Ms. Teresa Neto reports

GRANITE REIT DECLARES DISTRIBUTION FOR JULY 2023

Granite Real Estate Investment Trust's board of trustees has declared a distribution of 26.67 cents per stapled unit for the month of July, 2023. The distribution will be paid by Granite REIT on Tuesday, Aug. 15, 2023, to stapled unitholders of record at the close of trading on Monday, July 31, 2023. The stapled units will begin trading on an ex dividend basis at the opening of trading on Friday, July 28, 2023, on the Toronto Stock Exchange and on the New York Stock Exchange.

Granite REIT 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 Corp. subsequent to the record date of July 31, 2023, pursuant to U.S. Treasury regulation Section 1.1446-4.

About Granite Real Estate Investment Trust

Granite REIT 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.