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Owns and leases industrial and logistics properties across Canada, the US and Europe.
Owns and leases industrial and logistics properties across Canada, the US and Europe.
Collects rent from warehouses and light-industrial buildings, with leases paid in Canadian dollars, US dollars and euros as properties span regions. Created from Magna's property portfolio, it still counts Magna as a major tenant, with some special-purpose plants built for it, while growth has come from third-party logistics tenants.
Moat: narrow (scale, installed base). Diversified, modern industrial portfolio across North America and Europe reduces single-market risk.
Headquarters: Toronto, Canada · Employees: 70
Size Granite Real Estate Investment Trust (GRT-UN.TO) is a Canada Real Estate company (Real Estate Investment Trusts) with a market value of $3.85B, the 140th largest of 420 Canada companies the cockpit tracks. Shares closed at C$86.92 on 6 Nov 2026.
Performance Over six months the shares fell 5.9%, against -2.6% for the median peer and +5.2% for the Canada market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue grew 8.7% over the last twelve months (peer median +3.5%); the operating margin is 72.9% (peer median 44.9%).
Valuation It trades at 0.93× book value against a peer median of 0.97× (9th cheapest of 21).
Price implies The share price implies a return on equity of about 10.4%; Granite Real Estate Investment Trust delivers 6.5%, so the price asks more than the business earns today.
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$646M | C$619M | C$569M | C$521M | C$456M |
| Revenue growth | — | +9% | +9% | +14% | — |
| Gross profit | C$529M | C$508M | C$471M | C$434M | C$379M |
| EBITDA | C$472M | C$465M | C$442M | C$377M | C$362M |
| Net income | C$365M | C$342M | C$361M | C$137M | C$156M |
| Free cash flow | n/a | C$388M | C$338M | C$312M | C$277M |
| Capital expenditure | C$0 | C$117,000 | C$125,000 | C$285,000 | C$807,000 |
| Total debt | C$3.05B | C$3.31B | C$3.11B | C$3.10B | C$3.07B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Granite Real Estate Investment Trust GRT-UN.TO | $3.85B | -6% | +9% | 7% | 0.93× | 10.4% |
| Dream Industrial Real Estate Investment Trust DIR-UN.TO | $2.58B | -8% | +6% | 4% | 0.78× | 8.4% |
| Prologis PLD | $123B | -11% | +7% | 8% | 2.16× | 20.9% |
| First Industrial Realty Trust FR | $7.13B | -14% | +9% | 13% | 2.57× | 20.9% |
| STAG Industrial STAG | $7.06B | -6% | +9% | 8% | 1.93× | 15.5% |
| EastGroup Properties EGP | $10.4B | -6% | +10% | 9% | 2.92× | 22.3% |
| SEGRO SGRO.L | $16.6B | +33% | +7% | 2% | 1.03× | 14.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | GRT-UN.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.7% | +3.6% | 9th highest of 21 |
| 6-month return | -5.9% | -2.6% | 8th lowest of 21 |
| Return on equity | 6.5% | 5.8% | 10th highest of 21 |
| Price / book | 0.93× | 0.97× | 9th cheapest of 21 |
| Trailing P/E | 14.5× | 19.6× | 7th cheapest of 19 |
| ROE the price implies | 10.4% | 7.7% | 6th most demanding of 21 |
| ROE delivered | 6.5% | 5.8% | 10th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Granite Real Estate Investment Trust GRT-UN.TO | Canada | $3.85B | -6% | +9% | 7% | 0.93× | 10.4% | 6.5% |
| SL Green Realty SLG | United States | $3.88B | +11% | +9% | -3% | 1.12× | 14.6% | -3.1% |
| Mapletree Industrial Trust ME8U.SI | Singapore | $3.89B | -10% | -5% | 4% | 1.07× | 5.0% | 4.1% |
| Shaftesbury Capital SHC.L | United Kingdom | $3.91B | +16% | +9% | 10% | 0.71× | 10.2% | 9.7% |
| Glp J-reit 3281.T | Japan | $4.00B | -2% | -6% | 7% | 1.43× | 5.4% | 6.8% |
| Nomura Real Estate Master Fund 3462.T | Japan | $3.66B | -23% | -18% | 5% | 0.96× | 4.5% | 4.8% |
| Independence Realty Trust IRT | United States | $3.63B | -9% | +3% | 2% | 1.06× | 9.8% | 1.8% |
| Covivio Hotels SCA COVH.PA | France | $3.61B | -9% | +5% | 9% | 0.89× | 7.2% | 9.5% |
| Colonial SFL SOCIMI COL.MC | Spain | $3.58B | -2% | +4% | 6% | 0.55× | 7.6% | 5.6% |
| Curbline Properties CURB | United States | $3.57B | +5% | +51% | 1% | 1.57× | 10.6% | 1.3% |
| First Capital Real Estate Investment Trust FCR-UN.TO | Canada | $3.55B | 0% | +3% | 24% | 1.01× | 8.1% | 24.2% |
| Kilroy Realty KRC | United States | $4.21B | +3% | -4% | 1% | 0.80× | 9.3% | 0.5% |
| National Health Investors NHI | United States | $3.50B | -5% | +24% | 11% | 2.23× | 13.0% | 10.9% |
| Highwoods Properties HIW | United States | $3.47B | +24% | +6% | 8% | 1.48× | 13.8% | 7.9% |
| KDX Realty Investment 8972.T | Japan | $3.47B | -16% | +3% | 5% | 0.87× | 4.9% | 5.4% |
| Canadian Apartment Properties Real Estate Investment Trust CAR-UN.TO | Canada | $3.45B | -14% | -7% | -2% | 0.58× | 6.0% | -1.5% |
| Frasers Centrepoint Trust J69U.SI | Singapore | $3.43B | -5% | +16% | 8% | 0.92× | 3.4% | 7.9% |
| Primary Health Properties PHP.L | United Kingdom | $3.41B | +6% | +104% | 8% | 0.99× | 10.9% | 8.0% |
| Nippon Prologis REIT 3283.T | Japan | $4.37B | -8% | +9% | 6% | 1.39× | 6.6% | 6.0% |
| SmartCentres Real Estate Investment Trust SRU-UN.TO | Canada | $3.37B | -3% | -1% | 3% | 0.93× | 7.4% | 3.1% |
| RioCan Real Estate Investment Trust REI-UN.TO | Canada | $4.41B | -3% | -13% | 7% | 0.86× | 7.7% | 6.9% |