Granite Real Estate Investment Trust (GRP-UN) 10-Year Financial Performance & Capital Metrics

GRP-UN • • REIT / Real Estate

Real EstateIndustrial REITsIndustrial & Logistics REITsGlobal Logistics Leaders

AboutGranite is a Canadian-based REIT engaged in the acquisition, development, ownership and management of logistics, warehouse and industrial properties in North America and Europe. Granite owns 108 investment properties representing approximately 45.3 million square feet of leasable area.Show more

Revenue $569M +9.2%
FFO $362M +162.4%
FFO/Share 5.73 +163.0%
FFO Payout 57.43% -61.1%
FFO per Share 5.73 +163.0%
NOI Margin 82.93% -0.7%
FFO Margin 63.59% +140.3%
ROE 6.54% +157.7%
ROA 3.86% +159.1%
Debt/Assets 32.36% -5.3%
Net Debt/EBITDA 6.84 -9.6%
Book Value/Share 90.77 +8.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓Sustainable FFO payout ratio of 57.4%
✓High NOI margin of 82.9%
✓Healthy dividend yield of 5.2%
✓Trading near 52-week high
✓Trading at only 0.7x book value

✗Weaknesses

✗Weak 3Y average ROE of 4.0%

Price & Volume

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Growth Metrics

Revenue CAGR

10Y10.62%

5Y15.84%

3Y13.09%

TTM9.81%

Profit (Net Income) CAGR

10Y17.78%

5Y-1.15%

3Y-34.95%

TTM-5.7%

EPS CAGR

10Y14.38%

5Y-6.05%

3Y-34.66%

TTM-3.7%

ROCE

10Y Avg5.28%

5Y Avg4.35%

3Y Avg4.47%

Latest4.79%

Peer Comparison

Global Logistics Leaders

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
PLDPrologis, Inc.	123.31B	132.75	33.10	2.22%	36.7%	5.61%	3.98%	0.54
GRP-UNGranite Real Estate Investment Trust	3.82B	63.09	11.05	9.19%	48.04%	5.27%	8.85%	0.54

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	216.3M	223.4M	222.64M	247.48M	272.82M	340.2M	393.49M	455.58M	521.25M	569.14M
Revenue Growth %	0.04%	0.03%	-0%	0.11%	0.1%	0.25%	0.16%	0.16%	0.14%	0.09%
Property Operating Expenses	7.06M	7.64M	9.3M	30.94M	35.36M	47.16M	60.81M	75.22M	86.01M	97.15M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	29.04M	28.67M	32.27M	29.7M	30.96M	293.04M	39.72M	31.06M	42.56M	36.73M
G&A Expenses	28.32M	27.96M	26.07M	29.4M	30.96M	31.64M	37.77M	28.6M	40.3M	36.34M
EBITDA+	162.17M	240.99M	259.43M	300.16M	207.4M	533.78M	294.28M	350.89M	393.94M	436.55M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	720K	53.9M	78.58M	83.62M	906K	1.15M	1.32M	1.6M	1.27M	1.29M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	161.45M	187.1M	180.85M	216.54M	206.49M	0	292.96M	349.3M	392.67M	435.26M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	18.84M	19.71M	19.79M	18.54M	0	0	39.39M	45.18M	72.86M	86.44M
Interest Coverage	8.57x	9.49x	9.14x	11.68x	-	-	7.44x	7.73x	5.39x	5.04x
Non-Operating Income	-66.11M	-160.23M	-203.63M	-358.38M	1.36M	-532.63M	-1.3B	211.96M	190.8M	-43.93M
Pretax Income+	231.7M	328.32M	371.17M	518.01M	424.94M	499.02M	1.55B	92.16M	129.01M	392.76M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	36.16M	47.63M	13.42M	52.65M	42.67M	69.09M	240.57M	-63.66M	-9.49M	30.87M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	193.33M	279.32M	357.7M	465.16M	382.08M	429.8M	1.31B	155.77M	136.66M	360.61M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	1.75%	0.44%	0.28%	0.3%	-0.18%	0.12%	2.05%	-0.88%	-0.12%	1.64%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	1.74%	0.72%	0.31%	0.26%	-0.3%	0.13%	2.04%	-0.88%	-0.12%	1.62%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	4.11	5.93	7.63	10.18	7.80	7.58	20.47	2.39	2.14	5.71
EPS Growth %	1.76%	0.44%	0.29%	0.33%	-0.23%	-0.03%	1.7%	-0.88%	-0.1%	1.67%
EPS (Basic)	4.11	5.93	7.63	10.18	7.80	7.59	20.47	2.39	2.15	5.72
Diluted Shares Outstanding	47.1M	47.12M	46.9M	45.69M	49M	56.7M	64M	65.3M	63.36M	63.2M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	2.73B	2.91B	3.21B	4.19B	4.8B	6.75B	8.57B	9.28B	9.07B	9.62B
Asset Growth %	0.12%	0.07%	0.1%	0.31%	0.15%	0.4%	0.27%	0.08%	-0.02%	0.06%
Real Estate & Other Assets+	2.59B	2.65B	-5.08M	3.47B	51.06M	51.84M	8.07B	9B	8.91B	9.46B
PP&E (Net)	1.2M	775K	951K	771K	4.43B	5.82B	2.49M	4.04M	3.15M	3.91M
Investment Securities	90K	-1000K	1000K	1000K	0	1000K	0	0	0	0
Total Current Assets+	128.85M	250.66M	465.51M	709.99M	321.84M	845.84M	486.53M	273.59M	151.7M	158M
Cash & Equivalents	119.16M	246.22M	69.02M	658.25M	298.68M	831.28M	402.51M	135.08M	116.13M	126.17M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	2.67M	3.38M	394.18M	47.43M	15.35M	7.82M	64.61M	55.86M	22.81M	12.95M
Intangible Assets	0	1.07M	2.31M	0	0	0	0	0	0	0
Total Liabilities	873.05M	961.91M	1.07B	1.69B	1.66B	2.83B	3.25B	3.8B	3.78B	3.88B
Total Debt+	564.02M	646.77M	679.86M	1.2B	1.25B	2.33B	2.46B	3.07B	3.1B	3.11B
Net Debt	444.87M	400.55M	610.84M	540.17M	951.73M	1.49B	2.06B	2.93B	2.98B	2.99B
Long-Term Debt	523.77M	646.77M	647.31M	1.2B	1.22B	2.03B	2.43B	2.58B	2.82B	3.08B
Short-Term Borrowings	1000K	0	1000K	0	0	1000K	0	1000K	1000K	0
Capital Lease Obligations	0	0	0	0	33.05M	33.77M	32.15M	33.72M	33.18M	34.39M
Total Current Liabilities+	103.17M	58.47M	115.75M	84.63M	85.09M	373.92M	164.38M	619.32M	384.49M	147.03M
Accounts Payable	4.6M	5.66M	5.68M	5.35M	6.84M	3.85M	7.98M	11.2M	11.4M	13.54M
Deferred Revenue	7.06M	5.49M	3.96M	4.29M	0	0	12.1M	17.36M	17.81M	18.68M
Other Liabilities	5.29M	7.78M	57.5M	100.47M	320.97M	392.84M	18.62M	6.39M	8.43M	32.3M
Total Equity+	1.86B	1.95B	2.14B	2.5B	3.15B	3.92B	5.32B	5.48B	5.28B	5.74B
Equity Growth %	0.14%	0.05%	0.1%	0.17%	0.26%	0.25%	0.36%	0.03%	-0.04%	0.09%
Shareholders Equity	1.85B	1.95B	2.14B	2.5B	3.15B	3.92B	5.32B	5.48B	5.28B	5.73B
Minority Interest	9.76M	1.53M	1.25M	1.47M	1.97M	2.13M	2.88M	4.97M	6.69M	8.39M
Common Stock	2.12B	2.13B	2.12B	2.06B	2.61B	3.14B	3.44B	3.35B	3.33B	3.29B
Additional Paid-in Capital	61.42M	61.42M	60.27M	95.79M	54.65M	53.33M	53.33M	11.6M	5.25M	0
Retained Earnings	-557.09M	-395.33M	-160.69M	124.5M	367.25M	631.65M	1.75B	1.7B	1.63B	1.79B
Preferred Stock	0	0	0	124.5M	0	0	0	0	0	0
Return on Assets (ROA)	0.07%	0.1%	0.12%	0.13%	0.08%	0.07%	0.17%	0.02%	0.01%	0.04%
Return on Equity (ROE)	0.11%	0.15%	0.18%	0.2%	0.14%	0.12%	0.28%	0.03%	0.03%	0.07%
Debt / Assets	0.21%	0.22%	0.21%	0.29%	0.26%	0.34%	0.29%	0.33%	0.34%	0.32%
Debt / Equity	0.30x	0.33x	0.32x	0.48x	0.40x	0.59x	0.46x	0.56x	0.59x	0.54x
Net Debt / EBITDA	2.74x	1.66x	2.35x	1.80x	4.59x	2.80x	6.98x	8.36x	7.57x	6.84x
Book Value per Share	39.47	41.38	45.58	54.66	64.25	69.17	83.15	83.93	83.40	90.77

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	159.84M	159.99M	158.68M	157.89M	183.43M	244.32M	262.26M	277.5M	313.18M	338.61M
Operating CF Growth %	0.72%	0%	-0.01%	-0%	0.16%	0.33%	0.07%	0.06%	0.13%	0.08%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	195.54M	280.69M	357.75M	465.36M	382.27M	429.93M	1.31B	155.82M	138.5M	361.88M
Depreciation & Amortization	720K	707K	335K	300K	906K	1.15M	1.32M	1.6M	1.27M	1.29M
Stock-Based Compensation	-89K	3.68M	4.91M	3.94M	7.48M	8.12M	12.44M	-167K	10.21M	5.36M
Other Non-Cash Items	-73.15M	-172.67M	-210.14M	-368.14M	-246.96M	-280.61M	-1.3B	184.01M	177.35M	-53.06M
Working Capital Changes	665K	-41K	-7.6M	3.78M	-2.94M	16.64M	-1.42M	-102K	-4.66M	-7.74M
Cash from Investing+	-20.79M	11.78M	-237.85M	95.86M	-876.09M	-1.07B	-1.03B	-766.56M	-128.13M	-65.46M
Acquisitions (Net)	0	-8.8M	-153.98M	-33.09M	892.76M	-7.01M	454K	0	0	0
Purchase of Investments	-5.99M	-19.28M	-237.12M	-615.38M	-978.3M	-1.12B	-1.03B	0	0	0
Sale of Investments	0	1000K	0	1000K	1000K	1000K	1000K	0	0	0
Other Investing	11.94M	31.29M	-175K	162.24M	-845.62M	70.6M	-44.44M	-765.75M	-127.84M	-65.33M
Cash from Financing+	-143.96M	-39.96M	-105.24M	324.18M	343.52M	1.36B	333.48M	214.56M	-203.11M	-267.5M
Dividends Paid	-108.33M	-113.09M	-122.64M	-125.13M	-150.61M	-163.06M	-191.08M	-202.28M	-203.91M	-207.85M
Common Dividends	-108.33M	-113.09M	-122.64M	-125.13M	-150.61M	-163.06M	-191.08M	-202.28M	-203.91M	-207.85M
Debt Issuance (Net)	-1000K	1000K	1000K	1000K	-598K	1000K	1000K	1000K	1000K	-1000K
Share Repurchases	-3K	-1K	-12.05M	-63.53M	-71K	-25.02M	0	-155.53M	-26.99M	-45.81M
Other Financing	-122K	-15.72M	-1.51M	-3.34M	-7.2M	-200K	-21.86M	-6.6M	-19.45M	15.14M
Net Change in Cash+	2.92M	127.06M	-177.2M	589.23M	-359.57M	532.6M	-428.77M	-267.43M	-18.95M	10.04M
Exchange Rate Effect	1000K	-1000K	1000K	1000K	-1000K	-1000K	918K	1000K	-891K	1000K
Cash at Beginning	116.23M	119.16M	246.22M	69.02M	658.25M	298.68M	831.28M	402.51M	135.08M	116.13M
Cash at End	119.16M	246.22M	69.02M	658.25M	298.68M	831.28M	402.51M	135.08M	116.13M	126.17M
Free Cash Flow+	133.11M	140.48M	74.98M	124.6M	152.96M	179.03M	261.68M	276.69M	312.9M	338.48M
FCF Growth %	1.73%	0.06%	-0.47%	0.66%	0.23%	0.17%	0.46%	0.06%	0.13%	0.08%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	4.12	7.07	9.3	12.01	7.82	7.6	20.49	2.41	2.18	5.73
FFO Payout Ratio	55.82%	33.94%	28.11%	22.8%	39.32%	37.84%	14.57%	128.54%	147.83%	57.43%
NOI Margin	96.74%	96.58%	95.82%	87.5%	87.04%	86.14%	84.55%	83.49%	83.5%	82.93%
Net Debt / EBITDA	2.74x	1.66x	2.35x	1.80x	4.59x	2.80x	6.98x	8.36x	7.57x	6.84x
Debt / Assets	20.65%	22.21%	21.2%	28.61%	26.03%	34.47%	28.69%	33.07%	34.18%	32.36%
Interest Coverage	8.57x	9.49x	9.14x	11.68x	-	-	7.44x	7.73x	5.39x	5.04x
Book Value / Share	39.47	41.38	45.58	54.66	64.25	69.17	83.15	83.93	83.4	90.77
Revenue Growth	4.29%	3.28%	-0.34%	11.16%	10.24%	24.7%	15.66%	15.78%	14.41%	9.19%

Revenue by Geography

	2024
UNITED STATES	314.18M
UNITED STATES Growth	-
CANADA	96.59M
CANADA Growth	-
AUSTRIA	73.52M
AUSTRIA Growth	-
NETHERLANDS	43.8M
NETHERLANDS Growth	-
GERMANY	41.05M
GERMANY Growth	-

Frequently Asked Questions

Valuation & Price

Granite Real Estate Investment Trust (GRP-UN) has a price-to-earnings (P/E) ratio of 11.0x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Granite Real Estate Investment Trust (GRP-UN) reported $605.0M in revenue for fiscal year 2024. This represents a 224% increase from $186.8M in 2011.

Granite Real Estate Investment Trust (GRP-UN) grew revenue by 9.2% over the past year. This is steady growth.

Yes, Granite Real Estate Investment Trust (GRP-UN) is profitable, generating $290.6M in net income for fiscal year 2024 (63.4% net margin).

Dividend & Returns

Yes, Granite Real Estate Investment Trust (GRP-UN) pays a dividend with a yield of 5.21%. This makes it attractive for income-focused investors.

Granite Real Estate Investment Trust (GRP-UN) has a return on equity (ROE) of 6.5%. This is below average, suggesting room for improvement.

Industry Metrics

Granite Real Estate Investment Trust (GRP-UN) generated Funds From Operations (FFO) of $291.9M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Granite Real Estate Investment Trust (GRP-UN) offers a 5.21% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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