Granite Real Estate Investment Trust (GRT-UN) Financial Services Virtual Investor Conference summary

Portfolio overview and growth strategy

• Portfolio consists of 62 million sq ft of industrial and logistics assets across Canada, the U.S., and Western Europe, with a $9.6 billion valuation.

• Geographic allocation: 20% in Canada (mainly Greater Toronto), 30% in Europe (including the U.K.), and 50% in the U.S. (Southeast and Midwest).

• Growth focus is on acquisitions in the U.K. and select U.S. Southeast markets.

• Annual distribution has grown for 15 consecutive years since 2011.

• Strategic capital allocation includes opportunistic unit buybacks and disciplined acquisitions.

Sustainability and development

• Achieved highest GRESB ranking for 2025 in sustainability disclosure and overall score.

• Over $1 billion deployed in eligible green projects, representing 87% of green bond commitments.

• Development program since 2022 generated a 7%+ yield on cost, 20-25% profit margin, and nearly $200 million in profit.

• Speculative development paused in late 2023 due to market conditions; current focus is on build-to-suit projects, such as a fully leased 400,000 sq ft Houston facility at a 7.5% yield.

Leasing, occupancy, and tenant profile

• Maintains a staggered lease expiry profile and committed occupancy above 98%.

• Major tenants include Magna and global retailers, providing stability and growth.

• Same property NOI grew 8.3% on a constant currency basis, with Canada and the U.S. as key contributors.

• Recent leasing market rebound, especially in U.S. Midwest and Southeast; longer lease terms are emerging.