Granite Real Estate Investment Trust · TSX:GRT.UN
Granite Real Estate Investment Trust — Investor Presentation (May 2026)
28 slides from Granite Real Estate Investment Trust's investor presentation, May 2026
Slide 1: Investor Presentation
INVESTOR PRESENTATION | August 2020 INVESTOR PRESENTATION | May 2026
Slide 2: Presentation of Certain Information
PRESENTATION OF CERTAIN INFORMATION • Unless otherwise indicated in this presentation, all information is presented as of March 31, 2026 and all financial information that is identified as current refers to the period ending March 31, 2026. For definitions of certain non-GAAP performance measures an
Slide 3: Granite Highlights
GRANITE HIGHLIGHTS 1 ORGANIZATIONAL PRINCIPLES PORTFOLIO OVERVIEW1 FINANCIAL PERFORMANCE • Long-term total return • 139 income-producing • 66% LTM AFFO POR2 focused properties + 6 • 33% net leverage ratio2 • Conservative and flexible development properties • Outlook of 5.5% - 6.5% capital structure
Slide 4: ESG+R Objectives
ESG+R OBJECTIVES ENVIRONMENTAL SOCIAL GOVERNANCE • Promote energy efficiency and • Engage with our unitholders, • Disclose our ESG+R performance as a sustainable practices at both our employees, tenants, property commitment to transparency and properties and corporate offices managers and the local
Slide 5: ESG – GRESB 2025
ESG – 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: ESG - Green Bonds (as at December 31, 2025)
ESG - 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 by Green Building Cer
Slide 7: Granite's Evolution
GRANITE’S EVOLUTION6 Investment Property Summary Then - December 31, 2012 Now – March 31, 20261 0.6M SF 16.2M SF 11.8M SF Flex/Office2 $155M 47.3M SF Special Purpose Multi-Purpose2 Distribution/E- $970M $690M commerce3 4.7M SF $1.7B Industrial/Warehouse2 $1,081M $9.5B $6,849M Value Value 8.9M SF Spe
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 per Unit1 Distributions and Payout Ratios1 77% 80% 77% FFO CAGR: +10.0% 71% $8.00 68% 65% 75% 65% 73% 70% $7.00 $6.33 64% 61% $5.91 57% 56% $6.00 $5.44 3.55 $4.97 $5.00 3.40 $4.43 3.30 $3.93 $4.00 3.20 3.10 3.00 $3.00 2.90 $2.00 $1.00 $- 2021 2022 2023 2024 2025 2026 Outloo
Slide 10: GRT Historical Performance
GRT HISTORICAL PERFORMANCE Total Return vs TSX Composite & TSX Capped REIT Indices Cumulative Total Return %1 350% 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 Return ind
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 $886M $78.1M 9% 15% $817M 9% $47.5M 9% $656M 7% 0% $9.3B 53% $4,919M $40.6M 7% $527M 49% $257.5M $36M 1% $3.0M 22% $2,027M 19% $99.9M By Square Feet By Number of Income Producing Properties 9 7.5M 7% 12% 15 11% 5.2M 8% 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 (∼448K SF/property) 4.7M SF (∼159K SF/property) $6.8B Fair Value (∼$145/SF): 73% $1.1B Fair Value(∼$227/SF): 12% WALT: 5.2 years WALT: 3.5 years 73% $359.5M Annualized Revenue(∼$
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 7.3% Yield on Cost3 Fully Leased 90% Leased 2 Green Globes 2 Green Globes Brantford, Ontario Murfreesboro, Tennessee Completed January 2024 Complete
Slide 16: Lease Expiration Profile
LEASE EXPIRATION PROFILE1 Outstanding Lease Expiries by Annualized Revenue Annualized Overall Revenue $527M WALT 5.3 Years Committed Occupancy2 98.3% Canada USA Germany Netherlands Austria United Kingdom 120 39.9% 100 Annualized Revenue (C$M) 80 15.4% 13.8% 60 14.1% 9.6% 3.2% 40 4.0% 20 0 2026 2027
Slide 17: Leasing Activity
LEASING ACTIVITY Year to Date Committed Renewals on 2026 Expiries1 6,000 5,766K SF Expiries without Commitment Committed 5,000 4,000 67% 3,326K SF 3,000 67% 2,000 1,020K SF 1,000 676K SF 33% 32% 33% 355K SF 389K SF 100% 68% 100% 100% 0 Canada United States Netherlands Austria Germany Total Strong Ye
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 26.6% 19.7% 5.5 A- Amazon 3.7% 4.0% 12.9 AA Wayfair 2.8% 1.3% 4.5 B3 Mars Petcare US 2.5% 3.6% 4.3 NR TV Hardware Distribution, LLC 1.9% 2.3% 14.9 NR ADESA 1.7% 0.3% 3.3 B L
Slide 19: Balance Sheet Strength
BALANCE SHEET STRENGTH1,2 Capitalization Debt Maturity Profile Unit Price (05/01/2026) $93.20 $700 8.00% Units Outstanding 60.7 Market Capitalization 3 $5,657 $600 7.00% Debentures CORRA + 77bps due Dec/26 $300 6.00% Weighted average interest rate $500 Debentures 3.062% due Jun/27 $500 4.38% 5.00% D
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 130% 19.0x 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 7.0x 200% 180% 6.0x 160% 5.0x 140% 4.0x 120% 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 Sour
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 March 31, 2026, Granite issued 65,100 units under the at-the-market equity distribution program (the “ATM Program”) at an average unit price of $93.67 for gross proceeds of $6.1 million excluding issuance costs. 28
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