Effective the January 3^rd, 2013 real estate investment trust conversion, shareholders of Granite Real Estate Inc. became unitholders of the stapled units of Granite Real Estate Investment Trust (“Granite REIT”) and Granite REIT Inc. (“Granite GP”). Subsequently, on October 1st, 2024, Granite REIT and Granite GP completed a court-approved plan of arrangement (the “Arrangement”) to replace the stapled unit structure with a conventional REIT trust structure where stapled units were replaced with REIT units. Since January 3rd, 2013, and including the completion of the Arrangement, Granite REIT is considered to be a U.S. partnership for U.S. federal income tax purposes. As a result, U.S. unitholders are required to include their allocable share of Granite REIT’s items of income and deductions in their individual income tax returns as reported in their respective individual Schedule K‐1/K-3.

References to “unit(s)” prior to October 1, 2024 means “stapled unit(s)” and references to “unit(s)” after October 1, 2024 means “REIT unit(s)”.

Granite REIT does not have access to the beneficial ownership information for units held through the investment broker/dealer network, however, to assist U.S. unitholders with the preparation of their U.S. federal and state income tax returns, attached is a “per unit” Schedule K‐1/K-3 that can be used by U.S. unitholders/partners in Granite REIT for the year ended December 31, 2023. U.S. unitholders can use this “per unit” Schedule K‐1/K-3 and apply the per unit share of income and expenses multiplied by their actual number of units, pro-rated as applicable, for the time period during which their units were held in 2023, to determine their allocable share of Granite REIT’s items of income and deductions to be included in their U.S. federal and state income tax returns.

Granite REIT also wants to clarify that, while each U.S. unitholder will have received a Form 1099‐INT for the portion of the 2023 cash distributions that is interest paid from U.S. sources, the amounts reported on the 1099-INT form are also included in the “per unit” Schedule K‐1/K-3. Accordingly, Granite REIT recommends that U.S. unitholders only use the information calculated from the “per unit” Schedule K‐1/K-3 in their U.S. federal and state income tax returns.

As is discussed in Granite REIT’s Annual Information Form dated February 28, 2024, a unitholder’s allocable share of partnership taxable income may differ from the cash distributions received from the partnership. The difference between taxable income and cash distributions received can be an adjustment in computing a unitholder’s tax basis in their stapled units.

Granite REIT recommends that unitholders consult with their tax advisors with respect to their U.S. federal and state tax filing obligations

Since the January 3rd, 2013 real estate investment trust conversion where shareholders of Granite Real Estate Inc. became unitholders of the stapled units of Granite Real Estate Investment Trust (“Granite REIT”) and Granite REIT Inc., Granite REIT is considered to be a U.S. partnership for U.S. federal income tax purposes. As a result, U.S. unitholders are required to include their allocable share of Granite REIT’s items of income and deductions in their individual income tax returns as reported in their respective individual Schedule K‐1/K-3.

Granite REIT does not have access to the beneficial ownership information for units held through the investment broker/dealer network, however, to assist U.S. unitholders with the preparation of their U.S. federal and state income tax returns, attached is a “per unit” Schedule K‐1/K-3 that can be used by U.S. unitholders/partners in Granite REIT for the year ended December 31, 2022. U.S. unitholders can use this “per unit” Schedule K‐1/K-3 and apply the per unit share of income and expenses multiplied by their actual number of units, pro-rated as applicable, for the time period during which their units were held in 2022, to determine their allocable share of Granite REIT’s items of income and deductions to be included in their U.S. federal and state income tax returns.

Granite REIT also wants to clarify that, while each U.S. unitholder will have received a Form 1099‐INT for the portion of the 2022 cash distributions that is interest paid from U.S. sources, the amounts reported on the 1099-INT form are also included in the “per unit” Schedule K‐1/K-3. Accordingly, Granite REIT recommends that U.S. unitholders only use the information calculated from the “per unit” Schedule K‐1/K-3 in their U.S. federal and state income tax returns.

As is discussed in Granite REIT’s Annual Information Form dated March 8, 2023, a unitholder’s allocable share of partnership taxable income may differ from the cash distributions received from the partnership. The difference between taxable income and cash distributions received can be an adjustment in computing a unitholder’s tax basis in their stapled units.

Granite REIT recommends that unitholders consult with their tax advisors with respect to their U.S. federal and state tax filing obligations.

Since the January 3rd, 2013 real estate investment trust conversion where shareholders of Granite Real Estate Inc. became unitholders of the stapled units of Granite Real Estate Investment Trust (“Granite REIT”) and Granite REIT Inc., Granite REIT is considered to be a U.S. partnership for U.S. federal income tax purposes. As a result, U.S. unitholders are required to include their allocable share of Granite REIT’s items of income and deductions in their individual income tax returns as reported in their respective individual Schedule K‐1/K-3.

Granite REIT does not have access to the beneficial ownership information for units held through the investment broker/dealer network, however, to assist U.S. unitholders with the preparation of their U.S. federal and state income tax returns, attached is a “per unit” Schedule K‐1/K-3 that can be used by U.S. unitholders/partners in Granite REIT for the year ended December 31, 2022. U.S. unitholders can use this “per unit” Schedule K‐1/K-3 and apply the per unit share of income and expenses multiplied by their actual number of units, pro-rated as applicable, for the time period during which their units were held in 2022, to determine their allocable share of Granite REIT’s items of income and deductions to be included in their U.S. federal and state income tax returns.

Granite REIT also wants to clarify that, while each U.S. unitholder will have received a Form 1099‐INT for the portion of the 2022 cash distributions that is interest paid from U.S. sources, the amounts reported on the 1099-INT form are also included in the “per unit” Schedule K‐1/K-3. Accordingly, Granite REIT recommends that U.S. unitholders only use the information calculated from the “per unit” Schedule K‐1/K-3 in their U.S. federal and state income tax returns.

As is discussed in Granite REIT’s Annual Information Form dated March 8, 2023, a unitholder’s allocable share of partnership taxable income may differ from the cash distributions received from the partnership. The difference between taxable income and cash distributions received can be an adjustment in computing a unitholder’s tax basis in their stapled units.

Granite REIT recommends that unitholders consult with their tax advisors with respect to their U.S. federal and state tax filing obligations.

Since the January 3rd, 2013 real estate investment trust conversion where shareholders of Granite Real EstateInc. became unitholders of the stapled units of Granite Real Estate Investment Trust (“Granite REIT”) andGranite REIT Inc., Granite REIT is considered to be a U.S. partnership for U.S. federal income tax purposes. As aresult, U.S. unitholders are required to include their allocable share of Granite REIT’s items of income anddeductions in their individual income tax returns as reported in their respective individual Schedule K-1.

Granite REIT does not have access to the beneficial ownership information for units held through the investment broker/dealer network, however, to assist U.S. unitholders with the preparation of their U.S. federal and stateincome tax returns, attached is a “per unit” Schedule K-1 that can be used by U.S. unitholders/partners in GraniteREIT for the year ended December 31, 2020. U.S. unitholders can use this “per unit” Schedule K-1 and applythe per unit share of income and expenses multiplied by their actual number of units, pro-rated as applicable,for the time period during which their units were held in 2020, to determine their allocable share of GraniteREIT’s items of income and deductions to be included in their U.S. federal and state income tax returns.

Granite REIT also wants to clarify that, while each U.S. unitholder will have received a Form 1099-INT for theportion of the 2020 cash distributions that is interest paid from U.S. sources, the amounts reported on the 1099-INT form are also included in the “per unit” Schedule K-1. Accordingly, Granite REIT recommends that U.S. unitholders only use the information calculated from the “per unit” Schedule K-1 in their U.S. federal and state income tax returns.

As is discussed in Granite REIT’s Annual Information Form dated March 3, 2021, a unitholder’s allocable shareof partnership taxable income may differ from the cash distributions received from the partnership. The difference between taxable income and cash distributions received can be an adjustment in computing a unitholder’s tax basis in their stapled units.

Granite REIT recommends that unitholders consult with their tax advisors with respect to their U.S. federal andstate tax filing obligations.

Since the January 3rd, 2013 real estate investment trust conversion where shareholders of Granite Real Estate Inc. became unitholders of the stapled units of Granite Real Estate Investment Trust (“Granite REIT”) and Granite REIT Inc., Granite REIT is considered to be a U.S. partnership for U.S. federal income tax purposes. As a result, U.S. unitholders are required to include their allocable share of Granite REIT’s items of income and deductions in their individual income tax returns as reported in their respective individual Schedule K-1.

Granite REIT does not have access to the beneficial ownership information for units held through the investment broker/dealer network, however, to assist U.S. unitholders with the preparation of their U.S. federal and state income tax returns, attached is a “per unit” Schedule K-1 that can be used by U.S. unitholders/partners in Granite REIT for the year ended December 31, 2019. U.S. unitholders can use this “per unit” Schedule K-1 and apply the per unit share of income and expenses multiplied by their actual number of units, pro-rated as applicable, for the time period during which their units were held in 2019, to determine their allocable share of Granite REIT’s items of income and deductions to be included in their U.S. federal and state income tax returns.

Granite REIT also wants to clarify that, while each U.S. unitholder will have received a Form 1099-INT for the portion of the 2019 cash distributions that is interest paid from U.S. sources, the amounts reported on the 1099-INT form are also included in the “per unit” Schedule K-1. Accordingly, Granite REIT recommends that U.S. unitholders only use the information calculated from the “perunit” Schedule K-1 in their U.S. federal and state income tax returns.

As is discussed in Granite REIT’s Annual Information Form dated March 4, 2020, a unitholder’s allocable share of partnership taxable income may differ from the cash distributions received from the partnership. The difference between taxable income and cash distributions received can be an adjustment in computing a unitholder’s tax basis in their stapled units. In 2019, unitholders will be required to report more taxable income than cash distributions received. As the taxable income was in excess of the cash distributions in 2019, a unitholder can add the excess to their tax basis in their stapled units.

Granite REIT recommends that unitholders consult with their tax advisors with respect to their U.S. federal and state tax filing obligations.

COVID-19 – Direct U.S. Unitholders

For U.S. unitholders who hold Granite REIT units directly with Computershare, and not an investment broker/dealer network, we are unable at this time to mail out K-1 slips as Granite REIT does not have physical access to its office. Once COVID-19 restrictions have been lifted, Granite REIT will mail out all K-1 slips to “direct” U.S. unitholders. In the meantime, please use the attached “per unit” Schedule K-1 to assist with your tax filings.

Since the January 3rd, 2013 real estate investment trust conversion where shareholders of Granite Real Estate Inc. became unitholders of the stapled units of Granite Real Estate Investment Trust (“Granite REIT”) and Granite REIT Inc., Granite REIT is considered to be a U.S. partnership for U.S. federal income tax purposes. As a result, U.S. unitholders are required to include their allocable share of Granite REIT’s items of income and deductions in their individual income tax returns as reported in their respective individual Schedule K-1.

Granite REIT does not have access to the beneficial ownership information for units held through the investment broker/dealer network, however, to assist U.S. unitholders with the preparation of their U.S. federal and state income tax returns, attached is a “per unit” Schedule K-1 that can be used by U.S. unitholders/partners in Granite REIT for the year ended December 31, 2018. U.S. unitholders can use this “per unit” Schedule K-1 and apply the per unit share of income and expenses multiplied by their actual number of units, pro-rated as applicable, for the time period during which their units were held in 2018, to determine their allocable share of Granite REIT’s items of income and deductions to be included in their U.S. federal and state income tax returns.

Granite REIT also wants to clarify that, while each U.S. unitholder will have received a Form 1099-INT for the portion of the 2018 cash distributions that is interest paid from U.S. sources, the amounts reported on the 1099-INT form are also included in the “per unit” Schedule K-1. Accordingly, Granite REIT recommends that U.S. unitholders only use the information calculated from the “per unit” Schedule K-1 in their U.S. federal and state income tax returns.

As is discussed in Granite REIT’s Annual Information Form dated March 6, 2019, a unitholder’s allocable share of partnership taxable income may differ from the cash distributions received from the partnership. The difference between taxable income and cash distributions received can be an adjustment in computing a unitholder’s tax basis in their stapled units. In 2018, unitholders will be required to report more taxable income than cash distributions received. As the taxable income was in excess of the cash distributions in 2018, a unitholder can add the excess to their tax basis in their stapled units.

Granite REIT recommends that unitholders consult with their tax advisors with respect to their U.S. federal and state tax filing obligations.

Since the January 3rd, 2013 real estate investment trust conversion where shareholders of Granite Real Estate Inc. became unitholders of the stapled units of Granite Real Estate Investment Trust (“Granite REIT”) and Granite REIT Inc., Granite REIT is considered to be a U.S. partnership for U.S. federal income tax purposes. As a result, U.S. unitholders are required to include their allocable share of Granite REIT’s items of income and deductions in their individual income tax returns as reported in their respective individual Schedule K-1.

Granite REIT does not have access to the beneficial ownership information for units held through the investment broker/dealer network, however, to assist U.S. unitholders with the preparation of their U.S. federal and state income tax returns, attached is a “per unit” Schedule K-1 that can be used by U.S. unitholders/partners in Granite REIT for the year ended December 31, 2017. U.S. unitholders can use this “per unit” Schedule K-1 and apply the per unit share of income and expenses multiplied by their actual number of units, pro-rated as applicable, for the time period during which their units were held in 2017, to determine their allocable share of Granite REIT’s items of income and deductions to be included in their U.S. federal and state income tax returns.

Granite REIT also wants to clarify that, while each U.S. unitholder will have received a Form 1099-INT for the portion of the 2017 cash distributions that is interest paid from U.S. sources,the amounts reported on the 1099-INT form are also included in the “per unit” Schedule K-1. Accordingly, Granite REIT recommends that U.S. unitholders only use the information calculated from the “per unit” Schedule K-1 in their U.S. federal and state income tax returns.

As is discussed in Granite REIT’s Annual Information Form dated March 1, 2018, a unitholder’s allocable share of partnership taxable income may differ from the cash distributions received from the partnership. The difference between taxable income and cash distributions received can be an adjustment in computing a unitholder’s tax basis in their stapled units. In 2017, unitholders will be required to report more taxable income than cash distributions received. As the taxable income was in excess of the cash distributions in 2017, a unitholder can add the excess to their tax basis in their stapled units.

Granite REIT recommends that unitholders consult with their tax advisors with respect to their U.S. federal and state tax filing obligations.

Since the January 3rd, 2013 real estate investment trust conversion where shareholders of Granite Real Estate Inc. became unitholders of the stapled units of Granite Real Estate Investment Trust (“Granite REIT”) and Granite REIT Inc., Granite REIT is considered to be a U.S. partnership for U.S. federal income tax purposes. As a result, U.S. unitholders are required to include their allocable share of Granite REIT’s items of income and deductions in their individual income tax returns as reported in their respective individual Schedule K-1.

Granite REIT does not have access to the beneficial ownership information for units held through the investment broker/dealer network, however, to assist U.S. unitholders with the preparation of their U.S. federal and state income tax returns, attached is a “per unit” Schedule K-1 that can be used by U.S. unitholders/partners in Granite REIT for the year ended December 31, 2016. U.S. unitholders can use this “per unit” Schedule K-1 and apply the per unit share of income and expenses multiplied by their actual number of units, pro-rated as applicable, for the time period during which their units were held in 2016, to determine their allocable share of Granite REIT’s items of income and deductions to be included in their U.S. federal and state income tax returns.

Granite REIT also wants to clarify that, while each U.S. unitholder will have received a Form 1099-INT for the portion of the 2016 cash distributions that is interest paid from U.S. sources, the amounts reported on this form are also included in the “per unit” Schedule K-1. Accordingly, Granite REIT recommends that U.S. unitholders only use the information calculated from the “per unit” Schedule K-1 in their U.S. federal and state income tax returns.

As is discussed in Granite REIT’s Annual Information Form dated March 1, 2017, a unitholder’s allocable share of partnership taxable income may differ from the cash distributions received from the partnership. The difference between taxable income and cash distributions received can be an adjustment in computing a unitholder’s tax basis in their stapled units. In 2016, unitholders will be required to report more taxable income than cash distributions received. As the taxable income was in excess of the cash distributions in 2016, a unitholder can add the excess to their tax basis in their stapled units.

Granite REIT recommends that unitholders consult with their tax advisors with respect to their U.S. federal and state tax filing obligations.

Since the January 3rd, 2013 real estate investment trust conversion where shareholders of Granite Real Estate Inc. became unitholders of the stapled units of Granite Real Estate Investment Trust (“Granite REIT”) and Granite REIT Inc., Granite REIT is considered to be a U.S. partnership for U.S. federal income tax purposes. As a result, U.S. unitholders are required to include their allocable share of Granite REIT’s items of income and deductions in their respective individual income tax returns as reported in their individual Schedule K-1.

As Granite REIT does not have the beneficial ownership information for units held through the broker/dealer network, to assist U.S. unitholders in the preparation of their U.S. federal and state income tax returns, attached is a “per unit” Schedule K-1 that can be used by each U.S. unitholder/partner in Granite REIT for the year ended December 31, 2015. Unitholders can use this “per unit” Schedule K-1 and apply the per unit share of income and expenses multiplied by their actual number of units for the period their units were held in 2015, pro-rated as applicable, to determine their allocable share of Granite REIT’s items of income and deductions to be included in their U.S. federal and state income tax returns.

Granite REIT also wants to clarify that, while each U.S. unitholder will have received a Form 1099-INT for the portion of the 2015 cash distributions that is interest paid from U.S. sources, the amounts reported on this form are also included in the “per unit” Schedule K-1. Accordingly, Granite REIT recommends that U.S. unitholders only use the information calculated from the “per unit” Schedule K-1 in their U.S. federal and state income tax returns.

As is discussed in Granite REIT’s Annual Information Form, a unitholder’s allocable share of partnership taxable income may differ from the cash distributions received from the partnership. In 2015, unitholders will be required to report more taxable income than cash distributions received. This is the reverse of the situation that existed in 2014 when unitholders reported less taxable income than cash distributions received. The differences between cash distributions and taxable income to be reported should be an adjustment in computing a unitholder’s tax basis in their stapled units.

Granite REIT recommends that unitholders consult with their tax advisors to determine whether their U.S. federal and state tax filing obligations have been met.

Since the January 3rd, 2013 real estate investment trust conversion where shareholders of Granite Real Estate Inc. became unitholders of the stapled units of Granite Real Estate Investment Trust (“Granite REIT”) and Granite REIT Inc., Granite REIT is considered to be a U.S. partnership for U.S. federal income tax purposes. As a result, each U.S. unitholder should be including their allocable share of Granite REIT’s items of income and deductions in their respective individual income tax return as provided in a Schedule K-1.

As Granite REIT does not have the beneficial ownership information for units held through the broker/dealer network, to assist U.S. unitholders in the preparation of their U.S. federal and state income tax return, attached is a “per unit” Schedule K-1 that can be used by each U.S. unitholder/partner in Granite REIT for the year ended December 31, 2014. Unitholders can use this “per unit” Schedule K-1 and apply the “per unit” share of income and expenses multiplied by their actual number of units for the prorated period the units were held in 2014 to determine their allocable share of Granite REIT’s items of income and deductions to be included in their U.S. federal and state income tax returns, as applicable.

Granite REIT also wants to clarify that each U.S. unitholder should have received a 1099-INT for the portion of the 2014 cash distributions that is interest paid from U.S. sources. However, the amounts reported on the 1099-INT are included in the Schedule K-1 and accordingly Granite REIT suggests that U.S. unitholders only use the information calculated from the per unit Schedule K-1 to compute your 2014 taxable income from your investment in Granite REIT.

As is the case of any entity considered to be a partnership for U.S. purposes, your allocable share of partnership net income may differ from the distributions received from the partnership. Likewise, the amount of income reported on the 2014 1099-INT and any amount of income reported on a future 1099-INT may differ from the amount of cash distributed in the year.

We suggest that you consult your tax advisor to determine whether you have any U.S. federal or state tax filing or paying obligations.

Since the January 3rd, 2013 real estate investment trust (“REIT”) conversion where shareholders of Granite Real Estate Inc. became unitholders of the stapled units of Granite Real Estate Investment Trust (“Granite REIT”) and Granite REIT Inc., Granite REIT is considered to be a U.S. partnership for U.S. federal income tax purposes. As a result, each U.S. unitholder should be including their allocable share of Granite REIT’s items of income and deductions in their respective individual income tax return as provided in a Schedule K-1.

As Granite REIT does not have the beneficial ownership information for units held through the broker/dealer network, to assist U.S. unitholders in the preparation of their US federal and state income tax return, attached is a “per unit” Schedule K-1 that can be used by each U.S. unitholder/partner in Granite REIT for the year ended December 31, 2013. Unitholders can use this “per unit” Schedule K-1 and apply the “per unit” share of income and expenses multiplied by their actual number of units for the prorated period the units were held in 2013 to determine their allocable share of Granite REIT’s items of income and deductions to be included in their U.S. federal and state income tax returns, as applicable.

Granite also wants to also clarify that each U.S. unitholder should have received a 1099-DIV for the January 3rd 2013 non-cash distribution resulting from the REIT conversion transaction itself, as well as, a 1099-INT for the portion of the 2013 cash distributions that is interest paid from U.S. sources. The amounts reported in the 1099-DIV are not included in the 2013 per unit Schedule K-1. However, the amounts reported on the 1099-INT are included in the Schedule K-1 and accordingly Granite suggests that U.S. unitholders only use the 1099-DIV and the information calculated from the per unit Schedule K-1 to compute your 2013 taxable income from your investment in Granite REIT.

As is the case of any entity considered to be a partnership for U.S. purposes, your allocable share of partnership net income may differ from the distributions received from the partnership. Likewise, the amount of income reported on the 2013 1099-INT and any amount of income reported on a future 1099-INT may differ from the amount of cash distributed in the year.

We suggest that you consult your tax advisor to determine whether you have any U.S. federal or state tax filing or paying obligations.