Financials Granite Real Estate Investment Trust

Equities

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

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	340.2	393.5	455.6	521.2	569.1	617.5	650.3	706.8
Change	-	15.67%	15.78%	14.4%	9.2%	8.5%	5.32%	8.68%
EBITDA ¹	260.8	294.3	350.9	393.8	433.1	464.4	489.9	-
Change	-	12.82%	19.24%	12.23%	9.97%	7.23%	5.48%	-
EBIT	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Interest Paid ¹	-35.84	-47.23	-50.97	-71	-89.9	-92.42	-93.62	-96
Earnings before Tax (EBT) ¹	499	-	-	-	392.8	325.4	389.8	401.7
Change	-	-	-	-	-	-17.15%	19.79%	3.05%
Net income ¹	429.8	-	-	-	360.6	315.4	379.1	390.7
Change	-	-	-	-	-	-12.54%	20.2%	3.06%
Announcement Date	3/3/21	3/9/22	3/8/23	2/28/24	2/26/25	-	-	-

¹CAD in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1
Net sales ¹	-	87.9	93.24	95.94	94	-	105.3	108.6	109.8	111.6	125.6	129.6	130.3	131.5	129.8	138.9	140.3	141.9	148	154.7	151.8	152.7	157.2	162.1	162.9	164.6	168.8	174.3
Change	-	-	6.08%	2.9%	-2.02%	-	-	3.13%	1.1%	1.64%	12.54%	3.18%	0.56%	0.9%	-1.29%	7.01%	0.98%	1.17%	4.3%	4.5%	-1.84%	0.57%	2.95%	3.13%	0.49%	1.04%	2.55%	3.26%
EBITDA ¹	62.18	66.91	69.59	72.72	72	-	73.92	82.8	86.78	87.5	93.8	92.74	99.69	100.8	100.6	104.9	109	106.4	112.9	117.2	112.7	112.6	116.9	-	-	-	-	-
Change	-	7.61%	4%	4.51%	-1%	-	-	12.01%	4.8%	0.83%	7.2%	-1.13%	7.49%	1.11%	-0.2%	4.23%	3.93%	-2.37%	6.11%	3.8%	-3.81%	-0.1%	3.78%	-	-	-	-	-
EBIT	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Charge d'intérêts ¹	-7.763	-10.59	-10.84	-14.79	-9.6	-9.8	-12.14	-10.62	-10.57	-12.6	-16.69	-17.78	-19.21	-18.83	-18.5	-21.64	-22.16	-22.29	-23.81	-23.59	-23.35	-23.3	-23.32	-22.8	-22.9	-23.2	-22.9	-23.7
Earnings before Tax (EBT) ¹	-	-	201.1	-	-	-	-	-	-	-	-	-	-	-	-	95.21	84.41	123.8	89.4	46.09	92.8	92.8	93.7	95.4	96.5	98.1	99.9	98.9
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-11.34%	46.68%	-27.79%	-48.44%	101.34%	0%	0.97%	1.81%	1.15%	1.66%	1.83%	-1%
Net income ¹	-	-	167.7	-	-	-	-	-	-	-	-	-	-	-	-	89.1	76.16	111.6	83.7	43.85	90.2	90.2	91.1	92.8	93.8	95.4	97.2	96.2
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-14.52%	46.51%	-24.99%	-47.61%	105.7%	0%	1%	1.87%	1.08%	1.71%	1.89%	-1.03%
Announcement Date	8/11/20	11/4/20	3/3/21	5/5/21	8/4/21	11/3/21	3/9/22	5/11/22	8/10/22	11/9/22	3/8/23	5/10/23	8/9/23	11/8/23	2/28/24	5/8/24	8/7/24	11/6/24	2/26/25	5/7/25	-	-	-	-	-	-	-	-

¹CAD in Million

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-	-	2,795	2,882	-	2,934	2,814	-
Change	-	-	-	3.11%	-	-	-4.09%	-
Announcement Date	3/3/21	3/9/22	3/8/23	2/28/24	2/26/25	-	-	-

¹CAD in Million

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	1.691	-	-	-	-	-	-
Change	-	-	-	-	-	-	-
Free Cash Flow (FCF) ¹	187.7	-754.4	-419.3	123	286.6	44	83
Change	-	-502.03%	44.43%	129.33%	133.08%	-84.65%	88.64%
Announcement Date	3/3/21	3/9/22	3/8/23	2/28/24	2/26/25	-	-

¹CAD in Million

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	-	76.67%	74.78%	77.02%	75.56%	76.09%	75.21%	75.33%	-
EBIT Margin (%)	-	-	-	-	-	-	-	-	-
EBT Margin (%)	-	146.68%	-	-	-	69.01%	52.7%	59.94%	56.83%
Net margin (%)	-	126.34%	-	-	-	63.36%	51.08%	58.29%	55.28%
FCF margin (%)	-	55.16%	-191.72%	-92.03%	23.59%	50.35%	7.13%	12.76%	-
FCF / Net Income (%)	-	43.66%	-	-	-	79.47%	13.95%	21.89%	-
Profitability
ROA	2.85%	2.81%	2.39%	2.45%	2.67%	2.91%	-	-	-
ROE	13.54%	12.16%	28.35%	2.88%	2.57%	6.57%	-	-	-
Financial Health
Leverage (Debt/EBITDA)	-	-	-	7.97x	7.32x	-	6.32x	5.74x	-
Debt / Free cash flow	-	-	-	-6.67x	23.44x	-	66.68x	33.9x	-
Capital Intensity
CAPEX / Current Assets (%)	-	0.5%	-	-	-	-	-	-	-
CAPEX / EBITDA (%)	-	0.65%	-	-	-	-	-	-	-
CAPEX / FCF (%)	-	0.9%	-	-	-	-	-	-	-
Items per share
Cash flow per share ¹	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-
Dividend per Share ¹	-	-	-	-	-	3.3	3.403	3.437	-
Change	-	-	-	-	-	-	3.13%	0.98%	-
Book Value Per Share ¹	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-
EPS ¹	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-
Nbr of stocks (in thousands)	-	-	-	-	-	62,740	60,897	60,897	-
Announcement Date	-	-	-	-	-	2/26/25	-	-	-