Portfolio Transformation Strategy
FINANCIAL PERFORMANCE
Historical Operating Performance ($M)
$288
$274
$245
$248
$223
$214
$216
$203
$223
$204
$188
$185.
$187
$183
$181
$170
$162
$154
$158
$143
$145
$138
2013
2014
2015
2016
2017
Distributions and Payout Ratios
71%
91%
81%
82%
79%
78%
78%
2.90
71%
2.80
69%
68%
68%
2.72
$189
2.60
$173
2.43
2.30
2.21
2.11
77%
75%
2018
2019
Q1 2020 LTM
2013
2014
2015
2016
2017
2018
2019
Q1 2020 LTM
Distributions per Unit
-X-FFO Payout %
AFFO Payout %
â– Revenue Adj. EBITDA Adj. FFO
Granite has consistently outperformed the TSX and Capped REIT Total Return indices
Adjusted FFO and FFO payout ratio may exclude items that can be a source of variance between periods. See Granite's MD&A in the 2020 First Quarter Report.
Material increase in revenue from 2016 to 2017 is largely due to the adoption of IFRS 15 in 2017.
2019 Distributions excludes the special distribution paid in January 2019 of $1.20 per unit.
May 2020
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