Granite Real Estate Investment Trust and Granite REIT Inc.
(TSX: GRT.UN / NYSE: GRP.U) (“Granite REIT” and
“Granite GP”, and collectively, “Granite”) today
announced the acceptance by the Toronto Stock Exchange (the
“TSX”) of Granite’s Notice of Intention to Make a Normal
Course Issuer Bid (“NCIB”). Pursuant to the NCIB, Granite
proposes to purchase through the facilities of the TSX and any
alternative trading system in Canada, from time to time over the
next 12 months, if considered advisable, up to an aggregate of
6,273,168 of Granite’s issued and outstanding stapled units (the
“Stapled Units”) (each Stapled Unit consisting of one trust
unit of Granite REIT and one common share of Granite GP), being
approximately 10% of Granite’s public float of Stapled Units as of
May 15, 2024. Pursuant to a previous notice of intention to conduct
a NCIB, under which Granite sought and received approval from the
TSX to purchase up to 6,349,296 Stapled Units for the period of May
24, 2023 to May 23, 2024, Granite has purchased, as of May 15,
2024, 768,300 Stapled Units on the open market at a weighted
average purchase price of $69.0523 per Stapled Unit. As of May 15,
2024, Granite had 63,008,797 Stapled Units issued and outstanding
and a public float of 62,731,680 Stapled Units.
The NCIB will commence on May 24, 2024 and will conclude on the
earlier of the date on which purchases under the bid have been
completed and May 23, 2025. Daily purchases made by Granite through
the TSX may not exceed 23,113 Stapled Units, being 25% of the
average daily trading volume of 92,454 Stapled Units on the TSX for
the six-month period ended April 30, 2024. These daily maximums are
subject to certain exceptions prescribed by the TSX, including the
“block purchase exemption”.
Granite intends to enter into an automatic securities purchase
plan with a broker as of the date on which the NCIB commences in
order to facilitate repurchases of the Stapled Units under the NCIB
during Granite’s scheduled blackout periods. Under the automatic
securities purchase plan, Granite’s broker may repurchase Stapled
Units under the NCIB in accordance with any advance instructions
that Granite may elect to deliver, including without limitation
repurchases made at times when Granite would ordinarily not be
permitted to repurchase Stapled Units due to regulatory
restrictions or self-imposed blackout periods. Purchases will be
made by Granite’s broker based upon the parameters under the NCIB
and the terms of the parties’ written agreement.
The Board of Trustees of Granite REIT and the Board of Directors
of Granite GP believe that the potential purchases at prices below
Granite’s view of intrinsic value are in the best interests of
Granite and are a desirable use of Granite’s funds. All Stapled
Units that are purchased under the NCIB will be cancelled.
ABOUT GRANITE
Granite is a Canadian-based REIT engaged in the acquisition,
development, ownership and management of logistics, warehouse and
industrial properties in North America and Europe. Granite owns 143
investment properties representing approximately 63.3 million
square feet of leasable area.
OTHER INFORMATION
Copies of financial data and other publicly filed documents
about Granite are available through the internet on the Canadian
Securities Administrators’ Systems for Electronic Data Analysis and
Retrieval+ (SEDAR+) which can be accessed at www.sedarplus.ca and
on the United States Securities and Exchange Commission’s
Electronic Data Gathering, Analysis and Retrieval System (EDGAR)
which can be accessed at www.sec.gov. For further information,
please see our website at www.granitereit.com or contact Teresa
Neto, Chief Financial Officer, at 647-925-7560 or Andrea Sanelli,
Associate Director, Legal & Investor Services, at
647-925-7504.
FORWARD LOOKING STATEMENTS
This press release may contain statements that, to the extent
they are not recitations of historical fact, constitute
“forward-looking statements” or “forward-looking information”
within the meaning of applicable securities legislation, including
the United States Securities Act of 1933, as amended, the United
States Securities Exchange Act of 1934, as amended, and applicable
Canadian securities legislation. Forward-looking statements and
forward-looking information may include, among others, statements
regarding Granite’s future distributions, Stapled Unit repurchases,
plans, goals, strategies, intentions, beliefs, estimates, costs,
objectives, economic performance, expectations, or foresight or the
assumptions underlying any of the foregoing. Words such as “may”,
“would”, “could”, “will”, “likely”, “expect”, “anticipate”,
“believe”, “intend”, “plan”, “forecast”, “project”, “estimate”,
“seek”, “objective” and similar expressions are used to identify
forward-looking statements and forward-looking information.
Forward-looking statements and forward-looking information should
not be read as guarantees of future Stapled Unit repurchases,
events, performance or results and will not necessarily be accurate
indications of whether or the times at or by which such future
Stapled Unit repurchases, events or performance will be achieved.
Undue reliance should not be placed on such statements.
Forward-looking statements and forward-looking information are
based on information available at the time and/or management’s good
faith assumptions and analyses made in light of its perception of
historical trends, current conditions and expected future
developments, as well as other factors management believes are
appropriate in the circumstances, and are subject to known and
unknown risks, uncertainties and other unpredictable factors, many
of which are beyond Granite’s control, that could cause actual
events or results to differ materially from such forward-looking
statements and forward-looking information. Important factors that
could cause such differences include, but are not limited to, the
risks set forth in the annual information form of Granite REIT and
Granite GP dated February 28, 2024 (the “Annual Information
Form”). The “Risk Factors” section of the Annual Information
Form also contains information about the material factors or
assumptions underlying such forward-looking statements and
forward-looking information. Forward-looking statements and
forward-looking information speak only as of the date the
statements and information were made and unless otherwise required
by applicable securities laws, Granite expressly disclaims any
intention and undertakes no obligation to update or revise any
forward-looking statements or forward-looking information contained
in this press release to reflect subsequent information, events or
circumstances or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240521845957/en/
Teresa Neto Chief Financial Officer 647-925-7560
Andrea Sanelli Associate Director, Legal & Investor Services
647-925-7504
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