GRANITE REAL ESTATE INVESTMENT TRUST financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data GRANITE REAL ESTATE INVESTMENT TRUST files with the SEC in its annual reports.

In CAD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2012	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024
Revenue	181	223	245	247	274	340	393	456	521	569
General and administrative	30.9
Operating income	85.8		213	217	238	293	333	380	435	472
Interest expense	16.4			22.4	29.9	35.8	47.2	51	78.7	89.9
Interest income	0.52
Pre-tax income	85.8	328	371	518	425	499	1,551	92.2	129	393
Income tax	14.4	47.6	13.4	52.7	42.7	69.1	241	-63.7	-9.49	30.9
Income from continuing operations	71.3
Net income to minority interests		1.37	0.05	0.2	0.2	0.12	0.34	0.05	1.83	1.27
Net income	71.3	279	358	465	382	430	1,310	156	137	361
EBITDA	129		214	217	239	294	334	382	437	473
EPS, basic	1.52
EPS, diluted	1.52
Shares, basic (weighted)	46.9
Shares, diluted (weighted)	46.9

Balance sheet

	FY2012	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024
Cash and equivalents	51.1	246	69	658	299	831	403	135	116	126
Receivables	3.66	1.07	2.31	4.32	7.81	6.75	10.8	12.2	12.2	18.3
Other current assets	0.75
Property, plant and equipment	1.84	0.78	0.95	0.77	2.12	3.29	2.49	4.04
Lease right-of-use assets								2.2		1.8
Other non-current assets	3.53
Total assets	1,218	2,912	3,206	4,189	4,804	6,747	8,567	9,280	9,066	9,620
Accounts payable	5.56	31.5	43.3	42	50.2	61.2	113	115	94.3	99.1
Accrued liabilities	3.91
Deferred revenue	5.84
Short-term debt						250	0
Lease liabilities					32.4	32.9	31.6	33	32.4	33.4
Total liabilities	341	962	1,069	1,692	1,656	2,825	3,245	3,800	3,783	3,883
Total debt		657	741	1,303	1,217	2,264	2,382	2,897	2,965	3,053
Retained earnings	-899
Other comprehensive income	-405
Shareholders' equity	877	1,948	2,137	2,496	3,146	3,920	5,319	5,475	5,277	5,728
Minority interests		1.53	1.25	1.47	1.97	2.14	2.88	4.97	6.69	8.39
Total equity	877	1,950	2,138	2,497	3,148	3,922	5,322	5,480	5,284	5,737
Total liabilities and equity	1,218	2,912	3,206	4,189	4,804	6,747	8,567	9,280	9,066	9,620
Shares outstanding	46.8

Cash flow statement

	FY2012	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024
Net income	71.3	281	358	465	382	430	1,310	156	138	362
Depreciation and amortization	42.8	0.71	0.34	0.3	0.91	1.15	1.32	1.6	1.27	1.29
Stock-based compensation	1.62
Deferred income tax	-5.13
Change in receivables	2.95
Change in payables	6.52
Cash from operations	117	160	159	158	183	249	262	277	313
Capital expenditures	-1.84			-0.11	-0.18	-1.69	-0.59	-0.81	-0.29	-0.13
Cash from investing	-25.8	11.8	-238	95.9	-876	-1,072	-1,025	-767	-128	-65.5
Debt issued							0	527	102	0
Debt repaid									0	-824
Stock issued	0.96	1.61
Share buybacks	-2.69			-63.5	-0.07	-25	0	-156	-27	-45.8
Dividends paid	-93.8	-115	-124	-139	-139	-166	-193	-202	-204	-208
Cash from financing	-96	-40	-105	324	344	1,358	333	215	-203	-267
Exchange rate effect		-4.75	7.21	11.3	-10.4	-3.09	0.92	7.07	-0.89	4.39
Net change in cash	-5.84	127	-177	589	-360	533	-429	-267	-18.9	10
Free cash flow	115			158	183	248	262	277	313
Interest paid	16.7	19.6	17.7	21.1	28.8	32.7	40.5	52.5	72.5	79.5
Income taxes paid	29.3	0.23	3.47	10.3	3.01	5.68	7.04	18.1	8.26	8.32

Key metrics

Worked out from the statements above. Latest values use fiscal 2024. No valuation: the share price is quoted in a different currency than the statements.

Profitability

Metric	Value	How it is calculated
Operating margin	82.9%	Operating income / revenue.
EBITDA margin	83.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	69.0%	Pre-tax income / revenue.
Net margin	63.4%	Net income / revenue.
Effective tax rate	7.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	6.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.9%	Net income / average total assets.
Return on invested capital (ROIC)	5.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Capex / revenue	0.0%	Capital expenditures / revenue.
D&A / revenue	0.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	9.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	13.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	15.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	8.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	12.4%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	14.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	8.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	12.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	14.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	163.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-34.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-1.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	8.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	2.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	12.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	6.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	3.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	14.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	0.53x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	31.7%	Total debt / total assets.
Liabilities / assets	40.4%	Total liabilities / total assets.
Net debt	CA$2.93B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	6.18x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	5.25x	Operating income / interest expense.
Tangible book value	CA$5.73B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.06x	Revenue / average total assets.
Receivables turnover	37.3x	Revenue / average receivables.
Days sales outstanding	10 days	365 x average receivables / revenue.

Per share

Metric	Value	How it is calculated
Payout ratio	57.8%	Dividends paid / net income, when net income is positive.

What was GRANITE REAL ESTATE INVESTMENT TRUST's revenue in fiscal 2024?

GRANITE REAL ESTATE INVESTMENT TRUST reported revenue of CA$569.1M for fiscal 2024, 9.2% higher than the year before.

Was GRANITE REAL ESTATE INVESTMENT TRUST profitable in fiscal 2024?

Yes. Net income was CA$360.6M, a net margin of 63.4%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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