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UNSECURED DEBT AND RELATED DERIVATIVES (Tables)
 12 Months Ended
Dec. 31, 2023
Borrowings [abstract]  
Schedule of unsecured debentures and term loans, net
(b) Unsecured Debentures and Term Loans, Net
As at December 31,
20232022
Maturity Date
Amortized
Cost(1)
Principal
issued and outstanding
Amortized
 Cost(1)
Principal
issued and outstanding
2023 DebenturesNovember 30, 2023$— $— $399,707 $400,000 
2027 DebenturesJune 4, 2027498,497 500,000 498,057 500,000 
2028 DebenturesAugust 30, 2028498,193 500,000 497,806 500,000 
2029 DebenturesApril 12, 2029397,629 400,000 — — 
2030 DebenturesDecember 18, 2030497,917 500,000 497,616 500,000 
2024 Term LoanDecember 19, 2024244,133 244,283 250,088 250,351 
2025 Term Loan
September 15, 2025527,786 528,180 540,677 541,300 
September 2026 Term LoanSeptember 8, 2026102,064 102,222 — — 
December 2026 Term LoanDecember 11, 2026299,763 300,000 299,686 300,000 
$3,065,982 $3,074,685 $2,983,637 $2,991,651 
(1)The amounts outstanding are net of deferred financing costs. The deferred financing costs are amortized using the effective interest method and are included in interest expense.

As at December 31,
20232022
Unsecured Debentures and Term Loans, Net
Non-current$2,821,849 $2,583,930 
Current244,133 399,707 
$3,065,982 $2,983,637 
Schedule of detailed information about hedging instruments
As at December 31,
20232022
Notional amount to be paid  Interest payment rateNotional amount to be receivedInterest receipt rateMaturity dateFair value assets (liabilities)Fair value assets (liabilities)
2023 Cross Currency Interest Rate Swap (1)
281,100 EUR2.430 %400,000 CAD3.873 %Nov. 30, 2023$— $(7,076)
2024 Cross Currency Interest Rate Swap
168,200 EUR0.522 %185,000 USD
SOFR plus margin (6)
Dec. 19, 20249,042 24,891 
2025 Interest Rate Swap (2)
— — 5.016 %— — SOFR plus margin Sept. 15, 20254,847 5,244 
September 2026 Interest Rate Swap (3)
— — 4.333 %— — EURIBOR plus marginSept. 8, 2026(2,105)— 
December 2026 Cross Currency Interest Rate Swap
205,500 EUR1.355 %300,000 CAD
CDOR plus margin (7)
Dec. 11, 202624,223 39,264 
2027 Cross Currency Interest Rate Swap
370,300 USD2.964 %500,000 CAD3.062 %June 4, 202718,402 8,123 
2028 Cross Currency Interest Rate Swap
119,100 USD2.096 %150,000 CAD2.194 %Aug. 30, 2028(3,067)(6,391)
2028 Cross Currency Interest Rate Swap (4)
242,100 EUR0.536 %350,000 CAD2.194 %Aug. 30, 20288,998 19,450 
2029 Cross Currency Interest Rate Swap (5)
277,700 EUR4.958 %400,000 CAD6.103 %Apr. 12, 2029(3,257)— 
2030 Cross Currency Interest Rate Swap
319,400 EUR1.045 %500,000 CAD2.378 %Dec. 18, 203043,730 54,883 
$100,813 $138,388 
(1)On November 30, 2023, Granite LP settled the 2023 Cross Currency Interest Rate Swap in conjunction with the repayment of the 2023 Debentures (note 8(b)).
(2)On September 15, 2022, Granite LP entered into a float to fixed interest rate swap (the “2025 Interest Rate Swap”) to exchange the floating SOFR portion of the interest payments of the 2025 Term Loan for fixed interest payments resulting in an all-in fixed interest rate of 5.016%.
(3)On September 8, 2023, Granite LP entered into a float to fixed interest rate swap (the “September 2026 Interest Rate Swap”) to exchange the floating EURIBOR-based interest payments of the September 2026 Term Loan for fixed interest payments resulting in an all-in fixed interest rate of 4.333%.
(4)On February 3, 2022, Granite terminated $350.0 million of a total $500.0 million principal of the 2028 Cross Currency Interest Rate Swap and simultaneously entered into a new $350.0 million cross-currency interest rate swap maturing August 30, 2028, to exchange the Canadian dollar denominated principal and interest payments of the 2028 Debentures for Euro denominated payments at a fixed interest rate of 0.536%. Upon termination, Granite paid $6.6 million to settle the mark-to-market liability relating to the $350.0 million principal portion of the 2028 Cross Currency Interest Rate Swap.
(5)On October 10, 2023, Granite LP entered into a cross currency interest rate swap (the "2029 Cross Currency Interest Rate Swap"), which commenced on October 12, 2023 to exchange the Canadian dollar denominated principal and interest payments of the 2029 Debentures for Euro denominated principal and interest payments resulting in an all-in effective fixed interest rate of 4.929%.
(6)On April 19, 2023, Granite amended the 2024 Cross Currency Interest Rate Swap to update the benchmark rate in the agreement from LIBOR to SOFR, including a fixed spread for the basis difference between LIBOR and SOFR, without any economic impact or change to Granite's risk management strategy.
(7)Subsequent to the year ended December 31, 2023, on February 8, 2024, Granite amended the December 2026 Cross Currency Interest Rate Swap to update the benchmark rate in the agreement from CDOR to CORRA, including a fixed spread for the basis difference between CDOR and CORRA, without any economic impact or change to Granite's risk management strategy (note 8(b)).
As at December 31,
20232022
Financial assets at fair value
Non-current$100,200 $151,855 
Current9,042 — 
$109,242 $151,855 
Financial liabilities at fair value
Non-current$8,429 $6,391 
Current— 7,076 
$8,429 $13,467