Granite Appoints New CEO Kevan Gorrie

TORONTO, June 4, 2018

Granite Real Estate Investment Trust announced today the appointment of Kevan Gorrie as Chief Executive Officer of Granite, effective August 1, 2018. Mr. Gorrie is an accomplished real estate professional in the industrial real estate market who most recently served as the President and Chief Executive Officer of Pure Industrial Real Estate Trust, which owns an industrial property portfolio of over 25 million square feet across Canada and the United States. There he successfully grew and led that business until its recent strategic sale to Blackstone Property Partners and Ivanhoé Cambridge. With over 20 years of experience, Mr. Gorrie is a seasoned real estate executive who is well known in the Canadian capital markets and on both sides of the border in the industrial real estate market.

“The Board unanimously selected Kevan, a proven leader and real estate professional, who brings a broad range of experience in both Canada and the United States in all aspects of the industrial asset class, including strategy, capital allocation, asset management, acquisitions, dispositions and development. His extensive experience in industrial real estate, including logistics and e-commerce applications makes him a great fit for Granite,” commented Kelly Marshall, Granite’s Chair of the Board. “Kevan will build upon recent initiatives undertaken at Granite of divesting approximately $391 million of primarily Magna-tenanted properties, including $327 million of special purpose properties, and acquiring approximately $545 million of new logistics-oriented distribution centres. Kevan’s appointment will mark the next chapter in Granite’s strategic plan.”

“I would like to thank Kelly and the Board of Trustees for providing me with this unique opportunity. Granite possesses enormous prospects for growth and the potential to become a leader in the industry”, said Kevan Gorrie. “I look forward to working with the management team and the Board on the next exciting phase of our evolution.”

Mr. Gorrie will replace Michael Forsayeth who had previously announced his upcoming retirement in September 2018 and who has been with Granite since August 2011 as, most recently, its Chief Executive Officer and, prior to that, its Chief Financial Officer. “We thank Mike for his strong leadership over the last seven years and we are grateful for the significant contributions he has made towards Granite’s success and for positioning it for future growth and diversification under new leadership,” said Mr. Marshall.

About Granite

Granite is a Canadian-based REIT engaged in the acquisition, development, ownership and management of predominantly industrial, warehouse and logistics properties in North America and Europe. Granite owns 90 rental income properties representing approximately 34 million square feet of leasable area. Through the thoughtful deployment of its balance sheet and selective dispositions, Granite is continuing to build a high quality, globally diversified industrial real estate business.