Granite Real Estate Investment Trust · TSX:GRT.UN
Granite Real Estate Investment Trust — Shareholder Meeting (June 2026)
16 slides from Granite Real Estate Investment Trust's shareholder meeting presentation, Jun 4, 2026
Slide 1: Annual General Meeting of Granite Real Estate Investment Trust
Annual General Meeting of Granite Real Estate Investment Trust June 4, 2026
Slide 2: Presentation of Certain Information
PRESENTATION OF CERTAIN INFORMATION • Unless otherwise indicated in this presentation, all information is presented as of December 31, 2025 and all financial information that is identified as current refers to the period ending December 31, 2025. For definitions of certain non- GAAP performance meas
Slide 3: Granite Highlights
GRANITE HIGHLIGHTS (as at December 31, 2025)1 ORGANIZATIONAL PRINCIPLES PORTFOLIO OVERVIEW FINANCIAL PERFORMANCE • Long-term total return • 141 income-producing • 65% LTM AFFO POR2 focused properties + 6 • 35% net leverage ratio2 development properties • Conservative and flexible • 5.6% last four qu
Slide 4: Granite's Evolution
GRANITE’S EVOLUTION Investment Property Summary Then - December 31, 2012 Now – December 31, 20251 0.6M SF 16.2M SF 11.8M SF Flex/Office2 $154M 48.3M SF Special Purpose Multi-Purpose2 Distribution/E- $970M $690M commerce3 4.8M SF $1.7B Industrial/Warehouse2 $1,102M $9.5B $6,848M Value Value 8.9M SF S
Slide 5: Globally Diversified Portfolio
GLOBALLY DIVERSIFIED PORTFOLIO 6 countries – 147 properties – 62.6 million square feet(1) 1 2 4 Special Purpose 7 Properties Global footprint with scale in North America & Western Europe (1) As at December 31, 2025. 5
Slide 6: Highlights for 2025: Financial and Operational Performance
HIGHLIGHTS FOR 2025 Financial and Operational Performance CAGR FFOPU: +8.2% FFO1 and AFFO1 per unit of $5.91 and $5.21, respectively AFFOPU: +6.5% 1 representing a year-over-year increase of 8.6% and 7.2%, 6.00 5.91 respectively 5.44 5.50 5.21 FFO and AFFO payout ratios1 improved to 57% and 65%, 2 r
Slide 7: Highlights for 2025: Strategic Allocation of Capital
HIGHLIGHTS FOR 2025 Strategic Allocation of Capital $342M of acquisitions, entering new Tier 1 markets in 1 South Florida and the United Kingdom $190M of non-strategic asset dispositions in Granite’s 2 higher concentration markets of Indianapolis and Columbus Fort Lauderdale, Florida Acquisition Gra
Slide 8: Highlights for 2025: ESG + R Performance
HIGHLIGHTS FOR 2025 ESG + R Performance Ranked 1st out of 10 in the United States of America | Industrial GRESB peer group for the 2025 GRESB Public 1 Disclosure Level, achieving an A score for the fourth consecutive year Ranked 1st out of 7 in the North American Industrial | Listed 2 | Tenant Contr
Slide 9: Development and Expansion Pipeline
DEVELOPMENT AND EXPANSION PIPELINE • Third phase of the total ~2.5M SF development site in Houston, TX • Granite has completed 3 buildings for a total of 1.4M SF and all are 100% leased • The third phase will be ~391,000 SF as a ~US$50M build- to-suit project for a leading global consumer food produ
Slide 10: Highlights for 2025: Unitholder Return and Increased Distribution
HIGHLIGHTS FOR 2025 Unitholder Return and Increased Distribution Cumulative Total Return2 % 350% 22.8% total return for 20252 vs 9.6% for the S&P/TSX 1 Capped REIT Index and 31.7% for the S&P/TSX Composite 325% Index 300% 275% 4.4% year-over-year increase in the annual amount 2 distributed to unitho
Slide 11: 2026 Priorities
2026 PRIORITIES PRIORITY PROGRESS TO DATE Driving growth in FFO1 and NAV per unit while maintaining FFOPU1 outlook of $6.25 - $6.40 for 2026 (+6% to +8% YoY) 1 conservative capital ratios Q1 2026 Total Debt1-to-EBITDA 6.8x and Net Leverage1 33% Year-to-date renewals of 64% of 6.2M SF of 2026 A
Slide 12: 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 13: Investor Relations Contact
INVESTOR RELATIONS CONTACT Andrea Sanelli Senior Director, Legal & Investor Services T: 647.925.7504 E: ir@granitereit.com 13
Slide 14: Appendix: Non-GAAP Performance Measures and Ratios
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 15: Appendix: Net Operating Income - Cash Basis
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 16: Appendix: Non-GAAP Ratios
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
Granite Real Estate Investment Trust — Shareholder Meeting (June 2026) on 6ix