Granite Real Estate Investment Trust has initiated an at-the-market equity distribution program with an aggregate sale price of up to $250,000,000 (Canadian dollars). The offering, announced on February 25, 2026, is being conducted pursuant to an equity distribution agreement among Granite REIT and three agents: BMO Nesbitt Burns Inc., Scotia Capital Inc., and TD Securities Inc.

The Offered Units will be distributed at prevailing market prices on the Toronto Stock Exchange, where Granite REIT trades under the symbol "GRT.UN." The closing price of REIT Units on February 24, 2026, the last trading day prior to the prospectus supplement date, was $88.00. As of that date, there were 60,600,623 REIT Units issued and outstanding. There is no minimum amount that must be raised, and the offering will terminate by December 24, 2026, at the latest. The agents will receive compensation of up to 2.0% of gross proceeds.

Granite expects to apply net proceeds toward funding its acquisition pipeline, commitments under existing development projects, repayment of draws on its $1.0 billion unsecured revolving credit facility, and general trust purposes. As of the prospectus date, $241 million was drawn under the credit facility.

Legal counsel for the offering includes Blake, Cassels & Graydon LLP for Granite, Davies Ward Phillips & Vineberg LLP as tax counsel, and McMillan LLP for the agents. Total offering expenses, excluding agent commissions, are estimated at approximately $350,000.