Granite's Evolution

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% while maintaining patient and opportunistic approach to acquisitions and development Long term leverage target fully reflected in current credit ratings from Moody's and DBRS Rating Agency Commentary Incremental Net Debt Capacity Net Leverage Ratio 1,2 Incremental Debt Capital ($M) 26% (current) N/A $462 35% $1,121 30% Moody's 03/12/2021: Baa2 (Stable) "Granite's Baa2 senior unsecured rating reflects its commitment to maintaining a conservative capital structure, with moderate long-term target leverage of debt/total assets under 35% and a fully unencumbered asset base, as the REIT executes its strategic growth plan and portfolio transformation. The ratings are further supported by Granite's good liquidity and long-term net-lease contracts with minimal rollover that result in stable earnings year over year. It also incorporates the REIT's success in transforming its portfolio over the past few years, effectively improving its asset quality and long-term growth profile." DBRS Morningstar 03/22/2021: BBB(high) (Stable) "DBRS Morningstar has revised upward its assessment of Granite's asset quality and market position. These revisions are supported by Granite completing approximately $2.0 billion in acquisitions over the last two years, with such acquisitions consisting of modern distribution assets located in key distribution markets in Canada, the Netherlands, and the U.S., while continuing to dispose of noncore special-purpose properties. Furthermore, the Trust collected 100% of its rent during the pandemic while improving occupancy and generating robust same property net operating income growth (SPNOI), therefore demonstrating the resilience of Granite's assets, tenants, and cash flows. The Stable trends consider DBRS Morningstar's expectations that industrial real estate fundamentals will remain supportive in the near to medium term and that Granite will continue to execute its long-term strategy of growing and diversifying its asset base through acquisitions and developments as well as funding such growth initiatives with cash on hand, incremental debt, and equity, similar to recent years." Commitment to maintaining a sustainable investment grade rating and conservative capital structure 1 For definitions of Granite's non-IFRS performance measures and non-IFRS ratios, refer to Appendix A and B on page 23 and 24. 2 Excludes assets held for sale and reflects adjustments for subsequent events. Refer to the "Subsequent Events" section in Appendix C on page 25. March 2022 19

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