GRANITE REAL ESTATE INVESTMENT TRUST
For the period ended Jun 30, 2025. Filed Aug 6, 2025.
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Jun 30, 2025 · Filed Aug 6, 2025
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Contents
EX-99.1 · Construction and Development Commitments
Construction and Development Commitments
Granite had the following construction and development commitments as at June 30, 2025:
| Commitments · Accruals/Payments/ Deposits Made · Year-One Stabilized Yield (2) | |||||
|---|---|---|---|---|---|
| (in millions, except as noted) | |||||
| Property Location · Additional sq ft · Future Commitments (1) · Total Cost | |||||
| As at June 30, 2025: | |||||
| Development and construction: | |||||
| Site plan approval for a development in Brantford, ON | 0.7 | 4.7 | 1.2 | 5.9 | N/A |
| Site plan approval and site infrastructure for developments in Houston, TX | 0.7 | 1.2 | 3.1 | 4.3 | N/A |
| Property under development in Houston, TX | 0.4 | 5.2 | 55.9 | 61.1 | 7.5% |
| Other construction commitments | — | 2.4 | 4.1 | 6.5 | N/A |
| 1.8 | $13.5 | $64.3 | $77.8 | N/A | |
(1)Includes signed contracts and future budgeted expenditures not yet contracted.
(2)Yield based on total cost including land (see “Development and Expansion Projects”).
During the second quarter of 2025:
Granite continued the site plan approval process for a second phase of its site in Brantford, Ontario for up to 0.7 million square feet;
Granite continued the site plan approval process and site infrastructure work for the future phases of its site in Houston, Texas for up to 0.7 million square feet; and
Granite continued the site plan approval and site infrastructure work at its 0.4 million square foot, 36’ clear height, state-of-the-art modern distribution facility in Houston, Texas. The build-to-suit facility being constructed for a global consumer food product company is expected to be completed in the fourth quarter of 2026.
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