Granite Real Estate Investment Trust
TSX:GRT.UN
Income Statement
Earnings Waterfall
Granite Real Estate Investment Trust
Revenue
|
521.3m
CAD
|
Cost of Revenue
|
-86m
CAD
|
Gross Profit
|
435.2m
CAD
|
Operating Expenses
|
-42.7m
CAD
|
Operating Income
|
392.5m
CAD
|
Other Expenses
|
-255.9m
CAD
|
Net Income
|
136.7m
CAD
|
Income Statement
Granite Real Estate Investment Trust
Dec-2013 | Mar-2014 | Jun-2014 | Sep-2014 | Dec-2014 | Mar-2015 | Jun-2015 | Sep-2015 | Dec-2015 | Mar-2016 | Jun-2016 | Sep-2016 | Dec-2016 | Mar-2017 | Jun-2017 | Sep-2017 | Dec-2017 | Mar-2018 | Jun-2018 | Sep-2018 | Dec-2018 | Mar-2019 | Jun-2019 | Sep-2019 | Dec-2019 | Mar-2020 | Jun-2020 | Sep-2020 | Dec-2020 | Mar-2021 | Jun-2021 | Sep-2021 | Dec-2021 | Mar-2022 | Jun-2022 | Sep-2022 | Dec-2022 | Mar-2023 | Jun-2023 | Sep-2023 | Dec-2023 | ||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenue | ||||||||||||||||||||||||||||||||||||||||||
Revenue |
190
N/A
|
198
+4%
|
204
+3%
|
208
+2%
|
207
0%
|
208
+0%
|
209
+1%
|
212
+2%
|
216
+2%
|
220
+2%
|
223
+1%
|
224
+1%
|
223
0%
|
228
+2%
|
232
+2%
|
236
+2%
|
245
+4%
|
246
+0%
|
247
+1%
|
250
+1%
|
248
-1%
|
249
+1%
|
255
+2%
|
260
+2%
|
274
+5%
|
288
+5%
|
301
+5%
|
321
+6%
|
340
+6%
|
358
+5%
|
371
+4%
|
381
+3%
|
394
+3%
|
406
+3%
|
422
+4%
|
435
+3%
|
456
+5%
|
477
+5%
|
497
+4%
|
517
+4%
|
521
+1%
|
|
Gross Profit | ||||||||||||||||||||||||||||||||||||||||||
Cost of Revenue |
(6)
|
(6)
|
(7)
|
(7)
|
(7)
|
(7)
|
(6)
|
(7)
|
(7)
|
(7)
|
(7)
|
(8)
|
(8)
|
(13)
|
(20)
|
(25)
|
(31)
|
(31)
|
(31)
|
(32)
|
(31)
|
(31)
|
(33)
|
(33)
|
(35)
|
(37)
|
(38)
|
(41)
|
(47)
|
(51)
|
(55)
|
(58)
|
(61)
|
(64)
|
(67)
|
(71)
|
(75)
|
(80)
|
(85)
|
(90)
|
(86)
|
|
Gross Profit |
184
N/A
|
192
+4%
|
197
+3%
|
201
+2%
|
201
0%
|
201
+0%
|
203
+1%
|
206
+2%
|
209
+2%
|
212
+1%
|
215
+1%
|
216
+1%
|
216
0%
|
214
-1%
|
212
-1%
|
211
-1%
|
213
+1%
|
214
+0%
|
216
+1%
|
219
+1%
|
217
-1%
|
218
+1%
|
222
+2%
|
227
+2%
|
238
+5%
|
251
+5%
|
263
+5%
|
280
+6%
|
293
+5%
|
307
+5%
|
316
+3%
|
324
+3%
|
333
+3%
|
342
+3%
|
355
+4%
|
364
+3%
|
380
+4%
|
397
+4%
|
412
+4%
|
428
+4%
|
435
+2%
|
|
Operating Income | ||||||||||||||||||||||||||||||||||||||||||
Operating Expenses |
(27)
|
(42)
|
(42)
|
(28)
|
(29)
|
(28)
|
(29)
|
(30)
|
(29)
|
(29)
|
(29)
|
(28)
|
(29)
|
(28)
|
(34)
|
(34)
|
(32)
|
(34)
|
(27)
|
(29)
|
(30)
|
(30)
|
(32)
|
(31)
|
(32)
|
(30)
|
(30)
|
(33)
|
(33)
|
(37)
|
(36)
|
(35)
|
(40)
|
(39)
|
(37)
|
(35)
|
(31)
|
(37)
|
(40)
|
(42)
|
(43)
|
|
Selling, General & Administrative |
(27)
|
(27)
|
(28)
|
(28)
|
(28)
|
(27)
|
(28)
|
(29)
|
(28)
|
(29)
|
(29)
|
(28)
|
(28)
|
(27)
|
(28)
|
(27)
|
(26)
|
(28)
|
(27)
|
(29)
|
(29)
|
(30)
|
(31)
|
(31)
|
(31)
|
(29)
|
(30)
|
(32)
|
(32)
|
(35)
|
(35)
|
(34)
|
(38)
|
(38)
|
(36)
|
(33)
|
(30)
|
(36)
|
(39)
|
(41)
|
(41)
|
|
Depreciation & Amortization |
(1)
|
(0)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(2)
|
(1)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(1)
|
(1)
|
(1)
|
|
Other Operating Expenses |
0
|
(14)
|
(14)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(6)
|
(6)
|
(6)
|
(6)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Operating Income |
157
N/A
|
150
-4%
|
155
+3%
|
172
+11%
|
172
0%
|
172
+0%
|
174
+1%
|
176
+1%
|
180
+3%
|
183
+1%
|
186
+2%
|
188
+1%
|
187
-1%
|
187
0%
|
178
-5%
|
178
0%
|
181
+2%
|
181
0%
|
189
+5%
|
189
+0%
|
187
-1%
|
188
+0%
|
191
+1%
|
196
+3%
|
206
+5%
|
221
+7%
|
233
+5%
|
246
+6%
|
260
+6%
|
270
+4%
|
280
+4%
|
289
+3%
|
293
+1%
|
303
+3%
|
318
+5%
|
330
+4%
|
349
+6%
|
359
+3%
|
372
+4%
|
386
+4%
|
393
+2%
|
|
Pre-Tax Income | ||||||||||||||||||||||||||||||||||||||||||
Interest Income Expense |
(37)
|
(79)
|
(94)
|
(89)
|
(71)
|
(20)
|
9
|
27
|
52
|
35
|
37
|
156
|
153
|
136
|
128
|
14
|
191
|
240
|
351
|
470
|
337
|
345
|
285
|
226
|
222
|
209
|
170
|
149
|
239
|
408
|
684
|
1 053
|
1 262
|
1 546
|
988
|
326
|
(257)
|
(832)
|
(604)
|
(439)
|
(264)
|
|
Non-Reccuring Items |
(14)
|
0
|
0
|
(8)
|
(0)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(0)
|
(1)
|
(1)
|
(3)
|
(8)
|
(8)
|
(8)
|
(6)
|
(0)
|
0
|
0
|
0
|
0
|
0
|
(4)
|
(4)
|
(4)
|
(4)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Gain/Loss on Disposition of Assets |
5
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Total Other Income |
0
|
0
|
0
|
(29)
|
(29)
|
(28)
|
(28)
|
0
|
0
|
0
|
0
|
0
|
(12)
|
(12)
|
(12)
|
(12)
|
0
|
0
|
2
|
2
|
2
|
2
|
0
|
0
|
(3)
|
(3)
|
(3)
|
(3)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Pre-Tax Income |
110
N/A
|
71
-36%
|
61
-14%
|
48
-22%
|
72
+52%
|
124
+72%
|
154
+24%
|
203
+31%
|
232
+14%
|
218
-6%
|
223
+3%
|
344
+54%
|
328
-4%
|
311
-5%
|
295
-5%
|
179
-39%
|
371
+107%
|
420
+13%
|
540
+29%
|
654
+21%
|
518
-21%
|
527
+2%
|
469
-11%
|
422
-10%
|
425
+1%
|
427
+0%
|
400
-6%
|
393
-2%
|
499
+27%
|
674
+35%
|
960
+42%
|
1 338
+39%
|
1 551
+16%
|
1 849
+19%
|
1 306
-29%
|
655
-50%
|
92
-86%
|
(472)
N/A
|
(232)
+51%
|
(53)
+77%
|
129
N/A
|
|
Net Income | ||||||||||||||||||||||||||||||||||||||||||
Tax Provision |
33
|
(5)
|
(7)
|
(9)
|
(9)
|
(18)
|
(26)
|
(31)
|
(36)
|
(34)
|
(30)
|
(47)
|
(48)
|
(43)
|
(42)
|
(26)
|
(13)
|
(20)
|
(33)
|
(41)
|
(53)
|
(55)
|
(48)
|
(44)
|
(43)
|
(41)
|
(37)
|
(40)
|
(69)
|
(95)
|
(140)
|
(201)
|
(241)
|
(271)
|
(167)
|
(32)
|
64
|
142
|
85
|
34
|
9
|
|
Income from Continuing Operations |
143
|
67
|
54
|
38
|
64
|
106
|
128
|
172
|
196
|
184
|
193
|
297
|
281
|
268
|
253
|
154
|
358
|
400
|
506
|
613
|
465
|
471
|
421
|
378
|
382
|
385
|
362
|
353
|
430
|
579
|
820
|
1 137
|
1 310
|
1 578
|
1 138
|
623
|
156
|
(330)
|
(147)
|
(20)
|
138
|
|
Income to Minority Interest |
(0)
|
(0)
|
(1)
|
(1)
|
(0)
|
(1)
|
(3)
|
(2)
|
(2)
|
(3)
|
(1)
|
(2)
|
(1)
|
(0)
|
0
|
(0)
|
0
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(2)
|
(0)
|
(1)
|
(2)
|
|
Net Income (Common) |
145
N/A
|
65
-55%
|
52
-20%
|
46
-12%
|
70
+52%
|
110
+57%
|
126
+14%
|
170
+35%
|
193
+14%
|
181
-6%
|
193
+6%
|
295
+53%
|
279
-5%
|
267
-4%
|
253
-5%
|
154
-39%
|
358
+133%
|
400
+12%
|
506
+27%
|
613
+21%
|
465
-24%
|
471
+1%
|
421
-11%
|
377
-10%
|
382
+1%
|
385
+1%
|
362
-6%
|
353
-3%
|
430
+22%
|
579
+35%
|
820
+42%
|
1 137
+39%
|
1 310
+15%
|
1 578
+20%
|
1 138
-28%
|
623
-45%
|
156
-75%
|
(332)
N/A
|
(147)
+56%
|
(21)
+86%
|
137
N/A
|
|
EPS (Diluted) |
3.13
N/A
|
1.41
-55%
|
1.13
-20%
|
0.99
-12%
|
1.51
+53%
|
2.38
+58%
|
2.71
+14%
|
3.72
+37%
|
4.11
+10%
|
3.85
-6%
|
4.17
+8%
|
6.37
+53%
|
5.93
-7%
|
5.67
-4%
|
5.35
-6%
|
3.26
-39%
|
7.59
+133%
|
8.63
+14%
|
11.05
+28%
|
13.38
+21%
|
10.13
-24%
|
9.87
-3%
|
8.71
-12%
|
7.62
-13%
|
7.8
+2%
|
7.11
-9%
|
6.59
-7%
|
6.09
-8%
|
7.22
+19%
|
9.37
+30%
|
12.02
+28%
|
17.27
+44%
|
20.47
+19%
|
23.97
+17%
|
17.29
-28%
|
9.54
-45%
|
2.39
-75%
|
-5.19
N/A
|
-2.3
+56%
|
-0.32
+86%
|
2.14
N/A
|