Ms. Teresa Neto reports

GRANITE REIT DECLARES DISTRIBUTION FOR SEPTEMBER 2021

Granite Real Estate Investment Trust's board of trustees has declared a distribution of 25.0 cents per stapled unit for the month of September, 2021. The distribution will be paid by Granite on Oct. 15, 2021, to stapled unitholders of record at the close of trading on Thursday, Sept. 30, 2021. The stapled units will begin trading on an ex dividend basis at the opening of trading on Wednesday, Sept. 29, 2021, on the Toronto Stock Exchange and on the New York Stock Exchange.

Granite confirms that no portion of the distribution constitutes effectively connected income for U.S. federal tax purposes. A qualified notice providing the breakdown of the sources of the distribution will be issued to the Depository Trust & Clearing Corporation subsequent to the record date of Sept. 30, 2021, pursuant to United States Treasury Regulation Section 1.1446-4.

About Granite Real Estate Investment Trust

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 119 investment properties representing approximately 51.3 million square feet of leasable area.