Ms. Teresa Neto reports

GRANITE REIT ANNOUNCES VOTING RESULTS FROM ITS 2023 JOINT ANNUAL GENERAL MEETINGS OF STAPLED UNITHOLDERS

Granite Real Estate Investment Trust and Granite REIT Inc. (Granite GP) have released the results of the matters voted on at their joint annual general meetings of stapled unitholders held earlier today. Each of the individuals nominated for election as a trustee of Granite REIT and a director of Granite GP, as set out in Granite's management information circular dated April 12, 2023, were elected as set out in the associated table.

A total of 49,393,327 stapled units (77.49 per cent of outstanding stapled units) were represented in person or by proxy at the meetings.

The votes were conducted by show of hands in respect of all matters. Proxies received by management in advance of the meetings indicated results as shown in the associate table.

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 142 investment properties representing approximately 62.8 million square feet of leasable area.