Slide 1: Investor Presentation
INVESTOR PRESENTATION | August 2020 INVESTOR PRESENTATION | November 2025
Slide 2: Presentation of Certain Information
PRESENTATION OF CERTAIN INFORMATION • Unless otherwise indicated in this presentation, all information is presented as of September 30, 2025 and all financial information that is identified as current refers to the period ending September 30, 2025. For definitions of certain non- GAAP performance me
Slide 3: Granite Highlights
GRANITE HIGHLIGHTS 4,5 ORGANIZATIONAL PRINCIPLES PORTFOLIO OVERVIEW4 FINANCIAL PERFORMANCE • Long-term total return • 134 income-producing • 65% LTM AFFO POR1 focused properties + 6 • 35% net leverage ratio1 • Conservative and flexible development properties • Outlook of 5.4% - 6.2% capital structur
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
ESG - GREEN BONDS (AS AT DECEMBER 31, 20241) 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 85% 2029 Green Bond Allocation 48% Spend by Framework Category Spend by Location Spend by Green Building Cer
Slide 7: Granite's Evolution
GRANITE’S EVOLUTION Investment Property Summary Then - December 31, 2012 Now – September 30, 20255 0.6M SF 46.6M SF 16.2M SF 11.8M SF Flex/Office2 Distribution/E- Special Purpose Multi-Purpose2 $155M commerce3 $970M $690M $6,470M 4.8M SF $1.7B Industrial/Warehouse2 $1,104M $9.1B Value Value 8.9M SF
Slide 8: Portfolio Transformation Strategy
PORTFOLIO TRANSFORMATION STRATEGY TARGET MARKETS MODERN FACILITIES E-COMMERCE TRENDS • Superior economic • Meet the demands of • Invest opportunistically in conditions and market E-Commerce and evolving property types fundamentals traditional distribution and markets benefiting • Proximity to major
Slide 9: Financial Performance
FINANCIAL PERFORMANCE Historical Operating Performance ($M)2 Distributions and Payout Ratios1,2 81% 77% 80% 77% $605 79% 73% 75% 71% $569 70% 65% 68% 64% $521 58% 3.55 61% $456 $458 $437 3.40 $394 $393 3.30 $340 $352 3.20 $319 $299 $307 3.10 $287 $274 $264 3.00 $265 $235 2.90 $204 $216 2.80 $173 201
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 5 countries – 140 properties – 60.9 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 $899M 10% $79.0M 16% $829M 9% $47.9M 10% $507M 47% 51% $669M 7% $9.0B $4,557M $240.4M $41.8M 8% 23% $2,041M $97.7M 19% By Square Feet By Number of Income Producing Properties 9 7.4M 7% 12% 15 11% 5.2M 9% 46% 4.7M 8% 60.9M 6
Slide 13: IPP Portfolio Segmentation by Category
IPP PORTFOLIO SEGMENTATION BY CATEGORY1 Distribution/E-commerce Properties Industrial/Warehouse 93 Properties 31 Properties 46.6M SF (∼501K SF/property) 4.8M SF (∼155K SF/property) $6.5B Fair Value (∼$139/SF): 72% $1.1B Fair Value(∼$230/SF): 12% WALT: 5.4 years WALT: 3.8 years 72% $60.3M Annualized
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: Lease Expiration Profile
LEASE EXPIRATION PROFILE2 Outstanding Lease Expiries by Annualized Revenue Annualized Overall Revenue $507M WALT 5.5 Years Committed Occupancy1 97.1% Canada USA Germany Netherlands Austria 43.1% 120 100 Annualized Revenue (C$M) 80 15.8% 60 11.3% 6.2% 9.8% 13.5% 40 0.3% 20 0 2025 2026 2027 2028 2029
Slide 16: High Quality & Creditworthy Tenant Base
HIGH QUALITY & CREDITWORTHY TENANT BASE3 Annualized Credit Other Tenants Top 10 Tenants GLA % WALT Revenue % Rating1,2 Magna 27.4% 19.9% 6.0 A- Amazon 3.9% 4.0% 13.4 AA Wayfair 2.9% 1.3% 5.0 B3 Mars Petcare US 2.6% 3.6% 4.8 NR TV Hardware Distribution, LLC 1.9% 2.3% 15.4 NR Light Mobility Solutions
Slide 17: Balance Sheet Strength
BALANCE SHEET STRENGTH4 Capitalization Debt Maturity Profile Unit Price (10/31/2025) $78.82 $700 8.00% Units Outstanding 60.6 $600 7.00% Market Capitalization1 $4,776 6.00% Weighted average interest rate €60M Term Loan due Sep/26 $98 $500 Debentures CORRA + 77bps due Dec/26 $300 4.38% 4.35% 5.00% De
Slide 18: 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 net-debt-to-EBITDA of 6.5 – 7.5x while maintaining
Slide 19: 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 13.0x 90% 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 20: Canadian Real Estate Debt Comparison
CANADIAN REAL ESTATE DEBT COMPARISON1 EBITDA Interest Coverage2 Distributions/Cash Flow from Operations3 200% 7.0x 180% 6.0x 160% 140% 5.0x 120% 4.0x 100% 3.0x 80% 60% 2.0x 40% 1.0x 20% 0.0x 0% Granite has leading cash flow coverage metrics among DBRS1 universe of Canadian Real Estate entities 1 Sou
Slide 21: 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 22: Investor Relations Contact
INVESTOR RELATIONS CONTACT Andrea Sanelli Senior Director, Legal & Investor Services T: 647.925.7504 E: ir@granitereit.com 22
Slide 23: 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 24: 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. NOI - cash basis is a commonly used measure
Slide 25: 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
Slide 26: Appendix: Subsequent Events
APPENDIX C) Subsequent Events Increase in Distributions On November 5, 2025, Granite increased its targeted annualized distribution by 4.41% to $3.55 ($0.2958 per month) per unit from $3.40 ($0.2833 per month) per unit to be effective upon the declaration of the distribution in respect of the month