Granite REIT Announces Three-for-One Unit Split

This news release constitutes a "designated news release" for the purposes of Granite's prospectus supplement dated February 25, 2026 to its short form base shelf prospectus dated November 27, 2024.

TORONTO--(BUSINESS WIRE)--Granite Real Estate Investment Trust (TSX: GRT.UN) (“Granite” or the “Trust”) announced today that, pursuant to the terms of Granite’s Declaration of Trust, which permits a subdivision of Granite’s units by Granite’s trustees, its board of trustees approved a three-for-one split of the Trust’s outstanding units (the “Unit Split”) for unitholders of record at the close of business on November 18, 2026 (the “Record Date”). On November 23, 2026 (the “Payment Date”) unitholders of record as of the close of business on the Record Date will receive two additional units for every one 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 November 3, 2026, Granite had 62,083,989 units issued and outstanding. Adjusted for the Unit Split, as of November 3, 2026, there would have been 186,251,967 units issued and outstanding.

The Toronto Stock Exchange (the "TSX") has determined that Granite’s units will trade on a due bill basis from the opening of business on November 18, 2026 (being the Record Date) until the close of business on November 23, 2026 (being the Payment Date), inclusive (the "Due Bill Trading Period"). 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 November 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 November 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"). 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 November 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 advisors 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.

For further information, please contact Teresa Neto, Chief Financial Officer, at [phone] or Andrea Sanelli, Senior Director, Legal & Investor Services, at 647-925-7504.

FORWARD-LOOKING INFORMATION

This press release may contain statements that, to the extent they are not recitations of historical fact, constitute “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information may include, among others, statements regarding the Unit Split, the Record Date, the Payment Date, the due bill trading dates, the ex-distribution date, the due bill redemption date, Canadian tax consequences, unit and per unit data for future periods, amendments to the Trust’s equity-based compensation plans, at-the-market equity distribution program and normal course issuer bid and future distributions by the Trust, if any, or the assumptions underlying any of the foregoing. Words such as “outlook”, “may”, “would”, “could”, “should”, “will”, “likely”, “expect”, “anticipate”, “believe”, “intend”, “plan”, “forecast”, “project”, “estimate”, “seek” and similar expressions are used to identify forward-looking information. Forward-looking information should not be read as guarantees of future events, performance or results and will not necessarily be accurate indications of whether or the times at or by which such future performance will be achieved. Undue reliance should not be placed on such statements. Forward-looking information is subject to known and unknown risks, uncertainties and other unpredictable factors, many of which are beyond Granite’s control, that could cause actual events or results to differ materially from such forward-looking information. Important factors that could cause such differences include, but are not limited to, the risks set forth in the “Risk Factors” section in Granite’s annual information form for 2025 dated February 25, 2026, filed on the Canadian Securities Administrators’ System for Electronic Data Analysis and Retrieval+ (SEDAR+) at www.sedarplus.ca, all of which investors are strongly advised to review. The “Risk Factors” section also contains information about the material factors or assumptions underlying such forward-looking information. Forward-looking information speaks only as of the date the statements and information were made and unless otherwise required by applicable securities laws, Granite expressly disclaims any intention and undertakes no obligation to update or revise any forward-looking information contained in this press release to reflect subsequent information, events or circumstances or otherwise.