GRANITE REAL ESTATE INVESTMENT TRUST
For the period ended Dec 31, 2024. Filed Feb 26, 2025.
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The yearly report of certain Canadian companies, filed under a joint US and Canadian system. It is the main yearly account these companies give US investors, largely as filed in Canada.
FY2024 · Filed Feb 26, 2025
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Contents
EX-3 · Construction and Development Commitments
Construction and Development Commitments
Granite had the following construction and development commitments as at December 31, 2024:
| 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 December 31, 2024: | |||||
| Development and construction: | |||||
| Site plan approval for a development in Brantford, ON | 0.7 | 4.6 | 1.3 | 5.9 | —% |
| Site plan approval and site infrastructure for a development in Houston, TX | 1.3 | 1.1 | 5.5 | 6.6 | —% |
| Other construction commitments | — | 2.7 | 5.3 | 8.0 | —% |
| 2.0 | $8.4 | $12.1 | $20.5 | —% | |
(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 fourth quarter of 2024:
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; and
Granite continued the site plan approval process and site infrastructure work for the third phase of its site in Houston, Texas for up to 1.3 million square feet.
Subsequent to the fourth quarter of 2024:
Granite signed a 12-year lease agreement with a leading global consumer food product company for approximately 391,000 square feet to be constructed as the third phase of the development site in Houston, Texas for approximately US$50.0 million. The lease will commence upon completion of the property, which is expected to occur in the fourth quarter of 2026 and is expected to generate a stabilized development yield of approximately 7.5%.
10 Granite REIT 2024
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