Granite REIT Provides Business Update Related to COVID-19 Pandemic

Granite Real Estate Investment Trust ("Granitea??) (TSX: GRT.UN / NYSE: GRP.U) today provided an update on its current liquidity position, and the impact of COVID-19 on operations.

COVID-19 virus and various containment measures are having a major impact on virtually all businesses and sectors globally, including real estate. Granitea??s first priority is to ensure the safety of our employees and our tenants. Consequently, we have implemented appropriate procedures to ensure that we are conducting business in a safe and effective manner. All of our employees are working remotely from their homes, and we are working diligently with our service providers to remain operational through this pandemic.

As at April 14, 2020, Granite had total liquidity of approximately $740 million, including its fully undrawn $500 million operating facility. Granitea??s liquidity is sufficient to meet payments related to current committed acquisitions, development and construction projects of approximately $210 million. Granitea??s nearest debt maturity of $250 million occurs in July 2021 and Granitea??s investment property portfolio of over $4.5 billion remains fully unencumbered.

With respect to Granitea??s operations, the status of rent collection for April and requests for rent deferral as at April 14, 2020 is summarized below:

95% of rent due in respect of April has been received. Granite is currently in discussions with those tenants in arrears.

Requests for deferrals of rent have been received from 13 tenants for a weighted average period of 3.5 months and totaling approximately $6.5 million, representing approximately 2.3% of Granitea??s total portfolio based on annualized rent(1). Discussions with tenants continue on a case-by-case basis and no deferrals have been granted to date.

Consistent with Granitea??s usual practice, an update on operational and strategic targets for 2020 will be provided in Granitea??s Managementa??s Discussion and Analysis (MD&A) for the first quarter of 2020, expected to be released on May 13, 2020, and on Granitea??s earnings call scheduled for May 14, 2020.
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