Portfolio Transformation Strategy

HIGH QUALITY & CREDITWORTHY TENANT BASE Annualized Credit Top 10 Tenants GLA % WALT Revenue % Rating Magna AMAGNA 41% 35% 5.0 A (low) Amazon amazon 7% 6% 18.8 AA- ADESA ADESA 3% 1% 9.3 NR Restoration Hardware RH 3% 3% 8.1 NR Ingram Micro INGRAM 2% 3% 4.8 BBB (low) HANON Hanon Systems Mars Petcare Wayfair Ricoh 2% 1% 9.4 AA SYSTEMS MARS petcare 2% 3% 2.1 NR • wayfair 2% 2% 5.5 NR RICOH 2% 2% 5.2 BBB (high) Geodis Logistics Top 10 Tenants GEODIS 2% 2% 4.9 NR 66% 58% 6.6 Creditworthy non-Magna tenants each comprising less than 10% of Revenue and GLA Credit rating is quoted on the DBRS equivalent rating scale where publicly available. NR refers to Not Rated. The credit rating indicated may, in some instances, apply to an affiliated company of Granite's tenant which may not be the guarantor of the lease. ១ Other Tenants ACE Hardware Walmart TORRID LGI Logistics Group International MEMBER OF ELANDERS GROUP Milwaukee SAMSUNG van Uden KUEHNE+NAGEL CardinalHealth" Mercedes-Benz GRUPO ANTOLIN May 2020 14

View entire presentation