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INVESTMENT PROPERTIES (Tables)
 12 Months Ended
Dec. 31, 2023
Disclosure of detailed information about investment property [abstract]  
Schedule of investment property summary
As at December 31,
20232022
Income-producing properties$8,641,352 $8,486,105 
Properties under development120,940 272,504 
Land held for development45,847 80,962 
$8,808,139 $8,839,571 
Schedule of changes in investment properties
Changes in investment properties are shown in the following table:

Years ended December 31,
20232022
Income-producing propertiesProperties under developmentLand held for developmentIncome-producing propertiesProperties
 under development		Land held for development
Balance, beginning of year
$8,486,105 $272,504 $80,962 $7,727,368 $162,817 $80,973 
Maintenance or improvements8,409 — — 9,680 — — 
Leasing costs5,095 1,577 — 10,153 — — 
Tenant allowances6,969 47 — 574 — — 
Developments or expansions36,633 61,089 1,530 43,940 228,099 2,853 
Acquisitions (note 3)
107,125 — — 471,112 14,603 6,578 
Transfer to properties under development— 50,007 (50,007)— 17,549 (17,549)
Transfer to income-producing properties288,979 (288,979)— 223,040 (223,040)— 
Amortization of straight-line rent16,690 — — 10,591 — — 
Amortization of tenant allowances(4,403)— — (4,149)— — 
Other changes132 4 6 374 21 14 
Fair value (losses) gains, net
(216,191)26,506 13,382 (285,127)56,536 6,929 
Foreign currency translation, net(94,191)(1,815)(26)321,078 15,919 1,164 
Classified as assets held for sale (note 5)
— — — (42,529)— — 
Balance, end of year
$8,641,352 $120,940 $45,847 $8,486,105 $272,504 $80,962 
Schedule of minimum rental commitments payable on non-cancellable operating leases
Tenant minimum rental commitments payable to Granite on non-cancellable operating leases as at December 31, 2023 are as follows:

2024
$444,183 
2025
431,349 
2026
394,975 
2027
369,278 
2028
327,445 
2029 and thereafter
1,365,460 
$3,332,690 
Schedule of the key valuation metrics for income-producing properties by country The key valuation metrics for income-producing properties by country are set out below:
As at December 31,
2023
2022(1)
Weighted
average(2)
MaximumMinimum
Weighted
average(2)
MaximumMinimum
Canada
Discount rate6.55 %7.50 %6.00 %6.26 %7.25 %5.25 %
Terminal capitalization rate5.39 %6.50 %4.75 %5.19 %6.50 %4.25 %
United States
Discount rate7.08 %10.50 %6.15 %6.45 %10.25 %5.50 %
Terminal capitalization rate6.02 %9.25 %5.25 %5.57 %9.25 %4.75 %
Germany
Discount rate7.13 %9.65 %5.80 %6.48 %11.00 %4.90 %
Terminal capitalization rate6.13 %8.90 %4.85 %5.50 %10.00 %4.30 %
Austria
Discount rate8.68 %9.90 %8.15 %8.59 %9.90 %8.15 %
Terminal capitalization rate7.40 %8.25 %6.75 %7.32 %7.90 %6.75 %
Netherlands
Discount rate6.34 %7.75 %5.60 %5.43 %6.85 %4.75 %
Terminal capitalization rate6.57 %9.00 %5.95 %5.73 %8.50 %5.00 %
Total
Discount rate7.05 %10.50 %5.60 %6.50 %11.00 %4.75 %
Terminal capitalization rate6.07 %9.25 %4.75 %5.66 %10.00 %4.25 %
(1)Excludes assets held for sale (note 5).
(2)Weighted based on income-producing property fair value.
Schedule of sensitivity of the fair value of income-producing properties to changes in either the discount rate or terminal capitalization rate
The table below summarizes the sensitivity of the fair value of income-producing properties to changes in either the discount rate or terminal capitalization rate:
Discount Rate
Terminal Capitalization Rate
Rate sensitivity
Fair value
Change in fair value
Fair value
Change in fair value
+50 basis points$8,322,286 $(319,066)$8,235,864 $(405,488)
+25 basis points8,479,932 (161,420)8,430,247 (211,105)
Base rate
8,641,352 — 8,641,352 — 
-25 basis points8,806,676 165,324 8,871,520 230,168 
-50 basis points$8,975,983 $334,631 $9,123,497 $482,145