Granite Real Estate Investment Trust GRT_u

Real EstateResidential & Commercial REITsCanada

Last close 84.88 CAD on Nov 3, 2026, +7.4% year to date

Quant rating

Quant rating B Rank 8 of 38 in Real Estate

Growth B 11 of 38
Valuation B 10 of 38
Quality A 5 of 38
Revisions B 14 of 38
Momentum C 25 of 38

Wall Street consensus Buy (2.00)Average target 103.71 CAD +22.2%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 5.3B
Enterprise value: 8.3B
52-week range: 75.00 – 101.50
3-year range: 57.46 – 101.50
Dividend yield: 4.12%
Beta (5 years): 1.45
Shares outstanding: 62.1M
Next earnings: Nov 4, 2026

About the company

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 approximately 147 investment properties representing approximately 62.6 million square feet of leasable area. The Trust’s investment properties consist of income-producing properties, and development properties. 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. The development properties are comprised of both properties under development and land held for development.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	619	569	521	456	393	–
Revenue growth	8.7%	9.2%	14.4%	15.8%	15.7%	12.7%
EPS (basic, normalized)	5.57	5.71	2.14	2.38	20.47	–
EPS growth	−2.5%	166.8%	−10.1%	−88.4%	–	–
Gross margin	82.3%	82.9%	83.5%	83.5%	84.5%	83.4%
Net margin	55.3%	63.4%	26.2%	34.2%	332.9%	102.4%
ROE	6.1%	6.6%	2.5%	2.9%	28.4%	9.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	94.6
Current ratio	0.18x
Long-term debt (mil)	2,255
Net debt (mil)	2,971
Total equity (mil)	5,775
Net debt / equity	0.51x
Net debt / EBITDA	6.37x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	619	+8.7%	13.3x	467	+8.0%	17.7x	5.57	−2.5%	15.2x
2026	664	+7.3%	12.4x	493	+5.6%	16.7x	5.86	+5.2%	14.5x
2027	695	+4.7%	11.9x	531	+7.8%	15.5x	6.67	+13.8%	12.7x
2028	741	+6.6%	11.1x	564	+6.3%	14.6x	7.07	+6.0%	12.0x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	664	0.0%	−0.2%	+0.6%	5.86	0.0%	−7.6%	−7.6%
2027	695	0.0%	+0.2%	+0.8%	6.67	0.0%	+0.5%	+0.5%
2028	741	0.0%	–	–	7.07	0.0%	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	139	140	–	148	155	149	153	162	–	–
Sales mean (mil)	134	141	142	146	150	151	151	157	164	166
Surprise	+3.4%	−0.8%	–	+1.6%	+2.9%	−1.1%	+1.1%	+3.0%	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Residential & Commercial REITs

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
GRT_u Granite Real Estate Investment Trust	5.3B	6.37x	55.3%	0.90x	14.5x	12.7x	16.7x	15.5x
PLD Prologis, Inc.	171.9B	5.26x	37.8%	2.19x	31.3x	34.6x	22.1x	19.9x
EGP EastGroup Properties, Inc.	15.1B	3.18x	35.7%	3.01x	33.7x	35.4x	22.2x	20.2x
REXR Rexford Industrial Realty, Inc.	11.4B	4.09x	20.0%	1.15x	34.4x	31.0x	16.2x	17.8x
FR First Industrial Realty Trust, Inc.	10.2B	5.43x	34.0%	2.62x	21.3x	27.3x	18.6x	17.2x
LINE Lineage, Inc.	11.6B	6.49x	−1.8%	1.05x	−51.4x	−111.5x	13.8x	13.2x
Mean		5.14x	30.2%	1.82x	14.0x	4.9x	18.3x	17.3x
Median		5.34x	34.8%	1.67x	26.3x	29.2x	17.6x	17.5x

Technical analysis

1M+1.9%
3M−10.9%
1Y+12.3%
3Y+42.6%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, Granite Real Estate Investment Trust, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	619	569	521	456	393	340
Cost of revenue	109	97.2	86.0	75.2	60.8	47.2
Gross profit	509	472	435	380	333	293
Selling, general & administrative expenses	45.8	35.4	41.4	29.5	38.4	32.2
Research & development	–	–	–	–	–	–
Depreciation/amortization	1.2	1.3	1.3	1.6	1.3	1.2
Interest expense (income), operating	94.6	97.2	72.0	48.1	35.0	29.8
Unusual expense (income)	0	3.5	–	0	4.0	–
Other operating expenses	0	0	0	0	0	0
Operating income	368	335	320	301	254	230
Net interest income (expense)	−6.5	58.2	−191	−209	1,297	269
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	361	393	129	92.2	1,551	499
Provision for taxes	18.5	30.9	−9.5	−63.7	241	69.1
Minority interest	−0.5	−1.3	−1.8	−0.1	−0.3	−0.1
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	342	361	137	156	1,310	430
Extraordinary items	–	–	–	–	–	–
Net income	342	361	137	156	1,310	430
EBIT, normalized	462	435	393	349	293	260
EBITDA, normalized	464	437	394	351	294	261
Basic EPS, normalized	5.57	5.71	2.14	2.38	20.47	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, Granite Real Estate Investment Trust, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	140	126	116	135	403	831
Receivables	9.2	18.9	12.8	82.7	12.2	7.7
Total inventory	–	–	–	–	–	–
Prepaid expenses	11.4	12.9	13.8	14.7	7.2	6.9
Other current assets	81.0	0	9.0	41.2	64.6	0
Total current assets	241	158	152	274	487	846
Property, plant & equipment	3.4	3.9	3.1	4.0	2.5	3.3
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	9,478	9,397	8,808	8,840	7,971	5,856
Note receivable	0.2	0.3	0.3	0.3	10.8	0.3
Other long-term assets	11.0	60.3	103	163	95.7	42.4
Total assets	9,734	9,620	9,066	9,280	8,567	6,747
Liabilities
Accounts payable	17.7	13.5	11.4	11.2	5.4	9.9
Payable/accrued	–	–	–	–	–	–
Accrued expenses	93.7	70.2	67.3	86.2	75.9	44.5
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	381	0.9	245	452	0.5	251
Other current liabilities	97.0	62.3	60.9	70.1	82.5	68.8
Total current liabilities	589	147	384	619	164	374
Long-term debt	2,930	3,112	2,854	2,617	2,457	1,961
Minority interest	9.1	8.4	6.7	5.0	2.9	2.1
Other liabilities	696	624	544	564	623	490
Total liabilities	4,225	3,892	3,789	3,805	3,248	2,827
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	3,147	3,292	3,331	3,348	3,444	3,139
Additional paid-in capital	0	0	5.2	11.6	53.3	53.3
Retained earnings (accumulated deficit)	1,921	1,787	1,635	1,702	1,749	632
Treasury stock	–	–	–	–	–	–
Other equity	441	649	306	414	72.0	95.9
Total equity	5,509	5,728	5,277	5,475	5,319	3,920
Total liabilities & shareholders' equity	9,734	9,620	9,066	9,280	8,567	6,747

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, Granite Real Estate Investment Trust, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	343	362	138	156	1,310	430
Depreciation, depletion & amortization	1.2	1.3	1.3	1.6	1.3	1.2
Deferred taxes	8.6	22.2	−16.2	−71.0	229	62.5
Non-cash items	118	48.8	275	262	−1,229	−223
Changes in working capital	−82.4	−95.5	−85.4	−70.7	−49.6	−26.7
Cash from operations	388	339	313	277	262	244
Investing activities
Capital expenditures	−0.1	−0.1	−0.3	−0.8	−0.6	−1.7
Other investing cash flows	−203	−65.3	−128	−766	−1,025	−1,065
Cash from investing	−204	−65.5	−128	−767	−1,025	−1,067
Financing activities
Financing cash flow items	−0.9	15.1	−19.5	−6.6	−21.9	−0.2
Cash dividends paid	−208	−208	−204	−202	−191	−163
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	42.3	−74.8	20.3	423	546	1,521
Cash from financing	−167	−267	−203	215	333	1,358
Foreign exchange effects	−4.4	4.4	−0.9	7.1	0.9	−3.1
Net change in cash	13.4	10.0	−18.9	−267	−429	533
Free cash flow	388	338	313	277	262	243

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 3, 2026 after market close.