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Granite Real Estate Investment Trust

GRP-UN

Granite Real Estate Investment Trust • NYSE
$55.62 ▲ 2.66% (+1.44)
Market Cap $3.37 B
52w High $59.51
52w Low $38.37
Dividend Yield 2.42%
P/E 16.5
Volume 1.03K
Outstanding Shares 60.59M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $153.009M ▲ $14.115M ▲ $68.009M ▼ 44.448% ▼ $1.11 ▼ $77.658M ▼
Q2-2025 $149.264M ▼ $10.337M ▲ $94.999M ▲ 63.645% ▲ $1.56 ▲ $129.062M ▲
Q1-2025 $154.665M ▲ $8.775M ▲ $43.85M ▼ 28.352% ▼ $0.7 ▼ $69.058M ▼
Q4-2024 $148.043M ▲ $6.923M ▼ $83.758M ▼ 56.577% ▼ $1.34 ▼ $112.636M ▼
Q3-2024 $141.893M $12.842M $111.587M 78.642% $1.78 $145.573M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $127.927M ▲ $9.632B ▲ $4.117B ▲ $5.506B ▲
Q2-2025 $86.423M ▼ $9.467B ▼ $4.066B ▲ $5.392B ▼
Q1-2025 $123.057M ▼ $9.632B ▲ $3.958B ▲ $5.666B ▼
Q4-2024 $126.175M ▼ $9.62B ▲ $3.883B ▲ $5.728B ▲
Q3-2024 $133.488M $9.318B $3.865B $5.446B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $68.009M ▼ $121.99M ▲ $-15.882M ▲ $-64.752M ▼ $41.504M ▲ $121.929M ▲
Q2-2025 $95.194M ▲ $72.808M ▼ $-54.606M ▼ $-52.557M ▲ $-36.634M ▼ $72.765M ▼
Q1-2025 $43.863M ▼ $108.916M ▲ $-5.752M ▲ $-107.947M ▼ $-3.118M ▲ $108.916M ▲
Q4-2024 $84.755M ▼ $71.23M ▼ $-16.014M ▲ $-65.953M ▼ $-7.313M ▼ $71.202M ▼
Q3-2024 $111.847M $106.684M $-20.882M $-51.996M $32.231M $106.633M

Five-Year Company Overview

Income Statement

Income Statement Granite’s income statement shows a business that has grown steadily, with revenue and operating profit moving upward over the past five years. Core property profitability looks solid and consistent, with healthy margins for an industrial REIT. Net income, however, is quite volatile from year to year. That big spike a few years ago, followed by much lower profit in later years, likely reflects fair‑value changes on properties and other non‑cash items rather than big swings in the underlying rental business. Underneath those accounting swings, the trend in recurring earnings appears more stable and gradually improving. Overall, the income statement suggests a mature, well‑run portfolio with strong underlying economics, but headline profit figures need to be interpreted carefully because they can move a lot due to accounting adjustments rather than operational changes.

Balance Sheet

Balance Sheet The balance sheet looks relatively strong and conservative for a REIT. Total assets have grown steadily as Granite has expanded its property portfolio. Equity has also risen, indicating that growth has not relied solely on borrowing and that the trust has been building its net asset base over time. Debt has increased but appears controlled and broadly in line with asset growth, which points to disciplined leverage rather than aggressive balance sheet risk. Cash balances are modest, which is typical for REITs that distribute a large share of earnings, but that also means Granite depends on continued access to credit and capital markets. In short, the balance sheet supports the story of a financially prudent landlord with room to maneuver, though it remains exposed to interest‑rate and refinancing conditions like most REITs.

Cash Flow

Cash Flow Cash flow from operations has been steady and gradually rising, which is important for a REIT that depends on rental income to fund distributions and reinvestment. Free cash flow closely tracks operating cash flow, reflecting relatively modest recurring capital spending in the reported figures. This pattern suggests that the portfolio is not especially capital‑hungry at the moment and that most cash generated can be directed to debt service, distributions, and selective growth rather than heavy maintenance or redevelopment. However, as a property owner, Granite will likely face lumpy cash needs for acquisitions, developments, or major upgrades that are not fully visible in these simple, smooth cash flow lines, and those will typically be supported by external financing rather than internal cash alone.

Competitive Edge

Competitive Edge Granite occupies a strong niche in industrial and logistics real estate, with a portfolio of modern, well‑located properties across key markets in North America and Europe. These types of assets are central to e‑commerce, manufacturing, and distribution networks, which tend to have durable long‑term demand. The trust appears to benefit from long‑term leases and generally high‑quality tenants, which support predictable rental income and reduce turnover risk. Its reputation for financial discipline and its relatively conservative balance sheet give it flexibility compared with more highly leveraged peers, especially in volatile interest‑rate environments. On the other hand, Granite still faces the usual sector risks: exposure to economic cycles, potential tenant concentration in certain industries, competition from other institutional landlords, and sensitivities to interest rates and property valuations. Overall, though, it appears to compete from a position of strength within its chosen industrial segment.

Innovation and R&D

Innovation and R&D Granite’s “innovation” is less about traditional research and development and more about how it designs, finances, and operates its properties. The trust has leaned heavily into sustainability as a differentiator: pursuing green building certifications, investing in on‑site solar power generation, and using green bonds to fund environmentally focused projects. These initiatives can lower operating costs for tenants, help them meet their own climate goals, and attract capital from investors who prioritize environmental and social factors. Granite also highlights the use of modern property management and building systems, which should improve energy efficiency, tenant service, and portfolio oversight. Looking ahead, deeper use of smart‑building technology, continued expansion of renewable energy, and innovative project designs (such as facilities tailored for electric or autonomous vehicle logistics) appear to be logical extensions of this strategy, helping to reinforce its sustainability‑driven moat in industrial real estate.

Summary

Granite Real Estate Investment Trust presents as a steadily growing, operationally solid industrial landlord with a clear strategic focus. Its core rental business has expanded over time with strong underlying profitability, even though reported net income can swing significantly due to non‑cash property revaluations. The balance sheet is a notable strength: asset and equity growth have been balanced with disciplined use of debt, which supports resilience in a capital‑intensive, rate‑sensitive sector. Cash generation from operations is stable and broadly sufficient for the trust’s ongoing needs, with major expansions typically funded externally, as is standard for REITs. Competitively, Granite’s modern, logistics‑oriented portfolio and high‑quality tenants give it a solid foothold in markets tied to e‑commerce and global supply chains. Its emphasis on sustainability, green buildings, and innovative financing (like green bonds) further differentiates it and may enhance tenant appeal and investor interest over time. Key watchpoints include interest‑rate and refinancing risk, potential economic slowdowns affecting industrial demand, tenant concentration in specific sectors, and the execution of future development and acquisition plans. Overall, the data depicts a cautious, sustainability‑focused REIT with a strong operational base and a clear long‑term positioning in industrial real estate.

NEWS

November 14, 2025 · 5:00 PM UTC

Granite REIT Declares Distribution for November 2025

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November 5, 2025 · 5:00 PM UTC

Granite REIT Announces 2025 Third Quarter Results and a 4.4% Distribution Increase Commencing in December 2025

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October 17, 2025 · 5:00 PM UTC

Granite REIT Declares Distribution for October 2025

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September 16, 2025 · 5:00 PM UTC

Granite REIT Declares Distribution for September 2025

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