Granite REIT constructs build-to-suit properties that meet our clients' specific requirements. and also retrofits, customizes and leases existing properties. Our mission in every aspect of our business is to be a responsive and reliable partner and create value for our clients by helping them carefully manage their investment in our real estate.
Our income-producing property portfolio has grown from 75 properties totalling approximately 12.4 million square feet in 1998 to 105 properties totalling approximately 27.9 million square feet of leasable area as at December 31, 2011.
The following chart shows the historical growth in total leasable area (net of dispositions) and number of properties within our income-producing property portfolio.
We also provide consulting and advisory services for real estate projects around the globe and are exploring opportunities in emerging markets. To meet our clients' needs, we have established an international network of quality professionals, including planners, architects, suppliers and trades, all of whom deliver a standard of excellence under the Granite banner.
Our properties are leased primarily to members of the Magna International Inc. group of companies and we built a substantial number of the plants that we now lease to Magna. Through this experience, we gained a reputation for meeting demanding timelines and budgets and consistently achieving an extremely high standard of quality construction. Once the construction phase is complete, we remain a responsive partner and ensure that our tenants' ongoing requirements are met, including renovations and expansions of varying sizes.
We are actively working to diversify our portfolio and expand our horizons into new markets, new industries and with new tenants. Over the past several years, we have added a series of new tenants to our portfolio and we look forward to working with new partners as we pursue our long-term strategy of indentifying new and exciting real estate opportunities.
See Our Clients for more details.