GRANITE REAL ESTATE INVESTME Business Summary

Granite Real Estate Investment Trust (ticker: GRTUF) is a Canadian-based REIT specializing in the acquisition, development, and management of industrial, warehouse, and logistics properties across North America and Europe. The company generates nearly all of its revenue through rental income derived from a portfolio of approximately 145 investment properties totaling over 61 million square feet. Its primary business segments are categorized by property type, with Distribution/E-commerce facilities accounting for over 70% of its fair value, followed by Special Purpose and Industrial/Warehouse assets. While historically concentrated on its former parent and largest tenant, Magna International, Granite has aggressively diversified its tenant base to include global logistics leaders like Amazon, Walmart, and DHL. In the competitive landscape, Granite contends with major industrial peers such as Prologis, Dream Industrial REIT, and STAG Industrial, positioning itself as a high-quality, globally diversified alternative with a conservative balance sheet and a strategic focus on institutional-grade logistics hubs. The leadership team is anchored by President and CEO Kevan Gorrie and CFO Teresa Neto, both of whom joined in 2018-2019 following their successful tenure at Pure Industrial Real Estate Trust (PIRET), which they led through its multi-billion dollar acquisition by Blackstone. Gorrie brings over 20 years of real estate experience across North America and Germany, while Neto offers over 30 years of financial expertise, including previous CFO roles at Northwest Healthcare Properties REIT. The executive team is supported by Michael A. Ramparas, EVP of Global Real Estate and Head of Investments, who oversees the trust's international expansion. The Board of Trustees is chaired by Kelly Marshall, formerly of OMERS, and includes seasoned directors such as Remco Daal and Jennifer Warren. This leadership group has been instrumental in transitioning Granite from its 2003 origins as a Magna International spin-off (formerly MI Developments) into a modernized, independent global industrial platform.