Granite Real Estate Investment Trust
Granite is a Canadian-based real estate investment trust (REIT) focused on acquiring, the development, ownership and management of buildings, mainly logistics facilities, warehouses and industrial buildings in North America and Europe. As of November 5, 2025, Granite owned a gross leasable area of approximately 60.9 million square feet in 140 investment properties spread across in five countries.… Read more
Granite Real Estate Investment Trust (GRP-UN) - Net Assets
Latest net assets as of September 2025: $5.52 Billion USD
Based on the latest financial reports, Granite Real Estate Investment Trust (GRP-UN) has net assets worth $5.52 Billion USD as of September 2025.
Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($9.63 Billion) and total liabilities ($4.12 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $5.52 Billion |
| % of Total Assets | 57.26% |
| Annual Growth Rate | 4.59% |
| 5-Year Change | 46.26% |
| 10-Year Change | 208.62% |
| Growth Volatility | 23.96 |
Granite Real Estate Investment Trust - Net Assets Trend (2000–2024)
This chart illustrates how Granite Real Estate Investment Trust's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for Granite Real Estate Investment Trust (2000–2024)
The table below shows the annual net assets of Granite Real Estate Investment Trust from 2000 to 2024.
| Year | Net Assets | Change |
|---|---|---|
| 2024-12-31 | $5.74 Billion | +8.57% |
| 2023-12-31 | $5.28 Billion | -3.59% |
| 2022-12-31 | $5.48 Billion | +2.98% |
| 2021-12-31 | $5.32 Billion | +35.68% |
| 2020-12-31 | $3.92 Billion | +24.59% |
| 2019-12-31 | $3.15 Billion | +26.08% |
| 2018-12-31 | $2.50 Billion | +16.80% |
| 2017-12-31 | $2.14 Billion | +9.65% |
| 2016-12-31 | $1.95 Billion | +4.89% |
| 2015-12-31 | $1.86 Billion | +13.60% |
| 2014-12-31 | $1.64 Billion | -2.40% |
| 2013-12-31 | $1.68 Billion | +91.16% |
| 2012-12-31 | $877.00 Million | -3.92% |
| 2011-12-31 | $912.82 Million | -38.84% |
| 2010-12-31 | $1.49 Billion | -10.32% |
| 2009-12-31 | $1.66 Billion | -17.31% |
| 2008-12-31 | $2.01 Billion | +7.43% |
| 2007-12-31 | $1.87 Billion | -13.46% |
| 2006-12-31 | $2.16 Billion | +4.17% |
| 2005-12-31 | $2.08 Billion | -10.62% |
| 2004-12-31 | $2.33 Billion | -6.36% |
| 2003-12-31 | $2.48 Billion | -8.93% |
| 2002-12-31 | $2.73 Billion | +30.48% |
| 2001-12-31 | $2.09 Billion | +6.93% |
| 2000-12-31 | $1.95 Billion | -- |
Equity Component Analysis
This analysis shows how different components contribute to Granite Real Estate Investment Trust's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 178715900000.0% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2024)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | $1.79 Billion | 31.20% |
| Common Stock | $3.29 Billion | 57.47% |
| Other Comprehensive Income | $649.33 Million | 11.34% |
| Total Equity | $5.73 Billion | 100.00% |
Granite Real Estate Investment Trust Competitors by Market Cap
The table below lists competitors of Granite Real Estate Investment Trust ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
ENSTAR GROUP LTD DL-01
F:48R
|
$3.59 Billion |
|
Bank of Suzhou
SHE:002966
|
$3.59 Billion |
|
Otter Tail Corporation
NASDAQ:OTTR
|
$3.59 Billion |
|
Entain Plc
PINK:GMVHF
|
$3.59 Billion |
|
Enstar Group Limited
NASDAQ:ESGR
|
$3.59 Billion |
|
Lixil Group Corp
PINK:JSGRY
|
$3.59 Billion |
|
The Campbell's Company
SA:C1PB34
|
$3.58 Billion |
|
Reply SpA
PINK:RPYTF
|
$3.58 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Granite Real Estate Investment Trust's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2023 to 2024, total equity changed from 5,276,951,000 to 5,728,236,000, a change of 451,285,000 (8.6%).
- Net income of 360,609,000 contributed positively to equity growth.
- Dividend payments of 207,851,000 reduced retained earnings.
- Share repurchases of 45,808,000 reduced equity.
- Other comprehensive income increased equity by 342,912,000.
Equity Change Factors (2023 to 2024)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $360.61 Million | +6.3% |
| Dividends Paid | $207.85 Million | -3.63% |
| Share Repurchases | $45.81 Million | -0.8% |
| Other Comprehensive Income | $342.91 Million | +5.99% |
| Other Changes | $1.42 Million | +0.02% |
| Total Change | $- | 8.55% |
Book Value vs Market Value Analysis
This analysis compares Granite Real Estate Investment Trust's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 0.72x
- The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
- The price-to-book ratio has decreased from 1.69x to 0.72x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2000-12-31 | $38.51 | $65.12 | x |
| 2001-12-31 | $40.41 | $65.12 | x |
| 2002-12-31 | $48.88 | $65.12 | x |
| 2003-12-31 | $43.97 | $65.12 | x |
| 2004-12-31 | $41.95 | $65.12 | x |
| 2005-12-31 | $38.11 | $65.12 | x |
| 2006-12-31 | $40.43 | $65.12 | x |
| 2007-12-31 | $35.74 | $65.12 | x |
| 2008-12-31 | $42.10 | $65.12 | x |
| 2009-12-31 | $35.63 | $65.12 | x |
| 2010-12-31 | $31.96 | $65.12 | x |
| 2011-12-31 | $19.43 | $65.12 | x |
| 2012-12-31 | $18.71 | $65.12 | x |
| 2013-12-31 | $35.60 | $65.12 | x |
| 2014-12-31 | $34.63 | $65.12 | x |
| 2015-12-31 | $39.26 | $65.12 | x |
| 2016-12-31 | $41.34 | $65.12 | x |
| 2017-12-31 | $45.55 | $65.12 | x |
| 2018-12-31 | $54.62 | $65.12 | x |
| 2019-12-31 | $64.21 | $65.12 | x |
| 2020-12-31 | $69.14 | $65.12 | x |
| 2021-12-31 | $83.10 | $65.12 | x |
| 2022-12-31 | $83.85 | $65.12 | x |
| 2023-12-31 | $83.29 | $65.12 | x |
| 2024-12-31 | $90.64 | $65.12 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Granite Real Estate Investment Trust utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 6.30%
- The company has moderate efficiency in generating returns from equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 63.36%
- • Asset Turnover: 0.06x
- • Equity Multiplier: 1.68x
- Recent ROE (6.30%) is below the historical average (6.43%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2000 | 1.44% | 3.87% | 0.28x | 1.32x | $-151.97 Million |
| 2001 | 2.84% | 6.02% | 0.33x | 1.41x | $-133.57 Million |
| 2002 | 0.74% | 1.68% | 0.27x | 1.62x | $-208.87 Million |
| 2003 | -1.98% | -3.97% | 0.31x | 1.61x | $-253.58 Million |
| 2004 | -0.51% | -1.00% | 0.28x | 1.81x | $-212.23 Million |
| 2005 | 0.41% | 0.84% | 0.27x | 1.81x | $-176.52 Million |
| 2006 | 3.57% | 6.91% | 0.31x | 1.68x | $-125.72 Million |
| 2007 | 2.28% | 4.97% | 0.27x | 1.67x | $-132.74 Million |
| 2008 | -0.20% | -0.42% | 0.30x | 1.60x | $-200.57 Million |
| 2009 | -2.66% | -11.51% | 0.19x | 1.21x | $-210.72 Million |
| 2010 | -3.49% | -14.51% | 0.18x | 1.30x | $-201.28 Million |
| 2011 | 17.43% | 85.16% | 0.15x | 1.37x | $67.79 Million |
| 2012 | 8.13% | 39.39% | 0.15x | 1.39x | $-16.36 Million |
| 2013 | 8.68% | 71.36% | 0.08x | 1.48x | $-22.09 Million |
| 2014 | 4.31% | 33.85% | 0.08x | 1.50x | $-92.79 Million |
| 2015 | 10.46% | 89.38% | 0.08x | 1.48x | $8.43 Million |
| 2016 | 14.34% | 125.03% | 0.08x | 1.49x | $84.50 Million |
| 2017 | 16.74% | 160.67% | 0.07x | 1.50x | $144.04 Million |
| 2018 | 18.64% | 187.95% | 0.06x | 1.68x | $215.60 Million |
| 2019 | 12.14% | 140.05% | 0.06x | 1.53x | $67.46 Million |
| 2020 | 10.96% | 126.34% | 0.05x | 1.72x | $37.80 Million |
| 2021 | 24.63% | 332.90% | 0.05x | 1.61x | $778.07 Million |
| 2022 | 2.84% | 34.19% | 0.05x | 1.69x | $-391.77 Million |
| 2023 | 2.59% | 26.22% | 0.06x | 1.72x | $-391.03 Million |
| 2024 | 6.30% | 63.36% | 0.06x | 1.68x | $-212.21 Million |
Industry Comparison
This section compares Granite Real Estate Investment Trust's net assets metrics with peer companies in the same industry.
Industry Context
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Granite Real Estate Investment Trust (GRP-UN) | $5.52 Billion | 1.44% | 0.75x | $3.59 Billion |
| Abcam plc (ABCZF) | $726.90 Million | -1.17% | 0.45x | $5.00 Billion |
| Able View Global Inc. Warrant (ABLVW) | $11.42 Million | 85.41% | 3.81x | $277.93K |
| Above Food Ingredients Inc. Warrants (ABVEW) | $199.86 Million | -2.89% | 0.00x | $6.25 Million |
| Adamas Trust, Inc. (ADAMG) | $2.43 Billion | 7.94% | 1.33x | $2.09 Billion |
| ADS-TEC ENERGY PLC Warrant (ADSEW) | $33.92 Million | -162.39% | 2.67x | $10.06 Million |
| Alliance Entertainment Holding Corporation Warrants (AENTW) | $52.92 Million | 10.13% | 4.23x | $2.29 Million |
| Forafric Global PLC Warrants (AFRIW) | $5.32 Million | -457.58% | 45.29x | $2.67 Million |
| Centurion Acquisition Corp. Warrant (ALFUW) | $282.84 Million | 1.97% | 0.05x | $4.81 Million |
| Alliance Trust PLC (ALITF) | $4.04 Billion | 10.04% | 0.29x | $112.87K |
| Alvotech Warrant (ALVOW) | $-564.42 Million | 0.00% | 0.00x | $35.01 Million |