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    Granite REIT Completes C$800 Million Offering of Senior Unsecured Debentures and Repayment of Its US$400 Million Term Loan

    Granite Real Estate Investment Trust (“Granite” or the “REIT”) (TSX: GRT.UN / NYSE: GRP.U) announced today that its wholly owned subsidiary Granite REIT Holdings Limited Partnership (“Granite LP”) has completed its previously announced offering (the “Offering”) of C$800 million aggregate principal amount of senior unsecured debentures in two series. The Offering includes (i) C$250 million aggregate principal amount of 3.999% Series 8 senior unsecured debentures due October 4, 2029 (the “October 2029 Debentures”); and (ii) C$550 million aggregate principal amount of 4.348% Series 9 senior unsecured debentures due October 4, 2031 (collectively, the “Debentures”). The Debentures are guaranteed by Granite and Granite REIT Inc.

    Through a cross currency interest rate swap, Granite LP has exchanged the Canadian dollar denominated principal and interest payments related to the October 2029 Debentures for Euro denominated principal and interest payments, resulting in an effective fixed interest rate of 3.494% for the five year term of the October 2029 Debentures.

    Granite also announced today that Granite LP has repaid in full its US$400 million senior unsecured non-revolving term facility, which had a maturity date of September 15, 2025 (the “2025 Term Loan”), using the net proceeds from the Offering. The 2025 Term Loan was fully prepayable without penalty.

    Granite LP intends to use the remaining net proceeds from the Offering to refinance existing debt, including its US$185 million senior unsecured non-revolving term facility, to be repaid upon maturity on December 19, 2024, and for general corporate purposes. Prior to such use, the remaining net proceeds may be initially used, in part or in full, for investments in bank deposits or other cash equivalents, in each case in accordance with Granite’s internal liquidity management policies.

    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 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.

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    Granite REIT Completes C$800 Million Offering of Senior Unsecured Debentures and Repayment of Its US$400 Million Term Loan Granite Real Estate Investment Trust (“Granite” or the “REIT”) (TSX: GRT.UN / NYSE: GRP.U) announced today that its wholly owned subsidiary Granite REIT Holdings Limited Partnership (“Granite LP”) has completed its previously announced offering (the …