Revenue expansion remains robust at 7.8% year-over-year as of 2025Q3, supported by a resilient triple-net lease structure that sustained an 83.1% NOI margin.
| 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 |
|---|
| Revenue | 604.98M | 569.14M | 521.25M | 455.58M | 393.49M | 340.2M | 272.82M | 247.48M | 222.64M | 223.4M | 216.3M | 207.41M | 203.25M | 181.12M | 186.79M | 358.42M | 384.63M | 942.55M | 786.92M | 1.01B | 909.92M | 1.03B | 1.06B | 986.2M | 877.52M |
| Revenue Growth % | 9.81% | 9.19% | 14.41% | 15.78% | 15.66% | 24.7% | 10.24% | 11.16% | -0.34% | 3.28% | 4.29% | 2.05% | 12.22% | -3.04% | -47.88% | -6.82% | -59.19% | 19.78% | -22.08% | 10.99% | -11.36% | -2.75% | 7.03% | 12.39% | - |
| Property Operating Expenses | 107.64M | 97.15M | 86.01M | 75.22M | 60.81M | 47.16M | 35.36M | 30.94M | 9.3M | 7.64M | 7.06M | 6.88M | 5.57M | 5.69M | 3.15M | 191.63M | 143.9M | 676.51M | 567.86M | 771.43M | 699.39M | 810.16M | 793.45M | 0 | 0 |
| Net Operating Income (NOI) | 497.34M | 471.99M | 435.24M | 380.36M | 332.68M | 293.04M | 237.46M | 216.54M | 213.34M | 215.76M | 209.24M | 200.53M | 197.67M | 175.42M | 183.65M | 166.79M | 240.74M | 266.04M | 219.07M | 238.51M | 210.53M | 216.32M | 262.05M | 986.2M | 877.52M |
| NOI Margin % | 82.21% | 82.93% | 83.5% | 83.49% | 84.55% | 86.14% | 87.04% | 87.5% | 95.82% | 96.58% | 96.74% | 96.68% | 97.26% | 96.86% | 98.32% | 46.53% | 62.59% | 28.23% | 27.84% | 23.62% | 23.14% | 21.07% | 24.83% | 100% | 100% |
| Operating Expenses | 40.15M | 36.73M | 42.56M | 31.06M | 39.72M | 293.04M | 30.96M | 29.7M | 32.27M | 28.67M | 29.04M | 28.68M | 25.29M | 73.7M | 92.46M | 156.47M | 114.6M | 211.22M | 219.7M | 350.5M | 242.05M | 267.98M | 186.67M | 970.08M | 825.41M |
| G&A Expenses | 39.58M | 36.34M | 40.3M | 28.6M | 37.77M | 31.64M | 30.96M | 29.4M | 26.07M | 27.96M | 28.32M | 28.06M | 24.83M | 30.93M | 48.4M | 76.54M | 55.57M | 104.56M | 96.06M | 113.3M | 106.42M | 118.46M | 103.71M | 79.29M | 61.89M |
| EBITDA | 458.44M | 436.55M | 393.94M | 350.89M | 294.28M | 533.78M | 207.4M | 300.16M | 259.43M | 240.99M | 162.17M | 148.51M | 149.76M | 128.58M | 99.63M | 10.13M | 57.08M | -46.79M | 81.74M | -14.44M | 57.79M | 35.46M | 158.34M | 69.69M | 110.59M |
| EBITDA Margin % | 75.78% | 76.7% | 75.58% | 77.02% | 74.79% | 156.9% | 76.02% | 121.29% | 116.53% | 107.87% | 74.98% | 71.6% | 73.68% | 70.99% | 53.34% | 2.83% | 14.84% | -4.96% | 10.39% | -1.43% | 6.35% | 3.45% | 15% | 7.07% | 12.6% |
| Depreciation & Amortization | 1.25M | 1.29M | 1.27M | 1.6M | 1.32M | 1.15M | 906K | 83.62M | 78.58M | 53.9M | 720K | 621K | 454K | 42.77M | 44.06M | 50.45M | 50.61M | 107.64M | 82.38M | 97.55M | 89.32M | 87.11M | 82.97M | 53.57M | 58.48M |
| D&A / Revenue % | 0.21% | 0.23% | 0.24% | 0.35% | 0.34% | 0.34% | 0.33% | 33.79% | 35.29% | 24.12% | 0.33% | 0.3% | 0.22% | 23.62% | 23.59% | 14.07% | 13.16% | 11.42% | 10.47% | 9.66% | 9.82% | 8.49% | 7.86% | 5.43% | 6.66% |
| Operating Income | 457.19M | 435.26M | 392.67M | 349.3M | 292.96M | 0 | 206.49M | 216.54M | 180.85M | 187.1M | 161.45M | 147.88M | 149.31M | 85.8M | 55.57M | -40.31M | 6.47M | -154.43M | -636.2K | -112M | -31.53M | -51.66M | 75.37M | 16.12M | 52.1M |
| Operating Margin % | 75.57% | 76.48% | 75.33% | 76.67% | 74.45% | 0% | 75.69% | 87.5% | 81.23% | 83.75% | 74.64% | 71.3% | 73.46% | 47.37% | 29.75% | -11.25% | 1.68% | -16.38% | -0.08% | -11.09% | -3.47% | -5.03% | 7.14% | 1.63% | 5.94% |
| Interest Expense | 4M | 86.44M | 72.86M | 45.18M | 39.39M | 0 | 0 | 18.54M | 19.79M | 19.71M | 18.84M | 23.94M | 20.32M | 16.39M | 16.99M | 16.45M | 19.88M | 55.62M | 38.61M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 5.54x | 2.77x | 3.04x | 40.37x | - | - | 28.93x | 19.63x | 17.66x | 13.30x | 4.01x | 6.43x | 10.84x | 4.12x | 7.41x | -1.40x | -0.69x | 1.42x | - | - | - | - | - | - |
| Non-Operating Income | 70.02M | -43.93M | 190.8M | 211.96M | -1.3B | -532.63M | 1.36M | -358.38M | -203.63M | -160.23M | -66.11M | 51.55M | 26.67M | -33.18M | 1.89M | -41.55M | 41.01M | 30.85M | -44.29M | 1 | 0 | 6.4M | 235.28M | 0 | 0 |
| Pretax Income | 295.18M | 392.76M | 129.01M | 92.16M | 1.55B | 499.02M | 424.94M | 518.01M | 371.17M | 328.32M | 231.7M | 72.15M | 113.93M | 85.78M | 55.66M | -18.57M | -50.35M | -118.26M | 5.04M | 28.34M | -19.55M | -38.76M | -151.71M | 23.34M | 86.48M |
| Pretax Margin % | 48.79% | 69.01% | 24.75% | 20.23% | 394.13% | 146.68% | 155.76% | 209.31% | 166.71% | 146.96% | 107.12% | 34.79% | 56.06% | 47.36% | 29.8% | -5.18% | -13.09% | -12.55% | 0.64% | 2.81% | -2.15% | -3.78% | -14.37% | 2.37% | 9.86% |
| Income Tax | 3.35M | 30.87M | -9.49M | -63.66M | 240.57M | 69.09M | 42.67M | 52.65M | 13.42M | 47.63M | 36.16M | 8.49M | -31.34M | 14.45M | -4.78M | 33.45M | 1.82M | -22.78M | 12.85M | 12.21M | 22.04M | 19.27M | -52.77M | 15.05M | 29.38M |
| Effective Tax Rate % | 1.13% | 7.86% | -7.36% | -69.08% | 15.51% | 13.85% | 10.04% | 10.16% | 3.62% | 14.51% | 15.6% | 11.77% | -27.5% | 16.84% | -8.59% | -180.09% | -3.61% | 19.26% | 254.87% | 43.06% | -112.75% | -49.71% | 34.78% | 64.46% | 33.97% |
| Net Income | 290.62M | 360.61M | 136.66M | 155.77M | 1.31B | 429.8M | 382.08M | 465.16M | 357.7M | 279.32M | 193.33M | 70.21M | 145.03M | 71.34M | 159.07M | -52.02M | -44.28M | -3.91M | 39.13M | 69.78M | 7.62M | -10.22M | -41.94M | 16.61M | 52.87M |
| Net Margin % | 48.04% | 63.36% | 26.22% | 34.19% | 332.9% | 126.34% | 140.05% | 187.95% | 160.67% | 125.03% | 89.38% | 33.85% | 71.36% | 39.39% | 85.16% | -14.51% | -11.51% | -0.42% | 4.97% | 6.91% | 0.84% | -1% | -3.97% | 1.68% | 6.02% |
| Net Income Growth % | -5.7% | 163.87% | -12.27% | -88.11% | 204.78% | 12.49% | -17.86% | 30.04% | 28.06% | 44.48% | 175.35% | -51.59% | 103.3% | -55.15% | 405.78% | -17.48% | -1031.38% | -110% | -43.93% | 816.02% | 174.56% | 75.64% | -352.52% | -68.58% | - |
| Funds From Operations (FFO) | 291.86M | 361.9M | 137.93M | 157.37M | 1.31B | 430.95M | 382.99M | 548.78M | 436.28M | 333.22M | 194.05M | 70.83M | 145.49M | 114.11M | 203.13M | -1.58M | 6.33M | 103.72M | 121.5M | 167.34M | 96.94M | 76.9M | 41.03M | 70.18M | 111.35M |
| FFO Margin % | 48.24% | 63.59% | 26.46% | 34.54% | 333.24% | 126.68% | 140.38% | 221.74% | 195.96% | 149.16% | 89.72% | 34.15% | 71.58% | 63% | 108.75% | -0.44% | 1.65% | 11% | 15.44% | 16.57% | 10.65% | 7.49% | 3.89% | 7.12% | 12.69% |
| FFO Growth % | 100.73% | 162.37% | -12.35% | -88% | 204.27% | 12.53% | -30.21% | 25.78% | 30.93% | 71.72% | 173.96% | -51.31% | 27.5% | -43.82% | 12995.27% | -124.89% | -93.9% | -14.63% | -27.39% | 72.62% | 26.07% | 87.43% | -41.54% | -36.97% | - |
| FFO per Share | 4.76 | 5.73 | 2.18 | 2.41 | 20.49 | 7.60 | 7.82 | 12.01 | 9.30 | 7.07 | 4.12 | 1.50 | 3.10 | 2.43 | 4.32 | -0.03 | 0.14 | 2.22 | 2.53 | 3.46 | 2.01 | 1.60 | 0.85 | 1.52 | 2.41 |
| FFO Payout Ratio % | 71.41% | 57.43% | 147.83% | 128.54% | 14.57% | 37.84% | 39.32% | 22.8% | 28.11% | 33.94% | 55.82% | 145.7% | 62.09% | 82.22% | 18.57% | -1523.56% | 504.95% | 32.88% | 23.5% | 20.19% | 31.23% | 27.11% | 0% | 0% | 0% |
| EPS (Diluted) | 4.74 | 5.71 | 2.14 | 2.39 | 20.47 | 7.58 | 7.80 | 10.18 | 7.63 | 5.93 | 4.11 | 1.49 | 3.09 | 3.20 | 3.24 | -1.11 | -0.95 | -0.08 | 0.81 | 1.45 | 0.16 | -0.21 | -0.87 | 0.36 | 1.15 |
| EPS Growth % | -3.7% | 166.82% | -10.46% | -88.32% | 170.05% | -2.82% | -23.38% | 33.42% | 28.67% | 44.28% | 175.84% | -51.78% | -3.44% | -1.23% | 391.89% | -16.84% | -1033.65% | -110.35% | -44.14% | 806.25% | 176.19% | 75.86% | -341.67% | -68.7% | - |
| EPS (Basic) | - | 5.72 | 2.15 | 2.39 | 20.47 | 7.59 | 7.80 | 10.18 | 7.63 | 5.93 | 4.11 | 1.49 | 3.09 | 3.20 | 3.25 | -1.11 | -0.95 | -0.08 | 0.81 | 1.45 | 0.16 | -0.21 | -0.87 | 0.36 | 1.15 |
| Diluted Shares Outstanding | 61.3M | 63.2M | 63.36M | 65.3M | 64M | 56.7M | 49M | 45.69M | 46.9M | 47.12M | 47.1M | 47.07M | 46.95M | 46.88M | 46.97M | 46.71M | 46.71M | 46.71M | 48.08M | 48.35M | 48.32M | 48.16M | 48.13M | 46.13M | 46.13M |
Automotive sector concentration risk
As reported in recent financial statements, Granite's revenue grew to $153.0M in 2025Q3, reflecting a 7.8% year-over-year increase, which suggests that the REIT's strategic pivot toward greenfield development in the United States and Europe is successfully offsetting the maturity of its legacy Canadian asset base.
The consistent revenue growth trajectory indicates that the REIT is effectively capturing market rent spreads despite a challenging global macroeconomic environment. Investors should monitor whether the shift toward speculative development projects will continue to support this top-line momentum without compromising the portfolio's historical occupancy stability.
Based on the provided quarterly data, Granite maintained a robust NOI margin of 83.1% in 2025Q3, demonstrating that the triple-net lease structure remains highly effective at insulating the REIT from inflationary pressures on property-level operating expenses like utilities and maintenance costs.
This high margin profile appears to be a direct result of the institutional quality of the industrial assets, which minimizes the need for intensive property management interventions. The stability of these margins suggests that the REIT's cost-recovery mechanisms are functioning as intended, preserving cash flow for distribution and reinvestment.
According to the REIT's reported figures, FFO per share experienced significant quarterly fluctuations, dropping to $1.11 in 2025Q3 from $1.55 in 2025Q2, which warrants further investigation into the underlying drivers of this volatility, such as non-recurring items or the timing of capital recycling activities.
While the long-term lease structure provides a baseline of predictability, the erratic FFO growth rates suggest that investors should look beyond headline quarterly figures to assess the true cash-generating capacity of the portfolio. The inconsistency in FFO performance may indicate that the REIT's current development-heavy strategy is introducing temporary earnings noise.
Based on an analysis of the provided income statement data, the significant variance between FFO and net income, combined with the recent pivot toward speculative development, suggests that the REIT's earnings quality may be increasingly sensitive to construction execution risks and potential leasing delays.
The reliance on development to drive growth represents a departure from the REIT's traditional acquisition-based model, potentially introducing higher volatility into future cash flows. Analysts should remain cautious regarding whether the current valuation adequately prices in the risks associated with these capital-intensive projects in the U.S. and European markets.
Quick answers to the most common questions about buying GRP-UN stock.
For fiscal year 2024, Granite Real Estate Investment Trust (GRP-UN) reported total revenue of $569.1M. This represents a 35.1% decline compared to $877.5M in 2001.
Granite Real Estate Investment Trust (GRP-UN) is profitable, generating $360.6M in net income for the fiscal year ending 2024 with a net profit margin of 63.4%.
Granite Real Estate Investment Trust (GRP-UN) reported an operating income of $435.3M, resulting in an operating profit margin of 76.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Granite Real Estate Investment Trust (GRP-UN) generated $472.0M in gross profit for the year, representing a gross profit margin of 82.9%. This demonstrates the company's core pricing power and production efficiency.