-200K	-21.86M	-6.6M	-19.45M	15.14M
Cash from Financing	1.36B	333M	215M	-203M	-267M
Foreign Exchange Rate Adjustments	-3.09M	918K	7.07M	-891K	4.39M
Net Change in Cash	533M	-429M	-267M	-18.95M	10.04M
Supplemental Items
Cash Interest Paid	32.65M	40.48M	52.49M	72.46M	79.48M
Cash Income Tax Paid (Refund)	5.68M	7.67M	18.09M	8.26M	8.32M
Net Debt Issued / Repaid	994M	243M	566M	47.25M	-28.97M
Levered Free Cash Flow	181M	166M	144M	293M	231M
Unlevered Free Cash Flow	206M	190M	165M	352M	279M
Change In Net Working Capital	-30.4M	11.85M	57.95M	-91.17M	-1.18M

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	2.81	2.39	2.45	2.67	2.91
Return on Total Capital	3.05	2.61	2.67	2.89	3.15
Return On Equity %	12.16	28.35	2.88	2.57	6.57
Return on Common Equity	12.16	28.36	2.89	2.54	6.55
Margin Analysis
Gross Profit Margin %	86.14	84.55	83.49	83.5	82.91
SG&A Margin	9.24	9.76	6.28	7.95	6.23
EBITDA Margin %	76.73	74.79	77.02	75.55	76.68
EBITA Margin %	76.39	74.45	76.67	75.3	76.46
EBIT Margin %	76.39	74.45	76.67	75.3	76.46
Income From Continuing Operations Margin %	126.38	332.99	34.2	26.57	63.64
Net Income Margin %	126.34	332.9	34.19	26.22	63.42
Net Avail. For Common Margin %	126.34	332.9	34.19	26.22	63.42
Normalized Net Income Margin	41.61	40.69	42.87	36	37.44
Levered Free Cash Flow Margin	53.19	42.16	31.66	56.15	40.57
Unlevered Free Cash Flow Margin	60.47	48.17	36.25	67.55	49.15
Asset Turnover
Asset Turnover	0.06	0.05	0.05	0.06	0.06
Fixed Assets Turnover	0.07	0.06	0.05	0.06	0.06
Receivables Turnover (Average Receivables)	46.74	44.93	39.71	42.83	37.27
Short Term Liquidity
Current Ratio	2.26	2.96	0.44	0.39	1.07
Quick Ratio	2.24	2.52	0.24	0.36	0.99
Operating Cash Flow to Current Liabilities	0.65	1.6	0.45	0.81	2.3
Days Sales Outstanding (Average Receivables)	7.83	8.12	9.19	8.52	9.82
Average Days Payable Outstanding	64.86	27.76	46.55	47.96	46.98
Long Term Solvency
Total Debt/Equity	59.31	46.54	56.24	58.82	54.83
Total Debt / Total Capital	37.23	31.76	36	37.03	35.41
LT Debt/Equity	52.48	46.53	47.87	54.18	54.81
Long-Term Debt / Total Capital	32.94	31.75	30.64	34.12	35.4
Total Liabilities / Total Assets	41.87	37.88	40.95	41.72	40.37
EBIT / Interest Expense	6.22	7	9.4	3.96	5.25
EBITDA / Interest Expense	6.25	7.03	9.44	3.97	5.27
(EBITDA - Capex) / Interest Expense	6.21	7.02	9.42	3.97	5.27
Total Debt / EBITDA	8.91	8.42	8.78	7.89	7.21
Net Debt / EBITDA	5.73	7.05	8.4	7.57	6.92
Total Debt / (EBITDA - Capex)	8.97	8.43	8.8	7.9	7.21
Net Debt / (EBITDA - Capex)	5.76	7.06	8.42	7.58	6.93
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	24.7	15.66	15.78	14.41	9.09
Gross Profit, 1 Yr. Growth %	23.4	13.53	14.33	14.43	8.33
EBITDA, 1 Yr. Growth %	26.69	12.74	19.24	12.23	10.69
EBITA, 1 Yr. Growth %	26.69	12.73	19.23	12.38	10.72
EBIT, 1 Yr. Growth %	26.69	12.73	19.23	12.38	10.72
Earnings From Cont. Operations, 1 Yr. Growth %	12.47	204.77	-88.11	-11.12	161.29
Net Income, 1 Yr. Growth %	12.49	204.78	-88.11	-12.27	163.87
Diluted EPS Before Extra, 1 Yr. Growth %	-1.43	186.19	-87.74	-11.78	166.52
Normalized Net Income, 1 Yr. Growth %	24.87	13.1	21.98	-3.91	13.4
Net Property, Plant and Equip., 1 Yr. Growth %	31.37	35.59	11.02	0.03	6.69
Accounts Receivable, 1 Yr. Growth %	-13.65	59.66	13.04	-0.08	50.81
Total Assets, 1 Yr. Growth %	40.46	26.96	8.33	-2.31	6.1
Common Equity, 1 Yr. Growth %	24.6	35.68	2.95	-3.62	8.55
Tangible Book Value, 1 Yr. Growth %	24.6	35.68	2.95	-3.62	8.55
Cash From Operations, 1 Yr. Growth %	33.2	5.2	5.81	12.86	8.12
Capital Expenditures, 1 Yr. Growth %	860.8	-65.17	37.01	-64.68	-56.14
Levered Free Cash Flow, 1 Yr. Growth %	17.78	-8.32	-13.06	102.93	-21.2
Unlevered Free Cash Flow, 1 Yr. Growth %	21.04	-7.87	-12.87	113.22	-20.64
Dividend Per Share, 1 Yr. Growth %	4	3.02	3.32	2.74	3.1
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	17.48	20.1	15.72	15.1	11.72
Gross Profit, 2 Yr. CAGR %	18.81	18.36	13.93	14.38	11.34
EBITDA, 2 Yr. CAGR %	21.04	19.51	15.94	15.68	11.48
EBITA, 2 Yr. CAGR %	20.87	19.5	15.93	15.75	11.57
EBIT, 2 Yr. CAGR %	20.87	19.5	15.93	15.75	11.57
Earnings From Cont. Operations, 2 Yr. CAGR %	-3.88	85.14	-39.8	-67.49	52.39
Net Income, 2 Yr. CAGR %	-3.88	85.16	-39.8	-67.7	52.15
Diluted EPS Before Extra, 2 Yr. CAGR %	-17.28	67.95	-40.76	-67.11	53.34
Normalized Net Income, 2 Yr. CAGR %	15.81	18.84	17.46	8.26	4.41
Net Property, Plant and Equip., 2 Yr. CAGR %	30.43	33.46	22.69	5.38	3.58
Accounts Receivable, 2 Yr. CAGR %	25.02	17.42	34.35	6.28	22.75
Total Assets, 2 Yr. CAGR %	26.92	33.54	17.28	2.88	1.81
Common Equity, 2 Yr. CAGR %	25.33	30.02	18.18	-0.39	2.28
Tangible Book Value, 2 Yr. CAGR %	25.33	30.02	18.18	-0.39	2.28
Cash From Operations, 2 Yr. CAGR %	24.4	19.57	5.5	9.28	10.46
Capital Expenditures, 2 Yr. CAGR %	290.31	82.94	-30.92	-30.44	-60.64
Levered Free Cash Flow, 2 Yr. CAGR %	-36.86	3.91	-10.72	32.82	26.48
Unlevered Free Cash Flow, 2 Yr. CAGR %	-33.62	5.6	-10.41	36.3	30.1
Dividend Per Share, 2 Yr. CAGR %	3.28	3.65	3.17	3.28	2.92
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	11.86	16.87	18.64	15.28	13.06
Gross Profit, 3 Yr. CAGR %	11.57	17.03	17	14.1	12.33
EBITDA, 3 Yr. CAGR %	12.17	18.21	19.42	14.69	14.01
EBITA, 3 Yr. CAGR %	12.07	18.09	19.41	14.74	14.06
EBIT, 3 Yr. CAGR %	12.07	18.09	19.41	14.74	14.06
Earnings From Cont. Operations, 3 Yr. CAGR %	6.32	41.21	-25.85	-31.45	-34.88
Net Income, 3 Yr. CAGR %	6.31	41.22	-25.85	-31.75	-34.95
Diluted EPS Before Extra, 3 Yr. CAGR %	-2.97	25.11	-29.8	-32.35	-33.94
Normalized Net Income, 3 Yr. CAGR %	11.42	14.9	19.88	9.85	9.97
Net Property, Plant and Equip., 3 Yr. CAGR %	28.94	32.13	25.52	14.62	6
Accounts Receivable, 3 Yr. CAGR %	42.94	35.64	15.94	21.72	19.43
Total Assets, 3 Yr. CAGR %	28.15	26.93	24.54	10.35	3.94
Common Equity, 3 Yr. CAGR %	22.42	28.69	20.29	10.42	2.5
Tangible Book Value, 3 Yr. CAGR %	22.42	28.69	20.29	10.42	2.5
Cash From Operations, 3 Yr. CAGR %	15.47	18.43	14.8	7.9	8.89
Capital Expenditures, 3 Yr. CAGR %	45.15	74.42	66.13	-44.76	-40.35
Levered Free Cash Flow, 3 Yr. CAGR %	-10.64	-28.5	-2.09	17.38	11.62
Unlevered Free Cash Flow, 3 Yr. CAGR %	-5.25	-25.96	-0.96	19.62	13.82
Dividend Per Share, 3 Yr. CAGR %	3.66	3.29	3.54	3.19	3.22
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	9.48	11.99	13.39	16.16	15.82
Gross Profit, 5 Yr. CAGR %	6.97	9.05	12.51	15.96	14.7
EBITDA, 5 Yr. CAGR %	7.2	9.4	13.66	17.19	16.18
EBITA, 5 Yr. CAGR %	7.18	9.38	13.6	17.15	16.21
EBIT, 5 Yr. CAGR %	7.18	9.38	13.6	17.15	16.21
Earnings From Cont. Operations, 5 Yr. CAGR %	17.07	36.09	-15.31	-21.53	-1.09
Net Income, 5 Yr. CAGR %	17.06	36.08	-15.32	-21.73	-1.15
Diluted EPS Before Extra, 5 Yr. CAGR %	10.87	27.33	-20.35	-26.68	-4.05
Normalized Net Income, 5 Yr. CAGR %	6.73	8.97	13.8	12.2	13.44
Net Property, Plant and Equip., 5 Yr. CAGR %	17.61	24.42	26.4	20.7	16.23
Accounts Receivable, 5 Yr. CAGR %	11.88	58.82	39.44	23.03	18.62
Total Assets, 5 Yr. CAGR %	19.82	24.09	23.68	16.7	14.9
Common Equity, 5 Yr. CAGR %	16.22	22.25	20.71	16.16	12.73
Tangible Book Value, 5 Yr. CAGR %	16.22	22.25	20.71	16.16	12.73
Cash From Operations, 5 Yr. CAGR %	8.86	10.39	11.83	14.68	13.04
Capital Expenditures, 5 Yr. CAGR %	59.46	21.22	7.85	20.75	-6.61
Levered Free Cash Flow, 5 Yr. CAGR %	12.44	7.3	-10.67	-8.4	8.47
Unlevered Free Cash Flow, 5 Yr. CAGR %	13.02	8.31	-7.35	-5.49	10.46
Dividend Per Share, 5 Yr. CAGR %	4.8	4.38	3.52	3.28	3.39