Granite Announces Renewal of Normal Course Issuer Bid

Granite Real Estate Investment Trust and Granite REIT Inc. (TSX: GRT.UN / NYSE: GRP.U) (“Granite REIT” and “Granite GP”, and collectively, “Granite”) today announced the acceptance by the Toronto Stock Exchange (the “TSX”) of Granite’s Notice of Intention to Make a Normal Course Issuer Bid (“NCIB”). Pursuant to the NCIB, Granite proposes to purchase through the facilities of the TSX and any alternative trading system in Canada, from time to time over the next 12 months, if considered advisable, up to an aggregate of 6,273,168 of Granite’s issued and outstanding stapled units (the “Stapled Units”) (each Stapled Unit consisting of one trust unit of Granite REIT and one common share of Granite GP), being approximately 10% of Granite’s public float of Stapled Units as of May 15, 2024. Pursuant to a previous notice of intention to conduct a NCIB, under which Granite sought and received approval from the TSX to purchase up to 6,349,296 Stapled Units for the period of May 24, 2023 to May 23, 2024, Granite has purchased, as of May 15, 2024, 768,300 Stapled Units on the open market at a weighted average purchase price of $69.0523 per Stapled Unit. As of May 15, 2024, Granite had 63,008,797 Stapled Units issued and outstanding and a public float of 62,731,680 Stapled Units.

The NCIB will commence on May 24, 2024 and will conclude on the earlier of the date on which purchases under the bid have been completed and May 23, 2025. Daily purchases made by Granite through the TSX may not exceed 23,113 Stapled Units, being 25% of the average daily trading volume of 92,454 Stapled Units on the TSX for the six-month period ended April 30, 2024. These daily maximums are subject to certain exceptions prescribed by the TSX, including the “block purchase exemption”.

Granite intends to enter into an automatic securities purchase plan with a broker as of the date on which the NCIB commences in order to facilitate repurchases of the Stapled Units under the NCIB during Granite’s scheduled blackout periods. Under the automatic securities purchase plan, Granite’s broker may repurchase Stapled Units under the NCIB in accordance with any advance instructions that Granite may elect to deliver, including without limitation repurchases made at times when Granite would ordinarily not be permitted to repurchase Stapled Units due to regulatory restrictions or self-imposed blackout periods. Purchases will be made by Granite’s broker based upon the parameters under the NCIB and the terms of the parties’ written agreement.