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How does GRT-UN.TO make money? Does GRT-UN.TO have pricing power? What's the Earnings Whisper? Will GRT-UN.TO profit more as the business scales? What is GRT-UN.TO's management track record? Is GRT-UN.TO's current price justified?

Granite Real Estate Investment Trust

CAD 85.18 +$2.98 (+3.63%)

TSX · 11 Sep 2026 20:00 UTC

Previous Close

CAD 84.68

Day Range

CAD 84.58CAD 85.74

Year Range

CAD 75CAD 101.5

Market Cap

5.17B

AVG Volume

84.08K

Trailing/Forward PE

14.2/12.77

PEG ratio

1.03

Dividend Yield

4.12%

Next Earnings Date

2026-11-04

Primary Exchange

Toronto Stock Exchange

Revenue (CAD)

GRT-UN.TO Revenue (CAD) by year
Period	Revenue (CAD)
2025	618.7M
2024	569.14M
2023	521.25M
2022	455.58M
2021	393.49M
2020	340.2M
2019	273.68M
2018	247.48M
2017	222.64M
2016	223.4M

Net Income (CAD)

GRT-UN.TO Net Income (CAD) by year
Period	Net Income (CAD)
2025	342.34M
2024	360.61M
2023	136.66M
2022	155.82M
2021	1.31B
2020	429.8M
2019	382.08M
2018	465.16M
2017	357.7M
2016	279.32M

Operating Income (CAD)

GRT-UN.TO Operating Income (CAD) by year
Period	Operating Income (CAD)
2025	463.83M
2024	433.39M
2023	394.38M
2022	345.14M
2021	644.37M
2020	269.54M
2019	229.46M
2018	186.84M
2017	180.85M
2016	186.48M

EBITDA (CAD)

GRT-UN.TO EBITDA (CAD) by year
Period	EBITDA (CAD)
2025	456.29M
2024	467.09M
2023	395.65M
2022	365.65M
2021	1.24B
2020	470.63M
2019	275.81M
2018	178.17M
2017	184.95M
2016	187.8M

Cash Flows (CAD)

GRT-UN.TO Cash Flows (CAD) by year
Period	Cash Flows (CAD)
2025	387.92M
2024	338.01M
2023	312.9M
2022	276.69M
2021	261.68M
2020	179.03M
2019	152M
2018	124.6M
2017	74.98M
2016	140.48M

EPS (CAD)

GRT-UN.TO EPS (CAD) by year
Period	EPS (CAD)
2025	5.58
2024	5.71
2023	2.14
2022	2.3
2021	20.38
2020	7.6
2019	7.74
2018	10.14
2017	7.72
2016	5.92

Expenses (CAD)

GRT-UN.TO Expenses (CAD) by year
Period	Expenses (CAD)
2025	154.24M
2024	36.46M
2023	40.73M
2022	29.41M
2021	38.36M
2020	97.26M
2019	61.89M
2018	62.69M
2017	109.76M
2016	47.47M

Cash & Debt (CAD)

GRT-UN.TO Cash & Debt (CAD) by year
Period	Cash & Debt (CAD)
2025	139.59M
2024	126.17M
2023	116.13M
2022	135.08M
2021	402.51M
2020	831.28M
2019	298.68M
2018	658.25M
2017	69.02M
2016	246.22M

Debt ratios

GRT-UN.TO Debt ratios by year
Period	Debt ratios
2025	1.9
2024	1.21
2023	1.21
2022	1.25
2021	0.95
2020	1.24
2019	1.11
2018	0.73

Margins

GRT-UN.TO Margins by year
Period	Margins
2025	82.25%
2024	82.82%
2023	83.5%
2022	83.49%
2021	84.55%
2020	86.14%
2019	87.08%
2018	87.5%
2017	95.82%
2016	96.58%

Return on Capital

GRT-UN.TO Return on Capital by year
Period	Return on Capital
2025	6.2%
2024	6.29%
2023	2.59%
2022	2.84%
2021	24.62%
2020	10.96%
2019	12.14%
2018	18.63%
2017	16.73%
2016	14.33%

Shares Outstanding

GRT-UN.TO Shares Outstanding by year
Period	Shares Outstanding
2025	60.6M
2024	62.7M
2023	63.6M
2022	63.9M
2021	65.69M
2020	57.8M
2019	54M
2018	45.69M
2017	45.89M
2016	47.12M

Dividends (CAD)

GRT-UN.TO Dividends (CAD) by year
Period	Dividends (CAD)
2026	2.37
2025	3.41
2024	3.31
2023	3.21
2022	3.11
2021	3.01
2020	2.67
2019	2.81
2018	3.03
2017	2.61

Book Value Per Share (CAD)

GRT-UN.TO Book Value Per Share (CAD) by year
Period	Book Value Per Share (CAD)
2025	91.06
2024	91.49
2023	83.08
2022	85.76
2021	81
2020	67.86
2019	58.3
2018	54.66
2017	46.59
2016	41.38

Total Assets (CAD)

GRT-UN.TO Total Assets (CAD) by year
Period	Total Assets (CAD)
2025	9.73B
2024	9.62B
2023	9.07B
2022	9.28B
2021	8.57B
2020	6.75B
2019	4.8B
2018	4.19B
2017	3.21B
2016	2.91B

PE Ratio

GRT-UN.TO PE Ratio by year
Period	PE Ratio
Sep 26	13.25
Sep 26	13.78
Aug 26	13.83
Aug 26	13.83
Aug 26	14.18
Aug 26	14.32
Jul 26	14.97
Jul 26	15.2
Jul 26	15.5
Jul 26	14.96
Jul 26	15.13
Jun 26	17.07
Jun 26	16.62
Jun 26	16.72
Jun 26	17.16
May 26	17.06
May 26	17
May 26	16.28
May 26	16.55
May 26	16.5
Apr 26	16.13
Apr 26	16.24
Apr 26	15.8
Apr 26	15.07
Mar 26	17.21
Mar 26	16.81
Mar 26	18.19
Mar 26	18.12
Feb 26	19.3
Feb 26	18.48
Feb 26	18.62
Feb 26	18.59
Jan 26	18.44
Jan 26	18.65
Jan 26	19.07
Jan 26	18.07
Jan 26	17.25
Dec 25	16.96
Dec 25	17.04
Dec 25	16.32
Dec 25	15.99
Nov 25	16.08
Nov 25	16.05
Nov 25	16.18
Nov 25	16.26
Oct 25	14.39
Oct 25	14.6
Oct 25	14.71
Oct 25	13.91
Oct 25	14.43
Sep 25	15.29
Sep 25	15.11
Sep 25	15.4
Sep 25	15.55
Aug 25	15.46
Aug 25	16.17
Aug 25	15.66
Aug 25	15.11
Aug 25	14.59
Jul 25	14.53
Jul 25	14.25
Jul 25	14.14
Jul 25	14.02
Jun 25	12.02
Jun 25	12
Jun 25	12.24
Jun 25	12.27
May 25	12.22
May 25	11.69
May 25	11.73
May 25	11.29
May 25	11.05
Apr 25	10.97
Apr 25	10.99
Apr 25	10.23
Apr 25	10.76
Mar 25	13.63
Mar 25	13.78
Mar 25	13.86
Mar 25	13.95
Feb 25	13.54
Feb 25	13.83
Feb 25	13.84
Feb 25	14.13
Jan 25	14.28
Jan 25	14.31
Jan 25	13.86
Jan 25	13.9
Jan 25	14.43
Dec 24	19.12
Dec 24	19.58
Dec 24	19.94
Dec 24	20.17
Nov 24	20.84
Nov 24	20.28
Nov 24	20.67
Nov 24	20.86
Nov 24	20.44
Oct 24	20.96
Oct 24	21.11

Free Cash Flow Yield

GRT-UN.TO Free Cash Flow Yield by year
Period	Free Cash Flow Yield
Sep 26	7.29%
Sep 26	7.01%
Aug 26	6.99%
Aug 26	6.99%
Aug 26	6.81%
Aug 26	6.75%
Jul 26	6.45%
Jul 26	6.36%
Jul 26	6.23%
Jul 26	6.46%
Jul 26	6.39%
Jun 26	6.64%
Jun 26	6.82%
Jun 26	6.78%
Jun 26	6.6%
May 26	6.64%
May 26	6.67%
May 26	6.96%
May 26	6.85%
May 26	6.87%
Apr 26	7.02%
Apr 26	6.98%
Apr 26	7.17%
Apr 26	7.52%
Mar 26	7.5%
Mar 26	7.67%
Mar 26	7.09%
Mar 26	7.12%
Feb 26	6.68%
Feb 26	6.98%
Feb 26	6.93%
Feb 26	6.94%
Jan 26	6.99%
Jan 26	6.91%
Jan 26	6.76%
Jan 26	7.14%
Jan 26	7.48%
Dec 25	7.61%
Dec 25	7.57%
Dec 25	7.9%
Dec 25	8.06%
Nov 25	8.02%
Nov 25	8.04%
Nov 25	7.97%
Nov 25	7.93%
Oct 25	7.48%
Oct 25	7.37%
Oct 25	7.31%
Oct 25	7.73%
Oct 25	7.46%
Sep 25	7.54%
Sep 25	7.63%
Sep 25	7.49%
Sep 25	7.41%
Aug 25	7.46%
Aug 25	7.13%
Aug 25	7.36%
Aug 25	7.63%
Aug 25	7.9%
Jul 25	7.93%
Jul 25	8.09%
Jul 25	8.15%
Jul 25	8.22%
Jun 25	7.8%
Jun 25	7.81%
Jun 25	7.66%
Jun 25	7.64%
May 25	7.67%
May 25	8.02%
May 25	7.99%
May 25	8.3%
May 25	8.48%
Apr 25	8.54%
Apr 25	8.53%
Apr 25	9.16%
Apr 25	8.71%
Mar 25	8.16%
Mar 25	8.07%
Mar 25	8.03%
Mar 25	7.97%
Feb 25	8.21%
Feb 25	8.04%
Feb 25	8.04%
Feb 25	7.87%
Jan 25	7.79%
Jan 25	7.77%
Jan 25	8.02%
Jan 25	8%
Jan 25	7.71%
Dec 24	7.32%
Dec 24	7.14%
Dec 24	7.01%
Dec 24	6.93%
Nov 24	6.71%
Nov 24	6.9%
Nov 24	6.77%
Nov 24	6.71%
Nov 24	6.84%
Oct 24	6.67%
Oct 24	6.63%

Price to Sales

GRT-UN.TO Price to Sales by year
Period	Price to Sales
Sep 26	8.2
Sep 26	8.53
Aug 26	8.56
Aug 26	8.56
Aug 26	8.77
Aug 26	8.86
Jul 26	9.26
Jul 26	9.4
Jul 26	9.59
Jul 26	9.25
Jul 26	9.36
Jun 26	9.44
Jun 26	9.2
Jun 26	9.25
Jun 26	9.5
May 26	9.44
May 26	9.41
May 26	9.01
May 26	9.16
May 26	9.13
Apr 26	8.93
Apr 26	8.99
Apr 26	8.74
Apr 26	8.34
Mar 26	8.27
Mar 26	8.08
Mar 26	8.74
Mar 26	8.71
Feb 26	9.27
Feb 26	8.88
Feb 26	8.94
Feb 26	8.93
Jan 26	8.86
Jan 26	8.96
Jan 26	9.16
Jan 26	8.68
Jan 26	8.29
Dec 25	8.15
Dec 25	8.18
Dec 25	7.84
Dec 25	7.68
Nov 25	7.72
Nov 25	7.71
Nov 25	7.77
Nov 25	7.81
Oct 25	8.1
Oct 25	8.22
Oct 25	8.28
Oct 25	7.83
Oct 25	8.12
Sep 25	8.25
Sep 25	8.15
Sep 25	8.3
Sep 25	8.39
Aug 25	8.33
Aug 25	8.72
Aug 25	8.44
Aug 25	8.15
Aug 25	7.87
Jul 25	7.83
Jul 25	7.68
Jul 25	7.62
Jul 25	7.56
Jun 25	7.62
Jun 25	7.6
Jun 25	7.75
Jun 25	7.78
May 25	7.74
May 25	7.41
May 25	7.44
May 25	7.16
May 25	7
Apr 25	6.95
Apr 25	6.96
Apr 25	6.48
Apr 25	6.82
Mar 25	7.62
Mar 25	7.71
Mar 25	7.75
Mar 25	7.8
Feb 25	7.57
Feb 25	7.73
Feb 25	7.74
Feb 25	7.91
Jan 25	7.99
Jan 25	8
Jan 25	7.75
Jan 25	7.78
Jan 25	8.07
Dec 24	8.13
Dec 24	8.32
Dec 24	8.48
Dec 24	8.57
Nov 24	8.86
Nov 24	8.62
Nov 24	8.78
Nov 24	8.86
Nov 24	8.69
Oct 24	8.91
Oct 24	8.97

EV/EBITDA

GRT-UN.TO EV/EBITDA by year
Period	EV/EBITDA
Sep 26	15.92
Sep 26	16.32
Aug 26	16.35
Aug 26	16.35
Aug 26	16.62
Aug 26	16.72
Jul 26	17.22
Jul 26	17.39
Jul 26	17.62
Jul 26	17.21
Jul 26	17.34
Jun 26	19.83
Jun 26	19.49
Jun 26	19.57
Jun 26	19.9
May 26	19.82
May 26	19.78
May 26	19.24
May 26	19.44
May 26	19.4
Apr 26	19.13
Apr 26	19.21
Apr 26	18.88
Apr 26	18.33
Mar 26	21.15
Mar 26	20.85
Mar 26	21.88
Mar 26	21.83
Feb 26	22.72
Feb 26	22.1
Feb 26	22.2
Feb 26	22.18
Jan 26	22.07
Jan 26	22.23
Jan 26	22.54
Jan 26	21.79
Jan 26	21.18
Dec 25	20.96
Dec 25	21.02
Dec 25	20.48
Dec 25	20.24
Nov 25	20.3
Nov 25	20.28
Nov 25	20.38
Nov 25	20.44
Oct 25	17.39
Oct 25	17.54
Oct 25	17.62
Oct 25	17.03
Oct 25	17.41
Sep 25	18.06
Sep 25	17.93
Sep 25	18.14
Sep 25	18.25
Aug 25	18.18
Aug 25	18.7
Aug 25	18.33
Aug 25	17.93
Aug 25	17.55
Jul 25	17.5
Jul 25	17.3
Jul 25	17.22
Jul 25	17.14
Jun 25	15.67
Jun 25	15.66
Jun 25	15.84
Jun 25	15.87
May 25	15.83
May 25	15.42
May 25	15.45
May 25	15.11
May 25	14.93
Apr 25	14.86
Apr 25	14.88
Apr 25	14.3
Apr 25	14.7
Mar 25	15.68
Mar 25	15.78
Mar 25	15.83
Mar 25	15.89
Feb 25	15.62
Feb 25	15.81
Feb 25	15.82
Feb 25	16.02
Jan 25	16.12
Jan 25	16.14
Jan 25	15.83
Jan 25	15.86
Jan 25	16.22
Dec 24	17.95
Dec 24	18.21
Dec 24	18.41
Dec 24	18.54
Nov 24	18.91
Nov 24	18.59
Nov 24	18.81
Nov 24	18.92
Nov 24	18.69
Oct 24	18.97
Oct 24	19.06

Price/Operating Cashflow

GRT-UN.TO Price/Operating Cashflow by year
Period	Price/Operating Cashflow
Sep 26	13.71
Sep 26	14.25
Aug 26	14.31
Aug 26	14.31
Aug 26	14.67
Aug 26	14.81
Jul 26	15.49
Jul 26	15.72
Jul 26	16.03
Jul 26	15.47
Jul 26	15.65
Jun 26	15.06
Jun 26	14.66
Jun 26	14.75
Jun 26	15.14
May 26	15.05
May 26	15
May 26	14.36
May 26	14.6
May 26	14.55
Apr 26	14.23
Apr 26	14.33
Apr 26	13.93
Apr 26	13.29
Mar 26	13.34
Mar 26	13.03
Mar 26	14.1
Mar 26	14.05
Feb 26	14.96
Feb 26	14.32
Feb 26	14.43
Feb 26	14.41
Jan 26	14.29
Jan 26	14.46
Jan 26	14.78
Jan 26	14
Jan 26	13.37
Dec 25	13.14
Dec 25	13.2
Dec 25	12.65
Dec 25	12.4
Nov 25	12.46
Nov 25	12.44
Nov 25	12.54
Nov 25	12.6
Oct 25	13.37
Oct 25	13.57
Oct 25	13.67
Oct 25	12.92
Oct 25	13.41
Sep 25	13.27
Sep 25	13.11
Sep 25	13.35
Sep 25	13.49
Aug 25	13.41
Aug 25	14.03
Aug 25	13.58
Aug 25	13.11
Aug 25	12.65
Jul 25	12.6
Jul 25	12.36
Jul 25	12.26
Jul 25	12.16
Jun 25	12.8
Jun 25	12.78
Jun 25	13.03
Jun 25	13.07
May 25	13.02
May 25	12.45
May 25	12.5
May 25	12.03
May 25	11.77
Apr 25	11.68
Apr 25	11.7
Apr 25	10.9
Apr 25	11.46
Mar 25	12.23
Mar 25	12.37
Mar 25	12.43
Mar 25	12.52
Feb 25	12.15
Feb 25	12.41
Feb 25	12.42
Feb 25	12.68
Jan 25	12.81
Jan 25	12.84
Jan 25	12.44
Jan 25	12.47
Jan 25	12.95
Dec 24	13.64
Dec 24	13.97
Dec 24	14.23
Dec 24	14.39
Nov 24	14.87
Nov 24	14.46
Nov 24	14.75
Nov 24	14.88
Nov 24	14.58
Oct 24	14.95
Oct 24	15.06

Price to Book

GRT-UN.TO Price to Book by year
Period	Price to Book
Sep 26	0.92
Sep 26	0.95
Aug 26	0.96
Aug 26	0.96
Aug 26	0.98
Aug 26	0.99
Jul 26	1.04
Jul 26	1.05
Jul 26	1.07
Jul 26	1.03
Jul 26	1.05
Jun 26	1.06
Jun 26	1.03
Jun 26	1.04
Jun 26	1.06
May 26	1.06
May 26	1.05
May 26	1.01
May 26	1.03
May 26	1.02
Apr 26	1
Apr 26	1.01
Apr 26	0.98
Apr 26	0.94
Mar 26	0.91
Mar 26	0.89
Mar 26	0.96
Mar 26	0.95
Feb 26	1.02
Feb 26	0.97
Feb 26	0.98
Feb 26	0.98
Jan 26	0.97
Jan 26	0.98
Jan 26	1
Jan 26	0.95
Jan 26	0.91
Dec 25	0.89
Dec 25	0.9
Dec 25	0.86
Dec 25	0.84
Nov 25	0.85
Nov 25	0.85
Nov 25	0.85
Nov 25	0.86
Oct 25	0.89
Oct 25	0.9
Oct 25	0.91
Oct 25	0.86
Oct 25	0.89
Sep 25	0.85
Sep 25	0.84
Sep 25	0.86
Sep 25	0.86
Aug 25	0.86
Aug 25	0.9
Aug 25	0.87
Aug 25	0.84
Aug 25	0.81
Jul 25	0.81
Jul 25	0.79
Jul 25	0.79
Jul 25	0.78
Jun 25	0.76
Jun 25	0.75
Jun 25	0.77
Jun 25	0.77
May 25	0.77
May 25	0.73
May 25	0.74
May 25	0.71
May 25	0.69
Apr 25	0.69
Apr 25	0.69
Apr 25	0.64
Apr 25	0.68
Mar 25	0.77
Mar 25	0.78
Mar 25	0.78
Mar 25	0.79
Feb 25	0.77
Feb 25	0.78
Feb 25	0.78
Feb 25	0.8
Jan 25	0.81
Jan 25	0.81
Jan 25	0.78
Jan 25	0.79
Jan 25	0.82
Dec 24	0.81
Dec 24	0.83
Dec 24	0.84
Dec 24	0.85
Nov 24	0.88
Nov 24	0.86
Nov 24	0.87
Nov 24	0.88
Nov 24	0.86
Oct 24	0.89
Oct 24	0.89

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Granite Real Estate Investment Trust

Video analysis: GRT-UN.TO

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