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Highlights

  • UN reported a 9.2% increase in revenue, rising from CAD 521.2 million in FY23 to CAD 569.1 million in 2024
  • The company’s net income rose by 161.3% in FY24, reaching CAD 361.9 million, fueled by fair value gains and improved operations
  • On March 17, 2025, Granite announced a dividend of CAD 0.2833 per unit, payable on April 15, 2025
  • For 2025, Granite forecasts FFO per unit to increase by 5% to 8%, with AFFO per unit expected to grow by 2% compared to 2024

 Granite Real Estate Investment Trust (TSX: GRT.UN) is a real estate investment trust. It is engaged in the acquisition, development, and management of primarily industrial properties in North America and Europe.

In 2024, the company experienced a 9.2% increase in revenue, rising from CAD 521.2 million in FY23 to CAD 569.1 million. This growth was primarily driven by the commencement of expansion projects, the renewal and re-leasing of properties, a positive foreign exchange impact, and improved tenant recoveries.

Net operating income also saw an 8.5% increase in 2024, moving from CAD 435.2 million to CAD 472.0 million, due to the higher rental revenue. The company reported a substantial 204.5% rise in income before income taxes from CAD 129.0 million in FY23 to CAD 392.8 million in FY24. This significant jump was attributed to the higher revenue and improved net operating income. Additionally, net income increased by 161.3%, reaching CAD 361.9 million, driven by higher fair value gains on investment properties, improved net operating income, and gains on financial instruments.

Recent Business Update

On March 17, 2025, the company declared a dividend distribution of CAD 0.2833 per unit for the month of March 2025. The dividend is scheduled to be paid on Tuesday, April 15, 2025.

Earlier, on February 4, 2025, the company completed the offering of CAD 300 million in senior unsecured debentures through its wholly owned subsidiary, Granite REIT Holdings Limited Partnership. The debentures, which carry an interest rate of daily compounded CORRA plus 0.77% per annum, are set to mature on December 11, 2026.

Company Outlook

For 2025, the company expects FFO per unit to be between CAD 5.70 and CAD 5.85. This represents a 5% to 8% increase from 2024. The company also forecasts AFFO per unit to range from CAD 4.80 to CAD 4.95, reflecting a 2% increase over 2024. Additionally, capital expenditures related to AFFO are estimated to be around CAD 40.0 million in 2025, up from CAD 25.1 million in 2024.

Top 10 Shareholders

The top 10 shareholders of Granite Real Estate Investment Trust collectively own approximately 41.77% of the total shares. The largest stakes are held by 1832 Asset Management L.P. with around 8.01% and CIBC Asset Management Inc. with about 5.60%.

Stock Information

GRT.UN has lost around 0.71% in the past month. However, it has gained around 3.28% in the past nine months. The stock’s 52-week high low spans from CAD 82.88 to CAD 64.50 with a closing price of CAD 68.15 as of March 20, 2025.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels is March 20 2025. The reference data in this report has been partly sourced from EODHD/Others.

Technical Indicators Defined

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.