Granite Real Estate Investment Trust and Granite REIT Inc. Complete Unwind of Stapled Unit Structure
Granite Real Estate Investment Trust (Granite REIT) and Granite REIT Inc. (Granite GP) have completed the unwind of their stapled unit structure on October 1, 2024, as previously announced. This court-approved plan of arrangement, which was approved by unitholders on June 6, 2024, replaces Granite's stapled unit structure with a conventional REIT trust unit structure.
Under the arrangement, the components of each Stapled Unit were uncoupled, Granite GP Shares were exchanged for Granite REIT Units, and the Granite REIT Units were consolidated. As a result, unitholders now hold the same number of Granite REIT Units as their previous Stapled Units. Granite GP has become a wholly-owned subsidiary of Granite REIT.
The Stapled Units will be delisted from the TSX and NYSE, with Granite REIT Units trading under the same ticker symbols 'GRT.UN' and 'GRP.U' respectively. This move aims to simplify Granite's capital structure.
Granite Real Estate Investment Trust (Granite REIT) e Granite REIT Inc. (Granite GP) hanno completato lo scioglimento della loro struttura di unità accoppiate il 1° ottobre 2024, come annunciato in precedenza. Questo piano di sistemazione approvato dal tribunale, che è stato approvato dagli unitholder il 6 giugno 2024, sostituisce la struttura di unità accoppiate di Granite con una struttura convenzionale di unità fiduciaria REIT.
Secondo la disposizione, i componenti di ciascuna Unità Accoppiata sono stati separati, le azioni di Granite GP sono state scambiate con unità di Granite REIT e le unità di Granite REIT sono state consolidate. Di conseguenza, gli unitholder ora possiedono lo stesso numero di unità di Granite REIT delle loro precedenti unità accoppiate. Granite GP è diventata una sussidiaria interamente controllata da Granite REIT.
Le Unità Accoppiate saranno dequotate dal TSX e NYSE, con le unità di Granite REIT che negoziano sotto gli stessi simboli ticker 'GRT.UN' e 'GRP.U' rispettivamente. Questo passo mira a semplificare la struttura del capitale di Granite.
Granite Real Estate Investment Trust (Granite REIT) y Granite REIT Inc. (Granite GP) han completado la desvinculación de su estructura de unidades agrupadas el 1 de octubre de 2024, como se anunció anteriormente. Este plan de acuerdo aprobado por el tribunal, que fue aprobado por los titulares de unidades el 6 de junio de 2024, reemplaza la estructura de unidades agrupadas de Granite con una estructura de unidad fiduciaria REIT convencional.
En virtud del acuerdo, los componentes de cada Unidad Agrupada se desacoplaron, las acciones de Granite GP se intercambiaron por Unidades de Granite REIT, y las Unidades de Granite REIT se consolidaron. Como resultado, los titulares de unidades ahora poseen el mismo número de Unidades de Granite REIT que tenían previamente en Unidades Agrupadas. Granite GP se ha convertido en una subsidiaria de propiedad total de Granite REIT.
Las Unidades Agrupadas serán excluidas de la TSX y NYSE, con las Unidades de Granite REIT cotizando bajo los mismos símbolos ticker 'GRT.UN' y 'GRP.U', respectivamente. Este movimiento tiene como objetivo simplificar la estructura de capital de Granite.
Granite Real Estate Investment Trust (Granite REIT)와 Granite REIT Inc. (Granite GP)는 2024년 10월 1일에 그들의 결합 유닛 구조의 해체를 완료했습니다, 이전에 발표된 대로. 법원 승인 계획 안은 2024년 6월 6일에 유닛 보유자들에 의해 승인되었으며, Granite의 결합 유닛 구조를 전통적인 REIT 신탁 유닛 구조로 대체합니다.
이 제안에 따라 각 결합 유닛의 구성 요소가 분리되었고, Granite GP 주식은 Granite REIT 유닛으로 교환되었으며, Granite REIT 유닛이 통합되었습니다. 그로 인해 유닛 보유자들은 이전의 결합 유닛과 같은 수의 Granite REIT 유닛을 보유하게 되었습니다. Granite GP는 Granite REIT의 완전 소유 자회사가 되었습니다.
결합 유닛은 TSX와 NYSE에서 상장 폐지됩니다, Granite REIT 유닛은 각각 'GRT.UN'과 'GRP.U'라는 동일한 티커 기호로 거래됩니다. 이 조치는 Granite의 자본 구조를 단순화하는 것을 목표로 하고 있습니다.
Granite Real Estate Investment Trust (Granite REIT) et Granite REIT Inc. (Granite GP) ont achevé le dénouement de leur structure d'unités liées le 1er octobre 2024, comme annoncé précédemment. Ce plan d'arrangement approuvé par le tribunal, qui a été approuvé par les détenteurs d'unités le 6 juin 2024, remplace la structure d'unités liées de Granite par une structure conventionnelle d'unités de fiducie REIT.
Dans le cadre de l'arrangement, les composants de chaque Unité Liée ont été dissociés, les actions de Granite GP ont été échangées contre des Unités Granite REIT, et les Unités Granite REIT ont été consolidées. En conséquence, les détenteurs d'unités détiennent maintenant le même nombre d'Unités Granite REIT que leurs précédentes Unités Liées. Granite GP est devenu une filiale entièrement détenue de Granite REIT.
Les Unités Liées seront radiées de la TSX et de la NYSE, les Unités Granite REIT étant négociées sous les mêmes symboles boursiers 'GRT.UN' et 'GRP.U'. Ce mouvement vise à simplifier la structure du capital de Granite.
Der Granite Real Estate Investment Trust (Granite REIT) und die Granite REIT Inc. (Granite GP) haben am 1. Oktober 2024 die Auflösung ihrer verbundenen Einheitstrukturen abgeschlossen, wie zuvor angekündigt. Dieser vom Gericht genehmigte Plan, der am 6. Juni 2024 von den Unitholdern genehmigt wurde, ersetzt Granites verbundene Einheitstruktur durch eine konventionelle REIT-Treuhandstruktur.
Im Rahmen der Vereinbarung wurden die Komponenten jeder verbundenen Einheit entkoppelt, die Granite GP-Aktien wurden gegen Granite REIT-Einheiten eingetauscht, und die Granite REIT-Einheiten wurden konsolidiert. Infolgedessen halten die Unitholder nun die gleiche Anzahl von Granite REIT-Einheiten wie zuvor verbundene Einheiten. Granite GP ist eine hundertprozentige Tochtergesellschaft von Granite REIT geworden.
Die verbundenen Einheiten werden von der TSX und NYSE delistet, während die Granite REIT-Einheiten unter demselben Tickersymbol 'GRT.UN' und 'GRP.U' gehandelt werden. Diese Maßnahme zielt darauf ab, Granites Kapitalstruktur zu vereinfachen.
- Simplification of capital structure through unwinding of stapled unit structure
- Maintenance of existing unitholder positions with equal number of REIT units
- Continuation of trading on TSX and NYSE under the same ticker symbols
- None.
Insights
The unwind of Granite's stapled unit structure to a conventional REIT trust unit structure is a significant corporate restructuring that simplifies the company's capital structure. This move is likely to improve transparency and potentially enhance liquidity for investors. Key points to consider:
- The exchange ratio of 0.001/99.999 Granite REIT Units for each Granite GP Share ensures that unitholders maintain their proportional ownership.
- The consolidation of Granite REIT Units post-exchange maintains the same number of units outstanding, avoiding dilution.
- Granite GP becoming a wholly-owned subsidiary of Granite REIT streamlines the corporate structure.
- The continuation of trading under the same ticker symbols on both TSX and NYSE provides continuity for investors.
While this restructuring doesn't directly impact Granite's underlying real estate assets or operations, it may lead to improved market perception and potentially broader investor appeal, especially among those who prefer simpler corporate structures. The long-term impact on valuation and liquidity will be worth monitoring in the coming months.
Under the Arrangement, (i) the two components of each Stapled Unit were uncoupled, (ii) each Granite GP Share was automatically exchanged for 0.001/99.999 of a Granite REIT Unit, and (iii) the Granite REIT Units were consolidated back to the number of Stapled Units outstanding before the exchange occurred.
As a result of and immediately following the Arrangement, each Granite unitholder holds a number of Granite REIT Units equal to the number of Stapled Units held prior to completion of the Arrangement, and Granite GP has become a wholly-owned subsidiary of Granite REIT. The Stapled Units will be delisted from the Toronto Stock Exchange (the “TSX”) and the New York Stock Exchange (the “NYSE”), and the Granite REIT Units will trade on the TSX and the NYSE under the same ticker symbols “GRT.UN” and “GRP.U”, respectively.
Additional “Early Warning” Disclosures Under Canadian Securities Laws
Immediately before the completion of the Arrangement, Granite REIT owned no Granite GP Shares. Immediately after the completion of the Arrangement, Granite REIT owned 62,740,097 Granite GP Shares, representing
As noted above, each Granite GP Share was acquired by Granite REIT in return for 0.001/99.999 of a Granite REIT Unit. The closing price of the Stapled Units (of which the value of the Granite GP Share component is estimated to be a nominal amount) on September 30, 2024 on the TSX was
The purpose of the transaction was to complete the Arrangement and simplify Granite’s capital structure by unwinding Granite’s previous stapled unit structure. Granite REIT’s head office address is 77 King Street West, Suite 4010, P.O. Box 159, Toronto-Dominion Centre,
ABOUT GRANITE
Granite is a Canadian-based REIT engaged in the acquisition, development, ownership and management of logistics, warehouse and industrial properties in
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240930675019/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
When did Granite REIT (GRPU) complete the unwind of its stapled unit structure?
How does the new structure of Granite REIT (GRPU) differ from its previous structure?
Will Granite REIT's (GRPU) ticker symbols change after the restructuring?
How were Granite GP Shares exchanged in the restructuring of Granite REIT (GRPU)?
