NYSE · Financial Statements

Granite Real Estate Investment Trust (GRP-UN) Financial Statements

$59.19 NYSE: GRP-UN Market Cap $3.59B

Granite Real Estate Investment Trust most recently reported annual revenue of $569.0M, net profit of $361.0M. Revenue grew at an average annual rate of 15.8% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Granite Real Estate Investment Trust: Revenue rose from $216.0M in 2015 to $569.0M in 2024, a change of +163.4% over 9 years; net profit was positive in all 10 reported years; operating margin moved from 74.6% to 76.5%, a shift of +1.8 percentage points; the most recent year shows net profit of $361.0M.

Income Statement — 10 Years (USD millions)

Metric2015201620172018201920202021202220232024
Revenue$216.0M$223.0M$223.0M$247.0M$273.0M$340.0M$393.0M$456.0M$521.0M$569.0M
Operating Expenses$55.0M$36.0M$42.0M$31.0M$66.0M$340.0M$101.0M$106.0M$129.0M$134.0M
Operating Profit$161.0M$187.0M$181.0M$217.0M$206.0M$0$293.0M$349.0M$393.0M$435.0M
Operating Margin74.6%83.8%81.2%87.5%75.7%0.0%74.5%76.7%75.3%76.5%
Other Income$47.0M$141.0M$186.0M$340.0M$218.0M$499.0M$1.3B$-257.0M$-264.0M$-43.0M
Interest$19.0M$20.0M$20.0M$19.0M$0$0$39.0M$45.0M$73.0M$86.0M
Depreciation$1.0M$54.0M$79.0M$84.0M$1.0M$1.0M$1.0M$2.0M$1.0M$1.0M
Profit Before Tax$232.0M$328.0M$371.0M$518.0M$425.0M$499.0M$1.6B$92.0M$129.0M$393.0M
Tax$15.6M$14.5M$3.6M$10.2M$10.0M$13.8M$15.5M$-69.1M$-7.4M$7.9M
Net Profit$193.0M$279.0M$358.0M$465.0M$382.0M$430.0M$1.3B$156.0M$137.0M$361.0M
EPS$4.11$5.93$7.63$10.18$7.80$7.58$20.47$2.39$2.14$5.71
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricDec '22Mar '23Jun '23Sep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25
Revenue$126.0M$130.0M$130.0M$131.0M$130.0M$139.0M$140.0M$142.0M$148.0M$155.0M$149.0M$153.0M
Operating Expenses$32.0M$37.0M$31.0M$59.0M$30.0M$34.0M$31.0M$35.0M$34.0M$38.0M$36.0M$40.0M
Operating Profit$94.0M$93.0M$100.0M$72.0M$100.0M$105.0M$110.0M$107.0M$114.0M$117.0M$113.0M$113.0M
Operating Margin74.7%71.6%76.5%54.8%77.2%75.4%78.1%75.2%77.2%75.6%75.7%73.9%
Interest$0$0$0$0$0$0$21.0M$21.0M$23.0M$23.0M$23.0M$24.0M
Profit Before Tax$-149.0M$2.0M$68.0M$26.0M$33.0M$95.0M$84.0M$124.0M$89.0M$46.0M$106.0M$54.0M
Tax$15.3M$-563.3M$11.1M$-30.9M$3.1M$6.6M$9.5M$9.7M$5.1M$4.8M$10.4M$-27.1M
Net Profit$-126.0M$10.0M$62.0M$33.0M$31.0M$89.0M$76.0M$112.0M$84.0M$44.0M$95.0M$68.0M
EPS$-1.98$0.15$0.98$0.52$0.49$1.40$1.21$1.77$1.33$0.70$1.55$1.11

Over the 10 years reported for Granite Real Estate Investment Trust, borrowings increased from $564.0M in 2015 to $3.1B in 2024, cash stood at $126.0M in the latest year, shareholders' equity was $3.3B, current assets covered current liabilities 1.07 times.

Balance Sheet — 10 Years (USD millions)

Metric2015201620172018201920202021202220232024
Total Assets$2.7B$2.9B$3.2B$4.2B$4.8B$6.7B$8.6B$9.3B$9.1B$9.6B
Current Assets$129.0M$251.0M$466.0M$710.0M$322.0M$846.0M$487.0M$274.0M$152.0M$158.0M
Cash$119.0M$246.0M$69.0M$658.0M$299.0M$831.0M$403.0M$135.0M$116.0M$126.0M
Inventory$0$0$3.0M$0$0$0$0$0$0$0
Receivables$7.0M$1.0M$2.0M$4.0M$8.0M$7.0M$12.0M$83.0M$13.0M$19.0M
Fixed Assets$1.0M$1.0M$1.0M$1.0M$4.4B$5.8B$2.0M$4.0M$3.0M$4.0M
Capital Work in Progress$0$0$0$0$0$0$0$0$0$0
Investments$0$-6.0M$2.7B$34.0M$0$29.0M$0$0$0$0
Other Assets$0$0$0$0$0$0$0$0$0$0
Total Liabilities$873.0M$962.0M$1.1B$1.7B$1.7B$2.8B$3.2B$3.8B$3.8B$3.9B
Current Liabilities$103.0M$58.0M$116.0M$85.0M$85.0M$374.0M$164.0M$619.0M$384.0M$147.0M
Borrowings$564.0M$647.0M$680.0M$1.2B$1.3B$2.3B$2.5B$3.1B$3.1B$3.1B
Other Liabilities$309.0M$315.0M$389.0M$493.0M$405.0M$499.0M$787.0M$731.0M$684.0M$770.0M
Equity$2.1B$2.1B$2.1B$2.1B$2.6B$3.1B$3.4B$3.3B$3.3B$3.3B
Reserves$1.8B$1.9B$2.1B$2.5B$3.1B$3.9B$5.3B$5.5B$5.3B$5.7B

For Granite Real Estate Investment Trust, operating cash flow was positive in 10 of 10 reported years; free cash flow in the latest year was $338.0M; free cash flow was positive in 10 of 10 years; financing activities used $31.0M in the latest year, which covers debt repayment, dividends and buybacks.

Cash Flow Statement — 10 Years (USD millions)

Metric2015201620172018201920202021202220232024
Operating Cash Flow$160.0M$160.0M$159.0M$158.0M$183.0M$244.0M$262.0M$277.0M$313.0M$339.0M
Investing Cash Flow$-48.0M$4.0M$-559.0M$159.0M$-907.0M$-1.1B$-1.0B$-767.0M$-128.0M$-66.0M
Financing Cash Flow$0$-16.0M$-14.0M$-67.0M$-7.0M$-25.0M$-22.0M$-162.0M$-46.0M$-31.0M
Net Cash Flow$3.0M$127.0M$-177.0M$589.0M$-360.0M$533.0M$-429.0M$-267.0M$-19.0M$10.0M
Free Cash Flow$133.0M$140.0M$75.0M$125.0M$153.0M$179.0M$262.0M$277.0M$313.0M$338.0M

Valuation & Return Ratios

MetricValue
PEG Ratio0.54
EV / EBITDA17.22
FCF Yield6.45%
Quick Ratio0.59
Interest Coverage5.04
Return 1Y—
Return 3Y—
Return 5Y—

Granite Real Estate Investment Trust (GRP-UN) financials — frequently asked questions

What is Granite Real Estate Investment Trust's annual revenue?

Granite Real Estate Investment Trust (GRP-UN) reported annual revenue of $569.0M in its most recent fiscal year.

What is Granite Real Estate Investment Trust's net profit?

Granite Real Estate Investment Trust (GRP-UN) reported net profit of $361.0M in its most recent fiscal year.

What is GRP-UN EV/EBITDA?

Granite Real Estate Investment Trust's enterprise value to EBITDA (EV/EBITDA) ratio is 17.22.

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