Granite Real Estate Investment Trust announced on May 22 that the Toronto Stock Exchange has accepted its notice to renew a standardized issuer bid. Under this bid, Granite REIT plans to repurchase up to 6,038,313 of its issued trust units over the next 12 months through the TSX and other Canadian alternative trading systems. This represents approximately 10% of its public float as of May 20, 2026.
During the previous bid period from May 26, 2025, to May 25, 2026, Granite REIT repurchased 237,536 trust units at a weighted average price of C$69.2167. As of May 20, 2026, Granite REIT had 60,713,130 issued trust units, with a public float of 60,383,131 units.
The new repurchase bid will commence on May 26, 2026, and will conclude on May 25, 2027, or upon the completion of all repurchases. Daily purchases through the TSX will not exceed 25,625 units, which is 25% of the average daily trading volume of 102,501 units for the six months ended April 30, 2026. The daily limit is subject to specific exceptions, including an exemption for block purchases.
Granite REIT intends to enter into an automatic securities purchase plan with a broker at the start of the bid. This will allow for unit repurchases to continue during predetermined blackout periods or self-imposed quiet periods. All units repurchased will be cancelled.
Granite REIT's board of trustees believes that repurchasing units at prices below their perceived intrinsic value is in the best interests of the trust and represents a prudent use of its liquidity.
Granite REIT is a Canada-based real estate investment trust focused on the acquisition, development, ownership, and management of logistics, warehouse, and industrial properties in North America and Europe. Granite's portfolio comprises 145 investment properties with approximately 61.5 million square feet of leasable area.
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