Portfolio Transformation Strategy

CANADIAN REAL ESTATE DEBT COMPARISON¹ Total Debt-to-Capital 80% 70% 60% 50% 40% 30% 20% 10% Total Debt-to-EBITDA ១ Crombie Chartwell Brookfield Property Cominar Artis First Capital Americold H&R Average Morguard Corp Choice Properties CT REIT RioCan Dream Office SmartCentres REIT Granite Allied Properties 18.0x 16.0x 14.0x 12.0x 10.0x 8.0x 6.0x 4.0x 2.0x 0.0x Granite has the lowest leverage within DBRS¹ universe of Canadian Real Estate entities 1 Source: DBRS Canadian Real Estate Peer Comparison January 2020. Credit metrics for each issuer are as of the dates indicated in the report (December 31, 2018 for Granite). Certain terms used, such as EBITDA and FFO, do not have standardized meanings under IFRS and as such may not be comparable between the Canadian Real Estate Peer issuers used in the study. First Capital Morguard Corp Brookfield Property Cominar Artis Dream Office Average RioCan H&R Crombie Allied Properties Choice Properties SmartCenters REIT Chartwell CT REIT Americold Granite May 2020 18

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