Granite Real Estate Investment Trust : Investor Presentation - May 2025

INVESTOR PRESENTATION | May 2025

PRESENTATION OF CERTAIN INFORMATION

• Unless otherwise indicated in this presentation, all information is presented as of March 31, 2025 and all financial information that is identified as current refers to the period ending March 31, 2025. For definitions of certain non-GAAP performance measures and non-GAAP ratios used in this presentation including funds from operations ("FFO"), adjusted funds from operations ("AFFO"), FFO payout ratio, AFFO payout ratio, net operating income calculated on a cash basis ("NOI-cash basis"), constant currency same property NOI, net leverage ratio, adjusted earnings before interest, income taxes, depreciation and amortization ("Adjusted EBITDA"), available liquidity, total debt and net debt, unencumbered asset coverage ratio, indebtedness ratio, and interest coverage ratio, please refer to Appendix A and Appendix B on pages 23, 24 and 25 of this presentation. For reconciliation of these non-GAAP performance measures and non-GAAP ratios, please refer to the Management Discussion and Analysis ("MD&A") in the First Quarter Report for 2025 of Granite Real Estate Investment Trust ("Granite" or the "Trust") (available on Granite's website https://granitereit.com/investors/financial-reports-and-filings/).

• This presentation may contain statements that, to the extent they are not recitations of historical fact, constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities legislation, including the United States Securities Act of 1933, as amended, the United States Securities Exchange Act of 1934, as amended, and applicable Canadian securities legislation. Forward-looking statements and forward-looking information may include, among others, statements regarding Granite's future plans, goals, strategies, intentions, beliefs, estimates, costs, objectives, capital structure, cost of capital, tenant base, tax consequences, economic performance or expectations, or the assumptions underlying any of the foregoing. Words such as "outlook", "may", "would", "could", "should", "will", "likely", "expect", "anticipate", "believe", "intend", "plan", "forecast", "project", "estimate", "seek" and similar expressions are used to identify forward-looking statements and forward-looking information.

• Forward-looking statements and forward-looking information should not be read as guarantees of future events, performance or results and will not necessarily be accurate indications of whether or the times at or by which such future performance will be achieved. Undue reliance should not be placed on such statements. There can also be no assurance that Granite's expectations regarding various matters, including the following, will be realized in a timely manner, with the expected impact or at all: the effectiveness of measures intended to mitigate such impact, and Granite's ability to deliver cash flow stability and growth and create long-term value for unitholders; Granite's ability to advance its ESG+R program and related targets and goals; the expansion and diversification of Granite's real estate portfolio and the reduction in Granite's exposure to Magna and the special purpose properties; Granite's ability to accelerate growth and to grow its net asset value, FFO and AFFO per unit, and constant currency same property NOI - cash basis; Granite's ability to execute on its strategic plan and its priorities in 2025; Granite's 2025 outlook for FFO per unit, AFFO per unit and constant currency same property NOI, including the anticipated impact of future foreign currency exchange rates on FFO and AFFO per unit and expectations regarding Granite's business strategy; fluctuations in foreign currency exchange rates and the effect on Granite's revenues, expenses, cash flows, assets and liabilities; Granite's ability to offset interest or realize interest savings relating to its term loans, debentures and cross- currency interest rate swaps; Granite's ability to find and integrate satisfactory acquisition, joint venture and development opportunities and to strategically deploy the proceeds from recently sold properties and financing initiatives; Granite's intended use of available liquidity, its ability to obtain secured funding against its unencumbered assets and its expectations regarding the funding of its ongoing operations and future growth; any future offerings under Granite's shelf prospectus; obtaining site planning approval of a 0.7 million square foot distribution facility on the 34.0 acre site in Brantford, Ontario; obtaining site plan approval for the future phases of its development for up to 0.7 million square feet on the 68.7 acre site in Houston, Texas and up to 0.4 million square feet on the 30.8 acre site in Houston, Texas and the expected timing and potential yield from each project; the development of 12.9 acres of land in West Jefferson, Ohio and the potential yield from that project; the development of a 0.6 million square foot multi-phased business park on the remaining 36.0 acre parcel of land in Brantford, Ontario and the potential yield from that project; the development of a 0.2 million square foot modern distribution/logistics facility on the 10.1 acres of land in Brant County, Ontario and the potential yield of the project; estimates regarding Granite's development properties and expansion projects, including square footage of construction, total construction costs and total costs; Granite's ability to meet its target occupancy goals; Granite's ability to secure sustainability or other certifications for any of its properties; Granite's ability to generate peak solar capacity on its properties; the impact of the refinancing of the term loans on Granite's returns and cash flow; the amount of any distributions; and the effect of any legal proceedings on Granite.

• Forward-looking statements and forward-looking information are based on information available at the time and/or management's good faith assumptions and analyses made in light of Granite's perception of historical trends, current conditions and expected future developments, as well as other factors Granite believes are appropriate in the circumstances. Forward-looking statements and forward-looking information are subject to known and unknown risks, uncertainties and other unpredictable factors, many of which are beyond Granite's control, that could cause actual events or results to differ materially from such forward-looking statements and forward-looking information.

• Important factors that could cause such differences include, but are not limited to, the risk of changes to tax or other laws and treaties that may adversely affect Granite's mutual fund trust status under the Income Tax Act (Canada) or the effective tax rate in other jurisdictions in which Granite operates; risk related to tariffs, global trade and supply chains that may adversely impact Granite's tenants' operations and in turn impact Granite's operations and financial performance; economic, market and competitive conditions and other risks that may adversely affect Granite's ability to expand and diversify its real estate portfolio; and the risks set forth under "Risks and Uncertainties" in Granite's Management's Discussion and Analysis for the quarter ended March 31, 2025 filed on May 7, 2025 and in the "Risk Factors" section in Granite's Annual Information Form for 2024 dated February 26, 2025 filed with the Canadian securities regulatory authorities through the System for Electronic Document Analysis and Retrieval (SEDAR+) and is available online at https://www.sedarplus.ca and attached as Exhibit 1 to Granite's Annual Report on Form 40-F for the year ended December 31, 2024 filed with the Securities and Exchange Commission through the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) at https://www.sec.gov, all of which investors are strongly advised to review. The "Risk Factors" section also contains information about the material factors or assumptions underlying such forward-looking statements and forward-looking information.

• Forward-looking statements and forward-looking information speak only as of the date the statements and information were made and unless otherwise required by applicable securities laws, Granite expressly disclaims any intention and undertakes no obligation to update or revise any forward-looking statements or forward-looking information contained in this presentation to reflect subsequent information, events or circumstances or otherwise.

  2

  
  
  

  GRANITE HIGHLIGHTS1

  ORGANIZATIONAL PRINCIPLES

PORTFOLIO OVERVIEW

FINANCIAL PERFORMANCE

• Long-term total return focused

• Conservative and flexible capital structure

• Platform strength & active asset management

• Institutional quality real estate portfolio

• Alignment with unitholders

• 138 income-producing

  properties + 6 development properties

• 63.3MSF with 94.8%

  committed occupancy

• $9.4B in property value

• High quality & creditworthy tenant base

• 5.6 years of weighted average lease term

• 66% LTM AFFO POR2

• 33% net leverage ratio2

• Outlook of 4.5% - 6.0% constant currency SPNOI2quarterly average growth in 2025

• Market Cap. of ∼$3.9B3 & EV of ∼$6.9B3

• Investment grade rating with stable outlook -BBB (high)4

• 14 consecutive annual distribution increases

  Global Industrial Real Estate Platform

  1 Reflects adjustments for subsequent events. Refer to the "Subsequent Events" section in Appendix C on page 26.

  2 For definitions of Granite's non-GAAP performance measures and non-GAAP ratios, refer to Appendix A and B on pages 23 to 25. 3

  3 Market capitalization and enterprise value are as of May 2, 2025. (GRT.UN on TSX and GRP.U on NYSE).

  4 Granite investment grade rating is per Morningstar DBRS.

  
  
  

  ESG+R OBJECTIVES

  ENVIRONMENTAL

• Promote energy efficiency and sustainable practices at both our properties and corporate offices

• Collaborate with tenants to pursue sustainability projects

• Exceed required building sustainability and efficiency standards where feasible

• Develop projects consistent with our Green Bond Framework

  RESILIENCE

• Ensure compliance with our Environmental Policy

  SOCIAL

• Engage with our unitholders, employees, tenants, property managers and the local community to drive ESG+R objectives

• Communicate and report on the progress of our ESG+R Program with stakeholders

• Promote health and inclusive workplaces that support people and career growth

• Remain an active corporate citizen and give back in our communities

  GOVERNANCE

• Disclose our ESG+R performance as a commitment to transparency and accountability

• Monitor property compliance with government benchmarking requirements and ESG+R regulations

• Align and report to formal reporting frameworks such as GRESB(1), SASB(1), the Carbon Disclosure Project (CDP), GRI(1), and TCFD(1)

• Maintain robust governance policies and carry out company-wide governance trainings to promote better business behavior

• Participate in organizations to inform,

• Identify and mitigate the potential climate-related risks within our portfolio

• Collaborate with our stakeholders to ensure mitigation measures and emergency response plans are in place to respond to potential risks

learn and share best practices within our industry

Granite's 2023 ESG+R report released August 7, 2024 and available at https://granitereit.com/sustainability

1 GRESB - Global Real Estate Sustainability Benchmark; SASB - Sustainability Accounting Standards Board; GRI - Global Reporting Initiative; TCFD - Task Force on Climate-Related Financial Disclosures.

4

ESG - GRESB 2024

GRESB 2024 - Granite ranked 1stin the Northern America/Industrial/Listed/Tenant Controlled peer group

GRESB 2024 Public Disclosure Report - Granite ranked 1stin the United States of America/Industrial sector

5