Granite's Evolution
Market Capitalization¹
BALANCE SHEET STRENGTH²
Capitalization
Unit Price (03/04/2022)
Units Outstanding
Credit Facility
Debt Maturity Profile
$94.24
$1,200
65.7
998
$6,191
$1,000
Weighted average debt term-to-maturity - 5.5 years
Weighted average cost of debt - 1.59%
$0
$800
Construction Loan due Dec/23
$1
Debentures 3.873% due Nov/23
$400
(C$M)
$600
500
500
500
401
US$185M Term Loan due Dec/24
$234
$400
300
234
C$300M Term Loan due Dec/26
Debentures 3.062% due Jun/27
$300
$200
$500
Debentures 2.194% due Aug/28
$500
$0
Debentures 2.378% due Dec/30
Debt4
$500
2021
2023
2024
2026
2027
2028
2030
$2,435
Less: Cash and Cash Equivalents
($299)
⚫ Available Liquidity under credit facility which matures in March 2026
$400M Debentures 3.873% due Nov/23 swapped into Euros with an effective interest rate of 2.43%; $1M Construction
Loan due Dec/23 with variable interest rate of US Prime Rate minus 90 bps
Less: Proceeds from Assets Held for Sale
($34)
US$185M Term Loan LIBOR+ due Dec/24 swapped into Euros with an effective interest rate of 0.272%
$300M Term Loan BA+ due Dec/26 swapped into Euros with an effective interest rate of 1.105%
Add: Non-controlling Interests
$3
Enterprise Value¹
$8,296
.
⚫ $500M Debentures 3.062% due Jun/27 swapped into USD with effective interest rate of 2.964%
• $500M Debentures 2.194% due Aug/28, swapped into USD and Euro with effective blended interest rate of 1.004%
$500M Debentures 2.378% due Dec/30 swapped into Euros with effective interest rate of 1.045%
Available Liquidity³
Debt Metrics³
Cash and Cash Equivalents
Credit Facility Available
Total Available Liquidity³
LTM Adj. EBITDA / LTM Interest
Net Debt / LTM Adj. EBITDA
$299
LTM FFO / Net Debt
$998
$1,297
Net Debt/ Fair Value of Investment Properties
Net Debt/Enterprise Value
Unencumbered Assets / Unsecured Net Debt
Secured Debt / Fair Value of Investment Properties
Incremental Net Debt Capacity at 35% Net Leverage Ratio
Sector leading balance sheet with significant liquidity and substantially all unencumbered assets
1 Market capitalization and enterprise value are as at March 4, 2022.
2 Excludes assets held for sale and reflects adjustments for subsequent events. Refer to the "Subsequent Events" section in Appendix C on page 25.
3 For definitions of Granite's non-IFRS performance measures and non-IFRS ratios, refer to Appendix A and B on page 23 and 24.
4 Debt excludes swap mark-to-market liabilities and lease obligations.
6.8x
7.0x
12%
26%
24%
3.8x
0.01%
$1.1B
March 2022
17View entire presentation