Ms. Teresa Neto reports

GRANITE REIT ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID

The Toronto Stock Exchange has accepted Granite Real Estate Investment Trust's notice of intention to make a normal course issuer bid (NCIB). Pursuant to the NCIB, Granite proposes to purchase through the facilities of the TSX and any alternative trading system in Canada, from time to time over the next 12 months, if considered advisable, up to an aggregate of 6,038,313 of Granite REIT's issued and outstanding units, being approximately 10 per cent of Granite REIT's public float of units as of May 20, 2026. Pursuant to a previous notice of intention to conduct an NCIB, under which Granite REIT sought and received approval from the TSX to purchase up to 6,060,162 units for the period of May 26, 2025, to May 25, 2026, Granite REIT has purchased, as of May 20, 2026, 237,536 units on the open market at a weighted average purchase price of $69.2167 per unit. As of May 20, 2026, Granite REIT had 60,713,130 units issued and outstanding and a public float of 60,383,131 units.

The NCIB will commence on May 26, 2026, and will conclude on the earlier of the date on which purchases under the bid have been completed and May 25, 2027. Daily purchases made by Granite through the TSX may not exceed 25,625 units, being 25 per cent of the average daily trading volume of 102,501 units on the TSX for the six-month period ended April 30, 2026. These daily maximums are subject to certain exceptions prescribed by the TSX, including the block purchase exemption.

Granite REIT intends to enter into an automatic securities purchase plan with a broker as of the date on which the NCIB commences in order to facilitate repurchases of the units under the NCIB during Granite REIT's scheduled blackout periods. Under the automatic securities purchase plan, Granite REIT's broker may repurchase units under the NCIB in accordance with any advance instructions that Granite REIT may elect to deliver, including without limitation repurchases made at times when Granite REIT would ordinarily not be permitted to repurchase units due to regulatory restrictions or self-imposed blackout periods. Purchases will be made by Granite REIT's broker based upon the parameters under the NCIB and the terms of the parties' written agreement.

The board of trustees of Granite REIT believes that the potential purchases at prices below Granite REIT's view of intrinsic value are in the best interests of Granite REIT and are a desirable use of Granite REIT's liquidity. All units that are purchased under the NCIB will be cancelled.

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 145 investment properties representing approximately 61.5 million square feet of leasable area.

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