Granite Real Estate Investment Trust (GRP-UN) Revenue History
Annual and quarterly revenue from 2001 to present
GRP-UN Revenue Over Time (2001–2024)
GRP-UN Revenue Growth History
15 of 23 years with positive growth- FY2001 revenue growth
- N/A
- FY2002 revenue growth
- +12.4%
- FY2003 revenue growth
- +7.0%
- FY2004 revenue growth
- -2.7%
- FY2005 revenue growth
- -11.4%
- FY2006 revenue growth
- +11.0%
- FY2007 revenue growth
- -22.1%
- FY2008 revenue growth
- +19.8%
- FY2009 revenue growth
- -59.2%
- FY2010 revenue growth
- -6.8%
- FY2011 revenue growth
- -47.9%
- FY2012 revenue growth
- -3.0%
- FY2013 revenue growth
- +12.2%
- FY2014 revenue growth
- +2.0%
- FY2015 revenue growth
- +4.3%
- FY2016 revenue growth
- +3.3%
- FY2017 revenue growth
- -0.3%
- FY2018 revenue growth
- +11.2%
- FY2019 revenue growth
- +10.2%
- FY2020 revenue growth
- +24.7%
- FY2021 revenue growth
- +15.7%
- FY2022 revenue growth
- +15.8%
- FY2023 revenue growth
- +14.4%
- FY2024 revenue growth
- +9.2%
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2025 | $153.0M | +7.8% |
| Q2 2025 | $149.3M | +6.4% |
| Q1 2025 | $154.7M | +11.3% |
| Q4 2024 | $148.0M | +14.0% |
| Q3 2024 | $141.9M | +7.9% |
| Q2 2024 | $140.3M | +7.6% |
| Q1 2024 | $138.9M | +7.2% |
| Q4 2023 | $129.8M | +3.4% |
Multi-year avg. share of annual revenue by fiscal quarter
Revenue Breakdown
GRP-UN's revenue distribution by segment and geography
By Geography
GRP-UN Revenue Analysis (2001–2024)
Current Revenue & Growth
As of June 30, 2026, Granite Real Estate Investment Trust (GRP-UN) generated trailing twelve-month (TTM) revenue of $605.0 million, reflecting solid growth of +7.8% year-over-year. The most recent quarter (Q3 2025) recorded $153.0 million in revenue, up 2.5% sequentially.
Historical Growth Trajectory
GRP-UN's 5-year compound annual growth rate (CAGR) stands at +15.8%, indicating consistent double-digit revenue growth. The 3-year CAGR of +13.1% is below the 5-year average, signalling a growth deceleration in recent years. Granite Real Estate Investment Trust's highest annual revenue of $1.06 billion was recorded in 2003.
Peer Comparison
Compared to Real Estate sector peers — including PLD (+6.7% YoY), STAG (+10.0% YoY), and EGP (+12.2% YoY) — GRP-UN has outperformed the peer group in revenue growth. Compare GRP-UN vs PLD →
GRP-UN Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| GRP-UNCurrent | $605M | +7.8% | +15.8% | 76.5% | |
 PLD | $8.8B | +6.7% | +14.6% | 40.2% | |
 STAG | $845M | +10.0% | +11.8% | 37.7% | |
 EGP | $721M | +12.2% | +14.7% | 39.9% | |
 FR | $727M | +8.5% | +10.2% | 42.3% | |
 REXR | $1.0B | +1.4% | +24.9% | 37.9% |
GRP-UN Historical Revenue Data (2001–2024)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2024 | $569.1M | +9.2% | $472.0M | 82.9% | $435.3M | 76.5% |
| 2023 | $521.3M | +14.4% | $435.2M | 83.5% | $392.7M | 75.3% |
| 2022 | $455.6M | +15.8% | $380.4M | 83.5% | $349.3M | 76.7% |
| 2021 | $393.5M | +15.7% | $332.7M | 84.5% | $293.0M | 74.5% |
| 2020 | $340.2M | +24.7% | $293.0M | 86.1% | $0 | - |
| 2019 | $272.8M | +10.2% | $237.5M | 87.0% | $206.5M | 75.7% |
| 2018 | $247.5M | +11.2% | $216.5M | 87.5% | $216.5M | 87.5% |
| 2017 | $222.6M | -0.3% | $213.3M | 95.8% | $180.9M | 81.2% |
| 2016 | $223.4M | +3.3% | $215.8M | 96.6% | $187.1M | 83.7% |
| 2015 | $216.3M | +4.3% | $209.2M | 96.7% | $161.5M | 74.6% |
| 2014 | $207.4M | +2.0% | $200.5M | 96.7% | $147.9M | 71.3% |
| 2013 | $203.2M | +12.2% | $197.7M | 97.3% | $149.3M | 73.5% |
| 2012 | $181.1M | -3.0% | $175.4M | 96.9% | $85.8M | 47.4% |
| 2011 | $186.8M | -47.9% | $183.6M | 98.3% | $55.6M | 29.7% |
| 2010 | $358.4M | -6.8% | $166.8M | 46.5% | $-40,311,449 | -11.2% |
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
25+ years return with dividends reinvested.
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Peer Comparison
Compare growth, multiples, and margins vs sector.
GRP-UN — Frequently Asked Questions
Quick answers to the most common questions about buying GRP-UN stock.
Is GRP-UN's revenue growth accelerating or slowing?
GRP-UN revenue growth is holding steady at +7.8% year-over-year. TTM revenue is $605M. The current growth rate closely tracks the 5-year CAGR of +15.8%, signalling consistent execution.
What is GRP-UN's revenue history from 2001 to 2026?
Granite Real Estate Investment Trust (GRP-UN) revenue history spans 2001 to 2026. TTM revenue as of 2026 is $605M, growing at +7.8% YoY. The 5-year CAGR is +15.8%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is GRP-UN's long-term revenue growth rate (CAGR)?
Granite Real Estate Investment Trust's 5-year revenue CAGR of +15.8% reflects the sustained nature of its business expansion. As of 2026, the current YoY growth rate of +7.8% is in line with this long-term average. CAGR is the most reliable measure of sustained revenue momentum for GRP-UN.
Why does GRP-UN's quarterly revenue fluctuate?
GRP-UN quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. Granite Real Estate Investment Trust's revenue data from 2001 to 2026 shows full historical quarterly detail on this page.
How is GRP-UN's revenue distributed by segment?
GRP-UN reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does GRP-UN's revenue compare to industry peers?
Granite Real Estate Investment Trust (GRP-UN) with TTM revenue of $605M and +7.8% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.