Granite Real Estate Investment Trust and Granite REIT Inc. Announce Effective Date of Planned Termination of Stapled Unit Structure Page 1

Granite Real Estate Investment Trust (“Granite REIT”) and Granite REIT Inc. (“Granite GP“ and together with Granite REIT “granite”) (TSX: GRT.UN / NYSE: GRP.U) today announced that the previously announced, court-approved plan to simplify Granite’s capital structure by replacing the current tied unit structure with a conventional REIT trust unit structure (the “arrangement”), is expected to be completed and effective on or about October 1, 2024 (the “Date of entry into force”).

Granite shareholders currently hold restricted shares (“Stapled units”), each consisting of one Granite REIT Unit and one share of Granite GP common stock. Upon completion of the Agreement, (i) the two components of each Stapled Unit will be decoupled, (ii) the Granite GP common stock currently held by Granite shareholders will automatically be exchanged for fractional Granite REIT Units, and (iii) the Granite REIT Units will be consolidated back to the number of Stapled Units outstanding prior to the exchange.