GRANITE REAL ESTATE INVESTMENT TRUST
For the period ended Sep 30, 2025. Filed Nov 5, 2025.
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Sep 30, 2025 · Filed Nov 5, 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 September 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 September 30, 2025: | |||||
| Development and construction: | |||||
| Site plan approval for a development in Brantford, ON | 0.7 | 4.8 | 1.1 | 5.9 | N/A |
| Site plan approval and site infrastructure for developments in Houston, TX | 0.7 | 1.3 | 3.1 | 4.4 | N/A |
| Property under development in Houston, TX | 0.4 | 7.1 | 55.4 | 62.5 | 7.5% |
| Other construction commitments | — | 2.4 | 4.1 | 6.5 | N/A |
| 1.8 | $15.6 | $63.7 | $79.3 | 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”).
4 Granite REIT 2025 Third Quarter Report
During the third 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 finalized design and site plan approvals, and continued site infrastructure and grading 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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