Granite Real Estate Investment Trust and Granite REIT Inc. Announce Effective Date of Proposed Unwind of Stapled Unit Structure

Granite Real Estate Investment Trust (“Granite REIT”) and Granite REIT Inc. (“Granite GP” and, together with Granite REIT, “Granite”) (TSX: GRT.UN / NYSE: GRP.U) announced today that the previously announced court approved plan of arrangement to simplify Granite’s capital structure by replacing its current stapled unit structure with a conventional REIT trust unit structure (the “Arrangement”), is expected to be completed and become effective on or about October 1, 2024 (the “Effective Date”).

Currently, Granite unitholders hold stapled units (“Stapled Units”), each of which consists of one Granite REIT unit and one common share of Granite GP. Upon completion of the Arrangement (i) the two components of each Stapled Unit will be uncoupled, (ii) the common shares of Granite GP currently held by Granite unitholders will be automatically exchanged for fractional Granite REIT units and (iii) the Granite REIT units will be consolidated back to the number of Stapled Units outstanding before the exchange occurred.

As of the Effective Date, each Granite unitholder will hold a number of Granite REIT units equal to the number of Stapled Units they hold currently, and Granite GP will become a wholly-owned subsidiary of Granite REIT. The Granite REIT units will trade on the Toronto Stock Exchange and on the New York Stock Exchange under the current ticker symbols for the Stapled Units (being “GRT.UN” and “GRP.U”, respectively), and are expected to begin trading on a standalone basis and not as Stapled Units on or about October 3, 2024.

ABOUT GRANITE

Granite is a Canadian-based REIT engaged in the acquisition, development, ownership and management of logistics, warehouse and industrial properties in North America and Europe. Granite owns 143 investment properties representing approximately 63.3 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’ System for Electronic Data Analysis and Retrieval+ (SEDAR+) which can be accessed at www.sedarplus.ca 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, Associate Director, Legal & Investor Services, at 647-925-7504.