Granite Real Estate Investment Trust · TSX:GRT.UN
Granite Real Estate Investment Trust — Investor Presentation (August 2026)
28 slides from Granite Real Estate Investment Trust's investor presentation, August 2026
Slide 1: Investor Presentation
INVESTOR PRESENTATION | August 2020 INVESTOR PRESENTATION | August 2026
Slide 2: Presentation of Certain Information
PRESENTATION OF CERTAIN INFORMATION • Unless otherwise indicated in this presentation, all information is presented as of June 30, 2026 and all financial information that is identified as current refers to the period ending June 30, 2026. For definitions of certain non-GAAP performance measures and
Slide 3: Granite Highlights
GRANITE HIGHLIGHTS 1,2 ORGANIZATIONAL PRINCIPLES PORTFOLIO OVERVIEW1 FINANCIAL PERFORMANCE • Long-term total return • 139 income-producing • 66% LTM AFFO POR3 focused properties + 6 • 31% net leverage ratio3 • Conservative and flexible development properties • Outlook of 6.0% - 6.5% capital structur
Slide 4: Corporate Sustainability Objectives
CORPORATE SUSTAINABILITY OBJECTIVES ENVIRONMENTAL SOCIAL GOVERNANCE • Promote energy efficiency and • Engage with our unitholders, • Disclose our sustainability sustainable practices at both our employees, tenants, property performance as a commitment to properties and corporate offices managers and
Slide 5: Corporate Sustainability – GRESB 2025
CORPORATE SUSTAINABILITY – GRESB 2025 GRESB 2025 - Granite ranked 1st in the Northern America/Industrial/Listed/Tenant Controlled peer group GRESB 2025 Public Disclosure Report - Granite ranked 1st in the United States of America/Industrial sector 5
Slide 6: Corporate Sustainability - Green Bonds
CORPORATE SUSTAINABILITY - GREEN BONDS (AS AT DECEMBER 31, 20251) Green Bonds Issued to Date $1.4B 2027 Green Bond Allocation 100% Green Bond Spend to Date $1.2B 2028 Green Bond Allocation 100% Overall Allocation 87% 2029 Green Bond Allocation 56% Spend by Framework Category Spend by Location Spend
Slide 7: Granite's Evolution
GRANITE’S EVOLUTION1 Investment Property Summary Then - December 31, 2012 Now – June 30, 20262 0.6M SF 16.2M SF 11.8M SF Flex/Office3 $153M 47.3M SF Special Purpose Multi-Purpose3 Distribution/ $970M $690M E-commerce4 4.7M SF $1.7B Industrial/Warehouse3 $1,079M $9.6B $6,964M Value Value 8.9M SF Spec
Slide 8: Portfolio Transformation Strategy
PORTFOLIO TRANSFORMATION STRATEGY TARGET MARKETS MODERN FACILITIES E-COMMERCE TRENDS • Superior economic • Meet the demands of • Invest opportunistically in conditions and market E-Commerce and evolving property types fundamentals traditional distribution and markets benefiting • Proximity to major
Slide 9: Financial Performance
FINANCIAL PERFORMANCE FFO and AFFO per Unit1 Distributions and Payout Ratios1 77% 80% 77% 5-YR CAGR 71% 68% 65% FFOPU: +10.1% 75% 65% AFFOPU: +8.4% 73% 70% $7.00 64% 56% $6.35 61% $5.91 57% $6.00 3.55 $5.44 $5.50 $5.21 $4.97 $4.86 3.40 $5.00 $4.43 $4.50 3.30 $3.93 $4.05 3.20 $4.00 $3.68 3.10 3.00 $3
Slide 10: GRT Historical Performance
GRT HISTORICAL PERFORMANCE Total Return vs TSX Composite & TSX Capped REIT Indices Cumulative Total Return %1 400% 375% 350% 325% 300% 275% 250% 225% 200% 175% 150% 125% 100% 75% 50% 25% 0% Granite REIT TSX Capped REIT Index TSX Composite Index Granite has outperformed the TSX and Capped REIT Total
Slide 11: Globally Diversified Portfolio
GLOBALLY DIVERSIFIED PORTFOLIO 6 countries – 145 properties – 61.5 million square feet 1 2 4 Special Purpose 7 Properties Global footprint with scale in North America & Western Europe 11
Slide 12: IPP Portfolio Segmentation by Geography
IPP PORTFOLIO SEGMENTATION BY GEOGRAPHY1 By Fair Value By Annualized Revenue $888M $79.7M 9% 15% $826M 9% $48.4M 9% $655M 7% 0% $9.5B 53% $5,024M $41.4M 7% $538M 50% $271.2M $37M 1% $3.0M 22% 18% $2,024M $94.2M By Square Feet By Number of Income Producing Properties 9 7.5M 12% 7% 15 11% 5.2M 9% 47%
Slide 13: IPP Portfolio Segmentation by Category
IPP PORTFOLIO SEGMENTATION BY CATEGORY1 Distribution/E-commerce Industrial/Warehouse 99 Properties 30 Properties 47.3M SF (∼478K SF/property) 4.7M SF (∼156K SF/property) $7.0B Fair Value (∼$147/SF): 74% $1.1B Fair Value(∼$231/SF): 11% WALT: 5.0 years WALT: 3.7 years 74% $374.6M Annualized Revenue(∼$
Slide 14: Development and Expansion Pipeline
DEVELOPMENT AND EXPANSION PIPELINE • Third phase of the total ~2.5 million SF development site in Houston, TX • Granite has completed 3 buildings for a total of 1.4 million SF • The third phase will be ~ 391,000 SF as a ~US$50M build-to-suit project for a leading global consumer food product company
Slide 15: Completed Development Highlights
COMPLETED DEVELOPMENT HIGHLIGHTS1,2 Ajax, Ontario Lebanon, Tennessee Completed August 2024 Completed April 2023 48,985 SF 509,250 SF 5.9% Yield on Cost 7.4% Yield on Cost Fully Leased Fully Leased 2 Green Globes 2 Green Globes Brantford, Ontario Murfreesboro, Tennessee Completed January 2024 Complet
Slide 16: Lease Expiration Profile
LEASE EXPIRATION PROFILE1 Outstanding Lease Expiries by Annualized Revenue Annualized Overall Revenue $538M WALT 5.1 Years Committed Occupancy2 98.1% Canada USA Germany Netherlands Austria United Kingdom 41.4% 120 100 Annualized Revenue (C$M) 80 15.5% 60 14.1% 14.0% 40 8.4% 2.6% 4.0% 20 0 2026 2027
Slide 17: Leasing Activity
LEASING ACTIVITY Year to Date Committed Renewals on 2026 Expiries1,2 6,186K SF 6000 10% Expiries Gone Vacant Expiries with Commitment Expiries without Commitment 5000 4000 3,702K SF 10% 64% 3000 60% 2000 1,020K SF 1000 720K SF 34% 30% 355K SF 389K SF 26% 100% 46% 100% 100% 0 20% Canada United States
Slide 18: High Quality & Creditworthy Tenant Base
HIGH QUALITY & CREDITWORTHY TENANT BASE Annualized Credit Other Tenants Top 10 Tenants GLA %1 WALT2 Revenue %1 Rating3,4 Magna 25.9% 19.4% 5.6 A- Amazon 3.7% 4.0% 12.7 AA Wayfair 2.7% 1.3% 4.3 B3 Mars Petcare US 2.5% 3.6% 4.1 NR TV Hardware Distribution, LLC 1.9% 2.3% 14.7 NR ADESA 1.7% 0.3% 3.1 B L
Slide 19: Balance Sheet Strength
BALANCE SHEET STRENGTH1,2 Capitalization Debt Maturity Profile Unit Price (07/31/2026) $96.21 $700 8.00% Units Outstanding 62.1 $600 7.00% Market Capitalization3 $5,973 $300 6.00% Debentures CORRA + 77bps due Dec/26 Weighted average interest rate $500 Debentures 3.062% due Jun/27 $500 4.38% 4.35% 5.
Slide 20: Financial Flexibility & Target Long-Term Leverage Ratio
FINANCIAL FLEXIBILITY & TARGET LONG-TERM LEVERAGE RATIO1 • Strong balance sheet provides pathway for measured growth with potential for further diversification and optimization of the portfolio • Target long term net leverage ratio1 of ∼30 - 35% and Debt-to-EBITDA of 6.5 – 7.0x while maintaining pat
Slide 21: Canadian Real Estate Debt Comparison
CANADIAN REAL ESTATE DEBT COMPARISON1 Total Debt-to-Capital Total Debt-to-EBITDA 19.0x 130% 17.0x 110% 15.0x 90% 13.0x 11.0x 70% 9.0x 50% 7.0x 5.0x 30% 3.0x 10% 1.0x Granite has leading debt metrics within DBRS1 universe of Canadian Real Estate entities 1 Source: DBRS North American Real Estate Peer
Slide 22: Canadian Real Estate Debt Comparison
CANADIAN REAL ESTATE DEBT COMPARISON1 EBITDA Interest Coverage Distributions/Cash Flow from Operations2,3 7.0x 200% 180% 6.0x 160% 5.0x 140% 120% 4.0x 100% 3.0x 80% 2.0x 60% 40% 1.0x 20% 0.0x 0% Granite has leading cash flow coverage metrics among DBRS1 universe of Canadian Real Estate entities 1 So
Slide 23: Leadership Team
LEADERSHIP TEAM Kevan Gorrie Teresa Neto Lorne Kumer Michael A. Ramparas President and Chief Executive Officer Chief Financial Officer Executive Vice President, Executive Vice President, Global Head of Global Real Estate Real Estate & Head of Investments Witsard Schaper Lawrence Clarfield Jon Sorg S
Slide 24: Investor Relations Contact
INVESTOR RELATIONS CONTACT Andrea Sanelli Senior Director, Legal & Investor Services T: 647.925.7504 E: ir@granitereit.com 24
Slide 25: Appendix
APPENDIX ❖ The following non-GAAP performance measures and non-GAAP ratios are important measures used by management in evaluating the Trust’s underlying operating performance and debt management. These non-GAAP performance measures and non-GAAP ratios are not defined by IFRS® Accounting Standards a
Slide 26: Appendix
APPENDIX Net operating income - cash basis Granite uses NOI on a cash basis, which adjusts NOI to exclude lease termination and close-out fees, and the non-cash impact from straight-line rent and tenant incentive amortization recognized during the period (see “RESULTS OF OPERATIONS - Net Operating I
Slide 27: Appendix
APPENDIX B) NON-GAAP RATIOS FFO and AFFO payout ratios The FFO and AFFO payout ratios are calculated as monthly distributions, which exclude special distributions, declared to unitholders divided by FFO and AFFO (non-GAAP performance measures), respectively, in a period. FFO payout ratio and AFFO pa
Slide 28: Appendix – Subsequent Events
APPENDIX C) Subsequent Events At-the-Market Equity Distribution Program Subsequent to June 30, 2026, Granite issued 723,200 units under its ATM Program at an average unit price of $96.82 for gross proceeds of $70.0 million excluding issuance costs. Property Disposition On July 20, 2026, Granite comp
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