Granite's Evolution
CANADIAN REAL ESTATE DEBT COMPARISON¹
EBITDA Interest Coverage
8.0x
7.0x
6.0x
5.0x
4.0x
3.0x
2.0x
1.0x
0.0x
Cominar
Crombie
Brookfield
First Capital
Morguard Corp
H&R
Artis
Chartwell
Summit Industrial
Allied Properties
Average
Choice Properties
CT REIT
RioCan
Americold
SmartCentres
Dream Industrial
Granite
1.40
1.20
1.00
0.80
0.60
0.40
0.20
0.00
Distributions/Cash Flow from Operations²
Brookfield
Summit Industrial
Chartwell
RioCan
SmartCentres
Crombie
Choice Properties
Average
Allied Properties
First Capital
Granite
Cominar
Dream Industrial
Americold
CT REIT
H&R
Artis
Granite has leading cash flow coverage metrics among DBRS¹ universe of Canadian Real Estate entities
March 2022
21
1 Source: DBRS North American Real Estate Peer Comparison for 17 issuers as of August 26, 2021. Credit metrics for each issuer are as of the dates indicated in the report (December 31, 2020 for Granite). Certain terms
used, such as EBITDA and FFO, do not have standardized meanings under IFRS and as such may not be comparable between the North American Real Estate Peer issuers used in the study.
2 Peer Group Average excludes Morguard Corporation.View entire presentation