The REIT maintains a conservative capital structure with a debt-to-equity ratio of 0.61 as of 2025Q3, providing a stable buffer against interest rate volatility.
| Metric | TTM | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 |
|---|
| Total Assets | 9.63B | 9.62B | 9.07B | 9.28B | 8.57B | 6.75B | 4.8B | 4.19B | 3.21B | 2.91B | 2.73B | 2.45B | 2.47B | 1.22B | 1.25B | 1.94B | 2.01B | 3.14B | 2.87B | 3.29B | 3.33B | 3.65B | 3.41B | 3.65B | 2.64B |
| Asset Growth % | 15.96% | 6.1% | -2.31% | 8.33% | 26.96% | 40.46% | 14.69% | 30.64% | 10.12% | 6.58% | 11.61% | -0.85% | 102.65% | -2.57% | -35.7% | -3.18% | -36.05% | 9.38% | -12.72% | -1.35% | -8.75% | 7.07% | -6.47% | 38.47% | - |
| Real Estate & Other Assets | 3.23M | 9.46B | 8.91B | 9B | 8.07B | 51.84M | 51.06M | 3.47B | -5.08M | 2.65B | 2.59B | 2.31B | 2.35B | 2.17M | 1.18B | 32.88M | 395.88M | 151.38M | 104.93M | 29.76M | 34.9M | 38.71M | 26.23M | 0 | 0 |
| PP&E (Net) | 9.11B | 3.91M | 3.15M | 4.04M | 2.49M | 5.82B | 4.43B | 771K | 951K | 775K | 1.2M | 1.75M | 1.94M | 1.84M | 35.73K | 1.68B | 1.46B | 2.61B | 2.34B | 2.66B | 2.7B | 2.8B | 2.72B | 2.17B | 1.69B |
| Investment Securities | 1000K | 0 | 0 | 0 | 0 | 1000K | 0 | 1000K | 1000K | -1000K | 90K | 843K | 678K | 1000K | 0 | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 516.83M | 158M | 151.7M | 273.59M | 486.53M | 845.84M | 321.84M | 709.99M | 465.51M | 250.66M | 128.85M | 126.07M | 104.67M | 61.24M | 70.74M | 155.77M | 146.75M | 301.68M | 259.56M | 411.08M | 404.18M | 476.52M | 304.8M | 260.98M | 139.38M |
| Cash & Equivalents | 127.93M | 126.17M | 116.13M | 135.08M | 402.51M | 831.28M | 298.68M | 658.25M | 69.02M | 246.22M | 119.16M | 116.23M | 95.52M | 51.07M | 57.13M | 85.42M | 141.53M | 177.41M | 144.37M | 291.7M | 182.88M | 348.25M | 168.44M | 149.39M | 70.33M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Current Assets | 381.79M | 12.95M | 22.81M | 55.86M | 64.61M | 7.82M | 15.35M | 47.43M | 394.18M | 3.38M | 2.67M | 7.59M | 6.66M | 522K | 0 | 67.36M | 479.57K | 139.61M | 22.51M | 47.45M | 49.62M | 37.97M | 34.42M | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.31M | 1.07M | 0 | 0 | 0 | 8.9M | 0 | 24.76M | 0 | 0 | 108.81M | 128.06M | 127.6M | 289.59M | 306.16M | 0 | 0 |
| Total Liabilities | 4.12B | 3.88B | 3.78B | 3.8B | 3.25B | 2.83B | 1.66B | 1.69B | 1.07B | 961.91M | 873.05M | 811.51M | 792.12M | 341.2M | 337.49M | 452.02M | 344.09M | 1.13B | 997.57M | 1.12B | 1.26B | 1.33B | 930.14M | 922.65M | 545.68M |
| Total Debt | 3.34B | 3.11B | 3.1B | 3.07B | 2.46B | 2.33B | 1.25B | 1.2B | 679.86M | 646.77M | 564.02M | 575.77M | 557.11M | 263.59M | 264.27M | 279.68M | 265.13M | 727.74M | 646.09M | 740.09M | 810.2M | 870.19M | 522.11M | 297.7M | 147.44M |
| Net Debt | 3.21B | 2.99B | 2.98B | 2.93B | 2.06B | 1.49B | 951.73M | 540.17M | 610.84M | 400.55M | 444.87M | 459.54M | 461.59M | 212.52M | 207.14M | 194.26M | 123.6M | 550.33M | 501.71M | 448.4M | 627.32M | 521.95M | 353.67M | 148.31M | 77.12M |
| Long-Term Debt | 3.21B | 3.08B | 2.82B | 2.58B | 2.43B | 2.03B | 1.22B | 1.2B | 647.31M | 646.77M | 523.77M | 512.3M | 503.93M | 263.59M | 263.24M | 264.35M | 264.9M | 462.48M | 574.36M | 632.11M | 700.79M | 768.52M | 437.41M | 297.7M | 147.44M |
| Short-Term Borrowings | 99.38M | 0 | 244.13M | 451.08M | 0 | 266.82M | 0 | 0 | 32.55M | 0 | 40.25M | 63.48M | 53.18M | 0 | 0 | 15.33M | 230.36K | 265.26M | 49.87M | 108.02M | 75.34M | 54.79M | 84.69M | 0 | 0 |
| Capital Lease Obligations | 138.69M | 34.39M | 33.18M | 33.72M | 32.15M | 33.77M | 33.05M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 157.99M | 0 | 0 | 0 | 0 | 0 | -28.74M | 17.01M | 0 | 0 | 0 |
| Total Current Liabilities | 283.32M | 147.03M | 384.49M | 619.32M | 164.38M | 373.92M | 85.09M | 84.63M | 115.75M | 58.47M | 103.17M | 128.87M | 106.8M | 45.21M | 38.87M | 116.76M | 39.58M | 488.89M | 254.5M | 309.28M | 338M | 309.76M | 203.69M | 191.28M | 167.6M |
| Accounts Payable | 132.04M | 13.54M | 11.4M | 11.2M | 7.98M | 3.85M | 6.84M | 5.35M | 5.68M | 5.66M | 4.6M | 4.61M | 5.83M | 5.56M | 4.54M | 6.81M | 22.17M | 147.83M | 139.11M | 183.33M | 192.94M | 202.75M | 166.61M | 191.28M | 167.6M |
| Deferred Revenue | 0 | 18.68M | 17.81M | 17.36M | 12.1M | 0 | 0 | 4.29M | 3.96M | 5.49M | 7.06M | 5.3M | 5.19M | 5.84M | 3.61M | 6.38M | 5.49M | 11.4M | 6.13M | 9.69M | 15.4M | 35.38M | 25.07M | 19.56M | 12.78M |
| Other Liabilities | 592.24M | 32.3M | 8.43M | 6.39M | 18.62M | 392.84M | 320.97M | 100.47M | 57.5M | 7.78M | 5.29M | 4.27M | 3.78M | 0 | 159.03M | 1.61M | 0 | 45.87M | 25.68M | 18.41M | 31.55M | 96.01M | 0 | -622.43M | -371.14M |
| Total Equity | 5.52B | 5.74B | 5.28B | 5.48B | 5.32B | 3.92B | 3.15B | 2.5B | 2.14B | 1.95B | 1.86B | 1.64B | 1.68B | 878.04M | 912.82M | 1.49B | 1.66B | 2.01B | 1.87B | 2.16B | 2.08B | 2.33B | 2.48B | 2.73B | 2.09B |
| Equity Growth % | 14.2% | 8.57% | -3.59% | 2.98% | 35.68% | 24.59% | 26.08% | 16.8% | 9.65% | 4.89% | 13.6% | -2.4% | 90.94% | -3.81% | -38.84% | -10.32% | -17.31% | 7.43% | -13.46% | 4.17% | -10.62% | -6.36% | -8.93% | 30.48% | - |
| Shareholders Equity | 5.51B | 5.73B | 5.28B | 5.48B | 5.32B | 3.92B | 3.15B | 2.5B | 2.14B | 1.95B | 1.85B | 1.63B | 1.67B | 877M | 912.82M | 1.49B | 1.66B | 1.97B | 1.72B | 1.96B | 1.84B | 2.02B | 2.12B | 2.25B | 1.86B |
| Minority Interest | 8.7M | 8.39M | 6.69M | 4.97M | 2.88M | 2.13M | 1.97M | 1.47M | 1.25M | 1.53M | 9.76M | 6.26M | 5.28M | 1.04M | 0 | 0 | 0 | 46.24M | 154.85M | 209.93M | 236.84M | 305.02M | 366.65M | 471.84M | 225.34M |
| Common Stock | 5.51B | 3.29B | 3.33B | 3.35B | 3.44B | 3.14B | 2.61B | 2.06B | 2.12B | 2.13B | 2.12B | 2.12B | 2.12B | 2.12B | 1.55B | 1.52B | 1.6B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Additional Paid-in Capital | 0 | 0 | 5.25M | 11.6M | 53.33M | 53.33M | 54.65M | 95.79M | 60.27M | 61.42M | 61.42M | 61.42M | 61.42M | 63.17M | 62.22M | 59.03M | 61.33M | 69.44M | 27.16M | 3.1M | 2.47M | 2.86M | 2.04B | 0 | 0 |
| Retained Earnings | 0 | 1.79B | 1.63B | 1.7B | 1.75B | 631.65M | 367.25M | 124.5M | -160.69M | -395.33M | -557.09M | -642.1M | -608.67M | -898.53M | -863.53M | -266.58M | -200.17M | -109.14M | -57.87M | -80.56M | -115.59M | -96.09M | -64.17M | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 124.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | 3.03% | 3.86% | 1.49% | 1.75% | 17.11% | 7.44% | 8.5% | 12.58% | 11.69% | 9.9% | 7.47% | 2.86% | 7.87% | 5.78% | 9.96% | -2.63% | -1.72% | -0.13% | 1.27% | 2.11% | 0.22% | -0.29% | -1.19% | 0.53% | 2.01% |
| Return on Equity (ROE) | 5.21% | 6.54% | 2.54% | 2.88% | 28.34% | 12.16% | 13.54% | 20.07% | 17.5% | 14.67% | 11.06% | 4.24% | 11.35% | 7.97% | 13.23% | -3.3% | -2.41% | -0.2% | 1.94% | 3.29% | 0.35% | -0.43% | -1.61% | 0.69% | 2.53% |
| Debt / Assets | 34.69% | 32.36% | 34.18% | 33.07% | 28.69% | 34.47% | 26.03% | 28.61% | 21.2% | 22.21% | 20.65% | 23.52% | 22.57% | 21.64% | 21.14% | 14.38% | 13.2% | 23.17% | 22.5% | 22.5% | 24.3% | 23.81% | 15.3% | 8.16% | 5.59% |
| Debt / Equity | 0.61x | 0.54x | 0.59x | 0.56x | 0.46x | 0.59x | 0.40x | 0.48x | 0.32x | 0.33x | 0.30x | 0.35x | 0.33x | 0.30x | 0.29x | 0.19x | 0.16x | 0.36x | 0.34x | 0.34x | 0.39x | 0.37x | 0.21x | 0.11x | 0.07x |
| Net Debt / EBITDA | 7.01x | 6.84x | 7.57x | 8.36x | 6.98x | 2.80x | 4.59x | 1.80x | 2.35x | 1.66x | 2.74x | 3.09x | 3.08x | 1.65x | 2.08x | 19.17x | 2.17x | - | 6.14x | - | 10.85x | 14.72x | 2.23x | 2.13x | 0.70x |
| Book Value per Share | 89.97 | 90.77 | 83.40 | 83.93 | 83.15 | 69.17 | 64.25 | 54.66 | 45.58 | 41.38 | 39.47 | 34.76 | 35.71 | 18.73 | 19.43 | 31.96 | 35.63 | 43.09 | 38.97 | 44.77 | 43.01 | 48.28 | 51.59 | 59.11 | 45.30 |
Automotive sector concentration risk
As reported in recent financial statements, Granite maintains a debt-to-equity ratio of 0.61 as of 2025Q3, which remains exceptionally low for an industrial REIT and suggests a significant buffer against interest rate volatility compared to more highly levered peers in the logistics space.
The REIT's disciplined approach to debt financing appears to provide a distinct cost-of-capital advantage, allowing for opportunistic development without the immediate pressure of refinancing cycles. This conservative capital structure warrants further investigation into whether management intends to utilize this capacity for aggressive expansion or if it serves as a permanent defensive hedge.
Based on the provided balance sheet data, total assets have grown to $9.6B as of 2025Q3, reflecting a consistent expansion of the property base that appears to be driven by the strategic acquisition and development of high-specification industrial facilities across North America and Europe.
The concentration of assets in mission-critical manufacturing hubs suggests that the portfolio's value is tied to specialized infrastructure rather than generic warehouse space. Investors should monitor whether the shift toward greenfield development projects will lead to a higher proportion of non-income-producing assets on the balance sheet in future quarters.
According to the latest quarterly filings, the REIT held $127.9M in cash as of 2025Q3, providing a stable liquidity cushion that appears sufficient to support ongoing development commitments while maintaining the flexibility to navigate potential shifts in global industrial demand.
While the cash position remains stable, the reliance on internal liquidity for development projects may limit the REIT's ability to pursue large-scale acquisitions without accessing capital markets. The current liquidity profile suggests a cautious approach to capital allocation, prioritizing balance sheet strength over rapid, debt-funded growth.
Analysis of the balance sheet reveals that total liabilities have increased to $4.1B as of 2025Q3, which may indicate rising debt obligations or deferred tax liabilities associated with the REIT's international expansion and the ongoing revaluation of its global industrial property portfolio.
The discrepancy between reported net income and FFO, combined with the potential for fair value adjustments on investment properties, suggests that the balance sheet may be sensitive to regional cap-rate expansion in Europe. Investors should monitor whether these valuation adjustments could impact the REIT's debt covenants or overall financial flexibility in a sustained high-interest-rate environment.
Quick answers to the most common questions about buying GRP-UN stock.
As of 2024, Granite Real Estate Investment Trust (GRP-UN) had total assets of $9.62B including $158.0M in current assets.
Granite Real Estate Investment Trust (GRP-UN) carries total debt of $3.11B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Granite Real Estate Investment Trust (GRP-UN) has total shareholders' equity (book value) of $5.73B ($90.77 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Granite Real Estate Investment Trust (GRP-UN) reported a current ratio of 1.07x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.