Granite REIT Announces Closing of C $ 316 Million Share Offer

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TORONTO – (COMMERCIAL THREAD) – Granite Real Estate Investment Trust (“Granite” or the “REIT”) (TSX: GRT.UN / NYSE: GRP.U) today announced the closing of its previously announced public offering (the “Offer” ) 3,979,000 Stapled Units (the “Units”), including 519,000 units issued upon full exercise of the Over-Allotment Option, priced at C $ 79.50 per Unit for total gross proceeds of CA $ 316,330,500.

The offering was made on a bought deal basis through a syndicate of underwriters co-led by BMO Capital Markets and TD Securities Inc.

Granite intends to use the net proceeds of the Offering to fund the REIT’s portfolio of acquisitions and commitments in connection with the REIT’s existing development projects and for general fiduciary purposes.

ABOUT GRANITE

Granite is a Canadian REIT engaged in the acquisition, development, ownership and management of logistics, warehouse and industrial properties in North America and Europe. Granite owns 115 investment properties representing approximately 50.4 million square feet of gross leasable area.

OTHER INFORMATION

Copies of financial data and other public documents relating to Granite are available on the Internet on the Canadian Securities Administrators (SEDAR) electronic document analysis and retrieval system, accessible at www.sedar.com and the United States Securities and Exchange Commission’s Electronic Data Collection, Analysis, and Retrieval (EDGAR) System, available at www.sec.gov.

For more information, please visit our website at www.granitereit.com or contact Teresa Neto, Chief Financial Officer, at 647-925-7560 or Andrea Sanelli, Manager, Legal and Investor Services, at 647-925-7504.

FORWARD-LOOKING STATEMENTS

This press release may contain statements which, to the extent that they are not statements of historical fact, constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable securities laws, including the United States Securities Act of 1933, as amended, the United States Securities Exchange Act of 1934, as amended, and applicable Canadian securities laws. Forward-looking statements and forward-looking information may include, among others, statements regarding Granite’s intended use of the net proceeds of the offering to fund the REIT’s portfolio of acquisitions, commitments in connection with the REIT’s existing development projects and for general trust purposes, Granite’s intention and ability to make future investments and acquisitions on satisfactory terms and plans, goals, strategies, intentions, beliefs, estimates, costs, objectives, economic performance, expectations or Granite predictions or the assumptions underlying all of the above. Words such as “may”, “would”, “could”, “will”, “probably”, “expect”, “anticipate”, “believe”, “intend”, “plan” , “Anticipate”, “project”, “estimate”, “seek”, “objective” and similar expressions are used to identify forward-looking statements and forward-looking information. Forward-looking statements and forward-looking information should not be construed as guarantees of Granite’s intended use of the net proceeds of the offering, of Granite’s intention and ability to acquire and develop properties on satisfactory terms. , or other events, performances or results and not necessarily precise indications as to whether or when or by which future events or performances will be achieved. We should not place undue reliance on such statements. Forward-looking statements and forward-looking information are based on information available at the time and / or management’s good faith assumptions and analyzes in light of its perception of historical trends, current conditions and expected future developments, as well. that other factors that management believes are appropriate in the circumstances, and are subject to known and unknown risks, uncertainties and other unforeseeable factors, many of which are beyond the control of Granite, which could cause actual events or results differ materially from these forward-looking statements and forward-looking information. Important factors that could cause such differences include, but are not limited to, the risks set out in the Annual Information Form of Granite Real Estate Investment Trust and Granite REIT Inc. dated March 3, 2021 (the “Annual Information Form“). The “Risk Factors” section of the Annual Information Form also contains information about the material factors or assumptions underlying these forward-looking statements and forward-looking information. Forward-looking statements and forward-looking information speak only as of the date on which the statements and information were made and, except as otherwise provided in applicable securities laws, Granite expressly disclaims any intention and assumes no obligation to update or revise any forward-looking statements or information that appears to be contained in this press release to reflect subsequent or other information, events or circumstances.


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