| (Values in U.S. Thousands) | Sep, 2012 | Jun, 2012 | Mar, 2012 | Dec, 2011 | Sep, 2011 |
| Sales | 44,920 | 45,710 | 45,460 | 45,310 | 46,410 |
| Sales Growth | -1.73% | +0.55% | +0.33% | -2.37% | +0.11% |
| Net Income | 56,440 | 36,910 | 18,520 | 59,190 | 55,650 |
| Net Income Growth | +52.91% | +99.30% | -68.71% | +6.36% | +38.71% |
(GRP)
(GRP)
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Granite Real Estate Inc formerly MI Developments Inc. is the successor corporation to four companies that amalgamated on August 29, 2003 under the Business Corporations Act of Ontario. It is a real estate operating company, which is engaged mainly in the ownership, management, leasing, development and acquisition of industrial and commercial real estate properties. Members of the Magna International Inc. (Magna) group of companies are its main tenants. The Company also owns land for industrial development and owns and acquires land that it intends to develop for mixed-use and residential projects. It also has other operations held through a controlling interest in Magna Entertainment Corp. (MEC), a separate public company. MEC is an owner and operator of horse racetracks, and is a supplier, via simulcasting, of live horseracing content to the growing inter-track, off-track and account wagering markets. The Company's income-producing properties consist of heavy industrial manufacturing facilities, light industrial properties, corporate offices, product development and engineering centres and test facilities. The Real Estate Business holds a global portfolio of 106 income producing industrial and commercial properties located in nine countries: Canada, the United States, Mexico, Austria, Germany, the Czech Republic, the United Kingdom, Spain and Poland. These properties are leased mainly to members of the Magna group by way of operating leases. The Company's properties held for development consist of: lands held for future industrial expansion; lands that it had originally 'banked' for industrial use but for which the current industrial use is not the highest and best use; and properties that it has acquired from MEC and for which it intends to seek planning and zoning changes in order to develop mixed-use and residential projects. The company competes for suitable real estate investments with many other parties, including real estate investment trusts, insurance companies and other investors, which are currently seeking real estate investments similar to those desired by it. Some of its competitors might have greater financial and operational resources, or lower required return thresholds, than it does. The Company is subject to a range of laws and regulations imposed by governmental authorities, including in particular zoning, building and similar regulations that affect its real estate holdings.