Granite Shareholders Vote in Favour of Proposed REIT Conversion

       Granite Shareholders Vote in Favour of Proposed REIT Conversion

PR Newswire

TORONTO, Nov. 15, 2012

TORONTO, Nov. 15, 2012 /PRNewswire/ - Granite Real Estate Inc. (TSX: GRT;
NYSE: GRP) (''Granite'' or the ''Company'') is pleased to announce that its
shareholders have approved the Company's conversion to a real estate
investment trust (the "REIT Conversion"). The REIT Conversion was approved by
99.8% of the votes cast by holders of Granite's common shares at a special
meeting of shareholders held today.

Implementation of the REIT Conversion remains subject to approval by the
Superior Court of Quebec at a fairness hearing which is scheduled to be held
on November 20, 2012 and to satisfaction or waiver of certain other


Granite is a Canadian-based real estate company engaged in the ownership and
management of predominantly industrial properties in Canada, the United
States, Mexico and Europe. The Company owns and manages approximately 28
million square feet in 104 rental income properties. Our tenant base currently
includes operating subsidiaries of Magna International Inc. as our largest
tenants, together with tenants from other industries.


Copies of financial data and other publicly filed documents are available
through the internet on Canadian Securities Administrators' Systems for
Electronic Document Analysis and Retrieval (SEDAR) which can be accessed at and on the United States Securities and Exchange Commission's
Electronic Data Gathering, Analysis and Retrieval System (EDGAR) which can be
accessed at For further information about Granite, please see our
website at


This press release may contain statements that, to the extent they are not
recitations of historical fact, constitute ''forward-looking statements''
within the meaning of applicable securities legislation, including the United
States Securities Act of 1933 and the United States Securities Exchange Act of
1934. Forward-looking statements may include, among others, statements
regarding the Company's future plans, goals, strategies, intentions, beliefs,
estimates, costs, objectives, economic performance or expectations, or the
assumptions underlying any of the foregoing. In particular, this press release
contains forward-looking statements regarding our proposed conversion to a
REIT. Words such as ''may'', ''would'', ''could'', ''will'', ''likely'',
''expect'', ''anticipate'', ''believe'', ''intend'', ''plan'', ''forecast'',
''project'', ''estimate'' and similar expressions are used to identify
forward-looking statements. Forward-looking statements should not be read as
guarantees of future events, performance or results and will not necessarily
be accurate indications of whether or the times at or by which such future
performance will be achieved. Undue reliance should not be placed on such
statements. In particular, Granite cautions that the timing or completion of
the REIT Conversion cannot be predicted with certainty, there can be no
assurance at this time that all required or desirable approvals and consents
to effect the REIT Conversion will be obtained in a timely manner or at all
and there can be no assurance that the anticipated reduction in cash income
taxes payable following the REIT Conversion will be realized. Forward-looking
statements are based on information available at the time and/or management's
good faith assumptions and analyses made in light of our perception of
historical trends, current conditions and expected future developments, as
well as other factors we believe are appropriate in the circumstances, and are
subject to known and unknown risks, uncertainties and other unpredictable
factors, many of which are beyond the Company's control, that could cause
actual events or results to differ materially from such forward-looking
statements. Important factors that could cause such differences include, but
are not limited to, the risk of changes to tax or other laws that may
adversely affect the REIT Conversion; inability of Granite to implement a
suitable structure for the REIT Conversion; the inability to obtain all
required consents and approvals for the REIT Conversion; the inability to
realize the anticipated reduction in cash income taxes payable following the
REIT Conversion and the risks set forth in the ''Risk Factors'' section in the
Circular and in the Company's Annual Information Form for 2011, each filed on
SEDAR at and on EDGAR at, which investors are
strongly advised to review. The ''Risk Factors'' sections also contain
information about the material factors or assumptions underlying such
forward-looking statements. Forward-looking statements speak only as of the
date the statements were made and unless otherwise required by applicable
securities laws, the Company expressly disclaims any intention and undertakes
no obligation to update or revise any forward-looking statements contained in
this press release to reflect subsequent information, events or circumstances
or otherwise.

SOURCE Granite Real Estate Inc.


Persons with questions about the REIT Conversion are encouraged to visit the
"REIT Conversion Frequently Asked Questions" section of the Company's website or to contact the Company or (647) 925-7550 for assistance.
Press spacebar to pause and continue. Press esc to stop.