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Granite REIT Declares First Monthly Distribution

               Granite REIT Declares First Monthly Distribution

PR Newswire

TORONTO, Jan. 17, 2013

TORONTO, Jan. 17, 2013 /PRNewswire/ - Granite Real Estate Investment Trust
("Granite") (TSX: GRT.UN / NYSE: GRP.U) announced today that its board of
trustees has declared a distribution on Granite's stapled units of CDN$0.175
per stapled unit. The distribution will be paid by Granite on February 15,
2013 to stapled unitholders of record at the close of trading on January 31,
2013. The stapled units will begin trading on an ex-dividend basis at the
opening of trading on January 29, 2013.

ABOUT GRANITE

Granite is a Canadian-based REIT engaged in the ownership and management of
predominantly industrial properties in Canada, the United States, Mexico and
Europe. The REIT 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.

OTHER INFORMATION

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

SOURCE Granite Real Estate Investment Trust

Contact:

Tom Heslip, Chief Executive Officer, at 647-925-7539 or Michael Forsayeth,
Chief Financial Officer, at 647-925-7600.