Granite REIT Announces Its Green Bond Framework

Granite Real Estate Investment Trust (“Granite”) (TSX: GRT.UN / NYSE: GRP.U) today announced its Green Bond Framework.

“Sustainability has been an important part of our strategy, as our investment activity has been defined by growing our portfolio with sustainable properties and developments”, said Kevan Gorrie, Granite’s President & Chief Executive Officer. “Our Green Bond Framework enables Granite to raise capital in support of its sustainable investments and other energy conservation initiatives”.

Granite’s Green Bond Framework has been reviewed by Sustainalytics, a global leader in providing environmental, social and governance (ESG) research and analysis. Sustainalytics issued a second party opinion confirming that Granite’s Green Bond Framework aligns with the International Capital Markets Association Green Bond Principles 2018. Scotiabank acted as Green Structuring Advisor for the Green Bond Framework.

To enable investors and other stakeholders to follow the development of Granite’s green bond program and to gain insight into how the net proceeds of any green bond issuance will be used, Granite will provide annual updates on its website and in its Annual Report until the net proceeds of a green bond issuance are fully allocated to Eligible Green Projects, as defined in the Green Bond Framework.

Copies of Granite’s Green Bond Framework and Sustainalytics’ second party opinion are available on Granite’s website at: https://granitereit.com/sustainability; and Sustainalytics’ second party opinion is also available on Sustainalytics’ website at: https://www.sustainalytics.com/sustainable-finance/our-work/.

For further information on Granite’s sustainability plan, please visit Granite’s website at https://granitereit.com/sustainability.

ABOUT GRANITE

Granite is a Canadian-based REIT engaged in the acquisition, development, ownership and management of industrial, warehouse and logistics properties in North America and Europe. Granite owns over 90 investment properties representing approximately 40.3 million square feet of leasable area.

OTHER INFORMATION

Copies of financial data and other publicly filed documents about Granite are available through the internet on the Canadian Securities Administrators’ Systems for Electronic Document Analysis and Retrieval (SEDAR) which can be accessed at www.sedar.com and on the United States Securities and Exchange Commission’s Electronic Data Gathering, Analysis and Retrieval System (EDGAR) which can be accessed at www.sec.gov. For further information, please see our website at www.granitereit.com or contact Teresa Neto, Chief Financial Officer, at 647-925-7560 or Andrea Sanelli, Manager, Legal & Investor Services, at 647-925-7504.