Granite Announces Voting Results From Its 2024 Joint Annual General and Special Meetings of Stapled Unitholders

Rhea-AI Summary

Granite Real Estate Investment Trust (Granite REIT) and Granite REIT Inc. (Granite GP) announced the voting results from their 2024 joint annual general and special meetings held virtually. All nominated trustees and directors outlined in the Management Information Circular were elected.

Key resolutions, including the arrangement to simplify Granite's stapled unit structure, were approved. The meetings had a 78.11% attendance, represented by 49,511,964 stapled units. Voting results showed overwhelming support for all nominees and resolutions including the re-appointment of Deloitte LLP as auditors and the executive compensation approach.

Positive

• All nominated trustees and directors were successfully elected with over 98% approval rates.
• The arrangement to simplify Granite's stapled unit structure was approved with over 99% votes.
• High attendance rate with 78.11% of outstanding stapled units represented.
• Re-appointment of Deloitte LLP as auditors was approved with close to 100% voting in favor.
• Non-binding advisory resolution on Granite's executive compensation approach received 96.75% votes in favor.

Negative

• Despite high approval, the non-binding advisory resolution on executive compensation had 3.25% votes against it.
• The special resolution approving the arrangement resolution of Granite GP had a minority 0.40% votes against it.

TORONTO--(BUSINESS WIRE)-- Granite Real Estate Investment Trust (“Granite REIT”) and Granite REIT Inc. (“Granite GP”) (collectively, “Granite”) (TSX: GRT.UN / NYSE: GRP.U) announced today the results of the matters voted on at their joint annual general and special meetings of stapled unitholders held virtually earlier today (the “Meetings”). Each of the individuals nominated for election as a trustee of Granite REIT and a director of Granite GP, as set out Granite’s Management Information Circular dated April 10, 2024 (the “Circular”), were elected as set out below. In addition, the proposed arrangement to simplify Granite’s current stapled unit structure, as detailed in the Circular, and all other resolutions voted on at the Meetings, were approved by stapled unitholders.

A total of 49,511,964 stapled units (78.11% of outstanding stapled units) were represented in person or by proxy at the Meetings.

The results of the votes held at the Meetings are as follows:

	As Trustee of Granite REIT				As Director of Granite GP
Nominee	Votes For	%	Votes Withheld	%	Votes For	%	Votes Withheld	%
Peter Aghar	49,190,867	99.92	40,777	0.08	49,189,797	99.91	41,847	0.09
Robert D. Brouwer	49,188,272	99.91	43,372	0.09	49,185,167	99.91	46,477	0.09
Remco Daal	49,193,094	99.92	38,550	0.08	49,192,744	99.92	38,900	0.08
Kevan Gorrie	49,184,704	99.90	46,940	0.10	49,184,969	99.91	46,675	0.09
Fern Grodner	49,182,209	99.90	49,435	0.10	49,184,111	99.90	47,533	0.10
Kelly Marshall	49,137,863	99.81	93,781	0.19	49,135,980	99.81	95,664	0.19
Al Mawani	49,181,539	99.90	50,105	0.10	49,182,571	99.90	49,073	0.10
Sheila A. Murray	48,462,184	98.44	769,460	1.56	48,461,185	98.44	770,459	1.56
Emily Pang	49,154,843	99.84	76,801	0.16	49,153,941	99.84	77,703	0.16
Jennifer Warren	49,191,942	99.92	39,702	0.08	49,191,571	99.92	40,073	0.08

	Votes For	%	Votes Withheld	%
Re-appointment of Deloitte LLP as Auditors of Granite REIT	49,445,325	99.87	64,723	0.13
Re-appointment of Deloitte LLP as Auditors of Granite GP and authorization of the directors of Granite GP to fix the remuneration of Deloitte LP	49,444,857	99.87	65,190	0.13

	Votes For	%	Votes Against	%
Non-binding advisory resolution on Granite’s approach to executive compensation	47,629,304	96.75	1,602,340	3.25

	Votes For	%	Votes Against	%
Special resolution approving the arrangement resolution of Granite REIT, as described in Appendix “C” to the Circular	49,043,705	99.62	187,839	0.38

	Votes For	%	Votes Against	%
Special resolution approving the arrangement resolution of Granite GP, as described in Appendix “C” to the Circular	49,034,278	99.60	197,366	0.40

ABOUT GRANITE

Granite is a Canadian-based REIT engaged in the acquisition, development, ownership and management of logistics, warehouse and industrial properties in North America and Europe. Granite owns 143 investment properties representing approximately 63.3 million square feet of leasable area.

OTHER INFORMATION

Copies of financial data and other publicly filed documents about Granite are available through the internet on the Canadian Securities Administrators’ System for Electronic Data Analysis and Retrieval + (SEDAR+) which can be accessed at www.sedarplus.ca 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, please see our website at www.granitereit.com or contact Teresa Neto, Chief Financial Officer, at 647-925-7560 or Andrea Sanelli, Associate Director, Legal & Investor Services, at 647-925-7504.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240606955613/en/

Teresa Neto

Chief Financial Officer

647-925-7560

Andrea Sanelli

Associate Director, Legal & Investor Services

647-925-7504

Source: Granite Real Estate Investment Trust

FAQ

What were the results of Granite's 2024 annual general meetings?

All nominated trustees and directors were elected, and key resolutions including the simplification of stapled unit structure were approved.

What percentage of units were represented in Granite's 2024 meetings?

78.11% of outstanding stapled units were represented.

Were Deloitte LLP re-appointed as auditors for Granite?

Yes, Deloitte LLP was re-appointed with over 99% votes in favor.

What was the vote result for Granite's executive compensation approach?

The executive compensation approach received 96.75% votes in favor.

Which resolutions were approved at Granite's 2024 meetings?

Resolutions included the election of trustees and directors, the simplification of stapled unit structure, re-appointment of auditors, and executive compensation.