Granite Real Estate Investment Trust (" Granite ") ( TSX: GRT.UN / NYSE: GRP.U ) announced today that its board of trustees has declared a distribution of CAD $0.250 per stapled unit for the month of May 2021. The distribution will be paid by Granite on June 15, 2021 to stapled unitholders of record at the close of trading on May 28, 2021. The stapled units will begin trading on an ex-dividend basis at the opening of trading on Thursday, May 27, 2021 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 May 28, 2021, pursuant to United States Treasury Regulation Section 1.1446-4.