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Granite Real Estate Investment Trust (T:GRT.UN)

Business Focus: Industrial REITs

Sector:  Real Estate Industry:  Commercial REITs
Company Contact
Address: Td Centre, 77 King St. West, Suite 4010
P.O. Box 159
Tel: 1-647-9257504
IR: See website
Key People
Kevan S. Gorrie
President, Chief Executive Officer, Director, Trustee
Teresa Neto
Chief Financial Officer
Lawrence Clarfield
Executive Vice President, General Counsel, Corporate Secretary
Lorne Kumer
Executive Vice President, Head of Global Real Estate
Michael A. Ramparas
Executive Vice President - Global Real Estate and Head of Investments
Business Overview
Granite Real Estate Investment Trust (the Trust) is a Canada-based real estate investment trust. The Trust is engaged in the acquisition, development, ownership and management of logistics, warehouse and industrial properties in North America and Europe. The Trust owns 143 investment properties representing approximately 62.9 million square feet of leasable area. The Trust has approximately 38 industrial properties in Canada, 66 in the United States, 16 in the Netherlands, 14 in Germany and nine in Australia. The Trust's investment properties consist of income-producing properties, properties under development and land held for development. The income producing properties consist primarily of logistics, e-commerce and distribution warehouses, and light industrial and heavy industrial manufacturing properties. All of its income-producing properties are for industrial use and can be categorized as distribution/e-commerce, industrial/warehouse, flex/office or special purpose properties.
Financial Overview
For the fiscal year ended 31 December 2023, Granite Real Estate Investment Trust revenues increased 14% to C$521.3M. Net income decreased 12% to C$136.7M. Revenues reflect United States segment increase of 18% to C$296.5M, FFO per Share (Basic) increase of 12% to C$4.99, FFO per Share (Diluted) increase of 12% to C$4.97. Net income was offset by Fair value losses on financial instrumen decrease from C$11.4M (income) to C$17.3M (expense).
Employees: 69 as of Dec 31, 2023
Reporting Currency: Canadian Dollars
Enterprise value: $7,577M as of Dec 31, 2023
Annual revenue (TTM): $521.25M as of Dec 31, 2023
EBITDA (TTM): $393.80M as of Dec 31, 2023
Net annual income (TTM): $136.66M as of Dec 31, 2023
Free cash flow (TTM): $108.99M as of Dec 31, 2023
Net Debt Last Fiscal Year: $2,983M as of Dec 31, 2023
Shares outstanding: 63,743,828 as of Feb 29, 2024
TTM: Trailing Twelve Months
EBITDA: Earnings Before Interest, Taxes, Depreciation, & Amortization