GRANITE REAL ESTATE INVESTMENT TRUST
For the period ended Dec 31, 2023. Filed Feb 28, 2024.
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The yearly report of certain Canadian companies, filed under a joint US and Canadian system. It is the main yearly account these companies give US investors, largely as filed in Canada.
FY2023 · Filed Feb 28, 2024
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Contents
EX-3 · Debt Structure
Debt Structure
Granite’s debt structure and key debt metrics as at December 31, 2023 and December 31, 2022 were as follows:
| Summary Debt Structure and Debt Metrics | |||
|---|---|---|---|
| As at December 31, · 2023 · 2022 | |||
| Unsecured debt, net | $3,066.0 | $2,983.6 | |
| Derivatives, net (4) | (100.8) | (138.4) | |
| Lease obligations | 33.2 | 33.7 | |
| Total unsecured debt | [A] | $2,998.4 | $2,878.9 |
| Secured debt | — | 51.4 | |
| Total debt (1)(4) | [B] | $2,998.4 | $2,930.3 |
| Less: cash and cash equivalents | 116.1 | 135.1 | |
| Net debt(1)(4) | [C] | $2,882.3 | $2,795.2 |
| Investment properties | [D] | $8,808.1 | $8,839.6 |
| Unencumbered Assets(5) | [E] | $8,808.1 | $8,754.6 |
| 100.0% | |||
| Trailing 12-month adjusted EBITDA(1) | [F] | $392.6 | $352.1 |
| Interest expense | $78.7 | $51.0 | |
| Interest income | (7.7) | (1.6) | |
| Trailing 12-month interest expense, net | [G] | $71.0 | $49.4 |
| Debt metrics | |||
| Leverage ratio(2) | [B]/[D] | 34% | 33% |
| Net leverage ratio(2) | [C]/[D] | 33% | 32% |
| Interest coverage ratio(2) | [F]/[G] | 5.5x | 7.1x |
| Unencumbered asset coverage ratio(2) | [E]/[A] | 2.9x | 3.0x |
| Indebtedness ratio(2) | [B]/[F] | 7.6x | 8.3x |
| Weighted average cost of debt(3) | 2.59% | 2.28% | |
| Weighted average debt term-to-maturity, in years(3) | 3.9 | 4.1 | |
| Ratings and outlook | |||
| DBRS | BBB (high) stable | BBB (high) stable | |
| Moody’s | Baa2 Stable | Baa2 Stable | |
(1) Represents a non-IFRS measure. For definitions of Granite’s non-IFRS measures, refer to the section “NON-IFRS PERFORMANCE MEASURES”.
(2) Represents a non-IFRS ratio. For definitions of Granite’s non-IFRS ratios, refer to the section“NON-IFRS RATIOS”.
(3)Excludes lease obligations noted above.
(4) Balance is net of the derivative assets and derivative liabilities.
(5)Unencumbered assets represent the carrying value of investment properties (excluding any assets held for sale) that are not encumbered by secured debt. Granite can seek to obtain secured financing against its unencumbered assets subject to certain restrictions and financial covenant limitations in its Credit Facility, term loan agreements and trust indentures.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.