February 25, 2026, Toronto, Ontario, Canada — Granite Real Estate Investment Trust (TSX: GRT.UN) (“Granite” or the “Trust”) announced today the renewal of its $250 million at-the-market equity distribution program (the “ATM Program”).
On February 25, 2026, Granite is filing a prospectus supplement (the “Prospectus Supplement”) to the Trust’s base shelf prospectus dated November 27, 2024 to renew its ATM Program in each of the provinces and territories of Canada, that allows it to issue and sell, at its discretion, up to $250.0 million of units to the public, from time to time. Units sold under the ATM Program will be sold at the prevailing market prices at the time of sale when issued, directly through the facilities of the Toronto Stock Exchange (“TSX”) or any other recognized marketplace upon which the units are listed or quoted or where the units are traded in Canada. Distributions of units by Granite under the ATM Program, if any, will be made in accordance with the terms of the equity distribution agreement dated February 25, 2026 (the “Distribution Agreement”) among Granite, BMO Capital Markets, Scotiabank and TD Securities Inc. (collectively, the “Agents”). The ATM Program will be effective until December 24, 2026, unless terminated prior to such date by the Trust or otherwise in accordance with the terms of the Distribution Agreement. Sales of units, if any, will be made through “at-the-market distributions” as defined in National Instrument 44-102 – Shelf Distributions. Granite intends to use the net proceeds from the ATM Program, if any, to fund potential future acquisitions, development activity, to repay draws on Granite’s credit facility and for general trust purposes. The TSX has conditionally approved the listing of the units that may be sold under the ATM Program, if any.
The Prospectus Supplement contains important detailed information about the units being offered and should be reviewed before any investment decision is made. The Prospectus Supplement, along with the Trust’s base shelf prospectus and Distribution Agreement, are available on SEDAR+ at www.sedarplus.ca. Alternatively, the Agents will provide the Prospectus Supplement upon request by contacting: BMO Capital Markets, attn: Brampton Distribution Centre C/O The DATA Group of Companies, 9195 Torbram Road, Brampton, Ontario, L6S 6H2, by email at torbramwarehouse@datagroup.ca or by phone at 905-791-3151 Ext. 4312, Scotiabank, attn: Equity Capital Markets, 6th Floor, 40 Temperance Street, Toronto, Ontario, M5H 0B4, by email at equityprospectus@scotiabank.com or by phone at 1-416-863-7704, TD Securities Inc., attn: Symcor, NPM, 1625 Tech Avenue, Mississauga, Ontario, L4W 5P5, by email at sdcconfirms@td.com or by phone at 289-360-2009.
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 147 investment properties representing approximately 62.6 million square feet of leasable area.
For further information, please contact Teresa Neto, Chief Financial Officer, at (647) 925-7560.
This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, nor will there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States. The securities referenced in this press release have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), and accordingly will not be offered, sold or delivered, directly or indirectly, within the United States of America, its possessions and other areas subject to its jurisdiction or to, or for the account or for the benefit of, a U.S. person (as defined in Regulation S under the U.S. Securities Act) without the availability of an exemption from registration.
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 Granite’s sale from time to time of units under its ATM Program and the use of the net proceeds from the ATM Program, 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.