Ms. Teresa Neto reports

GRANITE REIT ANNOUNCES THREE-FOR-ONE UNIT SPLIT

Granite Real Estate Investment Trust's board of trustees, pursuant to the terms of Granite's declaration of trust, which permits a subdivision of Granite's units by Granite's trustees, has approved a three-for-one split of the trust's outstanding units for unitholders of record at the close of business on Nov. 18, 2026. On Nov. 23, 2026, unitholders of record as of the close of business on the record date will receive two additional units for every unit held.

Granite is undertaking the unit split to improve the liquidity of the units. The unit split will not dilute unitholders' equity and there will be no change to the interest, rights or privileges of the units. As of the close of business on Nov. 3, 2026, Granite had 62,083,989 units issued and outstanding. Adjusted for the unit split, as of Nov. 3, 2026, there would have been 186,251,967 units issued and outstanding.

The Toronto Stock Exchange has determined that Granite's units will trade on a due bill basis from the opening of business on Nov. 18, 2026 (being the record date), until the close of business on Nov. 23, 2026 (being the payment date), inclusive. A due bill is an entitlement attached to listed securities undergoing a material corporate action, such as the unit split. Any trades that are executed during the due bill trading period will be flagged to ensure purchasers receive the entitlement to the additional units issuable as a result of the unit split. Accordingly, Granite's units will commence trading on a split-adjusted basis at the opening of business on Nov. 24, 2026 (the ex distribution trading date), as of which date purchases of units will no longer have the attaching entitlement to the additional units. The due bill redemption date will be Nov. 24, 2026.

Unitholders do not need to take any action in connection with the unit split. Existing unit certificates representing units of Granite will remain effective and should be retained by unitholders and should not be forwarded to Granite or Granite's transfer agent, Odyssey Trust Company. Odyssey will electronically issue the appropriate number of units to CDS Clearing and Depository Services Inc. and the Depository Trust Company for distribution to non-registered (beneficial) unitholders. Non-registered unitholders who hold their units in an account with their investment dealer or other intermediary will have their accounts automatically updated to reflect the unit split in accordance with the applicable brokerage account providers' procedures. On or about Nov. 30, 2026, Odyssey will send out DRS statements representing the additional units issued to registered unitholders as a result of the unit split.

The unit split is not expected to result in taxable income or in any gain or loss to unitholders for Canadian federal income tax purposes. Unitholders are advised to consult with their own tax advisers for further information. All unit and per-unit data for future periods will reflect the unit split. Granite's equity-based compensation plans, at-the-market equity distribution program, as well as its normal course issuer bid will be adjusted to reflect the unit split. Additionally, as a result of the unit split, Granite will adjust its distribution policy to reflect the additional number of units that will be outstanding.

Other information

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 149 investment properties representing approximately 62.4 million square feet of leasable area.

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