Granite REIT Announces C$292 Million in Acquisitions, C$190 Million in Dispositions and Provides a Leasing Update

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• The US acquisitions comprising 1.2 million square feet were acquired at an in-going weighted average yield of approximately 4.7% and are expected to stabilize at an approximate 6.0% yield within two years

  80% confidence

• Granite expects to reduce the current credit facility balance with future asset dispositions and operating cash flow throughout 2026

  80% confidence

• Recent leasing momentum and an in-place occupancy rate of 98% further underscores the strength and quality of Granite's portfolio and our ability to provide the best-in-class locations and functionality that cater to tenants' current requirements

  80% confidence

• Upon expiry of current lease, the Northampton UK site is planned to be redeveloped into a 0.3 million square foot modern distribution facility and is expected to achieve a yield on cost in excess of 7.0%

  80% confidence

• The Fort Lauderdale property offers a significant mark-to-market opportunity which is expected to stabilize at approximately 6.0% yield from initial in-going yield of 3.4%

  80% confidence

• The transactions announced today reflect a successful execution and rebalancing of the portfolio, including our reentry into the United Kingdom, which we expect in the near term, to generate accretive income and net asset value growth for our unitholders

  80% confidence