Granite Real Estate Investment Trust (GRP.U)

GRP.U Cash Flow Statement

Financials in millions CAD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Mar 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net Income	315.36	360.61	136.66	155.77	1,310	429.8
Depreciation & Amortization	1.31	1.29	1.27	1.6	1.32	1.15
Other Amortization	3.28	2.99	6.89	6.46	7.63	6.66
Gain (Loss) on Sale of Assets	-	-	1.51	0.67	0.76	0.9
Asset Writedown	7.86	-53.04	172.68	219.73	-1,299	-273.44
Stock-Based Compensation	4.88	5.36	10.21	-0.17	12.44	8.12
Change in Accounts Receivable	3.95	-5.96	-0.2	1.67	-4.12	10.14
Change in Accounts Payable	-6.48	-2.33	-1.73	-4.21	4.78	0.84
Change in Other Net Operating Assets	-0.79	0.64	-3.39	-2.27	-2.9	0.06
Other Operating Activities	30.28	29.14	-11.38	-106.46	231.09	59.46
Operating Cash Flow	363.56	338.61	313.18	277.5	262.26	249.29
Operating Cash Flow Growth	16.11%	8.12%	12.86%	5.81%	5.20%	35.91%
Acquisition of Real Estate Assets	-45.93	-52.03	-234	-760.7	-1,052	-1,111
Sale of Real Estate Assets	0.04	-	43.77	63.94	35.43	42.51
Net Sale / Acq. of Real Estate Assets	-45.89	-52.03	-190.23	-696.76	-1,016	-1,068
Other Investing Activities	-17.22	-13.43	-7.16	-14.02	1.28	-3.36
Investing Cash Flow	-63.1	-65.46	-128.13	-766.56	-1,025	-1,072
Long-Term Debt Issued	-	795.71	595.46	830.68	498.06	994.19
Total Debt Issued	1,124	795.71	595.46	830.68	498.06	994.19
Long-Term Debt Repaid	-	-824.69	-548.22	-264.83	-254.71	-0.64
Total Debt Repaid	-1,144	-824.69	-548.22	-264.83	-254.71	-0.64
Net Debt Issued (Repaid)	-19.69	-28.97	47.25	565.86	243.35	993.55
Issuance of Common Stock	-	-	-	13.12	303.06	552.93
Repurchase of Common Stock	-109.4	-45.81	-26.99	-155.53	-	-25.02
Common Dividends Paid	-208.63	-207.85	-203.91	-202.28	-191.08	-163.06
Other Financing Activities	15.19	15.14	-19.45	-6.6	-21.86	-0.2
Foreign Exchange Rate Adjustments	5.2	4.39	-0.89	7.07	0.92	-3.09
Net Cash Flow	-16.88	10.04	-18.95	-267.43	-428.77	532.6
Cash Interest Paid	74.15	79.48	72.46	52.49	40.48	32.65
Cash Income Tax Paid	9.03	8.32	8.26	18.09	7.04	5.68
Levered Free Cash Flow	249.38	230.7	292.75	144.22	165.89	180.95
Unlevered Free Cash Flow	298.07	279.49	352.19	165.13	189.52	205.72
Change in Net Working Capital	-13.15	-1.18	-91.17	57.95	11.85	-30.4

Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.