Granite Real Estate Investment Trust (GRT-UN) AGM 2024 summary

Opening remarks and agenda

• The meeting was held virtually with a live audio webcast, enabling online voting and Q&A for all registered holders and proxy holders.

• Attendees were informed about the meeting's recording, privacy protocols, and the process for submitting questions and objections.

• Joint Annual General and Special Meetings were held for Granite Real Estate Investment Trust and Granite REIT Inc. on June 6, 2024.

• The agenda included the election of trustees and directors, auditor reappointment, executive compensation advisory vote, and a special resolution on a plan of arrangement.

Board and executive committee updates

• Gerry Miller was acknowledged for his retirement after 13 years of service.

• Robert Brouwer was appointed to the Board of Trustees, Board of Directors, and Audit Committee on February 15, 2024.

• The full list of trustees, directors, and executive officers in attendance was introduced.

• Leadership team includes President & CEO Kevan Gorrie and CFO Teresa Neto.

Financial performance review

• FFO and AFFO per unit for 2023 were $4.97 and $4.50, up 12% and 11% year-over-year.

• FFO and AFFO payout ratios improved to 64% and 71% from 70% and 77% in 2022.

• Portfolio grew by 9 properties and 3.5 million sq ft of new space; book value remained stable despite higher rates.

• Weighted average lease term increased to 6.7 years, with 8.5 million sq ft of lease extensions at a 22% rent increase.

• 6.2% year-over-year growth in constant currency same property NOI (SPNOI) on a cash basis.

• Cash NOI increased by 13% and same-property NOI by 6.2% over 2022; FFO and AFFO saw double-digit growth.

• Outperformed the TSX REIT Index by over 12% in 2023 and achieved a 5-year total return of 75.2%.

• 8.4 million square feet renewed or re-leased at an average base rent increase of 22%.

• Negative NAV impact from $173M in fair value losses and $96M in unrealized FX losses, partially offset by development contributions.