Granite Real Estate Investment Trust (GRTUF) Balance Sheet

NYSE: GRTUFAssets, liabilities, debt and equity over 5 years.

GRTUF balance sheet, 2025

December 31, 2025 · Canadian dollars

C$9.73B assets = C$4.22B liabilities + C$5.52B equity

What it ownsC$9.73BCash & ST investments: C$139.6M (1.4%)Receivables: C$8.8M (0.1%)Other current: C$92.8M (1.0%)PP&E: C$3.4M (0.0%)Other non-current: C$9.49B (97.5%)Other non-currentC$9.49B · 97%=How it is financedC$9.73BCurrent liabilities: C$589.5M (6.1%)C$589.5MLong-term debt: C$2.90B (29.8%)Long-term debtC$2.90B · 30%Other LT liabilities: C$730.0M (7.5%)C$730.0MShareholders’ equity: C$5.52B (56.7%)Shareholders’ equityC$5.52B · 57%

Both columns are drawn to the same scale: what GRTUF owns equals what it owes plus shareholders’ equity. Hover a block for its value.

GRTUF financial health

Current ratio0.41
Tight · current assets cover current liabilities 0.41×
Debt / equity0.52
Moderate leverage · C$0.52 of debt for each $1 of equity
Equity / assets56.7%
Equity-funded · of assets funded by shareholders
Cash / debt4.8%
Low cash cover · cash & short-term investments vs total debt
Goodwill & intangibles0.0%
Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

GRTUF balance sheet trends, 2021–2025

MetricTrendThenLatestChange
Total assetsC$8.57B2021C$9.73B2025+3.2%/yr
Total liabilitiesC$3.25B2021C$4.22B2025+6.8%/yr
Shareholders’ equityC$5.32B2021C$5.52B2025+0.9%/yr
Cash & short-term investmentsC$402.5M2021C$139.6M2025−23.3%/yr
Total debtC$2.43B2021C$2.90B2025+4.5%/yr
Net cash (debt)−C$2.02B2021−C$2.76B2025−C$733.7M
Working capitalC$322.2M2021−C$348.3M2025−C$670.5M
Current ratio2.9620210.412025−2.55
Debt / equity0.4620210.522025+0.07
Shares outstanding65.7M202160.6M2025−2.0%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

GRTUF assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

GRTUF liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

GRTUF debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

GRTUF balance sheet in Canadian dollars

20252024202320222021
Assets
Cash & short-term investmentsC$139.6MC$126.2MC$116.1MC$135.1MC$402.5M
Cash & equivalentsC$139.6MC$126.2MC$116.1MC$135.1MC$402.5M
ReceivablesC$8.8MC$18.3MC$12.2MC$12.2MC$10.8M
InventoryC$0C$0C$0C$0C$0
Other current assetsC$92.8MC$13.5MC$23.4MC$126.3MC$73.2M
Total current assetsC$241.1MC$158.0MC$151.7MC$273.6MC$486.5M
Property, plant & equipment (net)C$3.4MC$3.9MC$3.1MC$4.0MC$2.5M
Goodwill & intangible assetsC$0C$0C$0C$0C$0
Long-term investmentsC$0C$0C$0C$0C$0
Other non-current assetsC$9.49BC$9.46BC$8.91BC$9.00BC$8.08B
Total assetsC$9.73BC$9.62BC$9.07BC$9.28BC$8.57B
Liabilities
Accounts payableC$17.7MC$13.5MC$11.4MC$11.2MC$8.0M
Total current liabilitiesC$589.5MC$147.0MC$384.5MC$619.3MC$164.4M
Long-term debtC$2.90BC$3.08BC$2.82BC$2.58BC$2.43B
Lease obligationsC$34.7MC$34.4MC$33.2MC$33.7MC$32.1M
Other long-term liabilitiesC$730.0MC$657.6MC$576.4MC$596.8MC$654.9M
Total liabilitiesC$4.22BC$3.88BC$3.78BC$3.80BC$3.25B
Shareholders' equity
Retained earnings (deficit)C$1.92BC$1.79BC$1.63BC$1.70BC$1.75B
Minority interestC$9.1MC$8.4MC$6.7MC$5.0M—
Total shareholders' equityC$5.52BC$5.74BC$5.28BC$5.48BC$5.32B
Key figures
Total debtC$2.90BC$3.08BC$2.82BC$2.58BC$2.43B
Net cash (debt)−C$2.76B−C$2.95B−C$2.71B−C$2.45B−C$2.02B
Working capital−C$348.3MC$11.0M−C$232.8M−C$345.7MC$322.2M
Tangible book valueC$5.52BC$5.74BC$5.28BC$5.48BC$5.32B
Shares outstanding60.6M62.7M63.4M63.7M65.7M
Current ratio0.411.070.390.442.96
Quick ratio0.250.980.330.242.51
Debt / equity0.520.540.530.470.46
Equity / assets56.7%59.6%58.3%59.1%62.1%

Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported (latest annual report filed —); data from EODHD.

GRTUF financial position

At the end of fiscal 2025 (December 31, 2025), Granite Real Estate Investment had total assets of C$9.7 billion (up 1.2% from a year earlier), total liabilities of C$4.2 billion and shareholders' equity of C$5.5 billion. It held C$139.6 million in cash and short-term investments against C$2.9 billion of debt, net debt of C$2.8 billion. Its current ratio was 0.41. In the latest quarter (ended June 30, 2026) total assets were C$9.8 billion and equity C$5.8 billion.

Related: GRTUF income statement, GRTUF cash flow statement, GRTUF key metrics. See the GRTUF stock overview for the latest quote and news.

GRTUF balance sheet FAQ

What are Granite Real Estate Investment's total assets?

Granite Real Estate Investment reported total assets of C$9.7 billion at the end of fiscal 2025 (December 31, 2025), compared with C$9.6 billion a year earlier.

How much debt does Granite Real Estate Investment have?

Granite Real Estate Investment had C$2.9 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.52.

How much cash does Granite Real Estate Investment have?

Granite Real Estate Investment held C$139.6 million in cash and short-term investments at the end of fiscal 2025; with C$2.9 billion of debt that is net debt of C$2.8 billion.

What is Granite Real Estate Investment's book value?

Granite Real Estate Investment's shareholders' equity (book value) was C$5.5 billion at the end of fiscal 2025.

What is Granite Real Estate Investment's current ratio?

Granite Real Estate Investment had current assets of C$241.1 million and current liabilities of C$589.5 million, a current ratio of 0.41 (current liabilities exceed current assets).

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