Granite's Evolution
CANADIAN REAL ESTATE DEBT COMPARISON¹
Total Debt-to-Capital
90%
80%
70%
60%
50%
40%
30%
20%
10%
Chartwell
Brookfield
Crombie
Cominar
Artis
H&R
First Capital
Average
Morguard Corp
Americold
Summit Industrial
SmartCentres
RioCan
Choice Properties
CT REIT
Granite 2
Dream Industrial
Allied Properties
Total Debt-to-EBITDA
19.0x
17.0x
15.0x
13.0x
11.0x
9.0x
7.0x
5.0x
3.0x
1.0x
Brookfield
First Capital
Morguard Corp
Cominar
Summit Industrial
Crombie
Artis
RioCan
H&R
Chartwell
Average
SmartCentres
Allied Properties
Choice Properties
Granite²
CT REIT
Dream Industrial
Americold
1
2
Granite has leading debt metrics within DBRS¹ universe of Canadian Real Estate entities
March 2022
20
20
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.
Granite's debt at December 31, 2020 included the 2021 Debentures that were refinanced on December 18, 2020 and subsequently redeemed on January 4, 2021. All December 31, 2020 debt ratios have been adjusted on
a pro-forma basis to reflect the redemption of the 2021 Debentures for peer comparison purposes.View entire presentation