Granite Real Estate Investment Trust (" Granite ") ( TSX: GRT.UN / NYSE: GRP.U ) announced today that its board of trustees has declared a distribution of CDN $0.275 per stapled unit for the month of December 2023. The distribution will be paid by Granite on Tuesday, January 16, 2024 to stapled unitholders of record at the close of trading on Friday, December 29, 2023. The stapled units will begin trading on an ex-dividend basis at the opening of trading on Thursday, December 28, 2023, on the Toronto Stock Exchange and on the New York Stock Exchange. Granite confirms that no portion of the distribution constitutes effectively connected income for U.S. federal tax purposes. A qualified notice providing the breakdown of the sources of the distribution will be issued to the Depository Trust & Clearing Corporation subsequent to the record date of December 29, 2023, pursuant to United States Treasury Regulation Section 1.1446-4.