Granite Real Estate Investment Trust and Granite REIT Inc. Announce Effective Date of Proposed Settlement 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 it has finalized its previously announced court-approved settlement plan to simplify Granite’s capital structure by replacing its current tiered unit structure with a conventional REIT trust unit structure (the “Regulation”), is expected to be completed and become effective on or about October 1, 2024 (the “Effective Date“).

Currently Granite unit holders have stapled units (“Enjoyed units”), each consisting of one Granite REIT unit and one Granite GP common share. Upon completion of the Arrangement, (i) the two components of each Stapled Unit will be separated, (ii) the Granite GP common shares currently held by Granite unit holders 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 before the exchange occurred.