Mr. Kevan Gorrie reports

GRANITE REAL ESTATE INVESTMENT TRUST ANNOUNCES ITS INTENTION TO VOLUNTARILY DELIST FROM THE NYSE AND DEREGISTER FROM ITS SEC REPORTING OBLIGATIONS

Granite Real Estate Investment Trust intends to voluntarily delist its trust units from the New York Stock Exchange (NYSE) and to thereafter voluntarily deregister from its reporting obligations under the U.S. Securities Exchange Act of 1934. Granite's listing on the Toronto Stock Exchange will be unaffected by the delisting from the NYSE and Granite's units will continue to trade on the TSX under the trading symbol GRT.UN.

Granite made the decision to delist from the NYSE due to consistent historic-low trading volumes, to reduce operating costs, achieve administrative efficiencies and further simplify Granite's structure by only maintaining its TSX listing. Granite will continue to comply with and continue to be subject to Canadian securities laws, including the rules of the TSX.

Kevan Gorrie, president and chief executive officer of Granite, commented: "The NYSE accounts for less than 1 per cent of Granite's global average daily trading volume. We believe that the TSX provides Canadian and U.S. unitholders with sufficient liquidity and that the direct and indirect costs of maintaining our NYSE listing outweigh the benefits to our unitholders. Granite remains committed to our strategic outlook, our portfolio in the United States and our long-term strategy. We believe that this decision is in the best interests of the trust and our unitholders."

Granite delivered notice today to the NYSE that it intends to delist its units. The trust intends to file a Form 25 with the U.S. Securities and Exchange Commission (SEC) on or about Dec. 22, 2025, to effect the delisting. Granite anticipates that the delisting will be effective 10 days later on or about Jan. 1, 2026. Following the delisting, Granite will continue to meet its SEC reporting obligations until such time as Granite is permitted to terminate the registration of its units under SEC rules.

Granite has filed an application for its units to be quoted on the OTCQX platform, operated by OTC Markets Group Inc., and expects trading on the OTCQX platform to begin on or about Dec. 23, 2025. Unitholders will not be required to exchange their unit certificates or take any other action in connection with the OTC Markets quotation.

Unitholders trading on the NYSE should consult their brokers or financial advisers to explore the various options available to trade their units, including through the TSX or the OTCQX platform.

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 140 investment properties representing approximately 60.9 million square feet of leasable area.

We seek Safe Harbor.