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Last C$41.49 CAD
Change Today 0.00 / 0.00%
Volume 0.0
GRT-U On Other Exchanges
Symbol
Exchange
New York
Toronto
As of 4:00 PM 05/4/15 All times are local (Market data is delayed by at least 15 minutes).

granite real estate investme (GRT-U) Snapshot

Open
C$41.78
Previous Close
C$41.49
Day High
C$41.92
Day Low
C$41.13
52 Week High
01/22/15 - C$45.93
52 Week Low
10/14/14 - C$37.00
Market Cap
2.0B
Average Volume 10 Days
69.2K
EPS TTM
C$1.86
Shares Outstanding
47.0M
EX-Date
04/28/15
P/E TM
22.3x
Dividend
C$2.30
Dividend Yield
5.46%
Current Stock Chart for GRANITE REAL ESTATE INVESTME (GRT-U)

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granite real estate investme (GRT-U) Details

Granite Real Estate Investment Trust owns and manages industrial, warehouse, and logistics properties in North America and Europe. As of December 31, 2014, its portfolio included 103 income-producing properties with approximately 30 million square feet of area. The company’s properties comprise logistics/distribution warehouse facilities, multi-purpose, and special purpose facilities in Canada, the United States, Austria, Germany, the Netherlands, the Czech Republic, the United Kingdom, and Spain. The company qualifies as a real estate investment trust for federal income tax purposes. It generally would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. Granite Real Estate Investment Trust was founded in 1998 and is headquartered in Toronto, Canada.

60 Employees
Last Reported Date: 03/4/15
Founded in 1998

granite real estate investme (GRT-U) Top Compensated Officers

Chief Executive Officer and Trustee
Total Annual Compensation: C$500.0K
Chief Financial Officer
Total Annual Compensation: C$420.0K
Executive Vice-President of Real Estate Inves...
Total Annual Compensation: C$400.0K
Executive Vice President, General Counsel and...
Total Annual Compensation: C$385.0K
Executive Vice President of Real Estate Portf...
Total Annual Compensation: C$375.0K
Compensation as of Fiscal Year 2013.

granite real estate investme (GRT-U) Key Developments

Granite Real Estate Investment Trust Declares Dividend, Payable on May 15, 2015

Granite Real Estate Investment Trust announced that its board of trustees has declared a distribution on company’s stapled units of CAD 0.192 per stapled unit. The distribution will be paid by company on May 15, 2015 to stapled unitholders of record at the close of trading on April 30, 2015.

Granite Real Estate Investment Trust Declares Monthly Distribution Payable on April 15, 2015

Granite Real Estate Investment Trust announced that its board of trustees has declared a monthly distribution on Granite’s stapled units of CAD 0.192 per stapled unit. The distribution will be paid by the company on April 15, 2015 to stapled unitholders of record at the close of trading on March 31, 2015. The stapled units will begin trading on an ex-dividend basis at the opening of trading on March 27, 2015 on the Toronto Stock Exchange and the New York Stock Exchange.

Granite Real Estate Investment Trust Reports Audited Combined Earnings Results for the Fourth Quarter and Year Ended Dec. 31, 2014

Granite Real Estate Investment Trust reported audited combined earnings results for the fourth quarter and year ended Dec. 31, 2014. For the quarter, the company reported revenues of CAD 51.016 million compared to CAD 51.238 million a year ago, as the increase in revenue from the acquisition of eight properties in Europe during the fourth quarter of 2013, contractual rent adjustments and the effect of favourable foreign exchange rates was offset by revenue lost from vacancies and disposals of income-producing properties. Net income from continuing operations was CAD 21.356 million compared to net loss from continuing operations of CAD 3.857 million a year ago. Net income was CAD 21.356 million compared to net loss of CAD 2.391 million a year ago. FFO was CAD 36.246 million or CAD 0.77 per basic and diluted staple unit compared to CAD 36.470 million or CAD 0.78 per basic and diluted staple unit a year ago. Comparable FFO was CAD 36.246 million or CAD 0.77 per basic and diluted staple unit compared to CAD 36.470 or CAD 0.78 per basic and diluted staple unit a year ago. Funds from operations attributed to continuing operations increased 7.7% in comparison to the same quarter last year driven largely by lower interest costs and partially by foreign exchange gains. Net income from continuing operations increased primarily due to (i) a CAD 12.1 million decrease in net fair value losses on investment properties, (ii) a CAD 7.5 million decrease in acquisition transaction costs, (iii) a CAD 2.2 million decrease in net interest expense, (iv) a CAD 1.4 million increase in net foreign exchange gains, (v) a CAD 2.1 million increase in net gain on the sale of investment properties and (vi) a CAD 0.6 million increase in income tax recovery. In the quarter, the company invested CAD 15.7 million in CapEx and that pertained largely, almost entirely to the development of its property in Berks, Pennsylvania. Net debt is about CAD 463 million at the end of 2014. For the year, the company reported revenues of CAD 207.410 million compared to CAD 189.900 million a year ago, primarily due to the acquisition of 12 properties in Europe and the United States during 2013 and the favourable effects of changes in foreign currency exchange rates, in particular, the euro that were partially offset with vacancies and disposals of income-producing properties as well as lease renewals which were negotiated at rental rates lower than the expiring lease rates in place. Net income from continuing operations was CAD 63.660 million compared to CAD 143.444 million a year ago. Net income was CAD 70.417 million compared to CAD 145.266 million a year ago. FFO was CAD 125.253 million or CAD 2.66 per basic and diluted staple unit compared to CAD 138.285 million or CAD 2.95 per basic and diluted staple unit a year ago. Comparable FFO was CAD 153.833 million or CAD 3.27 per basic and diluted staple unit compared to CAD 142.505 or CAD 3.04 per basic and diluted staple unit a year ago. Comparable FFO attributed to continuing operations increased 12.6% compared to 2013 as a result of Granite's acquisition activities, favourable exchange rates, a lower effective interest rate and foreign exchange gains. Net income from continuing operations decreased primarily due to (i) a CAD 45.9 million increase in deferred tax expense largely from the reversal of CAD 41.9 million in Canadian deferred tax liabilities in the prior year as a result of converting to a REIT on January 3, 2013, (ii) a CAD 35.4 million increase in net fair value losses on investment properties, (iii) the CAD 28.6 million of early redemption costs associated with the 2016 Debentures, partially offset by (iv) a CAD 17.5 million increase in rental revenue and tenant recoveries and (v) decreased acquisition transaction costs of CAD 14.1 million. The increase in comparable FFO of CAD 11.3 million to CAD 153.8 million from CAD 142.5 million in the prior year was primarily due to continuing operations where increased rental revenue of CAD 17.5 million and a CAD 3.0 million increase in net foreign exchange gains were partially offset by an increase in interest expense and other financing charges of CAD 3.4 million, a CAD 1.0 million increase in general and administrative expenses and a CAD 5.2 million decrease in FFO from the discontinued operations.

 

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GRT-U

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Valuation GRT-U Industry Range
Price/Earnings 29.6x
Price/Sales 9.1x
Price/Book 1.2x
Price/Cash Flow 26.5x
TEV/Sales 5.7x
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