Granite Real Estate (GRP) shows 4.31M-unit, 7.11% institutional stake

Rhea-AI Filing Summary

GRANITE REAL ESTATE INVESTMENT TRUST reports a 7.11% beneficial ownership stake of 4,306,910 trust units. The filing attributes the aggregate position to 1832 Asset Management L.P. (4,164,702 units) and Scotia Capital Inc. (142,208 units) with signatures dated 05/01/2026.

Insights

Institutional Ownership Analyst

Large institutional stake disclosed; routine Schedule 13G/A update.

The filing lists an aggregate beneficial ownership of 4,306,910 trust units representing 7.11% of the class as reported. The position is shown as held by 1832 Asset Management L.P. and Scotia Capital Inc.

Disclosure appears to be an ownership reporting update rather than a change-in-control filing; impact on governance or liquidity depends on future holder actions, timing not specified in the excerpt.

Key Figures

Beneficial ownership: 4,306,910 trust units Percent of class: 7.11% 1832 Asset Management holding: 4,164,702 trust units +1 more

4 metrics

Beneficial ownership 4,306,910 trust units Aggregate amount reported in Schedule 13G/A

Percent of class 7.11% Percent of trust units represented by the aggregate position

1832 Asset Management holding 4,164,702 trust units Amount attributed to 1832 Asset Management L.P.

Scotia Capital holding 142,208 trust units Amount attributed to Scotia Capital Inc.

Key Terms

Schedule 13G/A, beneficially owned, trust units

3 terms

Schedule 13G/A regulatory

"Name of issuer: GRANITE REAL ESTATE INVESTMENT TRUST (Schedule 13G/A amendment)"

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

beneficially owned financial

"Amount beneficially owned: 4306910"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

trust units financial

"Title of class of securities: trust units"

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

GRANITE REAL ESTATE INVESTMENT TRUST

(Name of Issuer)

trust units

(Title of Class of Securities)

387437114

(CUSIP Number)

03/31/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 387437114

1

Names of Reporting Persons

1832 Asset Management L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 4,164,702.00
6	Shared Voting Power
7	Sole Dispositive Power 4,164,702.00
8	Shared Dispositive Power

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,164,702.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.9 %

12

Type of Reporting Person (See Instructions)

FI

SCHEDULE 13G

CUSIP Number(s): 387437114

1

Names of Reporting Persons

SCOTIA CAPITAL INC.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 142,208.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 142,208.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

142,208.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.2 %

12

Type of Reporting Person (See Instructions)

FI

SCHEDULE 13G

Item 1.
(a)	Name of issuer: GRANITE REAL ESTATE INVESTMENT TRUST
(b)	Address of issuer's principal executive offices: 77 KING ST. WEST, SUITE 4010, P.O. BOX 159, TD CENTRE, TORONTO, ONTARIO, CANADA, M5K 1H1.
Item 2.
(a)	Name of person filing: 1832 Asset Management L.P. Scotia Mcleod, a division of Scotia Capital Inc.
(b)	Address or principal business office or, if none, residence: Scotiabank North, 40 Temperance Street, 16th Floor, Toronto, Ontario, M5H 0B4, Canada 40 King St. West, Scotia Plaza, 52nd Floor, Toronto, Ontario, M5W 2X6, Canada"
(c)	Citizenship: Canadian Canadian
(d)	Title of class of securities: trust units
(e)	CUSIP No.: 387437114
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
	Investment advisor and broker dealer
Item 4.	Ownership
(a)	Amount beneficially owned: 4306910
(b)	Percent of class: 7.11 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 4306910
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 4306910
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ? 240.14a-11. By signing below I certify that, to the best of my knowledge and belief, the foreign regulatory scheme applicable to Investment Fund Manager and Portfolio Manager is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

1832 Asset Management L.P.

Signature:	Kevin Brown
Name/Title:	Vice President, Asset Management Compliance
Date:	05/01/2026

SCOTIA CAPITAL INC.

Signature:	Kevin Brown
Name/Title:	Vice President, Asset Management Compliance
Date:	05/01/2026

FAQ

What stake does GRP holder 1832 Asset Management report?

1832 Asset Management reports beneficial ownership of 4,164,702 trust units. The filing shows this amount as part of an aggregate 4,306,910 units (7.11%) position reported on 05/01/2026.

How much of GRP is owned by Scotia Capital Inc. per the filing?

Scotia Capital Inc. is reported to hold 142,208 trust units. This holding is included in the aggregate beneficial ownership total of 4,306,910 units (7.11%) disclosed in the Schedule 13G/A.

What date is on the Granite Schedule 13G/A filing for GRP?

The signatures on the filing are dated 05/01/2026. The document header also references 03/31/2026, indicating the reporting period tied to the ownership figures.

Does the filing indicate voting or dispositive power for GRP units?

Yes. The filing states sole voting and sole dispositive power for the aggregate 4,306,910 units. Shared voting and dispositive powers are reported as 0 in the disclosure.

What form was used to disclose this GRP ownership and what does it mean?

The disclosure is a Schedule 13G/A, an amendment reporting beneficial ownership. It lists institutional ownership quantities and percentages rather than indicating an active takeover or transaction.