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 $0.2667 per stapled unit for the month of May 2023. The distribution will be paid by Granite on Thursday, June 15, 2023 to stapled unitholders of record at the close of trading on Wednesday, May 31, 2023. The stapled units will begin trading on an ex-dividend basis at the opening of trading on Tuesday, May 30, 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 May 31, 2023, pursuant to United States Treasury Regulation Section 1.1446-4.