Granite Real Estate Investment Trust (GRP-UN) 40-F 9 Mar 22 2021 FY Annual report (Canada) Financial data

Cover Page

Cover Page	12 Months Ended
	Dec. 31, 2021shares
Document Information [Line Items]
Document Type	40-F
Amendment Flag	false
Entity Registrant Name	GRANITE REAL ESTATE INVESTMENT TRUST
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	FY
Entity Current Reporting Status	Yes
Entity Central Index Key	0001564538
Entity File Number	001-35771
Document Fiscal Year Focus	2021
Entity Primary SIC Number	6500
Entity Stapled Units Outstanding	65,694,048
Entity Interactive Data Current	Yes
Entity Address, State or Province	ON
Document Registration Statement	false
Document Annual Report	true
Annual Information Form	true
Audited Annual Financial Statements	true
Entity Incorporation, State or Country Code	Z4
Entity Address, Address Line One	77 King Street West
Entity Address, Address Line Two	Suite 4010
Entity Address, Address Line Three	P.O. Box 159 Toronto-Dominion
Entity Address, City or Town	Toronto
Entity Address, Postal Zip Code	M5K 1H1
City Area Code	647
Local Phone Number	925-7500
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Auditor Name	Deloitte LLP
Auditor Firm ID	1208
Auditor Location	Toronto, ON, Canada
Business Contact [Member]
Document Information [Line Items]
Entity Address, State or Province	NY
Contact Personnel Name	CT Corporation System
Entity Address, Address Line One	28 Liberty St.
Entity Address, City or Town	New York
Entity Address, Postal Zip Code	10005
City Area Code	212
Local Phone Number	894-8940
Ordinary shares [member]
Document Information [Line Items]
Trading Symbol	GRP.U
Security Exchange Name	NYSE
Title of 12(b) Security	common share
Stapled Units [member]
Document Information [Line Items]
Trading Symbol	GRP.U
Security Exchange Name	NYSE
Title of 12(b) Security	Stapled Units

Combined Balance Sheets

Combined Balance Sheets $ in Thousands, $ in Millions	Dec. 31, 2021CAD ($)	Dec. 31, 2020CAD ($)
Non-current assets:
Investment properties	$ 7,971,158	$ 5,855,583
Construction funds in escrow	0	8,402
Acquisition deposits	26,053
Deferred tax assets	4,452	4,730
Fixed assets, net	2,486	3,290
Cross currency interest rate swaps	62,768	28,676
Other assets	2,780	948
Loan receivable	10,500
Total non-current assets	8,080,168	5,901,629
Current assets:
Assets held for sale	64,612
Accounts receivable	10,771	6,746
Income taxes receivable	1,437	915
Prepaid expenses and other	7,196	6,902
Cash and cash equivalents	402,513	831,280
Total assets	8,566,697	6,747,472
Non-current liabilities:
Unsecured debt, net	2,425,089	1,928,252
Cross currency interest rate swaps	18,624	97,311
Long-term portion of lease obligations	31,645	32,944
Deferred tax liabilities	604,667	392,841
Secured debt	763	0
Total non-current liabilities	3,080,788	2,451,348
Current liabilities:
Unsecured debt, net	0	249,870
Cross currency interest rate swaps	0	16,953
Deferred revenue	12,099	11,276
Accounts payable and accrued liabilities	113,244	61,197
Distributions payable	16,969	15,422
Short-term portion of lease obligations	505	829
Income taxes payable	21,558	18,373
Total liabilities	3,245,163	2,825,268
Equity:
Stapled unitholders' equity	5,318,653	3,920,069
Non-controlling interests	2,881	2,135
Total equity	5,321,534	3,922,204
Total liabilities and equity	$ 8,566,697	$ 6,747,472

Combined Statements of Net Inco

Combined Statements of Net Income $ in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2021CAD ($)	Dec. 31, 2020CAD ($)
Combined Statements of Net Income
Rental revenue	$ 393,488	$ 340,199
Property operating costs	60,812	47,164
Net operating income	332,676	293,035
General and administrative expenses	38,400	32,203
Depreciation and amortization	1,320	1,151
Interest income	(3,109)	(2,372)
Interest expense and other financing costs	47,226	35,839
Foreign exchange gains, net	(5,110)	(3,671)
Fair value gains on investment properties, net	(1,298,865)	(273,437)
Fair value losses on financial instruments, net	1,214	3,402
Loss on sale of investment properties, net	761	901
Income before income taxes	1,550,839	499,019
Income tax expense	240,567	69,092
Net income	1,310,272	429,927
Net income attributable to:
Stapled unitholders	1,309,937	429,804
Non-controlling interests	335	123
Net income	$ 1,310,272	$ 429,927

Combined Statements of Comprehe

Combined Statements of Comprehensive Income - CAD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020
Combined Statements of Comprehensive Income
Net income (loss)		$ 1,310,272	$ 429,927
Other comprehensive (loss) income:
Foreign currency translation adjustment	[1]	(136,194)	24,839
Unrealized (loss) on net investment hedges, includes income taxes of nil	[1]	112,235	(45,093)
Total other comprehensive loss		(23,959)	(20,254)
Comprehensive income		1,286,313	409,673
Comprehensive income attributable to:
Stapled unitholders		1,285,988	409,514
Non-controlling interests		325	159
Comprehensive income		$ 1,286,313	$ 409,673
[1]	Items that may be reclassified subsequently to net income if a foreign subsidiary is disposed of or hedges are terminated or no longer assessed as effective (note 2(h)).

Combined Statements of Compre_2

Combined Statements of Comprehensive Income (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2021CAD ($)
Combined Statements of Comprehensive Income
Unrealized gain (loss) on net investment hedges, income taxes	$ 0

Combined Statements of Unithold

Combined Statements of Unitholders' Equity - CAD ($) shares in Thousands, $ in Thousands	Total	Stapled Units	Contributed surplus	Retained earnings	Accumulated other comprehensive income	Stapled Unitholders' Equity	Non-controlling interests
Equity at beginning of period at Dec. 31, 2019	$ 3,148,110	$ 2,608,050	$ 54,654	$ 367,249	$ 116,190	$ 3,146,143	$ 1,967
Balance at beginning of period (in units) at Dec. 31, 2019		54,052
Net income	429,927			429,804		429,804	123
Other comprehensive (loss) income	(20,254)				(20,290)	(20,290)	36
Stapled unit offering, net of issuance costs	552,857	$ 552,857				552,857
Stapled unit offering, net of issuance costs (note 12(d))		8,096
Distributions (note 11)	(165,574)			(165,404)		(165,404)	(170)
Contributions from non-controlling interests	179						179
Units issued under the stapled unit plan (note 12(b))	1,977	$ 1,977				1,977
Units issued under the stapled unit plan, Unit (note 12(b))		31
Units repurchased for cancellation	(25,018)	$ (23,690)	(1,328)			(25,018)
Units repurchased for cancellation (in units)		(491)
Equity at end of period at Dec. 31, 2020	3,922,204	$ 3,139,194	53,326	631,649	95,900	3,920,069	2,135
Balance at end of period (in units) at Dec. 31, 2020		61,688
Net income	1,310,272			1,309,937		1,309,937	335
Other comprehensive (loss) income	(23,959)				(23,949)	(23,949)	(10)
Stapled unit offering, net of issuance costs	303,060	$ 303,060				303,060
Stapled unit offering, net of issuance costs (note 12(d))		3,979
Distributions (note 11)	(192,782)			(192,628)		(192,628)	(154)
Contributions from non-controlling interests	575						575
Units issued under the stapled unit plan (note 12(b))	2,164	$ 2,164				2,164
Units issued under the stapled unit plan, Unit (note 12(b))		27
Equity at end of period at Dec. 31, 2021	$ 5,321,534	$ 3,444,418	$ 53,326	$ 1,748,958	$ 71,951	$ 5,318,653	$ 2,881
Balance at end of period (in units) at Dec. 31, 2021		65,694

Combined Statements of Cash Flo

Combined Statements of Cash Flows $ in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2021CAD ($)	Dec. 31, 2020CAD ($)
OPERATING ACTIVITIES
Net income	$ 1,310,272	$ 429,927
Items not involving current cash flows	(1,051,650)	(199,581)
Current income tax expense	11,619	6,591
Income taxes paid	(7,669)	(5,679)
Interest expense	41,591	34,048
Interest paid	(40,483)	(32,654)
Changes in working capital balances	(1,416)	16,641
Cash provided by operating activities	262,264	249,293
INVESTING ACTIVITIES
Property acquisitions	(925,901)	(1,045,659)
Proceeds from disposals, net	35,428	42,508
Working capital acquired on acquisitions	454	(7,006)
Leasing commissions paid	(6,244)	(2,953)
Tenant allowances paid	(821)	(2,019)
Additions to income-producing properties	(28,003)	(22,983)
Additions to properties under development	(71,168)	(40,613)
Construction funds released from (in) escrow	8,341	8,622
Loan receivable advances	(10,455)
Acquisition deposits paid	(26,466)
Fixed asset additions	(589)	(1,691)
Cash used in investing activities	(1,025,424)	(1,071,794)
FINANCING ACTIVITIES
Monthly distributions paid	(191,082)	(163,064)
Proceeds from secured debt	774
Proceeds from unsecured debentures, net of financing costs	497,289	994,185
Repayment of lease obligations	(748)	(638)
Repayment of unsecured debt, including early redemption premium	(253,963)
Settlement of cross currency interest rate swap	(18,787)	0
Financing costs paid	(2,914)	(30)
Distributions to non-controlling interests	(154)	(170)
Proceeds from stapled unit offerings, net of issuance costs	303,060	552,932
Repurchase of stapled units	0	(25,018)
Cash provided by financing activities	333,475	1,358,197
Effect of exchange rate changes on cash and cash equivalents	918	(3,093)
Net (decrease) increase in cash and cash equivalents during the year	(428,767)	532,603
Cash and cash equivalents, beginning of year	831,280	298,677
Cash and cash equivalents, end of year	$ 402,513	$ 831,280

NATURE AND DESCRIPTION OF THE T

NATURE AND DESCRIPTION OF THE TRUST	12 Months Ended
	Dec. 31, 2021
NATURE AND DESCRIPTION OF THE TRUST
NATURE AND DESCRIPTION OF THE TRUST	1.  NATURE AND DESCRIPTION OF THE TRUST Effective January 3, 2013, Granite Real Estate Inc. (“Granite Co.”) completed its conversion from a corporate structure to a stapled unit real estate investment trust (“REIT”) structure. All of the common shares of Granite Co. were exchanged, on a one-for-one Business Corporations Act The stapled units trade on the Toronto Stock Exchange and on the New York Stock Exchange. The principal office of Granite REIT is 77 King Street West, Suite 4010, P.O. Box 159, Toronto-Dominion Centre, Toronto, Ontario, M5K 1H1, Canada. The registered office of Granite GP is Suite 2600, Three Bentall Centre, 595 Burrard Street, P.O. Box 49314, Vancouver, British Columbia, V7X 1L3, Canada. The Trust is a Canadian-based REIT engaged in the acquisition, development, ownership and management of logistics, warehouse and industrial properties in North America and Europe. These combined financial statements were approved by the Board of Trustees of Granite REIT and Board of Directors of Granite GP on March 9, 2022.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2021
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES	2.  SIGNIFICANT ACCOUNTING POLICIES The accounting policies described below were applied consistently to all periods presented in these combined financial statements. (a) Basis of Presentation and Statement of Compliance The combined financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). (b) Combined Financial Statements and Basis of Consolidation As a result of the REIT conversion described in note 1, the Trust does not have a single parent; however, each unit of Granite REIT and each share of Granite GP trade as a single stapled unit and accordingly, Granite REIT and Granite GP have identical ownership. Therefore, these financial statements have been prepared on a combined basis whereby the assets, liabilities and results of Granite GP and Granite REIT have been combined. The combined financial statements include the subsidiaries of Granite GP and Granite REIT. Subsidiaries are fully consolidated by Granite GP or Granite REIT from the date of acquisition, being the date on which control is obtained. The subsidiaries continue to be consolidated until the date that such control ceases. Control exists when Granite GP or Granite REIT have power, exposure or rights to variable returns and the ability to use their power over the entity to affect the amount of returns it generates. All intercompany balances, income and expenses and unrealized gains and losses resulting from intercompany transactions are eliminated. (c) Trust Units The stapled units are redeemable at the option of the holder and, therefore, are required to be accounted for as financial liabilities, except where certain exemption conditions are met, in which case redeemable instruments may be classified as equity. The attributes of the stapled units meet the exemption conditions set out in IAS 32, Financial Instruments: Presentation (d) Investment Properties The Trust accounts for its investment properties, which include income-producing properties, properties under development and land held for development, in accordance with IAS 40, Investment Property Income-Producing Properties The carrying value of income-producing properties includes the impact of straight-line rental revenue (note 2(l)), tenant incentives and deferred leasing costs since these amounts are incorporated in the determination of the fair value of income-producing properties. When an income-producing property is disposed of, the gain or loss is determined as the difference between the disposal proceeds, net of selling costs, and the carrying amount of the property and is recognized in net income in the period of disposal. Properties Under Development The Trust’s development properties are classified as such until the property is substantially completed and available for occupancy. The initial cost of properties under development includes the acquisition cost of the land and direct development or expansion costs, including construction costs, borrowing costs and indirect costs wholly attributable to development. Borrowing costs are capitalized to projects under development or construction based on the average accumulated expenditures outstanding during the period multiplied by the Trust’s average borrowing rate on existing debt. Where borrowings are associated with specific developments, the amount capitalized is the gross borrowing cost incurred on such borrowings less any investment income arising on temporary investment of these borrowings. The capitalization of borrowing costs is suspended if there are prolonged periods that development activity is interrupted. The Trust capitalizes direct and indirect costs, including property taxes and insurance of the development property, if activities necessary to ready the development property for its intended use are in progress. Costs of internal personnel and other indirect costs that are wholly attributable to a project are capitalized as incurred. If considered reliably measurable (e) Business Combinations The Trust accounts for property acquisitions as a business combination if the particular assets and set of activities acquired can be operated and managed as a business in their current state for the purpose of providing a return to the unitholders. In accordance with IFRS 3, Business Combinations The Trust recognizes any non-controlling acquisition-by-acquisition non-controlling Acquisition related costs are expensed as incurred. Any contingent consideration is recognized at fair value at the acquisition date. Subsequent changes to the fair value of contingent consideration that is recorded as an asset or liability is recognized in net income. Goodwill is initially measured as the excess of the aggregate of the consideration transferred and the fair value of non-controlling (f) Assets Held for Sale Non-current (g) Foreign Currency Translation The assets and liabilities of the Trust’s foreign operations are translated into Canadian dollars using exchange rates prevailing at the end of each reporting period. Income and expense items are translated at the average exchange rates for the period, unless exchange rates fluctuate significantly during that period, in which case, for material transactions, the exchange rates at the dates of those transactions are used. Exchange differences arising are recognized in other comprehensive income and accumulated in equity. In preparing the financial statements of each entity, transactions in currencies other than the entity’s functional currency (foreign currencies) are recognized at the average rates of exchange prevailing in the period. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary Non-monetary • The effective portion of exchange differences on transactions entered into in order to hedge certain foreign currency risks are recognized in other comprehensive income; • Exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation) are recognized in other comprehensive income; and • Exchange differences on foreign currency borrowings related to capitalized interest for assets under construction are recognized in investment properties. (h) Financial Instruments and Hedging Financial Assets and Financial Liabilities The following summarizes the Trust’s classification and measurement basis of its financial assets and liabilities: Classification and Measurement Basis Financial assets Construction funds in escrow Amortized Cost Long-term receivables included in other assets Amortized Cost Cross currency interest rate swaps Fair Value Loan receivable Amortized Cost Accounts receivable Amortized Cost Foreign exchange derivative contracts Fair Value Cash and cash equivalents Amortized Cost Financial liabilities Unsecured debentures, net Amortized Cost Unsecured term loans, net Amortized Cost Secured debt Amortized Cost Cross currency interest rate swaps Fair Value Accounts payable and accrued liabilities Amortized Cost Foreign exchange derivative contracts Fair Value Distributions payable Amortized Cost The Trust recognizes an allowance for expected credit losses (“ECL”) for financial assets measured at amortized cost. The impact of the credit loss modeling process is summarized as follow: • The Trust did not record an ECL allowance against long-term receivables as historical experience of loss on these balances is insignificant and, based on the assessment of forward-looking information, no significant increases in losses are expected. The Trust will continue to assess the valuation of these instruments. • The Trust did not record an ECL allowance against accounts receivable and has determined that its internal processes of evaluating each receivable on a specific basis for collectability using historical experience and adjusted for forward-looking information, would appropriately allow the Trust to determine if there are significant increases in credit risk to then record a corresponding ECL allowance. For financial liabilities measured at amortized cost, the liability is amortized using the effective interest rate method. Under the effective interest rate method, any transaction fees, costs, discounts and premiums directly related to the financial liabilities are recognized in net income over the expected life of the obligation. In regards to modifications to financial liabilities, when a financial liability measured at amortized cost is modified or exchanged, and such modification or exchange does not result in derecognition, the adjustment to the amortized cost of the financial liability as a result of the modification or exchange is recognized in net income. Derivatives and Hedging Derivative instruments, such as the cross currency interest rate swaps, foreign exchange forward contracts and collars, are recorded in the combined balance sheet at fair value, including those derivatives that are embedded in financial or non-financial The Trust applies hedge accounting to certain derivative and non-derivative (i) Cash and Cash Equivalents Cash and cash equivalents include cash and short-term investments with original maturities of three months or less. (j) Fixed Assets Fixed assets include computer hardware and software, furniture and fixtures and leasehold improvements, which are recorded at cost less accumulated depreciation. Depreciation expense is recorded on a straight-line basis over the estimated useful lives of the fixed assets, which typically range from 3 5 right-of-use Leases. right-of-use (k) Leases The Trust recognizes a right-of-use Leases. right-of-use right-of-use right-of-use The lease liability is initially measured at the present value of the lease payments at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, at the Trust’s incremental borrowing rate. Generally, the Trust uses its incremental borrowing rate as the discount rate. The lease obligation is subsequently increased by the interest cost on the lease liability and decreased by lease payments made. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, a change in the estimate of the amount expected to be payable under a residual value guarantee or, as appropriate, a change in the assessment of whether a purchase or extension option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised. (l) Revenue Recognition Where Granite has retained substantially all the benefits and risks of ownership of its rental properties, leases with its tenants are accounted for as operating leases. Where substantially all the benefits and risks of ownership of the Trust’s rental properties have been transferred to its tenants, the Trust’s leases are accounted for as finance leases. All of the Trust’s current leases are operating leases. Revenue from investment properties include base rents earned from tenants under lease agreements, property tax and operating cost recoveries and other incidental income. Rents from tenants may contain rent escalation clauses or free rent periods which are recognized in revenue on a straight-line basis over the term of the lease. The difference between the revenue recognized and the contractual rent is included in investment properties as straight-line rents receivable. In addition, tenant incentives including cash allowances provided to tenants are recognized as a reduction in rental revenue on a straight-line basis over the term of the lease where it is determined that the tenant fixturing has no benefit to the property beyond the existing tenancy. Property tax and operating cost recoveries from tenants are recognized as revenue in the period in which applicable costs are incurred. (m) Unit-Based Compensation Plans Incentive Stock Option Plan Compensation expense for option grants is based on the fair value of the options at the grant date and is recognized over the period from the grant date to the date the award is vested. A liability is recognized for outstanding options based upon the fair value as the Trust is an open-ended trust making its units redeemable. During the period in which options are outstanding, the liability is adjusted for changes in the fair value with such adjustments being recognized as compensation expense in general and administrative expenses in the period in which they occur. The liability balance is reduced as options are exercised and recorded in equity as stapled units along with the proceeds received on exercise. Executive Deferred Stapled Unit Plan The executive deferred stapled unit plan is measured at fair value at the date of grant and amortized to compensation expense from the effective date of the grant to the final vesting date. Compensation expense is recognized on a proportionate basis consistent with the vesting features of each tranche of the grant. Compensation expense for executive deferred stapled units granted under the plan is recognized in general and administrative expenses with a corresponding liability recognized based upon the fair value of the Trust’s stapled units as the Trust is an open-ended trust making its units redeemable. During the period in which the executive deferred stapled units are outstanding, for grants with no performance criteria, the liability is adjusted for changes in the market value of the Trust’s stapled unit, and for grants with performance criteria the liability is measured at fair value using the Monte Carlo simulation model (note 12), with both such adjustments being recognized as compensation expense in general and administrative expenses in the period in which they occur. The liability balance is reduced as deferred stapled units are settled for stapled units and recorded in equity. Director/Trustee Deferred Share Unit Plan The compensation expense and a corresponding liability associated with the director/trustee deferred share unit plan is measured based on the market value of the underlying stapled units. During the period in which the awards are outstanding, the liability is adjusted for changes in the market value of the underlying stapled unit, with such positive or negative adjustments being recognized in general and administrative expenses in the period in which they occur. The liability balance is settled for cash when a director/trustee ceases to be a member of the Board. (n) Income Taxes Operations in Canada Granite qualifies as a mutual fund trust under the Income Tax Act (Canada) (the “Act”) and as such the Trust itself will not be subject to income taxes provided it continues to qualify as a REIT for purposes of the Act. A REIT is not taxable and not considered to be a Specified Investment Flow-through Trust provided it complies with certain tests and it distributes all of its taxable income in a taxation year to its unitholders. The Trust’s qualification as a REIT results in no current or deferred income tax being recognized in the combined financial statements for income taxes related to the Canadian investment properties. Operations in the United States The Trust’s investment property operations in the United States are conducted in a qualifying United States REIT (“US REIT”) for purposes of the Internal Revenue Code of 1986, as amended. As a qualifying US REIT, it is not taxable provided it complies with certain tests in addition to the requirement to distribute substantially all of its taxable income. As a qualifying US REIT, current income taxes on U.S. taxable income have not been recorded in the combined financial statements. However, the Trust has recorded deferred income taxes that may arise on the disposition of its investment properties as the Trust will likely be subject to entity level income tax in connection with such transactions pursuant to the Foreign Investment in Real Property Tax Act. Operations in Europe The Trust consolidates certain entities that continue to be subject to income tax. Income taxes for taxable entities in Europe, as well as other entities in Canada or the United States subject to tax, are recorded as follows: Current Income Tax The current income tax expense is determined on the basis of enacted or substantively enacted tax rates and laws at each balance sheet date. Deferred Income Tax Deferred income tax is recorded, using the liability method, on temporary differences arising between the tax basis of assets and liabilities and the amounts reported on the combined financial statements. Deferred income tax assets and liabilities are measured at tax rates that are expected to apply to the period when the asset is realized or the liability is settled, based on the tax rates and laws that have been enacted or substantively enacted at the balance sheet date. Deferred income tax assets are recognized to the extent that it is probable that deductions, tax credits or tax losses will be utilized. Each of the current and deferred tax assets and liabilities are offset when they are levied by the same taxation authority in either the same taxable entity or different taxable entities within the same reporting group that settle on a net basis. (o) Significant Accounting Judgments, Estimates and Assumptions The preparation of the combined financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts and disclosures made in the financial statements and accompanying notes. Management believes that the judgments, estimates and assumptions utilized in preparing the combined financial statements are reasonable and prudent; however, actual results could be materially different and require an adjustment to the reported results. Judgments The following are the critical judgments that have been made in applying the Trust’s accounting policies and that have the most significant effect on the amounts recognized in the combined financial statements: (i) Leases The Trust’s policy for revenue recognition is described in note 2(l). The Trust makes judgments in determining whether certain leases are operating or finance leases, in particular tenant leases with long contractual terms or leases where the property is a large square-footage and/or architecturally specialized. The Trust also makes judgments in determining the lease term for some lease contracts in which it is a lessee that include renewal or termination options. The assessment of whether the Trust is reasonably certain to exercise such options impacts the lease term which, in turn, significantly affects the amount of lease obligations and right-of-use (ii) Investment properties The Trust’s policy relating to investment properties is described in note 2(d). In applying this policy, judgment is used in determining whether certain costs incurred for tenant improvements are additions to the carrying amount of the property or represent incentives, identifying the point at which practical completion of properties under development occurs and determining borrowing costs to be capitalized to the carrying value of properties under development. Judgment is also applied in determining the use, extent and frequency of independent appraisals. (iii) Income taxes The Trust applies judgment in determining whether it will continue to qualify as a REIT for both Canadian and U.S. tax purposes for the foreseeable future. However, should it at some point no longer qualify, it would be subject to income tax and would be required to recognize current and deferred income taxes. Estimates and Assumptions The key assumptions concerning the future and other key sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities include the following: (i) Valuation of investment properties The fair value of investment properties is determined by management using primarily the discounted cash flow method in which the income and expenses are projected over the anticipated term of the investment plus a terminal value discounted using an appropriate discount rate. The Trust obtains, from time to time, appraisals from independent qualified real estate valuation experts. However, the Trust does not measure its investment properties based on these appraisals but uses them as data points, together with other external market information accumulated by management, in arriving at its own conclusions on values. Management uses valuation assumptions such as discount rates, terminal capitalization rates and market rental rates applied in external appraisals or sourced from valuation experts; however, the Trust also uses its historical renewal experience with tenants, its direct knowledge of the specialized nature of certain of Granite’s portfolio and tenant profile and the actual condition of the properties in making business judgments about lease renewal probabilities, renewal rents and capital expenditures. The critical assumptions relating to the Trust’s estimates of fair values of investment properties include the receipt of contractual rents, contractual renewal terms, expected future market rental rates, discount rates that reflect current market uncertainties, capitalization rates and recent investment property prices. If there is any change in these assumptions or regional, national or international economic conditions, the fair value of investment properties may change materially. Refer to note 4 for further information on the estimates and assumptions made by management. (ii) Fair value of financial instruments Where the fair value of financial assets or liabilities recorded on the balance sheet or disclosed in the notes cannot be derived from active markets, they are determined using valuation techniques including the discounted cash flow method. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgment is required in establishing fair values. The judgments include considerations of inputs such as credit risk and volatility. Changes in assumptions about these factors could materially affect the reported fair value of financial instruments. (iii) Income taxes The Trust operates in a number of countries and is subject to the income tax laws and related tax treaties in each of its operating jurisdictions. These laws and treaties can be subject to different interpretations by relevant taxation authorities. Significant judgment is required in the estimation of Granite’s income tax expense, the interpretation and application of the relevant tax laws and treaties and the provision for any exposure that may arise from tax positions that are under audit by relevant taxation authorities. The recognition and measurement of deferred tax assets or liabilities is dependent on management’s estimate of future taxable profits and income tax rates that are expected to be in effect in the period the asset is realized or the liability is settled. Any changes in management’s estimate can result in changes in deferred tax assets or liabilities as reported in the combined balance sheets and also the deferred income tax expense in the combined statements of net income. (p) Future Accounting Policy Changes As at December 31, 2021, there are no new accounting standards issued but not yet applicable to the combined financial statements. (q) COVID-19 The coronavirus disease (“COVID-19”) COVID-19 During the years ended December 31, 2021 and 2020, there has not been any significant impact on Granite’s operations, assets or liabilities as a result of COVID-19. COVID-19. COVID-19 COVID-19 Granite continues to review its future cash flow projections and the valuation of its investment properties in light of the COVID-19 COVID-19 COVID-19

ACQUISITIONS

ACQUISITIONS	12 Months Ended
	Dec. 31, 2021
ACQUISITIONS
ACQUISITIONS	3.  ACQUISITIONS During the years ended December 31, 2021 and 2020, Granite made the following property acquisitions: 2021 Acquisitions Property Location Date acquired Property Transaction costs Total Income-producing properties: 3090 Highway 42 (1) Locust Grove, GA March 12, 2021 $ 85,138 $ 401 $ 85,539 3801 Rock Creek Blvd. Joliet, IL June 25, 2021 30,247 75 30,322 3900 Rock Creek Blvd. Joliet, IL June 25, 2021 34,673 85 34,758 1695-1701 Crossroads Dr. Joliet, IL June 25, 2021 50,657 118 50,775 US Portfolio (four properties): 1243 Gregory Dr. Antioch, IL 60 Logistics Blvd. Richwood, KY 8740 South Crossroads Dr. Olive Branch, MS 12577 State Line Rd. Olive Branch, MS September 3, 2021 243,697 337 244,034 1600 Rock Creek Blvd. Joliet, IL September 7, 2021 20,705 616 21,321 Sophialaan 5 Utrecht, Netherlands September 17, 2021 42,125 3,432 45,557 100 Ronson Dr. Toronto, ON December 13, 2021 18,436 818 19,254 110 Ronson Dr. Toronto, ON December 13, 2021 16,164 1,001 17,165 115 Sinclair Blvd. Brantford, ON December 17, 2021 66,000 1,491 67,491 Hazeldonk 6520 – 6524 Breda, Netherlands December 17, 2021 87,931 7,030 94,961 Hazeldonk 6526 – 6530 Breda, Netherlands December 17, 2021 54,699 4,373 59,072 5400 E. 500 S. (2) Whitestown, IN December 22, 2021 87,478 212 87,690 837,950 19,989 857,939 Properties under development: 2120 Logistics Way Murfreesboro, TN June 30, 2021 17,308 213 17,521 Highway 109 Lebanon, TN September 8, 2021 6,505 67 6,572 23,813 280 24,093 Development land: 375/395 Hardy Rd. Brantford, ON August 16, 2021 62,201 1,491 63,692 $ 923,964 $ 21,760 $ 945,724 (1) The Trust acquired the leasehold interest in the property which resulted in the recognition of a right-of-use (2) The property purchase price includes a tenant allowance of $8.1 million (US$6.3 million) which is unpaid as of December 31, 2021. 2020 Acquisitions Property Location Date acquired Property Transaction costs Total Property under development: Aquamarijnweg 2 (1) Bleiswijk, Netherlands March 13, 2020 $ 35,632 $ 145 $ 35,777 Income-producing properties: Oude Graaf 15 Weert, Netherlands May 1, 2020 31,910 253 32,163 De Kroonstraat 1 (2) Tilburg, Netherlands July 1, 2020 71,716 710 72,426 Francis Baconstraat 4 Ede, Netherlands July 1, 2020 21,403 178 21,581 8995 Airport Rd. Brampton, ON September 1, 2020 22,173 593 22,766 555 Beck Cres. Ajax, ON September 30, 2020 15,350 407 15,757 8500 Tatum Rd. (3) Palmetto, GA November 12, 2020 105,184 189 105,373 Industrieweg 15 Voorschoten, November 20, 2020 24,577 1,708 26,285 Zuidelijke Havenweg 2 Hengelo, Netherlands December 4, 2020 46,226 2,882 49,108 Beurtvaartweg 2-4, Sprengenweg 1-2 Nijmegen, December 18, 2020 39,067 2,531 41,598 12 Tradeport Rd. Hanover Township, PA December 22, 2020 174,722 2,212 176,934 250 Tradeport Rd. Nanticoke, PA December 22, 2020 79,776 1,074 80,850 Midwest portfolio (five properties): 6201 Green Pointe Dr. S. Groveport, OH 8779 Le Saint Dr. Hamilton, OH 8754 Trade Port Dr. West Chester, OH 445 Airtech Pkwy. Indianapolis, IN June 18, 2020 177,647 801 178,448 5415 Centerpoint Pkwy. Obetz, OH July 8, 2020 45,092 256 45,348 Memphis portfolio (three properties): 4460 E. Holmes Rd. Memphis, TN 4995 Citation Dr. Memphis, TN 8650 Commerce Dr. Southaven, MS June 18, 2020 111,590 497 112,087 Mississauga portfolio (four properties): 5600, 5610, 5620 and 5630 Timberlea Blvd. Mississauga, ON September 28, 2020 19,450 444 19,894 985,883 14,735 1,000,618 Development land: 5005 Parker Henderson Rd. Fort Worth, TX June 8, 2020 8,932 332 9,264 $ 1,030,447 $ 15,212 $ 1,045,659 (1) The development in Bleiswijk, Netherlands was completed in September 2020 and subsequently transferred to income-producing properties. The property purchase price includes a tenant allowance of $6.8 million ( € (2) Excludes construction costs and holdbacks of $12.4 million ( € (3) The Trust acquired the leasehold interest in this property which resulted in the recognition of a right-of-use During the year ended December

INVESTMENT PROPERTIES

INVESTMENT PROPERTIES	12 Months Ended
	Dec. 31, 2021
INVESTMENT PROPERTIES
INVESTMENT PROPERTIES	4.  INVESTMENT PROPERTIES As at December 31, 2021 2020 Income-producing properties $ 7,727,368 $ 5,786,338 Properties under development 162,817 31,488 Land held for development 80,973 37,757 $ 7,971,158 $ 5,855,583 Changes in investment properties are shown in the following table: Years Ended December 31, 2021 2020 Income- Properties Land held Income- Properties under Land held Balance, beginning of year $ 5,786,338 $ 31,488 $ 37,757 $ 4,377,623 $ 51,310 $ 28,966 Maintenance or improvements 10,897 — — 3,997 — — Leasing commissions 2,456 3,298 — 3,449 — — Tenant allowances 3,439 — — 1,784 — — Developments or expansions 8,726 88,729 1,906 12,582 39,083 458 Acquisitions (note 3) 857,939 24,093 63,692 1,000,618 35,777 9,264 Costs to complete acquired property (note 6) 8,344 — — 8,622 — — Disposals (note 5) (36,793 ) — — (31,276 ) — — Transfer to properties under development — 16,812 (16,812 ) — — — Transfer to income-producing properties — — — 97,733 (97,733 ) — Amortization of straight-line rent 8,889 — — 8,842 — — Amortization of tenant allowances (5,105 ) — — (5,321 ) — — Other changes 350 — — (16 ) — — Fair value gains (losses), net 1,300,499 (280 ) (1,354 ) 273,914 (145 ) (332 ) Foreign currency translation, net (157,468 ) (1,323 ) (747 ) 33,787 3,196 (599 ) Classified as assets held for sale (note 5) (61,143 ) — (3,469 ) — — — Balance, end of year $ 7,727,368 $ 162,817 $ 80,973 $ 5,786,338 $ 31,488 $ 37,757 The Trust determines the fair value of an income-producing property based upon, among other things, rental income from current leases and assumptions about rental income from future leases reflecting market conditions and lease renewals at the applicable balance sheet dates, less future cash outflows in respect of such leases. Fair values are primarily determined by discounting the expected future cash flows, generally over a term of 10 years, plus a terminal value based on the application of a capitalization rate to estimated year 11 cash flows. The fair values of properties under development are measured using a discounted cash flow model, net of costs to complete, as of the balance sheet date. The Trust measures its investment properties using valuations prepared by management. The Trust does not measure its investment properties based on valuations prepared by external appraisers but uses such external appraisals as data points, together with other external market information accumulated by management, in arriving at its own conclusions on values. Management uses valuation assumptions such as discount rates, terminal capitalization rates and market rental rates applied in external appraisals or sourced from valuation experts; however, the Trust also uses its historical renewal experience with tenants, its direct knowledge of the specialized nature of certain of Granite’s portfolio and tenant profile and its knowledge of the actual condition of the properties in making business judgments about lease renewal probabilities, renewal rents and capital expenditures. There has been no change in the valuation methodology during the year. Refer to note 2(q) for a discussion of the impact of the COVID-19 Included in investment properties is $35.7 million (December 31, 2020 — $27.2 million) of net straight-line rent receivables arising from the recognition of rental revenue on a straight-line basis over the lease term. Details about contractual obligations to purchase, construct and develop properties can be found in the commitments and contingencies note (note 21). Tenant minimum rental commitments payable to Granite on non-cancellable 2022 $ 357,327 2023 334,660 2024 255,396 2025 231,666 2026 199,784 2027 and thereafter 975,598 $ 2,354,431 Valuations are most sensitive to changes in discount rates and terminal capitalization rates. The key valuation metrics for income-producing properties by country are set out below: As at December 31, 2021 (1) 2020 Weighted (2) Maximum Minimum Weighted (2) Maximum Minimum Canada Discount rate 5.14% 6.50% 4.50% 5.71% 6.25% 5.25% Terminal capitalization rate 4.54% 5.75% 4.00% 5.22% 5.50% 4.75% United States Discount rate 5.54% 9.25% 4.75% 6.18% 9.25% 5.00% Terminal capitalization rate 4.79% 8.50% 3.75% 5.58% 8.50% 4.75% Germany Discount rate 6.48% 9.75% 4.90% 6.85% 9.00% 5.50% Terminal capitalization rate 5.38% 8.75% 3.90% 5.83% 8.25% 4.50% Austria Discount rate 8.28% 9.50% 7.90% 8.58% 10.50% 8.25% Terminal capitalization rate 7.16% 7.65% 6.65% 7.47% 9.75% 7.00% Netherlands Discount rate 4.44% 6.25% 3.60% 4.99% 6.25% 4.40% Terminal capitalization rate 4.94% 7.40% 3.80% 5.58% 7.40% 4.80% Other Discount rate N/A N/A N/A 7.32% 7.50% 7.00% Terminal capitalization rate N/A N/A N/A 6.97% 9.75% 6.00% Total Discount rate 5.67% 9.75% 3.60% 6.38% 10.50% 4.40% Terminal capitalization rate 5.03% 8.75% 3.75% 5.82% 9.75% 4.50% (1) Excludes assets held for sale (note 5). (2) Weighted based on income-producing property fair value. The table below summarizes the sensitivity of the fair value of income-producing properties to changes in either the discount rate or terminal capitalization rate: Discount Rate Terminal Capitalization Rate Rate sensitivity Fair value Change in fair value Fair value Change in fair value +50 basis points $ 7,427,244 $ (300,124) $ 7,249,199 $ (478,169) +25 basis points 7,575,460 (151,908) 7,476,136 (251,232) Base rate 7,727,368 — 7,727,368 — -25 basis points 7,882,953 155,585 8,006,996 279,628 -50 basis points $ 8,042,436 $ 315,068 $ 8,320,427 $ 593,059

ASSETS HELD FOR SALE AND DISPOS

ASSETS HELD FOR SALE AND DISPOSITIONS	12 Months Ended
	Dec. 31, 2021
Non-current assets or disposal groups classified as held for sale or as held for distribution to owners [abstract]
ASSETS HELD FOR SALE AND DISPOSITIONS	5.  ASSETS HELD FOR SALE AND DISPOSITIONS Assets Held for Sale At December 31, 2021, two income-producing properties and one piece of land located in Czech Republic and Poland having a total fair value of $64.6 million are classified as assets held for sale. At December 31, 2020, there were no investment properties classified as assets held for sale. Dispositions During the year ended December 31, 2021, Granite disposed of three properties located in the United Kingdom and Austria. The details of the disposed properties are as follows: Property Location Date disposed Sale price Hedera Road, Ravensbank Business Park Redditch, United Kingdom January 28, 2021 $ 10,550 Puchberger Straße 267 Weikersdorf, Austria June 30, 2021 13,230 Götzendorfer Straße 3-5 Ebergassing, Austria November 30, 2021 13,013 $ 36,793 During the year ended December 31, 2020, Granite disposed of three properties located in Canada and Spain for gross proceeds totaling $31.3 million. During the year ended December 31, 2021, Granite incurred $0.8 million (2020 — $0.9 million) of broker commissions and legal and advisory costs associated with the disposals which are included in loss on sale of investment properties, net, on the combined statements of net income.

NON-CURRENT ASSETS

NON-CURRENT ASSETS	12 Months Ended
	Dec. 31, 2021
NON-CURRENT ASSETS
NON-CURRENT ASSETS	6.  NON-CURRENT Construction Funds In Escrow On November 19, 2019, Granite acquired a developed property located at 1301 Chalk Hill Road, Dallas, Texas which had outstanding construction work. Consequently, $20.5 million (US$15.5 million) of the purchase price was placed in escrow to pay for the remaining construction costs. The funds are released from escrow as the construction is completed. As construction is completed, the construction costs are capitalized to the cost of the investment property. During the year ended December 31, 2021, $8.3 million (US$6.6 million) was released from escrow and capitalized to the property (note 4) (2020 — $8.6 million (US$6.3 million)). As at December 31, 2021, there was no outstanding balance in escrow (2020 — $8.4 million (US$6.6 million)). Loan Receivable During the year ended December 31, 2021, Granite advanced $10.5 million (US$8.3 million) by means of a loan to the developer of two industrial properties being constructed in Indiana, United States. The loan has a maximum draw amount of $69.6 million (US$55.0 million). The loan, due upon completion of the development which is expected to be in late 2022, is secured by the properties under construction and related land. On September 1, 2021, Granite entered into a purchase and sale agreement with the developer to acquire the two properties upon completion for $98.1 million (US$77.5 million) plus estimated leasing costs and sustainability features of $8.6 million (US$6.8 million), subject to customary closing conditions. Other Assets As at December 31, 2021 2020 Deferred financing costs associated with the revolving credit facility $ 2,472 $ 599 Long-term receivables 308 349 $ 2,780 $ 948 On March 31, 2021, the Trust amended its existing unsecured revolving credit facility agreement to extend the existing maturity date from February 1, 2023 to March 31, 2026 and increased its borrowing capacity under the credit facility from $0.5 billion to $1.0 billion (note 10), resulting in financing costs of $2.9 million being incurred. In addition, during the year ended December 31, 2021, Granite recorded an acceleration of $0.5 million amortization for its original credit facility’s financing costs (note 13(d)) (2020 — nil).

UNSECURED DEBT AND CROSS CURREN

UNSECURED DEBT AND CROSS CURRENCY INTEREST RATE SWAPS	12 Months Ended
	Dec. 31, 2021
Borrowings [abstract]
UNSECURED DEBT AND CROSS CURRENCY INTEREST RATE SWAPS	7.  UNSECURED DEBT AND CROSS CURRENCY INTEREST RATE SWAPS (a) Unsecured Debentures and Term Loans, Net As at December 31, 2021 2020 Maturity Date Amortized Cost (1) Principal issued and Amortized Cost (1) Principal issued and 2021 Debentures July 5, 2021 $ — $ — $ 249,870 $ 250,000 2023 Debentures November 30, 2023 399,387 400,000 399,066 400,000 2027 Debentures June 4, 2027 497,618 500,000 497,179 500,000 2028 Debentures August 30, 2028 497,420 500,000 — — 2030 Debentures December 18, 2030 497,317 500,000 497,060 500,000 2024 Term Loan December 19, 2024 233,740 234,136 235,419 235,949 2026 Term Loan December 11, 2026 299,607 300,000 299,528 300,000 $ 2,425,089 $ 2,434,136 $ 2,178,122 $ 2,185,949 (1) The amounts outstanding are net of deferred financing costs and, in the case of the term loans, debt modification losses. The deferred financing costs and debt modification losses are amortized using the effective interest method and are recorded in interest expense. As at December 31, 2021 2020 Unsecured Debentures and Term Loans, Net Non-current $ 2,425,089 $ 1,928,252 Current — 249,870 $ 2,425,089 $ 2,178,122 2021 Debentures On July 3, 2014, Granite REIT Holdings Limited Partnership (“Granite LP”), a wholly-owned subsidiary of Granite, issued at par $250.0 million aggregate principal amount of 3.788% Series 2 senior debentures due July 5, 2021 (the “2021 Debentures”). Interest on the 2021 Debentures was payable semi-annually in arrears on January 5 and July 5 of each year. Deferred financing costs of $1.6 million were incurred and recorded as a reduction against the principal owing. The 2021 Debentures were redeemable, in whole or in part, at Granite’s option at any time and from time to time, at a price equal to accrued and unpaid interest plus the greater of (a) 100% of the principal amount of the 2021 Debentures to be redeemed; and (b) the Canada Yield Price. The Canada Yield Price means, in respect of a 2021 Debenture, a price equal to which, if the 2021 Debenture were to be issued at such price on the redemption date, would provide a yield thereon from the redemption date to its maturity date equal to 46.0 basis points above the yield that a non-callable On January 4, 2021, Granite LP redeemed in full the outstanding $250.0 million aggregate principal amount of the 2021 Debentures. Granite incurred early redemption premium of $4.0 million, which was recorded in interest expense and other financing costs in the combined statement of net income (note 13(d)). In conjunction with the redemption, the 2021 Cross Currency Interest Rate Swap was terminated on January 4, 2021, and the related mark to market liability of $18.8 million was settled. 2023 Debentures On December 20, 2016, Granite LP issued $400.0 million aggregate principal amount of 3.873% Series 3 senior debentures due November 30, 2023 (the “2023 Debentures”) at a nominal premium. Interest on the 2023 Debentures is payable semi-annually in arrears on May 30 and November 30 of each year. Deferred financing costs of $2.2 million were incurred and recorded as a reduction against the principal owing. The 2023 Debentures are redeemable, in whole or in part, at Granite’s option at any time and from time to time, at a price equal to accrued and unpaid interest plus the greater of (a) 100% of the principal amount of the 2023 Debentures to be redeemed; and (b) the Canada Yield Price. The Canada Yield Price means, in respect of a 2023 Debenture, a price equal to which, if the 2023 Debenture were to be issued at such price on the redemption date, would provide a yield thereon from the redemption date to its maturity date equal to 62.5 basis points above the yield that a non-callable accrued 2027 Debentures On June 4, 2020, Granite LP issued at par $500.0 million aggregate principal amount of 3.062% Series 4 senior debentures due June 4, 2027 (the “2027 Debentures”). Interest on the 2027 Debentures is payable semi-annually in arrears on June 4 and December 4 of each year. Deferred financing costs of $3.0 million were incurred in connection with the issuance of the 2027 Debentures and are recorded as a reduction against the principal owing. The 2027 Debentures are redeemable, in whole or in part, at Granite’s option at any time and from time to time, at a price equal to accrued and unpaid interest plus the greater of (a) 100% of the principal amount of the 2027 Debentures to be redeemed; and (b) the Canada Yield Price. The Canada Yield Price means, in respect of a 2027 Debenture, a price equal to which, if the 2027 Debenture were to be issued at such price on the redemption date, would provide a yield thereon from the redemption date to its maturity date equal to 65.0 basis points above the yield that a non-callable 2028 Debentures On August 30, 2021, Granite LP issued at par $500.0 million aggregate principal amount of 2.194% Series 6 senior unsecured debentures due August 30, 2028 (the “2028 Debentures”). Interest on the 2028 Debentures is payable semi-annually in arrears on February 28 and August 30 of each year. Deferred financing costs of $2.7 million were incurred in connection with the issuance of the 2028 Debentures and are recorded as a reduction against the principal owing. The 2028 Debentures are redeemable, in whole or in part, at Granite’s option at any time and from time to time, at a price equal to accrued and unpaid interest plus the greater of (a) 100% of the principal amount of the 2028 Debentures to be redeemed; and (b) the Canada Yield Price. The Canada Yield Price means, in respect of a 2028 Debenture, a price equal to which, if the 2028 Debenture were to be issued at such price on the redemption date, would provide a yield thereon from the redemption date to its maturity date equal to 28.5 basis points above the yield that a non-callable 2030 Debentures On December 18, 2020, Granite LP issued at par $500.0 million aggregate principal amount of 2.378% Series 5 senior debentures due December 18, 2030 (the “2030 Debentures”). Interest on the 2030 Debentures is payable semi-annually in arrears on June 18 and December 18 of each year. Deferred financing costs of $3.0 million were incurred in connection with the issuance of the 2030 Debentures and are recorded as a reduction against the principal owing. The 2030 Debentures are redeemable, in whole or in part, at Granite’s option at any time and from time to time, at a price equal to accrued and unpaid interest plus the greater of (a) 100% of the principal amount of the 2030 Debentures to be redeemed; and (b) the Canada Yield Price. The Canada Yield Price means, in respect of a 2030 Debenture, a price equal to which, if the 2030 Debenture were to be issued at such price on the redemption date, would provide a yield thereon from the redemption date to its maturity date equal to 39.5 basis points above the yield that a non-callable 2024 Term Loan On December 19, 2018, Granite LP entered into and fully drew down a US$185.0 million senior unsecured non-revolving re-borrowed. In conjunction with the extension, the previously existing cross currency interest rate swap associated with the term facility was terminated on September 24, 2019 and blended into a new cross currency interest rate swap (note 7(b)). 2026 Term Loan On December 12, 2018, Granite LP entered into and fully drew down a $300.0 million senior unsecured non-revolving re-borrowed. In conjunction with the extension, the previously existing cross currency interest rate swap associated with the term facility was settled on November 27, 2019 and a new cross currency interest rate swap was entered into (note 7(b)). The 2021 Debentures, 2023 Debentures, 2027 Debentures, 2028 Debentures, 2030 Debentures, 2024 Term Loan and 2026 Term Loan rank pari passu with all of Granite LP’s other existing and future senior unsecured indebtedness and are guaranteed by Granite REIT and Granite GP. (b) Cross Currency Interest Rate Swaps As at December 31, 2021 2020 Financial assets at fair value 2027 Cross Currency Interest Rate Swap $ 28,752 $ 28,676 2030 Cross Currency Interest Rate Swap 26,172 — 2026 Cross Currency Interest Rate Swap 7,844 — $ 62,768 $ 28,676 Financial liabilities at fair value 2021 Cross Currency Interest Rate Swap $ — $ 16,953 2023 Cross Currency Interest Rate Swap 6,551 36,540 2028 Cross Currency Interest Rate Swap 7,017 — 2030 Cross Currency Interest Rate Swap — 10,545 2024 Cross Currency Interest Rate Swap 5,056 25,370 2026 Cross Currency Interest Rate Swap — 24,856 $ 18,624 $ 114,264 As at December 31, 2021 2020 Financial assets at fair value Non-current $ 62,768 $ 28,676 Current — — $ 62,768 $ 28,676 Financial liabilities at fair value Non-current $ 18,624 $ 97,311 Current — 16,953 $ 18,624 $ 114,264 On July 3, 2014, Granite LP entered into a cross currency interest rate swap (the “2021 Cross Currency Interest Rate Swap”) to exchange the 3.788% semi-annual interest payments from the 2021 Debentures for Euro denominated payments at a 2.68% fixed interest rate. On January 4, 2021, the 2021 Cross Currency Interest Rate Swap was terminated in conjunction with the redemption of the 2021 Debentures (note 7(a)). On December 20, 2016, Granite LP entered into a cross currency interest rate swap (the “2023 Cross Currency Interest Rate Swap”) to exchange the 3.873% semi-annual interest payments from the 2023 Debentures for Euro denominated payments at a 2.43% fixed interest rate. In addition, under the terms of the swap, Granite LP will pay principal proceeds of € On September 24, 2019, in conjunction with a refinancing, Granite LP entered into a new cross currency interest rate swap (the “2024 Cross Currency Interest Rate Swap”) to exchange the LIBOR plus margin monthly interest payments from the 2024 Term Loan for Euro denominated payments at a 0.522% fixed interest rate. In addition, under the terms of the 2024 Cross Currency Interest Rate Swap, Granite LP will pay principal proceeds of € On November 27, 2019, also in conjunction with a refinancing, Granite LP entered into a new cross currency interest rate swap (the “2026 Cross Currency Interest Rate Swap”) to exchange the CDOR plus margin monthly interest payments from the 2026 Term Loan for Euro denominated payments at a 1.355% fixed interest rate. In addition, under the terms of the swap, Granite LP will pay principal proceeds of € On June 4, 2020, Granite LP entered into a cross currency interest rate swap (the “2027 Cross Currency Interest Rate Swap”) to exchange the $500.0 million proceeds and the 3.062% semi-annual interest payments from the 2027 Debentures for US$370.3 million and US dollar denominated interest payments at a 2.964% fixed interest rate. In addition, under the terms of the swap, Granite LP will pay principal proceeds of US$370.3 million in exchange for which it will receive $500.0 million on June 4, 2027. On December 18, 2020, Granite LP entered into a cross currency interest rate swap (the “2030 Cross Currency Interest Rate Swap”) to exchange the 2.378% semi-annual interest payments from the 2030 Debentures for Euro denominated interest payments at a 1.045% fixed interest rate. In addition, under the terms of the swap, Granite LP will pay principal proceeds of € On August 30, 2021, Granite LP entered into a cross currency interest rate swap (the “2028 Cross Currency Interest Rate Swap”) to exchange the $500.0 million proceeds and the 2.194% semi-annual interest payments from the 2028 Debentures for US$397.0 million and US dollar denominated interest payments at a 2.096% fixed interest rate. In addition, under the terms of the swap, Granite LP will pay principal proceeds of US$397.0 million in exchange for which it will receive $500.0 million on August 30, 2028. On February 3, 2022, Granite terminated $350.0 million of a total $500.0 million principal of the 2028 Cross Currency Interest Rate Swap and simultaneously entered into a new $350.0 million cross-currency interest rate swap maturing August 30, 2028 to exchange the Canadian dollar denominated principal and interest payments of the 2028 Debentures for Euro denominated payments at a fixed interest rate of 0.536% (note 22(c)). The cross currency interest rate swaps are designated as net investment hedges of the Trust’s investments in foreign operations. The effectiveness of the hedges is assessed quarterly. Gains and losses associated with the effective portion of the hedges are recognized in other comprehensive income. For the year ended December 31, 2021, the Trust has assessed the net investment hedge associated with each cross currency interest rate swap, except for the 2021 Cross Currency Interest Rate Swap and a portion of the 2024 Cross Currency Interest Rate Swap, to be effective. On December 18, 2020, as a result of the designation of the 2030 Cross Currency Interest Rate Swap, the Trust de-designated With the refinancing of the 2024 Term Loan in 2019, the Trust has assessed only the foreign exchange movements associated with the fair value change of the 2024 Cross Currency Interest Rate Swap to be effective. Accordingly, the change in fair value relating to foreign exchange movements on the 2024 Cross Currency Interest Rate Swap is recorded in other comprehensive income. For the year ended December 31, 2021, since there is no effective hedge for the interest and other movements associated with the fair value change of the 2024 Cross Currency Interest Rate Swap, a fair value gain of $2.1 million is recognized in fair value losses on financial instruments, net (note 13(e)) in the combined statement of net income. The Trust has elected to record the differences resulting from the lower interest rates associated with the cross currency interest rate swaps in the combined statements of net income.

SECURED DEBT

SECURED DEBT	12 Months Ended
	Dec. 31, 2021
Text Block [Abstract]
Secured Debt Explanatory	8.  SECURED DEBT On December 17, 2021, Granite entered into a secured construction loan relating to a development project in Texas, United States. The loan has a maximum draw amount of $56.1 million (US$44.3 million) and is secured by the property under construction and related land. The loan matures on December 17, 2023 and bears interest at the US prime rate minus 90 basis points. Granite also has the option to extend the maturity date to December 17, 2024, subject to certain terms and conditions. As at December 31, 2021, the balance of the loan is $0.8 million (US$0.6 million) (2020 — nil).

LEASE OBLIGATIONS

LEASE OBLIGATIONS	12 Months Ended
	Dec. 31, 2021
Presentation of leases for lessee [abstract]
LEASE OBLIGATIONS	9.  LEASE OBLIGATIONS As at December 31, 2021, the Trust had leases for the use of office space, office and other equipment, and ground leases for the land upon which four income-producing properties in Europe and Canada are situated. The Trust recognized these leases as right-of-use Future minimum lease payments relating to the right-of-use 2022 $ 505 2023 318 2024 292 2025 259 2026 231 2027 and thereafter 30,545 $ 32,150

CURRENT LIABILITIES

CURRENT LIABILITIES	12 Months Ended
	Dec. 31, 2021
CURRENT LIABILITIES
CURRENT LIABILITIES	10. CURRENT LIABILITIES Deferred Revenue Deferred revenue relates to prepaid and unearned revenue received from tenants and fluctuates with the timing of rental receipts. Bank Indebtedness On March 31, 2021, the Trust amended its existing unsecured revolving credit facility agreement to extend the existing maturity date of February 1, 2023 to March 31, 2026. In addition, the credit facility’s limit increased from $0.5 billion to $1.0 billion. Draws on the credit facility are available by way of Canadian dollar, US dollar or Euro denominated loans or Canadian dollar or US dollar denominated letters of credit. The credit facility provides Granite the ability to increase the amount of the commitment by an additional aggregate principal amount of up to $500.0 million with the consent of the participating lenders. As at December 31, 2021, the Trust had no amounts drawn (2020 — nil) from the credit facility and $1.7 million (2020 — $1.0 million) in letters of credit issued against the facility. Accounts Payable and Accrued Liabilities As at December 31, 2021 2020 Accounts payable $ 5,400 $ 3,849 Commodity tax payable 8,385 4,337 Tenant security deposits 6,822 6,327 Employee unit-based compensation 11,525 7,118 Trustee/director unit-based compensation 8,935 5,219 Accrued salaries, incentives and benefits 5,875 5,783 Accrued interest payable 7,235 7,956 Accrued construction costs 24,399 6,285 Accrued professional fees 1,641 2,452 Acquisition related liabilities 19,579 634 Accrued property operating costs 5,768 8,878 Other tenant related liabilities 5,511 1,690 Other accrued liabilities 2,169 669 $ 113,244 $ 61,197

DISTRIBUTIONS TO STAPLED UNITHO

DISTRIBUTIONS TO STAPLED UNITHOLDERS	12 Months Ended
	Dec. 31, 2021
DISTRIBUTIONS TO STAPLED UNITHOLDERS
DISTRIBUTIONS TO STAPLED UNITHOLDERS	11. DISTRIBUTIONS TO STAPLED UNITHOLDERS Total distributions declared to stapled unitholders in the year ended December 31, 2021 were $192.6 million (2020 — $165.4 million) or $3.01 per stapled unit (2020 — $2.91 per stapled unit). Distributions payable at December 31, 2021 of $17.0 million (25.8 cents per stapled unit), representing the December 2021 monthly distribution, were paid on January 14, 2022. Distributions payable at December 31, 2020 of $15.4 million were paid on January 15, 2021 and represented the December 2020 monthly distribution. Subsequent to December 31, 2021, the distributions declared in January 2022 in the amount of $17.0 million or 25.8 cents per stapled unit were paid on February 15, 2022 and the distributions declared in February 2022 of $17.0 million or 25.8 cents per stapled unit will be paid on March 15, 2022.

STAPLED UNITHOLDERS' EQUITY

STAPLED UNITHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2021
STAPLED UNITHOLDERS' EQUITY
STAPLED UNITHOLDERS' EQUITY	12. STAPLED UNITHOLDERS’ EQUITY (a) Stapled Units The stapled units consist of one unit of Granite REIT and one common share of Granite GP. Granite REIT is authorized to issue an unlimited number of units. Granite GP’s authorized share capital consists of an unlimited number of common shares without par value. Each stapled unit is entitled to distributions and/or dividends in the case of Granite GP as and when declared and, in the event of termination of Granite REIT and Granite GP, to the net assets of Granite REIT and Granite GP remaining after satisfaction of all liabilities. (b) Unit-Based Compensation Incentive Stock Option Plan The Incentive Stock Option Plan allows for the grant of stock options or stock appreciation rights to directors, officers, employees and consultants. As at December 31, 2021 and December 31, 2020, there were no options outstanding under this plan. Director/Trustee Deferred Share Unit Plan The Trust has two Non-Employee non-employee A reconciliation of the changes in the notional DSUs outstanding is presented below: 2021 2020 Number Weighted Average Number Weighted Average DSUs outstanding, January 1 67 $ 52.93 50 $ 48.01 Granted 18 79.64 17 67.04 DSUs outstanding, December 31 85 $ 58.50 67 $ 52.93 Executive Deferred Stapled Unit Plan The Executive Stapled Unit Plan (the “Restricted Stapled Unit Plan”) of the Trust provides for the issuance of Restricted Share Units (“RSUs”) and Performance Share Units (“PSUs”) and is designed to provide equity-based compensation in the form of stapled units to executives and other employees (the “Participants”). The maximum number of stapled units which may be issued pursuant to the Restricted Stapled Unit Plan is 1.0 million. The Restricted Stapled Unit Plan entitles a Participant to receive a stapled unit or a cash payment equal to the market value of the stapled unit, which on any date is the volume weighted average trading price of a stapled unit on the Toronto Stock Exchange or New York Stock Exchange over the preceding five A reconciliation of the changes in notional stapled units outstanding under the Restricted Stapled Unit Plan is presented below: 2021 2020 Number Weighted Average Number Weighted Average Grant Date RSUs and PSUs outstanding, January 1 128 $ 59.83 145 $ 55.93 New grants and distributions (1) 51 78.91 54 67.09 Forfeited — — (7 ) 73.64 Settled in cash (24 ) 59.38 (33 ) 55.70 Settled in stapled units (27 ) 59.38 (31 ) 55.70 RSUs and PSUs outstanding, December 31 (2) 128 $ 67.19 128 $ 59.83 (1) Includes 18.7 RSUs and 25.0 PSUs granted during the year ended December 31, 2021 (2020 — 22.1 RSUs and 26.5 PSUs). (2) Total restricted stapled units outstanding at December 31, 2021 include a total of 50.2 RSUs and 78.1 PSUs granted (2020 — 73.7 RSUs and 54.6 PSUs). The fair value of the outstanding RSUs was $4.2 million at December 31, 2021 and is based on the market price of the Trust’s stapled unit. The fair value is adjusted for changes in the market price of the Trust’s stapled unit and recorded as a liability in the employee unit-based compensation payables (note 10). The fair value of the outstanding PSUs was $7.3 million at December 31, 2021 and is recorded as a liability in the employee unit-based compensation payables (note 10). The fair value is calculated using the Monte-Carlo simulation model based on the assumptions below as well as a market adjustment factor based on the total unitholder return of the Trust’s stapled units relative to the S&P/TSX Capped REIT Index. Grant date January 1, 2021, January 1, 2020, January 1, August 12 and PSUs granted 76,100 Weighted average term to expiry 1.0 year Average volatility rate 23.4% Weighted average risk free interest rate 0.9% The Trust’s unit-based compensation expense recognized in general and administrative expenses was: Years ended December 31, 2021 2020 DSUs for trustees/directors (1) $ 3,693 $ 1,918 Restricted Stapled Unit Plan for executives and employees 8,749 6,198 Unit-based compensation expense $12,442 $8,116 Fair value remeasurement expense included in the above: DSUs for trustees/directors $ 2,275 $ 728 Restricted Stapled Unit Plan for executives and employees 3,778 1,361 Total fair value remeasurement expense $ 6,053 $ 2,089 (1) In respect of fees mandated and elected to be taken as DSUs. (c) Normal Course Issuer Bid On May 19, 2021, Granite announced the acceptance by the Toronto Stock Exchange (“TSX”) of Granite’s Notice of Intention to Make a Normal Course Issuer Bid (“NCIB”). Pursuant to the NCIB, Granite proposes to purchase through the facilities of the TSX and any alternative trading system in Canada, from time to time and if considered advisable, up to an aggregate of 6,154,057 of Granite’s issued and outstanding stapled units. The NCIB commenced on May 21, 2021 and will conclude on the earlier of the date on which purchases under the bid have been completed and May 20, 2022. Pursuant to the policies of the TSX, daily purchases made by Granite through the TSX may not exceed 46,074 stapled units, subject to certain exceptions. Granite had entered into an automatic securities purchase plan with a broker in order to facilitate repurchases of the stapled units under the NCIB during specified blackout periods. Pursuant to a previous notice of intention to conduct a NCIB, Granite received approval from the TSX to purchase stapled units for the period May 21, 2020 to May 20, 2021. During the year ended December 31, 2021, there were no stapled unit repurchases under the NCIB. During the year ended December 31, 2020, Granite repurchased 490,952 stapled units at an average stapled unit cost of $50.95 for total consideration of $25.0 million. The difference between the repurchase price and the average cost of the stapled units of $1.3 million was recorded to contributed surplus. (d) Stapled Unit Offerings On June 9, 2021, Granite completed an offering of 3,979,000 stapled units at a price of $79.50 per unit for gross proceeds of $316.3 million, including 519,000 stapled units issued pursuant to the exercise of the over-allotment option granted to the underwriters. Total costs related to the offering totaled $13.2 million and were recorded as a reduction to stapled unitholders’ equity. The net proceeds received by Granite after deducting the total costs related to the offering were $303.1 million. On November 24, 2020, Granite completed an offering of 3,841,000 stapled units at a price of $75.00 per unit for gross proceeds of $288.1 million, including 501,000 stapled units issued pursuant to the exercise of the over-allotment option granted to the underwriters. Total costs related to the offering totaled $12.2 million and were recorded as a reduction to stapled unitholders’ equity. The net proceeds received by Granite after deducting the total costs related to the offering were $275.9 million. On June 2, 2020, Granite completed an offering of 4,255,000 stapled units at a price of $68.00 per unit for gross proceeds of $289.3 million, including 555,000 stapled units issued pursuant to the exercise of the over-allotment option granted to the underwriters. Total costs related to the offering totaled $12.4 million and were recorded as a reduction to stapled unitholders’ equity. The net proceeds received by Granite after deducting the total costs related to the offering were $276.9 million. (e) Accumulated Other Comprehensive Income Accumulated other comprehensive income consists of the following: As at December 31, 2021 2020 Foreign currency translation gains on investments in subsidiaries, net of related hedging activities and non-controlling (1) $ 53,798 $ 188,169 Fair value gains (losses) on derivatives designated as net investment hedges 18,153 (92,269 ) $ 71,951 $ 95,900 (1) Includes foreign currency translation gains and losses from non-derivative

RENTAL REVENUE, RECOVERIES, COS

RENTAL REVENUE, RECOVERIES, COSTS AND EXPENSES	12 Months Ended
	Dec. 31, 2021
RENTAL REVENUE, RECOVERIES, COSTS AND EXPENSES
RENTAL REVENUE, RECOVERIES, COSTS AND EXPENSES	13. RENTAL REVENUE, RECOVERIES, COSTS AND EXPENSES (a) Rental revenue consists of: Years ended December 31, 2021 2020 Base rent $ 331,403 $ 291,714 Straight-line rent amortization 8,889 8,842 Tenant incentive amortization (5,105 ) (5,321 ) Property tax recoveries 38,898 31,439 Property insurance recoveries 3,290 2,640 Operating cost recoveries 16,113 10,885 $ 393,488 $ 340,199 (b) Property operating costs consist of: Years ended December 31, 2021 2020 Non-recoverable Property taxes and utilities $ 656 $ 973 Property insurance 449 303 Repairs and maintenance 331 698 Property management fees 451 247 Professional fees 199 201 Environmental and appraisals 294 334 Other 290 66 $ 2,670 $ 2,822 Recoverable from tenants: Property taxes and utilities $ 42,961 $ 33,598 Property insurance 4,282 2,946 Repairs and maintenance 7,642 3,916 Property management fees 2,951 2,793 Other 306 1,089 $ 58,142 $ 44,342 Property operating costs $ 60,812 $ 47,164 (c) General and administrative expenses consist of: Years ended December 31, 2021 2020 Salaries, incentives and benefits $ 17,092 $ 15,109 Audit, legal and consulting 3,444 3,423 Trustee/director fees including distributions, revaluations and expenses (1) 3,898 2,108 RSU and PSU compensation expense including distributions and revaluations (1) 8,749 6,198 Other public entity costs 1,961 1,986 Office rents including property taxes and common area maintenance costs 437 424 Capital tax 630 568 Information technology costs 1,825 1,045 Other 1,030 1,405 $ 39,066 $ 32,266 Less: capitalized general and administrative expenses (666 ) (63 ) $ 38,400 $ 32,203 (1) For fair value remeasurement expense amounts see note 12(b). During the year ended December 31, 2021, Granite incurred less than $0.1 million (2020 — $0.2 million) of general and administrative expenses relating to COVID-19. (d) Interest expense and other financing costs consist of: Years ended December 31, 2021 2020 Interest and amortized issuance costs and modification losses relating to debentures and term loans $ 38,428 $ 32,632 Early redemption premium relating to 2021 Debentures (note 7(a)) 3,963 — Amortization of deferred financing costs and other interest expense and charges (note 6) 3,870 2,229 Interest expense related to lease obligations (note 9) 1,572 1,595 $ 47,833 $ 36,456 Less: capitalized interest (607 ) (617 ) $ 47,226 $ 35,839 (e) Fair value losses (gains) on financial instruments, net, consist of: Years ended December 31, 2021 2020 Foreign exchange forward contracts, net $ — $ 93 Foreign exchange collar contracts, net (note 17(a)) 2,627 (2,627 ) Cross currency interest rate swaps (note 7(b)) (1,413 ) 5,936 $ 1,214 $ 3,402 For the year ended December 31, 2021, the net fair value loss on financial instruments of $1.2 million is comprised of the net fair value loss on the foreign exchange collar contracts of $2.6 million, offset partially by the net fair value gain on the cross currency interest rate swaps of $1.4 million which is associated with the fair value movements of the 2021 Cross Currency Interest Rate Swap and 2024 Cross Currency Interest Rate Swap. The Trust did not employ or partially employed hedge accounting for the derivatives and foreign exchange collars, therefore the change in fair value is recognized in fair value losses on financial instruments, net, in the combined statement of net income. For the year ended December 31, 2020, the net fair value loss on financial instruments of $3.4 million was mainly comprised of the the fair value loss on the cross currency interest rate swaps of $5.9 million which was associated with the fair value movements of the 2021 Cross Currency Interest Rate Swap and 2024 Cross Currency Interest Rate Swap, offset partially by the net fair value gain on the foreign exchange collar contracts of $2.6 million. The Trust did not employ or partially employed hedge accounting for the derivatives and foreign exchange collars, therefore the change in fair value was recognized in fair value losses on financial instruments, net, in the combined statement of net income.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2021
INCOME TAXES
INCOME TAXES	14. INCOME TAXES (a) The major components of the income tax expense are: Years ended December 31, 2021 2020 Current income tax: Current taxes $ 13,572 $ 8,802 Current taxes referring to previous periods (1,916 ) (2,472 ) Withholding taxes and other (37 ) 261 $ 11,619 $ 6,591 Deferred income tax: Origination and reversal of temporary differences $ 224,411 $ 78,724 Impact of changes in tax rates 1,955 2,941 Benefits arising from a previously unrecognized tax loss that reduced: Current tax expense — (21,656 ) Deferred tax expense — — Withholding taxes on profits of subsidiaries — 6 Other 2,582 2,486 $ 228,948 $ 62,501 Income tax expense $ 240,567 $ 69,092 For the year ended December 31, 2021, there was $5.1 million of current tax expense associated with the disposition of two properties in Austria. For the year ended December 31, 2020, there was $0.7 million of current tax expense associated with the disposition of a property in Spain. (b) The effective income tax rate reported in the combined statements of net income varies from the Canadian statutory rate for the following reasons: Years ended December 31, 2021 2020 Income before income taxes $1,550,839 $499,019 Expected income taxes at the Canadian statutory tax rate of 26.5% (2020 — 26.5%) $ 410,972 $ 132,240 Income distributed and taxable to unitholders (150,899 ) (57,791 ) Net foreign rate differentials (24,099 ) (9,954 ) Net change in provisions for uncertain tax positions (458 ) (784 ) Net permanent differences 176 (115 ) Net effect of change in tax rates 1,955 2,941 Withholding taxes and other 2,920 2,555 Income tax expense $ 240,567 $ 69,092 (c) Deferred tax assets and liabilities consist of temporary differences related to the following: As at December 31, 2021 2020 Deferred tax assets: Investment properties $ — $ 490 Eligible capital expenditures 1,964 2,111 Other 2,488 2,129 Deferred tax assets $ 4,452 $ 4,730 Deferred tax liabilities: Investment properties $ 609,418 $ 396,326 Withholding tax on undistributed subsidiary profits — 149 Other (4,751 ) (3,634 ) Deferred tax liabilities $ 604,667 $ 392,841 (d) Changes in the net deferred tax liabilities consist of the following: Years ended December 31, 2021 2020 Balance, beginning of year $ 388,111 $ 316,915 Deferred tax expense recognized in net income 228,948 62,501 Foreign currency translation of deferred tax balances (16,844 ) 8,695 Net deferred tax liabilities, end of year $ 600,215 $ 388,111 (e) Net cash payments of income taxes amounted to a payment of $8.3 million for the year ended December 31, 2021 (2020 — $5.7 million) which included $0.3 million of withholding taxes paid (2020 — $0.1 million). (f) The Trust conducts operations in a number of countries with varying statutory rates of taxation. Judgment is required in the estimation of income tax expense and deferred income tax assets and liabilities in each of the Trust’s operating jurisdictions. This process involves estimating actual current tax exposure, assessing temporary differences that result from the different treatments of items for tax and accounting purposes, assessing whether it is more likely than not that deferred income tax assets will be realized and, based on all the available evidence, determining if a provision is required on all or a portion of such deferred income tax assets. The Trust reports a liability for uncertain tax positions (‘‘unrecognized tax benefits’’) taken or expected to be taken in a tax return. The Trust recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense. As at December 31, 2021, the Trust had $10.5 million (2020 — $11.6 million) of unrecognized income tax benefits, (including $0.3 million (2020 — $0.3 million) related to accrued interest and penalties), all of which could ultimately reduce the Trust’s effective tax rate should these tax benefits become recognized. The Trust believes that it has adequately provided for reasonably foreseeable outcomes related to tax examinations and that any resolution will not have a material effect on the combined financial position, results of operations, or cash flows. However, the Trust cannot predict with any level of certainty the exact nature of any future possible outcome. A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows: As at December 31, 2021 2020 Unrecognized tax benefits balance, beginning of year $ 11,568 $ 11,422 Decreases for tax positions of prior years (2,085 ) (2,370 ) Increases for tax positions of current year 1,859 1,766 Foreign currency impact (872 ) 750 Unrecognized tax benefits balance, end of year $ 10,470 $ 11,568 It is reasonably possible that the gross unrecognized tax benefits, as of December 31, 2021, could decrease in the next 12 months. The quantum of the decrease could range between a nominal amount and $2.0 million (2020 — a nominal amount and $2.4 million) and relates primarily to tax years becoming statute barred for purposes of future tax examinations by local taxing authorities and the outcome of current tax examinations. For the year ended December 31, 2021, $0.1 million of interest and penalties was recorded (2020 — $0.1 million) as part of the provision for income taxes in the combined statements of net income. As at December 31, 2021, the following tax years remained subject to examination: Major Jurisdictions Canada 2015 through 2021 United States 2018 through 2021 Austria 2016 through 2021 Germany 2016 through 2021 Netherlands 2016 through 2021 As at December 31, 2021, the Trust has approximately $203.5 million (2020 — $165.2 million) of losses The aggregate amount of temporary differences subsidiaries

SEGMENTED DISCLOSURE INFORMATIO

SEGMENTED DISCLOSURE INFORMATION	12 Months Ended
	Dec. 31, 2021
SEGMENTED DISCLOSURE INFORMATION
SEGMENTED DISCLOSURE INFORMATION	15. SEGMENTED DISCLOSURE INFORMATION The Trust has one reportable segment — the ownership and rental of industrial real estate as determined by the information reviewed by the chief operating decision maker who is the President and Chief Executive Officer. The following tables present certain information with respect to geographic segmentation: Revenue Years ended December 31, 2021 2020 Canada $ 65,542 17% $ 63,233 19% United States 203,273 51% 161,165 47% Austria 64,994 17% 65,716 19% Germany 27,075 7% 26,924 8% Netherlands 27,540 7% 16,694 5% Other Europe 5,064 1% 6,467 2% $ 393,488 100% $ 340,199 100% For the year ended December 31, 2021, revenue from Magna comprised approximately 31% (2020 — 37%) of the Trust’s total revenue. Investment properties As at December 31, 2021 2020 Canada $ 1,712,946 21% $ 1,106,850 19% United States 4,229,477 53% 2,882,549 49% Austria 773,772 10% 821,260 14% Germany 465,478 6% 428,504 7% Netherlands 789,485 10% 550,946 10% Other Europe — —% 65,474 1% $ 7,971,158 100% $ 5,855,583 100%

DETAILS OF CASH FLOWS

DETAILS OF CASH FLOWS	12 Months Ended
	Dec. 31, 2021
DETAILS OF CASH FLOWS
DETAILS OF CASH FLOWS	16. DETAILS OF CASH FLOWS (a) Items not involving operating cash flows are shown in the following table: Years ended December 31, 2021 2020 Straight-line rent amortization $ (8,889 ) $ (8,842 ) Tenant incentive amortization 5,105 5,321 Unit-based compensation expense (note 12(b)) 12,442 8,116 Fair value gains on investment properties, net (1,298,865 ) (273,437 ) Depreciation and amortization 1,320 1,151 Fair value losses on financial instruments, net (note 13(e)) 1,214 3,402 Loss on sale of investment properties, net 761 901 Amortization of issuance costs and modification losses relating to debentures and term loans 1,489 1,024 Amortization of deferred financing costs 1,033 312 Deferred income taxes (note 14(a)) 228,948 62,501 Early redemption premium (note 7(a)) 3,963 — Other (171 ) (30 ) $ (1,051,650 ) $ (199,581 ) (b) Changes in working capital balances are shown in the following table: Years ended December 31, 2021 2020 Accounts receivable $ (4,119 ) $ 10,141 Prepaid expenses and other (2,899 ) 61 Accounts payable and accrued liabilities 5,411 844 Deferred revenue 191 5,595 $ (1,416 ) $ 16,641 (c) Non-cash During the year ended December 31, 2021, 27 thousand stapled units (2020 — 31 thousand stapled units) with a value of $2.2 million (2020 — $2.0 million) were issued under the Restricted Stapled Unit Plan (note 12(b)) and are not recorded in the combined statements of cash flows. (d) Cash and cash equivalents consist of: As at December 31, 2021 2020 Cash $ 401,954 $ 780,979 Short-term deposits 559 50,301 $ 402,513 $ 831,280

FAIR VALUE AND RISK MANAGEMENT

FAIR VALUE AND RISK MANAGEMENT	12 Months Ended
	Dec. 31, 2021
FAIR VALUE AND RISK MANAGEMENT
FAIR VALUE AND RISK MANAGEMENT	17. FAIR VALUE AND RISK MANAGEMENT (a) Fair Value of Financial Instruments The following table provides the measurement basis of financial assets and liabilities as at December 31, 2021 and 2020: As at December 31, 2021 2020 Carrying Fair Value Carrying Fair Value Financial assets Construction funds in escrow $ — $ — $ 8,402 $ 8,402 Other assets 308 (1) 308 349 (1) 349 Cross currency interest rate swaps 62,768 62,768 28,676 28,676 Loan receivable 10,471 10,471 — — Accounts receivable 10,771 10,771 6,746 6,746 Prepaid expenses and other — — 2,627 (2) 2,627 Cash and cash equivalents 402,513 402,513 831,280 831,280 $ 486,831 $ 486,831 $ 878,080 $ 878,080 Financial liabilities Unsecured debentures, net $ 1,891,742 $ 1,914,560 $ 1,643,175 (3) $ 1,737,185 Unsecured term loans, net 533,347 533,347 534,947 534,947 Secured debt 763 763 — — Cross currency interest rate swaps 18,624 18,624 114,264 (4) 114,264 Accounts payable and accrued liabilities 113,244 113,244 61,197 61,197 Distributions payable 16,969 16,969 15,422 15,422 $ 2,574,689 $ 2,597,507 $ 2,369,005 $ 2,463,015 (1) Long-term receivables included in other assets (note 6). (2) Foreign exchange collars included in prepaid expenses. (3) Balance includes current and non-current (4) Balance includes current and non-current The fair values of the Trust’s construction funds in escrow, loan receivable, accounts receivable, cash and cash equivalents, accounts payable and accrued liabilities and distributions payable approximate their carrying amounts due to the relatively short periods to maturity of these financial instruments. The fair value of the long-term receivable included in other assets approximates its carrying amount as the receivable bears interest at rates comparable to current market rates. The fair values of the unsecured debentures are determined using quoted market prices. The fair values of the term loans and secured debt approximate their carrying amounts as the term loans and secured debt bear interest at rates comparable to the current market rates. The fair values of the cross currency interest rate swaps and foreign exchange collars are determined using market inputs quoted by their counterparties. The Trust periodically purchases foreign exchange collars to hedge specific anticipated foreign currency transactions and to mitigate its foreign exchange exposure on its net cash flows. At December 31, 2021, the Trust did not have any outstanding foreign exchange collar contracts. During the year ended December 31, 2021, the Trust held foreign exchange collar contracts to sell US dollars and Euros which resulted in a net fair value loss of $2.6 million (note 13(e)). At December 31, 2020, the Trust held 12 outstanding foreign exchange collar contracts with a notional value of US$60.0 million and contracts the Trust to sell US dollars and receive Canadian dollars if specific US dollar exchange rates relative to the Canadian dollar are met. The Trust also held 12 outstanding foreign exchange collar contracts with a notional value of € (b) Fair Value Hierarchy Fair value measurements are based on inputs of observable and unobservable market data that a market participant would use in pricing an asset or liability. IFRS establishes a fair value hierarchy which is summarized below: Level 1: Fair value determined using quoted prices in active markets for identical assets or liabilities. Level 2: Fair value determined using significant observable inputs, generally either quoted prices in active markets for similar assets or liabilities or quoted prices in markets that are not active. Level 3: Fair value determined using significant unobservable inputs, such as pricing models, discounted cash flows or similar techniques. The following tables represent information related to the Trust’s assets and liabilities measured or disclosed at fair value on a recurring and non-recurring As at December 31, 2021 Level 1 Level 2 Level 3 ASSETS AND LIABILITIES MEASURED OR DISCLOSED AT FAIR VALUE Assets measured at fair value Investment properties (note 4) $ — $ — $ 7,971,158 Assets held for sale (note 5) — — 64,612 Cross currency interest rate swaps (note 7) — 62,768 — Loan receivable (note 6) — 10,471 — Liabilities measured or disclosed at fair value Unsecured debentures, net (note 7) 1,914,560 — — Unsecured term loans, net (note 7) — 533,347 — Secured debt (note 8) — 763 — Cross currency interest rate swaps (note 7) — 18,624 — Net (liabilities) assets measured or disclosed at fair value $ (1,914,560 ) $ (479,495 ) $ 8,035,770 As at December 31, 2020 Level 1 Level 2 Level 3 ASSETS AND LIABILITIES MEASURED OR DISCLOSED AT FAIR Assets measured at fair value Investment properties (note 4) $ — $ — $ 5,855,583 Cross currency interest rate swap (note 7) — 28,676 — Foreign exchange collars included in prepaid expenses and other — 2,627 — Liabilities measured or disclosed at fair value Unsecured debentures, net (note 7) 1,737,185 — — Unsecured term loans, net (note 7) — 534,947 — Cross currency interest rate swaps (note 7) — 114,264 — Net (liabilities) assets measured or disclosed at fair value $ (1,737,185 ) $ (617,908 ) $ 5,855,583 For assets and liabilities that are measured at fair value on a recurring basis, the Trust determines whether transfers between the levels of the fair value hierarchy have occurred by reassessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. For the years ended December 31, 2021 and 2020, there were no transfers between the levels. Refer to note 4, Investment Properties, for a description of the valuation technique and inputs used in the fair value measurement and for a reconciliation of the fair value measurements of investment properties which are recognized in Level 3 of the fair value hierarchy. (c) Risk Management The main risks arising from the Trust’s financial instruments are credit, interest rate, foreign exchange and liquidity risks. The Trust’s approach to managing these risks is summarized below: (i) Credit risk The Trust’s financial assets that are exposed to credit risk consist primarily of cash and cash equivalents, loan receivable and accounts receivable. Cash and cash equivalents include short-term investments, such as term deposits, which are invested in governments and financial institutions with a minimum credit rating of BBB+ (based on Standard & Poor’s (“S&P”) rating scale) or Baa1 (based on Moody’s Investor Services’ (“Moody’s”) rating scale). Concentration of credit risk is further reduced by limiting the amount that is invested in any one government or financial institution according to its credit rating. Further credit risk arises in the event that a borrower of a loan receivable defaults on the repayment of amount owing to the Trust. The Trust endeavours to ensure adequate security has been provided in support of the loans receivable. Magna accounted for approximately 31% of the Trust’s rental revenue during the year ended December 31, 2021. Although its operating subsidiaries are not individually rated, Magna International Inc. has an investment grade credit rating from Moody’s, S&P and DBRS Morningstar which mitigates the Trust’s credit risk. The COVID-19 COVID-19 (ii) Interest rate risk As at December 31, 2021, the Trust’s exposure to interest rate risk is limited. Approximately 78% of the Trust’s interest bearing debt consists of fixed rate debt in the form of the 2023 Debentures, the 2027 Debentures, 2028 Debentures and the 2030 Debentures. After taking into account the related cross currency interest rate swaps, the 2023 Debentures, the 2027 Debentures, the 2028 Debentures and the 2030 Debentures have effective fixed interest rates of 2.430%, 2.964%, 2.096% and 1.045%, respectively. The remaining 22% of the Trust’s interest bearing debt consists of variable rate debt in the form of the 2024 Term Loan, 2026 Term Loan and secured debt. After taking into account the related cross currency interest rate swaps, the 2024 Term Loan and 2026 Term Loan have effective fixed interest rates of 0.272% and 1.105%, respectively and the secured debt is carried at a variable rate of interest equal to the US prime rate less 90 (iii) Foreign exchange risk As at December 31, 2021, the Trust is exposed to foreign exchange risk primarily in respect of movements in the Euro and the US dollar. The Trust is structured such that its foreign operations are primarily conducted by entities with a functional currency which is the same as the economic environment in which the operations take place. As a result, the net income impact of currency risk associated with financial instruments is limited as its financial assets and liabilities are generally denominated in the functional currency of the subsidiary that holds the financial instrument. However, the Trust is exposed to foreign currency risk on its net investment in its foreign currency denominated operations and certain Trust level foreign currency denominated assets and liabilities. At December 31, 2021, the Trust’s foreign currency denominated net assets are $5.8 billion primarily in US dollars and Euros. A 1% change in the US dollar and Euro exchange rates relative to the Canadian dollar would result in a gain or loss of approximately $39.1 million and $18.1 million, respectively, to comprehensive income. Granite generates rental income that is not all denominated in Canadian dollars. Since the financial results are reported in Canadian dollars, the Trust is subject to foreign currency fluctuations that could, from time to time, have an impact on the operating results. For the year ended December 31, 2021, a 1% change in the US dollar and Euro exchange rates relative to the Canadian dollar would have impacted revenue by approximately $2.0 million and $1.2 million, respectively. For the year ended December 31, 2021, the Trust has designated its cross currency interest rate swaps relating to the $900.0 million of unsecured debentures and $534.1 million of unsecured term loans as hedges of its net investment in the European operations (note 7(b)) and has designated its cross currency interest rate swaps relating to the $1.0 billion of unsecured debentures as a hedge of its net investment in the United States operations (note 7(b)). (iv) Liquidity risk Liquidity risk is the risk the Trust will encounter difficulties in meeting its financial obligations as they become due. The Trust may also be subject to the risks associated with debt financing, including the risks that the unsecured debentures, term loans and credit facility may not be able to be refinanced. The Trust’s objectives in minimizing liquidity risk are to maintain prudent levels of leverage on its investment properties, staggering its debt maturity profile and maintaining an investment grade credit rating. In addition, the Declaration of Trust establishes certain debt ratio limits. The estimated contractual maturities of the Trust’s financial liabilities are summarized below: Payments due by year As at December 31, Total 2022 2023 2024 2025 2026 Thereafter Unsecured debentures $ 1,900,000 $ — $ 400,000 $ — $ — $ — $ 1,500,000 Unsecured term loans 534,136 — — 234,136 — 300,000 — Cross currency interest rate swaps 18,624 — 6,551 5,056 — — 7,017 Secured debt 763 — 763 — — — — Interest payments (1) Unsecured debentures, net of cross currency interest rate swap savings 209,645 39,396 39,396 29,517 29,517 29,517 42,302 Unsecured term loans, net of cross currency interest rate swap savings 18,406 3,946 3,946 3,946 3,284 3,284 — Accounts payable and accrued liabilities 113,244 108,571 3,275 1,398 — — — Distributions payable 16,969 16,969 — — — — — $ 2,811,787 $ 168,882 $ 453,931 $ 274,053 $ 32,801 $ 332,801 $ 1,549,319 (1) Represents aggregate interest expense expected to be paid over the term of the debt, on an undiscounted basis, based on actual current interest rates and average foreign exchange rates.

CAPITAL MANAGEMENT

CAPITAL MANAGEMENT	12 Months Ended
	Dec. 31, 2021
Disclosure of objectives, policies and processes for managing capital [abstract]
CAPITAL MANAGEMENT	18. CAPITAL MANAGEMENT The Trust’s capital structure comprises the total of the stapled unitholders’ equity and debt. The total managed capital of the Trust is summarized below: As at December 31, 2021 2020 Unsecured debentures, net $ 1,891,742 $ 1,643,175 Unsecured term loans, net 533,347 534,947 Cross currency interest rate swap (assets) liabilities, net (1) (44,144 ) 85,588 Secured debt 763 — Total debt 2,381,708 2,263,710 Stapled unitholders’ equity 5,318,653 3,920,069 Total managed capital $ 7,700,361 $ 6,183,779 (1) Balance is net of the cross currency interest rate swap assets (note 7(b)). The Trust manages, monitors and adjusts its capital balances in response to the availability of capital, economic conditions and investment opportunities with the following objectives in mind: • Compliance with investment and debt restrictions pursuant to the Amended and Restated Declaration of Trust; • Compliance with existing debt covenants; • Maintaining investment grade credit ratings; • Supporting the Trust’s business strategies including ongoing operations, property development and acquisitions; • Generating stable and growing cash distributions; and • Building long-term unitholder value. The Amended and Restated Declaration of Trust contains certain provisions with respect to capital management which include: • The Trust shall not incur or assume any indebtedness if, after giving effect to the incurring or assumption of the indebtedness, the total indebtedness of the Trust would be more than 65% of the Gross Book Value (as defined in the Amended and Restated Declaration of Trust); and • The Trust shall not invest in raw land for development, except for (i) existing properties with additional development, (ii) the purpose of renovating or expanding existing properties or (iii) the development of new properties, provided that the aggregate cost of the investments of the Trust in raw land, after giving effect to the proposed investment, will not exceed 15% of Gross Book Value. At December 31, 2021, the Trust’s combined debt consists of the unsecured debentures, the term loans, the secured debt and the credit facility when drawn, each of which have various financial covenants. These covenants are defined within the trust indenture, the term loan agreements, the secured debt agreement and the credit facility agreement and, depending on the debt instrument, include a total indebtedness ratio, a secured indebtedness ratio, an interest coverage ratio, an unencumbered asset ratio, and a minimum equity threshold. The Trust monitors these provisions and covenants and was in compliance with their respective requirements as at December 31, 2021 and 2020. Distributions are made at the discretion of the Board of Trustees (the “Board”) and Granite REIT intends to distribute each year all of its taxable income pursuant to its Amended and Restated Declaration of Trust as calculated in accordance with the Income Tax Act. For the fiscal year 2021, the Trust declared a monthly distribution of $0.250 per stapled unit from January to November and a monthly distribution of $0.258 per stapled unit for the month of December. The Board determines monthly distribution levels having considered, among other factors, estimated 2021 and 2022 cash generated from operations and capital requirements, the alignment of its current and targeted payout ratios with the Trust’s strategic objectives and compliance with the above noted provisions and financial covenants.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2021
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	19. RELATED PARTY TRANSACTIONS For the year ended December 31, 2021, key management personnel include the Trustees/Directors, the President and Chief Executive Officer, the Chief Financial Officer, the Executive Vice President, Head of Global Real Estate and the Executive Vice President, Global Real Estate and Head of Investments. For the year ended December 31, 2020, key management personnel include the Trustees/Directors, the President and Chief Executive Officer, the Chief Financial Officer and the Executive Vice President, Head of Global Real Estate. Information with respect to the Trustees’/Directors’ fees is included in notes 12(b) and 13(c). The compensation paid or payable to the Trust’s key management personnel was as follows: Years ended December 31, 2021 2020 Salaries, incentives and short-term benefits $ 4,793 $ 4,082 Unit-based compensation expense including fair value adjustments 4,673 3,744 $ 9,466 $ 7,826

COMBINED FINANCIAL INFORMATION

COMBINED FINANCIAL INFORMATION	12 Months Ended
	Dec. 31, 2021
COMBINED FINANCIAL INFORMATION
COMBINED FINANCIAL INFORMATION	20. COMBINED FINANCIAL INFORMATION The combined financial statements include the financial position and results of operations and cash flows of each of Granite REIT and Granite GP. Below is a summary of the financial information for each entity along with the elimination entries and other adjustments that aggregate to the combined financial statements: Balance Sheet As at December 31, 2021 Granite REIT Granite GP Eliminations/ Adjustments Granite REIT and ASSETS Non-current Investment properties $ 7,971,158 $ 7,971,158 Investment in Granite LP (1) — 38 (38 ) — Other non-current 109,010 109,010 8,080,168 38 (38 ) 8,080,168 Current assets: Assets held for sale 64,612 64,612 Other current assets 19,404 19,404 Intercompany receivable (2) — 21,429 (21,429 ) — Cash and cash equivalents 402,059 454 402,513 Total assets $ 8,566,243 21,921 (21,467 ) $ 8,566,697 LIABILITIES AND EQUITY Non-current Unsecured debt, net $ 2,425,089 $ 2,425,089 Other non-current 655,699 655,699 3,080,788 3,080,788 Current liabilities: Intercompany payable (2) 21,429 (21,429 ) — Other current liabilities 142,492 21,883 164,375 Total liabilities 3,244,709 21,883 (21,429 ) 3,245,163 Equity: Stapled unitholders’ equity 5,318,615 38 5,318,653 Non-controlling 2,919 (38 ) 2,881 Total liabilities and equity $ 8,566,243 21,921 (21,467 ) $ 8,566,697 (1) Granite REIT Holdings Limited Partnership (“Granite LP”) is 100% owned by Granite REIT and Granite GP. (2) Represents employee and trustee/director compensation related amounts which will be reimbursed by Granite LP. Balance Sheet As at December 31, 2020 Granite REIT Granite GP Eliminations/ Adjustments Granite REIT and ASSETS Non-current Investment properties $ 5,855,583 $ 5,855,583 Investment in Granite LP (1) — 25 (25 ) — Other non-current 46,046 46,046 5,901,629 25 (25 ) 5,901,629 Current assets: Other current assets 14,546 17 14,563 Intercompany receivable (2) — 13,792 (13,792 ) — Cash and cash equivalents 830,455 825 831,280 Total assets $ 6,746,630 14,659 (13,817 ) $ 6,747,472 LIABILITIES AND EQUITY Non-current Unsecured debt, net $ 1,928,252 $ 1,928,252 Other non-current 523,096 523,096 2,451,348 2,451,348 Current liabilities: Unsecured debt, net 249,870 249,870 Intercompany payable (2) 13,792 (13,792 ) — Other current liabilities 109,416 14,634 124,050 Total liabilities 2,824,426 14,634 (13,792 ) 2,825,268 Equity: Stapled unitholders’ equity 3,920,044 25 3,920,069 Non-controlling 2,160 (25 ) 2,135 Total liabilities and equity $ 6,746,630 14,659 (13,817 ) $ 6,747,472 (1) Granite LP is 100% owned by Granite REIT and Granite GP. (2) Represents employee and trustee/director compensation related amounts which will be reimbursed by Granite LP. Income Statement Year Ended December 31, 2021 Granite REIT Granite GP Eliminations/ Adjustments Granite REIT and Revenue $ 393,488 $ 393,488 General and administrative expenses 38,400 38,400 Interest expense and other financing costs 47,226 47,226 Other costs and expenses, net 53,913 53,913 Share of (income) loss of Granite LP — (13 ) 13 — Fair value gains on investment properties, net (1,298,865 ) (1,298,865 ) Fair value losses on financial instruments, net 1,214 1,214 Loss on sale of investment properties, net 761 761 Income before income taxes 1,550,839 13 (13 ) 1,550,839 Income tax expense 240,567 240,567 Net income 1,310,272 13 (13 ) 1,310,272 Less net income attributable to non-controlling 348 (13 ) 335 Net income attributable to stapled unitholders $ 1,309,924 13 — $ 1,309,937 Income Statement Year Ended December 31, 2020 Granite REIT Granite GP Eliminations/ Adjustments Granite REIT and Revenue $ 340,199 $ 340,199 General and administrative expenses 32,203 32,203 Interest expense and other financing costs 35,839 35,839 Other costs and expenses, net 42,272 42,272 Share of (income) loss of Granite LP — (4 ) 4 — Fair value gains on investment properties, net (273,437 ) (273,437 ) Fair value losses on financial instruments, net 3,402 3,402 Loss on sale of investment properties, net 901 901 Income before income taxes 499,019 4 (4 ) 499,019 Income tax expense 69,092 69,092 Net income 429,927 4 (4 ) 429,927 Less net income attributable to non-controlling 127 (4 ) 123 Net income attributable to stapled unitholders $ 429,800 4 — $ 429,804 Statement of Cash Flows Year Ended December 31, 2021 Granite REIT Granite GP Eliminations/ Adjustments Granite REIT and OPERATING ACTIVITIES Net income $ 1,310,272 13 (13 ) $ 1,310,272 Items not involving operating cash flows (1,051,650 ) (13 ) 13 (1,051,650 ) Changes in working capital balances (1,045 ) (371 ) (1,416 ) Other operating activities 5,058 5,058 Cash provided by (used in) operating activities 262,635 (371 ) — 262,264 INVESTING ACTIVITIES Property acquisitions (925,901 ) (925,901 ) Proceeds from disposals, net 35,428 35,428 Additions to income-producing properties (28,003 ) (28,003 ) Additions to properties under development (71,168 ) (71,168 ) Construction funds released from escrow 8,341 8,341 Other investing activities (44,121 ) (44,121 ) Cash used in investing activities (1,025,424 ) — — (1,025,424 ) FINANCING ACTIVITIES Distributions paid (191,082 ) (191,082 ) Other financing activities 524,557 524,557 Cash provided by financing activities 333,475 — — 333,475 Effect of exchange rate changes 918 918 Net decrease in cash and cash equivalents during the year $ (428,396 ) (371 ) — $ (428,767 ) Statement of Cash Flows Year Ended December 31, 2020 Granite REIT Granite GP Eliminations/ Adjustments Granite REIT and OPERATING ACTIVITIES Net income $ 429,927 4 (4 ) $ 429,927 Items not involving operating cash flows (199,581 ) (4 ) 4 (199,581 ) Changes in working capital balances 16,108 533 16,641 Other operating activities 2,306 2,306 Cash provided by operating activities 248,760 533 — 249,293 INVESTING ACTIVITIES Property acquisitions (1,045,659 ) (1,045,659 ) Proceeds from disposals, net 42,508 42,508 Additions to income-producing properties (22,983 ) (22,983 ) Additions to properties under development (40,613 ) (40,613 ) Construction funds released from escrow 8,622 8,622 Other investing activities (13,669 ) (13,669 ) Cash used in investing activities (1,071,794 ) — — (1,071,794 ) FINANCING ACTIVITIES Distributions paid (163,064 ) (163,064 ) Other financing activities 1,521,261 1,521,261 Cash provided by financing activities 1,358,197 — — 1,358,197 Effect of exchange rate changes (3,093 ) (3,093 ) Net increase in cash and cash equivalents during the year $ 532,070 533 — $ 532,603

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2021
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	21. COMMITMENTS AND CONTINGENCIES (a) The Trust is subject to various legal proceedings and claims that arise in the ordinary course of business. Management evaluates all claims with the advice of legal counsel. Management believes these claims are generally covered by Granite’s insurance policies and that any liability from remaining claims is not probable to occur and would not have a material adverse effect on the combined financial statements. However, actual outcomes may differ from management’s expectations. (b) As at December 31, 2021, the Trust’s contractual commitments totaled $619.9 million which comprised of construction and development projects of $301.9 million and the committed acquisitions of two properties in Indiana, a property in the Netherlands upon completion and three properties in Germany totaling $318.0 million. As at December 31, 2021, the Trust has made deposits of $26.1 million in respect of the above committed acquisitions. (c) In connection with the acquisitions of investment properties located in Palmetto, Georgia on November 12, 2020 and in Locust Grove, Georgia on March 12, 2021, $122.9 million (US$97.1 million) of bonds were assumed. The authorized amount of the bonds is $131.6 million (US$104.0 million), of which $122.9 million (US$97.1 million) was outstanding as at December 31, 2021. The bonds provide for a real estate tax abatement for the acquired investment properties. Through a series of transactions, the Trust is both the bondholder and the obligor of the bonds. Therefore, in accordance with IAS 32, the bonds are not recorded in the combined balance sheet. The Trust is involved, in the normal course of business, in discussions, and has various letters of intent or conditional agreements, with respect to possible acquisitions of new properties and dispositions of existing properties in its portfolio. None of these commitments or contingencies, individually or in aggregate, would have a material impact on the combined financial statements.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2021
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	22. SUBSEQUENT EVENTS (a) Subsequent to December 31, 2021, the Trust declared monthly distributions for January and February 2022 of $17.0 million each (note 11). (b) On February 3, 2022, Granite acquired three income-producing properties in Germany for $140.0 million ( € (c) On February 3, 2022, Granite terminated $350.0 million of a total $500.0 million principal of the 2028 Cross Currency Interest Rate Swap, herein defined, which exchanged Canadian dollar denominated principal and interest payments of Granite’s 2028 Debentures, herein defined, for US dollar denominated payments at a fixed interest rate of 2.096% (see “Liquidity and Capital Resources — Debt Structure”). Simultaneously, Granite entered into a new $350.0 million cross-currency interest rate swap maturing August 30, 2028 to exchange the Canadian dollar denominated principal and interest payments of the 2028 Debentures for Euro denominated payments at a fixed interest rate of 0.536%. Upon termination, Granite paid $6.6 million to settle the mark-to-market (d) On February 18, 2022, Granite completed the disposition of an income-producing property and piece of land held for development located in Poland that were classified as held for sale as at December 31, 2021, for gross proceeds of $36.2 million ( €

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2021
SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation and Statement of Compliance	(a) Basis of Presentation and Statement of Compliance The combined financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).
Combined Financial Statements and Basis of Consolidation	(b) Combined Financial Statements and Basis of Consolidation As a result of the REIT conversion described in note 1, the Trust does not have a single parent; however, each unit of Granite REIT and each share of Granite GP trade as a single stapled unit and accordingly, Granite REIT and Granite GP have identical ownership. Therefore, these financial statements have been prepared on a combined basis whereby the assets, liabilities and results of Granite GP and Granite REIT have been combined. The combined financial statements include the subsidiaries of Granite GP and Granite REIT. Subsidiaries are fully consolidated by Granite GP or Granite REIT from the date of acquisition, being the date on which control is obtained. The subsidiaries continue to be consolidated until the date that such control ceases. Control exists when Granite GP or Granite REIT have power, exposure or rights to variable returns and the ability to use their power over the entity to affect the amount of returns it generates. All intercompany balances, income and expenses and unrealized gains and losses resulting from intercompany transactions are eliminated.
Trust Units	(c) Trust Units The stapled units are redeemable at the option of the holder and, therefore, are required to be accounted for as financial liabilities, except where certain exemption conditions are met, in which case redeemable instruments may be classified as equity. The attributes of the stapled units meet the exemption conditions set out in IAS 32, Financial Instruments: Presentation
Investment Properties	(d) Investment Properties The Trust accounts for its investment properties, which include income-producing properties, properties under development and land held for development, in accordance with IAS 40, Investment Property Income-Producing Properties The carrying value of income-producing properties includes the impact of straight-line rental revenue (note 2(l)), tenant incentives and deferred leasing costs since these amounts are incorporated in the determination of the fair value of income-producing properties. When an income-producing property is disposed of, the gain or loss is determined as the difference between the disposal proceeds, net of selling costs, and the carrying amount of the property and is recognized in net income in the period of disposal. Properties Under Development The Trust’s development properties are classified as such until the property is substantially completed and available for occupancy. The initial cost of properties under development includes the acquisition cost of the land and direct development or expansion costs, including construction costs, borrowing costs and indirect costs wholly attributable to development. Borrowing costs are capitalized to projects under development or construction based on the average accumulated expenditures outstanding during the period multiplied by the Trust’s average borrowing rate on existing debt. Where borrowings are associated with specific developments, the amount capitalized is the gross borrowing cost incurred on such borrowings less any investment income arising on temporary investment of these borrowings. The capitalization of borrowing costs is suspended if there are prolonged periods that development activity is interrupted. The Trust capitalizes direct and indirect costs, including property taxes and insurance of the development property, if activities necessary to ready the development property for its intended use are in progress. Costs of internal personnel and other indirect costs that are wholly attributable to a project are capitalized as incurred. If considered reliably measurable
Business Combinations	(e) Business Combinations The Trust accounts for property acquisitions as a business combination if the particular assets and set of activities acquired can be operated and managed as a business in their current state for the purpose of providing a return to the unitholders. In accordance with IFRS 3, Business Combinations The Trust recognizes any non-controlling acquisition-by-acquisition non-controlling Acquisition related costs are expensed as incurred. Any contingent consideration is recognized at fair value at the acquisition date. Subsequent changes to the fair value of contingent consideration that is recorded as an asset or liability is recognized in net income. Goodwill is initially measured as the excess of the aggregate of the consideration transferred and the fair value of non-controlling
Assets Held for Sale	(f) Assets Held for Sale Non-current
Foreign Currency Translation	(g) Foreign Currency Translation The assets and liabilities of the Trust’s foreign operations are translated into Canadian dollars using exchange rates prevailing at the end of each reporting period. Income and expense items are translated at the average exchange rates for the period, unless exchange rates fluctuate significantly during that period, in which case, for material transactions, the exchange rates at the dates of those transactions are used. Exchange differences arising are recognized in other comprehensive income and accumulated in equity. In preparing the financial statements of each entity, transactions in currencies other than the entity’s functional currency (foreign currencies) are recognized at the average rates of exchange prevailing in the period. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary Non-monetary • The effective portion of exchange differences on transactions entered into in order to hedge certain foreign currency risks are recognized in other comprehensive income; • Exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation) are recognized in other comprehensive income; and • Exchange differences on foreign currency borrowings related to capitalized interest for assets under construction are recognized in investment properties.
Financial Instruments and Hedging	(h) Financial Instruments and Hedging Financial Assets and Financial Liabilities The following summarizes the Trust’s classification and measurement basis of its financial assets and liabilities: Classification and Measurement Basis Financial assets Construction funds in escrow Amortized Cost Long-term receivables included in other assets Amortized Cost Cross currency interest rate swaps Fair Value Loan receivable Amortized Cost Accounts receivable Amortized Cost Foreign exchange derivative contracts Fair Value Cash and cash equivalents Amortized Cost Financial liabilities Unsecured debentures, net Amortized Cost Unsecured term loans, net Amortized Cost Secured debt Amortized Cost Cross currency interest rate swaps Fair Value Accounts payable and accrued liabilities Amortized Cost Foreign exchange derivative contracts Fair Value Distributions payable Amortized Cost The Trust recognizes an allowance for expected credit losses (“ECL”) for financial assets measured at amortized cost. The impact of the credit loss modeling process is summarized as follow: • The Trust did not record an ECL allowance against long-term receivables as historical experience of loss on these balances is insignificant and, based on the assessment of forward-looking information, no significant increases in losses are expected. The Trust will continue to assess the valuation of these instruments. • The Trust did not record an ECL allowance against accounts receivable and has determined that its internal processes of evaluating each receivable on a specific basis for collectability using historical experience and adjusted for forward-looking information, would appropriately allow the Trust to determine if there are significant increases in credit risk to then record a corresponding ECL allowance. For financial liabilities measured at amortized cost, the liability is amortized using the effective interest rate method. Under the effective interest rate method, any transaction fees, costs, discounts and premiums directly related to the financial liabilities are recognized in net income over the expected life of the obligation. In regards to modifications to financial liabilities, when a financial liability measured at amortized cost is modified or exchanged, and such modification or exchange does not result in derecognition, the adjustment to the amortized cost of the financial liability as a result of the modification or exchange is recognized in net income.
Cash and Cash Equivalents	(i) Cash and Cash Equivalents Cash and cash equivalents include cash and short-term investments with original maturities of three months or less.
Fixed Assets	(j) Fixed Assets Fixed assets include computer hardware and software, furniture and fixtures and leasehold improvements, which are recorded at cost less accumulated depreciation. Depreciation expense is recorded on a straight-line basis over the estimated useful lives of the fixed assets, which typically range from 3 5 right-of-use Leases. right-of-use
Leases	(k) Leases The Trust recognizes a right-of-use Leases. right-of-use right-of-use right-of-use The lease liability is initially measured at the present value of the lease payments at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, at the Trust’s incremental borrowing rate. Generally, the Trust uses its incremental borrowing rate as the discount rate. The lease obligation is subsequently increased by the interest cost on the lease liability and decreased by lease payments made. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, a change in the estimate of the amount expected to be payable under a residual value guarantee or, as appropriate, a change in the assessment of whether a purchase or extension option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised.
Revenue Recognition	(l) Revenue Recognition Where Granite has retained substantially all the benefits and risks of ownership of its rental properties, leases with its tenants are accounted for as operating leases. Where substantially all the benefits and risks of ownership of the Trust’s rental properties have been transferred to its tenants, the Trust’s leases are accounted for as finance leases. All of the Trust’s current leases are operating leases. Revenue from investment properties include base rents earned from tenants under lease agreements, property tax and operating cost recoveries and other incidental income. Rents from tenants may contain rent escalation clauses or free rent periods which are recognized in revenue on a straight-line basis over the term of the lease. The difference between the revenue recognized and the contractual rent is included in investment properties as straight-line rents receivable. In addition, tenant incentives including cash allowances provided to tenants are recognized as a reduction in rental revenue on a straight-line basis over the term of the lease where it is determined that the tenant fixturing has no benefit to the property beyond the existing tenancy. Property tax and operating cost recoveries from tenants are recognized as revenue in the period in which applicable costs are incurred.
Unit-Based Compensation Plans	(m) Unit-Based Compensation Plans Incentive Stock Option Plan Compensation expense for option grants is based on the fair value of the options at the grant date and is recognized over the period from the grant date to the date the award is vested. A liability is recognized for outstanding options based upon the fair value as the Trust is an open-ended trust making its units redeemable. During the period in which options are outstanding, the liability is adjusted for changes in the fair value with such adjustments being recognized as compensation expense in general and administrative expenses in the period in which they occur. The liability balance is reduced as options are exercised and recorded in equity as stapled units along with the proceeds received on exercise. Executive Deferred Stapled Unit Plan The executive deferred stapled unit plan is measured at fair value at the date of grant and amortized to compensation expense from the effective date of the grant to the final vesting date. Compensation expense is recognized on a proportionate basis consistent with the vesting features of each tranche of the grant. Compensation expense for executive deferred stapled units granted under the plan is recognized in general and administrative expenses with a corresponding liability recognized based upon the fair value of the Trust’s stapled units as the Trust is an open-ended trust making its units redeemable. During the period in which the executive deferred stapled units are outstanding, for grants with no performance criteria, the liability is adjusted for changes in the market value of the Trust’s stapled unit, and for grants with performance criteria the liability is measured at fair value using the Monte Carlo simulation model (note 12), with both such adjustments being recognized as compensation expense in general and administrative expenses in the period in which they occur. The liability balance is reduced as deferred stapled units are settled for stapled units and recorded in equity. Director/Trustee Deferred Share Unit Plan The compensation expense and a corresponding liability associated with the director/trustee deferred share unit plan is measured based on the market value of the underlying stapled units. During the period in which the awards are outstanding, the liability is adjusted for changes in the market value of the underlying stapled unit, with such positive or negative adjustments being recognized in general and administrative expenses in the period in which they occur. The liability balance is settled for cash when a director/trustee ceases to be a member of the Board.
Income Taxes	(n) Income Taxes Operations in Canada Granite qualifies as a mutual fund trust under the Income Tax Act (Canada) (the “Act”) and as such the Trust itself will not be subject to income taxes provided it continues to qualify as a REIT for purposes of the Act. A REIT is not taxable and not considered to be a Specified Investment Flow-through Trust provided it complies with certain tests and it distributes all of its taxable income in a taxation year to its unitholders. The Trust’s qualification as a REIT results in no current or deferred income tax being recognized in the combined financial statements for income taxes related to the Canadian investment properties. Operations in the United States The Trust’s investment property operations in the United States are conducted in a qualifying United States REIT (“US REIT”) for purposes of the Internal Revenue Code of 1986, as amended. As a qualifying US REIT, it is not taxable provided it complies with certain tests in addition to the requirement to distribute substantially all of its taxable income. As a qualifying US REIT, current income taxes on U.S. taxable income have not been recorded in the combined financial statements. However, the Trust has recorded deferred income taxes that may arise on the disposition of its investment properties as the Trust will likely be subject to entity level income tax in connection with such transactions pursuant to the Foreign Investment in Real Property Tax Act. Operations in Europe The Trust consolidates certain entities that continue to be subject to income tax. Income taxes for taxable entities in Europe, as well as other entities in Canada or the United States subject to tax, are recorded as follows: Current Income Tax The current income tax expense is determined on the basis of enacted or substantively enacted tax rates and laws at each balance sheet date. Deferred Income Tax Deferred income tax is recorded, using the liability method, on temporary differences arising between the tax basis of assets and liabilities and the amounts reported on the combined financial statements. Deferred income tax assets and liabilities are measured at tax rates that are expected to apply to the period when the asset is realized or the liability is settled, based on the tax rates and laws that have been enacted or substantively enacted at the balance sheet date. Deferred income tax assets are recognized to the extent that it is probable that deductions, tax credits or tax losses will be utilized. Each of the current and deferred tax assets and liabilities are offset when they are levied by the same taxation authority in either the same taxable entity or different taxable entities within the same reporting group that settle on a net basis.
Significant Accounting Judgments, Estimates and Assumptions	(o) Significant Accounting Judgments, Estimates and Assumptions The preparation of the combined financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts and disclosures made in the financial statements and accompanying notes. Management believes that the judgments, estimates and assumptions utilized in preparing the combined financial statements are reasonable and prudent; however, actual results could be materially different and require an adjustment to the reported results. Judgments The following are the critical judgments that have been made in applying the Trust’s accounting policies and that have the most significant effect on the amounts recognized in the combined financial statements: (i) Leases The Trust’s policy for revenue recognition is described in note 2(l). The Trust makes judgments in determining whether certain leases are operating or finance leases, in particular tenant leases with long contractual terms or leases where the property is a large square-footage and/or architecturally specialized. The Trust also makes judgments in determining the lease term for some lease contracts in which it is a lessee that include renewal or termination options. The assessment of whether the Trust is reasonably certain to exercise such options impacts the lease term which, in turn, significantly affects the amount of lease obligations and right-of-use (ii) Investment properties The Trust’s policy relating to investment properties is described in note 2(d). In applying this policy, judgment is used in determining whether certain costs incurred for tenant improvements are additions to the carrying amount of the property or represent incentives, identifying the point at which practical completion of properties under development occurs and determining borrowing costs to be capitalized to the carrying value of properties under development. Judgment is also applied in determining the use, extent and frequency of independent appraisals. (iii) Income taxes The Trust applies judgment in determining whether it will continue to qualify as a REIT for both Canadian and U.S. tax purposes for the foreseeable future. However, should it at some point no longer qualify, it would be subject to income tax and would be required to recognize current and deferred income taxes. Estimates and Assumptions The key assumptions concerning the future and other key sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities include the following: (i) Valuation of investment properties The fair value of investment properties is determined by management using primarily the discounted cash flow method in which the income and expenses are projected over the anticipated term of the investment plus a terminal value discounted using an appropriate discount rate. The Trust obtains, from time to time, appraisals from independent qualified real estate valuation experts. However, the Trust does not measure its investment properties based on these appraisals but uses them as data points, together with other external market information accumulated by management, in arriving at its own conclusions on values. Management uses valuation assumptions such as discount rates, terminal capitalization rates and market rental rates applied in external appraisals or sourced from valuation experts; however, the Trust also uses its historical renewal experience with tenants, its direct knowledge of the specialized nature of certain of Granite’s portfolio and tenant profile and the actual condition of the properties in making business judgments about lease renewal probabilities, renewal rents and capital expenditures. The critical assumptions relating to the Trust’s estimates of fair values of investment properties include the receipt of contractual rents, contractual renewal terms, expected future market rental rates, discount rates that reflect current market uncertainties, capitalization rates and recent investment property prices. If there is any change in these assumptions or regional, national or international economic conditions, the fair value of investment properties may change materially. Refer to note 4 for further information on the estimates and assumptions made by management. (ii) Fair value of financial instruments Where the fair value of financial assets or liabilities recorded on the balance sheet or disclosed in the notes cannot be derived from active markets, they are determined using valuation techniques including the discounted cash flow method. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgment is required in establishing fair values. The judgments include considerations of inputs such as credit risk and volatility. Changes in assumptions about these factors could materially affect the reported fair value of financial instruments. (iii) Income taxes The Trust operates in a number of countries and is subject to the income tax laws and related tax treaties in each of its operating jurisdictions. These laws and treaties can be subject to different interpretations by relevant taxation authorities. Significant judgment is required in the estimation of Granite’s income tax expense, the interpretation and application of the relevant tax laws and treaties and the provision for any exposure that may arise from tax positions that are under audit by relevant taxation authorities. The recognition and measurement of deferred tax assets or liabilities is dependent on management’s estimate of future taxable profits and income tax rates that are expected to be in effect in the period the asset is realized or the liability is settled. Any changes in management’s estimate can result in changes in deferred tax assets or liabilities as reported in the combined balance sheets and also the deferred income tax expense in the combined statements of net income.
Future Accounting Policy Changes	(p) Future Accounting Policy Changes As at December 31, 2021, there are no new accounting standards issued but not yet applicable to the combined financial statements.
COVID-19 Pandemic	(q) COVID-19 The coronavirus disease (“COVID-19”) COVID-19 During the years ended December 31, 2021 and 2020, there has not been any significant impact on Granite’s operations, assets or liabilities as a result of COVID-19. COVID-19. COVID-19 COVID-19 Granite continues to review its future cash flow projections and the valuation of its investment properties in light of the COVID-19 COVID-19 COVID-19

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	12 Months Ended
	Dec. 31, 2021
ACQUISITIONS
Schedule of business combination, income producing properties	During the years ended December 31, 2021 and 2020, Granite made the following property acquisitions: 2021 Acquisitions Property Location Date acquired Property Transaction costs Total Income-producing properties: 3090 Highway 42 (1) Locust Grove, GA March 12, 2021 $ 85,138 $ 401 $ 85,539 3801 Rock Creek Blvd. Joliet, IL June 25, 2021 30,247 75 30,322 3900 Rock Creek Blvd. Joliet, IL June 25, 2021 34,673 85 34,758 1695-1701 Crossroads Dr. Joliet, IL June 25, 2021 50,657 118 50,775 US Portfolio (four properties): 1243 Gregory Dr. Antioch, IL 60 Logistics Blvd. Richwood, KY 8740 South Crossroads Dr. Olive Branch, MS 12577 State Line Rd. Olive Branch, MS September 3, 2021 243,697 337 244,034 1600 Rock Creek Blvd. Joliet, IL September 7, 2021 20,705 616 21,321 Sophialaan 5 Utrecht, Netherlands September 17, 2021 42,125 3,432 45,557 100 Ronson Dr. Toronto, ON December 13, 2021 18,436 818 19,254 110 Ronson Dr. Toronto, ON December 13, 2021 16,164 1,001 17,165 115 Sinclair Blvd. Brantford, ON December 17, 2021 66,000 1,491 67,491 Hazeldonk 6520 – 6524 Breda, Netherlands December 17, 2021 87,931 7,030 94,961 Hazeldonk 6526 – 6530 Breda, Netherlands December 17, 2021 54,699 4,373 59,072 5400 E. 500 S. (2) Whitestown, IN December 22, 2021 87,478 212 87,690 837,950 19,989 857,939 Properties under development: 2120 Logistics Way Murfreesboro, TN June 30, 2021 17,308 213 17,521 Highway 109 Lebanon, TN September 8, 2021 6,505 67 6,572 23,813 280 24,093 Development land: 375/395 Hardy Rd. Brantford, ON August 16, 2021 62,201 1,491 63,692 $ 923,964 $ 21,760 $ 945,724 (1) The Trust acquired the leasehold interest in the property which resulted in the recognition of a right-of-use (2) The property purchase price includes a tenant allowance of $8.1 million (US$6.3 million) which is unpaid as of December 31, 2021. 2020 Acquisitions Property Location Date acquired Property Transaction costs Total Property under development: Aquamarijnweg 2 (1) Bleiswijk, Netherlands March 13, 2020 $ 35,632 $ 145 $ 35,777 Income-producing properties: Oude Graaf 15 Weert, Netherlands May 1, 2020 31,910 253 32,163 De Kroonstraat 1 (2) Tilburg, Netherlands July 1, 2020 71,716 710 72,426 Francis Baconstraat 4 Ede, Netherlands July 1, 2020 21,403 178 21,581 8995 Airport Rd. Brampton, ON September 1, 2020 22,173 593 22,766 555 Beck Cres. Ajax, ON September 30, 2020 15,350 407 15,757 8500 Tatum Rd. (3) Palmetto, GA November 12, 2020 105,184 189 105,373 Industrieweg 15 Voorschoten, November 20, 2020 24,577 1,708 26,285 Zuidelijke Havenweg 2 Hengelo, Netherlands December 4, 2020 46,226 2,882 49,108 Beurtvaartweg 2-4, Sprengenweg 1-2 Nijmegen, December 18, 2020 39,067 2,531 41,598 12 Tradeport Rd. Hanover Township, PA December 22, 2020 174,722 2,212 176,934 250 Tradeport Rd. Nanticoke, PA December 22, 2020 79,776 1,074 80,850 Midwest portfolio (five properties): 6201 Green Pointe Dr. S. Groveport, OH 8779 Le Saint Dr. Hamilton, OH 8754 Trade Port Dr. West Chester, OH 445 Airtech Pkwy. Indianapolis, IN June 18, 2020 177,647 801 178,448 5415 Centerpoint Pkwy. Obetz, OH July 8, 2020 45,092 256 45,348 Memphis portfolio (three properties): 4460 E. Holmes Rd. Memphis, TN 4995 Citation Dr. Memphis, TN 8650 Commerce Dr. Southaven, MS June 18, 2020 111,590 497 112,087 Mississauga portfolio (four properties): 5600, 5610, 5620 and 5630 Timberlea Blvd. Mississauga, ON September 28, 2020 19,450 444 19,894 985,883 14,735 1,000,618 Development land: 5005 Parker Henderson Rd. Fort Worth, TX June 8, 2020 8,932 332 9,264 $ 1,030,447 $ 15,212 $ 1,045,659 (1) The development in Bleiswijk, Netherlands was completed in September 2020 and subsequently transferred to income-producing properties. The property purchase price includes a tenant allowance of $6.8 million ( € (2) Excludes construction costs and holdbacks of $12.4 million ( € (3) The Trust acquired the leasehold interest in this property which resulted in the recognition of a right-of-use

INVESTMENT PROPERTIES (Tables)

INVESTMENT PROPERTIES (Tables)	12 Months Ended
	Dec. 31, 2021
INVESTMENT PROPERTIES
Schedule of investment property summary	As at December 31, 2021 2020 Income-producing properties $ 7,727,368 $ 5,786,338 Properties under development 162,817 31,488 Land held for development 80,973 37,757 $ 7,971,158 $ 5,855,583
Schedule of changes in investment properties	Years Ended December 31, 2021 2020 Income- Properties Land held Income- Properties under Land held Balance, beginning of year $ 5,786,338 $ 31,488 $ 37,757 $ 4,377,623 $ 51,310 $ 28,966 Maintenance or improvements 10,897 — — 3,997 — — Leasing commissions 2,456 3,298 — 3,449 — — Tenant allowances 3,439 — — 1,784 — — Developments or expansions 8,726 88,729 1,906 12,582 39,083 458 Acquisitions (note 3) 857,939 24,093 63,692 1,000,618 35,777 9,264 Costs to complete acquired property (note 6) 8,344 — — 8,622 — — Disposals (note 5) (36,793 ) — — (31,276 ) — — Transfer to properties under development — 16,812 (16,812 ) — — — Transfer to income-producing properties — — — 97,733 (97,733 ) — Amortization of straight-line rent 8,889 — — 8,842 — — Amortization of tenant allowances (5,105 ) — — (5,321 ) — — Other changes 350 — — (16 ) — — Fair value gains (losses), net 1,300,499 (280 ) (1,354 ) 273,914 (145 ) (332 ) Foreign currency translation, net (157,468 ) (1,323 ) (747 ) 33,787 3,196 (599 ) Classified as assets held for sale (note 5) (61,143 ) — (3,469 ) — — — Balance, end of year $ 7,727,368 $ 162,817 $ 80,973 $ 5,786,338 $ 31,488 $ 37,757
Schedule of minimum rental commitments payable on non-cancellable operating leases	2022 $ 357,327 2023 334,660 2024 255,396 2025 231,666 2026 199,784 2027 and thereafter 975,598 $ 2,354,431
Schedule of the key valuation metrics for income-producing properties by country	Valuations are most sensitive to changes in discount rates and terminal capitalization rates. The key valuation metrics for income-producing properties by country are set out below: As at December 31, 2021 (1) 2020 Weighted (2) Maximum Minimum Weighted (2) Maximum Minimum Canada Discount rate 5.14% 6.50% 4.50% 5.71% 6.25% 5.25% Terminal capitalization rate 4.54% 5.75% 4.00% 5.22% 5.50% 4.75% United States Discount rate 5.54% 9.25% 4.75% 6.18% 9.25% 5.00% Terminal capitalization rate 4.79% 8.50% 3.75% 5.58% 8.50% 4.75% Germany Discount rate 6.48% 9.75% 4.90% 6.85% 9.00% 5.50% Terminal capitalization rate 5.38% 8.75% 3.90% 5.83% 8.25% 4.50% Austria Discount rate 8.28% 9.50% 7.90% 8.58% 10.50% 8.25% Terminal capitalization rate 7.16% 7.65% 6.65% 7.47% 9.75% 7.00% Netherlands Discount rate 4.44% 6.25% 3.60% 4.99% 6.25% 4.40% Terminal capitalization rate 4.94% 7.40% 3.80% 5.58% 7.40% 4.80% Other Discount rate N/A N/A N/A 7.32% 7.50% 7.00% Terminal capitalization rate N/A N/A N/A 6.97% 9.75% 6.00% Total Discount rate 5.67% 9.75% 3.60% 6.38% 10.50% 4.40% Terminal capitalization rate 5.03% 8.75% 3.75% 5.82% 9.75% 4.50% (1) Excludes assets held for sale (note 5). (2) Weighted based on income-producing property fair value.
Schedule of sensitivity of the fair value of income-producing properties to changes in either the discount rate or terminal capitalization rate	Discount Rate Terminal Capitalization Rate Rate sensitivity Fair value Change in fair value Fair value Change in fair value +50 basis points $ 7,427,244 $ (300,124) $ 7,249,199 $ (478,169) +25 basis points 7,575,460 (151,908) 7,476,136 (251,232) Base rate 7,727,368 — 7,727,368 — -25 basis points 7,882,953 155,585 8,006,996 279,628 -50 basis points $ 8,042,436 $ 315,068 $ 8,320,427 $ 593,059

ASSETS HELD FOR SALE AND DISP_2

ASSETS HELD FOR SALE AND DISPOSITIONS (Tables)	12 Months Ended
	Dec. 31, 2021
ASSETS HELD FOR SALE AND DISPOSITIONS
Schedule of properties disposed	During the year ended December 31, 2021, Granite disposed of three properties located in the United Kingdom and Austria. The details of the disposed properties are as follows: Property Location Date disposed Sale price Hedera Road, Ravensbank Business Park Redditch, United Kingdom January 28, 2021 $ 10,550 Puchberger Straße 267 Weikersdorf, Austria June 30, 2021 13,230 Götzendorfer Straße 3-5 Ebergassing, Austria November 30, 2021 13,013 $ 36,793

NON-CURRENT ASSETS (Tables)

NON-CURRENT ASSETS (Tables)	12 Months Ended
	Dec. 31, 2021
NON-CURRENT ASSETS
Schedule of other assets	As at December 31, 2021 2020 Deferred financing costs associated with the revolving credit facility $ 2,472 $ 599 Long-term receivables 308 349 $ 2,780 $ 948

UNSECURED DEBT AND CROSS CURR_2

UNSECURED DEBT AND CROSS CURRENCY INTEREST RATE SWAPS (Tables)	12 Months Ended
	Dec. 31, 2021
Borrowings [abstract]
Schedule of unsecured debentures and term loans, net	(a) Unsecured Debentures and Term Loans, Net As at December 31, 2021 2020 Maturity Date Amortized Cost (1) Principal issued and Amortized Cost (1) Principal issued and 2021 Debentures July 5, 2021 $ — $ — $ 249,870 $ 250,000 2023 Debentures November 30, 2023 399,387 400,000 399,066 400,000 2027 Debentures June 4, 2027 497,618 500,000 497,179 500,000 2028 Debentures August 30, 2028 497,420 500,000 — — 2030 Debentures December 18, 2030 497,317 500,000 497,060 500,000 2024 Term Loan December 19, 2024 233,740 234,136 235,419 235,949 2026 Term Loan December 11, 2026 299,607 300,000 299,528 300,000 $ 2,425,089 $ 2,434,136 $ 2,178,122 $ 2,185,949 (1) The amounts outstanding are net of deferred financing costs and, in the case of the term loans, debt modification losses. The deferred financing costs and debt modification losses are amortized using the effective interest method and are recorded in interest expense. As at December 31, 2021 2020 Unsecured Debentures and Term Loans, Net Non-current $ 2,425,089 $ 1,928,252 Current — 249,870 $ 2,425,089 $ 2,178,122
Schedule of cross currency interest rate swaps	(b) Cross Currency Interest Rate Swaps As at December 31, 2021 2020 Financial assets at fair value 2027 Cross Currency Interest Rate Swap $ 28,752 $ 28,676 2030 Cross Currency Interest Rate Swap 26,172 — 2026 Cross Currency Interest Rate Swap 7,844 — $ 62,768 $ 28,676 Financial liabilities at fair value 2021 Cross Currency Interest Rate Swap $ — $ 16,953 2023 Cross Currency Interest Rate Swap 6,551 36,540 2028 Cross Currency Interest Rate Swap 7,017 — 2030 Cross Currency Interest Rate Swap — 10,545 2024 Cross Currency Interest Rate Swap 5,056 25,370 2026 Cross Currency Interest Rate Swap — 24,856 $ 18,624 $ 114,264 As at December 31, 2021 2020 Financial assets at fair value Non-current $ 62,768 $ 28,676 Current — — $ 62,768 $ 28,676 Financial liabilities at fair value Non-current $ 18,624 $ 97,311 Current — 16,953 $ 18,624 $ 114,264

LEASE OBLIGATIONS (Tables)

LEASE OBLIGATIONS (Tables)	12 Months Ended
	Dec. 31, 2021
Schedule of Future Minimum Lease Payments Relating To The Right Of Use Assets [Abstract]
Schedule of future minimum lease payments relating to the right-of-use assets	Future minimum lease payments relating to the right-of-use 2022 $ 505 2023 318 2024 292 2025 259 2026 231 2027 and thereafter 30,545 $ 32,150

CURRENT LIABILITIES (Tables)

CURRENT LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2021
CURRENT LIABILITIES
Schedule of accounts payable and accrued liabilities	Accounts Payable and Accrued Liabilities As at December 31, 2021 2020 Accounts payable $ 5,400 $ 3,849 Commodity tax payable 8,385 4,337 Tenant security deposits 6,822 6,327 Employee unit-based compensation 11,525 7,118 Trustee/director unit-based compensation 8,935 5,219 Accrued salaries, incentives and benefits 5,875 5,783 Accrued interest payable 7,235 7,956 Accrued construction costs 24,399 6,285 Accrued professional fees 1,641 2,452 Acquisition related liabilities 19,579 634 Accrued property operating costs 5,768 8,878 Other tenant related liabilities 5,511 1,690 Other accrued liabilities 2,169 669 $ 113,244 $ 61,197

STAPLED UNITHOLDERS' EQUITY (Ta

STAPLED UNITHOLDERS' EQUITY (Tables)	12 Months Ended
	Dec. 31, 2021
Unit-based Compensation
Schedule of unit-based compensation expense recognized in general and administrative expenses	The Trust’s unit-based compensation expense recognized in general and administrative expenses was: Years ended December 31, 2021 2020 DSUs for trustees/directors (1) $ 3,693 $ 1,918 Restricted Stapled Unit Plan for executives and employees 8,749 6,198 Unit-based compensation expense $12,442 $8,116 Fair value remeasurement expense included in the above: DSUs for trustees/directors $ 2,275 $ 728 Restricted Stapled Unit Plan for executives and employees 3,778 1,361 Total fair value remeasurement expense $ 6,053 $ 2,089
Schedule of accumulated other comprehensive income	Accumulated other comprehensive income consists of the following: As at December 31, 2021 2020 Foreign currency translation gains on investments in subsidiaries, net of related hedging activities and non-controlling (1) $ 53,798 $ 188,169 Fair value gains (losses) on derivatives designated as net investment hedges 18,153 (92,269 ) $ 71,951 $ 95,900 (1) Includes foreign currency translation gains and losses from non-derivative
Director/Trustee Deferred Share Unit Plan
Unit-based Compensation
Summary of reconciliation of the changes in unit-based compensation	A reconciliation of the changes in the notional DSUs outstanding is presented below: 2021 2020 Number Weighted Average Number Weighted Average DSUs outstanding, January 1 67 $ 52.93 50 $ 48.01 Granted 18 79.64 17 67.04 DSUs outstanding, December 31 85 $ 58.50 67 $ 52.93
Executive Deferred Stapled Unit Plan
Unit-based Compensation
Summary of reconciliation of the changes in unit-based compensation	A reconciliation of the changes in notional stapled units outstanding under the Restricted Stapled Unit Plan is presented below: 2021 2020 Number Weighted Average Number Weighted Average Grant Date RSUs and PSUs outstanding, January 1 128 $ 59.83 145 $ 55.93 New grants and distributions (1) 51 78.91 54 67.09 Forfeited — — (7 ) 73.64 Settled in cash (24 ) 59.38 (33 ) 55.70 Settled in stapled units (27 ) 59.38 (31 ) 55.70 RSUs and PSUs outstanding, December 31 (2) 128 $ 67.19 128 $ 59.83 (1) Includes 18.7 RSUs and 25.0 PSUs granted during the year ended December 31, 2021 (2020 — 22.1 RSUs and 26.5 PSUs). (2) Total restricted stapled units outstanding at December 31, 2021 include a total of 50.2 RSUs and 78.1 PSUs granted (2020 — 73.7 RSUs and 54.6 PSUs).

RENTAL REVENUE, RECOVERIES, C_2

RENTAL REVENUE, RECOVERIES, COSTS AND EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2021
RENTAL REVENUE, RECOVERIES, COSTS AND EXPENSES
Schedule of property operating costs	(b) Property operating costs consist of: Years ended December 31, 2021 2020 Non-recoverable Property taxes and utilities $ 656 $ 973 Property insurance 449 303 Repairs and maintenance 331 698 Property management fees 451 247 Professional fees 199 201 Environmental and appraisals 294 334 Other 290 66 $ 2,670 $ 2,822 Recoverable from tenants: Property taxes and utilities $ 42,961 $ 33,598 Property insurance 4,282 2,946 Repairs and maintenance 7,642 3,916 Property management fees 2,951 2,793 Other 306 1,089 $ 58,142 $ 44,342 Property operating costs $ 60,812 $ 47,164
Schedule of general and administrative expenses	(c) General and administrative expenses consist of: Years ended December 31, 2021 2020 Salaries, incentives and benefits $ 17,092 $ 15,109 Audit, legal and consulting 3,444 3,423 Trustee/director fees including distributions, revaluations and expenses (1) 3,898 2,108 RSU and PSU compensation expense including distributions and revaluations (1) 8,749 6,198 Other public entity costs 1,961 1,986 Office rents including property taxes and common area maintenance costs 437 424 Capital tax 630 568 Information technology costs 1,825 1,045 Other 1,030 1,405 $ 39,066 $ 32,266 Less: capitalized general and administrative expenses (666 ) (63 ) $ 38,400 $ 32,203
Schedule of interest expense and other financing costs	(d) Interest expense and other financing costs consist of: Years ended December 31, 2021 2020 Interest and amortized issuance costs and modification losses relating to debentures and term loans $ 38,428 $ 32,632 Early redemption premium relating to 2021 Debentures (note 7(a)) 3,963 — Amortization of deferred financing costs and other interest expense and charges (note 6) 3,870 2,229 Interest expense related to lease obligations (note 9) 1,572 1,595 $ 47,833 $ 36,456 Less: capitalized interest (607 ) (617 ) $ 47,226 $ 35,839
Schedule of fair value losses on financial instruments	(e) Fair value losses (gains) on financial instruments, net, consist of: Years ended December 31, 2021 2020 Foreign exchange forward contracts, net $ — $ 93 Foreign exchange collar contracts, net (note 17(a)) 2,627 (2,627 ) Cross currency interest rate swaps (note 7(b)) (1,413 ) 5,936 $ 1,214 $ 3,402

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2021
INCOME TAXES
Schedule of major components of the income tax expense	(a) The major components of the income tax expense are: Years ended December 31, 2021 2020 Current income tax: Current taxes $ 13,572 $ 8,802 Current taxes referring to previous periods (1,916 ) (2,472 ) Withholding taxes and other (37 ) 261 $ 11,619 $ 6,591 Deferred income tax: Origination and reversal of temporary differences $ 224,411 $ 78,724 Impact of changes in tax rates 1,955 2,941 Benefits arising from a previously unrecognized tax loss that reduced: Current tax expense — (21,656 ) Deferred tax expense — — Withholding taxes on profits of subsidiaries — 6 Other 2,582 2,486 $ 228,948 $ 62,501 Income tax expense $ 240,567 $ 69,092
Schedule of effective income tax rate reported in the combined statements of income reconciled to the Canadian statutory rate	(b) The effective income tax rate reported in the combined statements of net income varies from the Canadian statutory rate for the following reasons: Years ended December 31, 2021 2020 Income before income taxes $1,550,839 $499,019 Expected income taxes at the Canadian statutory tax rate of 26.5% (2020 — 26.5%) $ 410,972 $ 132,240 Income distributed and taxable to unitholders (150,899 ) (57,791 ) Net foreign rate differentials (24,099 ) (9,954 ) Net change in provisions for uncertain tax positions (458 ) (784 ) Net permanent differences 176 (115 ) Net effect of change in tax rates 1,955 2,941 Withholding taxes and other 2,920 2,555 Income tax expense $ 240,567 $ 69,092
Schedule of temporary differences in deferred tax assets and liabilities	(c) Deferred tax assets and liabilities consist of temporary differences related to the following: As at December 31, 2021 2020 Deferred tax assets: Investment properties $ — $ 490 Eligible capital expenditures 1,964 2,111 Other 2,488 2,129 Deferred tax assets $ 4,452 $ 4,730 Deferred tax liabilities: Investment properties $ 609,418 $ 396,326 Withholding tax on undistributed subsidiary profits — 149 Other (4,751 ) (3,634 ) Deferred tax liabilities $ 604,667 $ 392,841
Schedule of changes in the net deferred tax liabilities	(d) Changes in the net deferred tax liabilities consist of the following: Years ended December 31, 2021 2020 Balance, beginning of year $ 388,111 $ 316,915 Deferred tax expense recognized in net income 228,948 62,501 Foreign currency translation of deferred tax balances (16,844 ) 8,695 Net deferred tax liabilities, end of year $ 600,215 $ 388,111
Schedule of reconciliation of the beginning and ending amounts of unrecognized tax benefits	As at December 31, 2021 2020 Unrecognized tax benefits balance, beginning of year $ 11,568 $ 11,422 Decreases for tax positions of prior years (2,085 ) (2,370 ) Increases for tax positions of current year 1,859 1,766 Foreign currency impact (872 ) 750 Unrecognized tax benefits balance, end of year $ 10,470 $ 11,568
Schedule of tax years subject to examination	Major Jurisdictions Canada 2015 through 2021 United States 2018 through 2021 Austria 2016 through 2021 Germany 2016 through 2021 Netherlands 2016 through 2021

SEGMENTED DISCLOSURE INFORMAT_2

SEGMENTED DISCLOSURE INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2021
SEGMENTED DISCLOSURE INFORMATION
Schedule of revenue by geographic segmentation	Revenue Years ended December 31, 2021 2020 Canada $ 65,542 17% $ 63,233 19% United States 203,273 51% 161,165 47% Austria 64,994 17% 65,716 19% Germany 27,075 7% 26,924 8% Netherlands 27,540 7% 16,694 5% Other Europe 5,064 1% 6,467 2% $ 393,488 100% $ 340,199 100%
Schedule of investment properties by geographic segmentation	Investment properties As at December 31, 2021 2020 Canada $ 1,712,946 21% $ 1,106,850 19% United States 4,229,477 53% 2,882,549 49% Austria 773,772 10% 821,260 14% Germany 465,478 6% 428,504 7% Netherlands 789,485 10% 550,946 10% Other Europe — —% 65,474 1% $ 7,971,158 100% $ 5,855,583 100%

DETAILS OF CASH FLOWS (Tables)

DETAILS OF CASH FLOWS (Tables)	12 Months Ended
	Dec. 31, 2021
DETAILS OF CASH FLOWS
Schedule of items not involving current cash flows	Years ended December 31, 2021 2020 Straight-line rent amortization $ (8,889 ) $ (8,842 ) Tenant incentive amortization 5,105 5,321 Unit-based compensation expense (note 12(b)) 12,442 8,116 Fair value gains on investment properties, net (1,298,865 ) (273,437 ) Depreciation and amortization 1,320 1,151 Fair value losses on financial instruments, net (note 13(e)) 1,214 3,402 Loss on sale of investment properties, net 761 901 Amortization of issuance costs and modification losses relating to debentures and term loans 1,489 1,024 Amortization of deferred financing costs 1,033 312 Deferred income taxes (note 14(a)) 228,948 62,501 Early redemption premium (note 7(a)) 3,963 — Other (171 ) (30 ) $ (1,051,650 ) $ (199,581 )
Schedule of changes in working capital balances	Years ended December 31, 2021 2020 Accounts receivable $ (4,119 ) $ 10,141 Prepaid expenses and other (2,899 ) 61 Accounts payable and accrued liabilities 5,411 844 Deferred revenue 191 5,595 $ (1,416 ) $ 16,641
Schedule of cash and cash equivalents	As at December 31, 2021 2020 Cash $ 401,954 $ 780,979 Short-term deposits 559 50,301 $ 402,513 $ 831,280

FAIR VALUE AND RISK MANAGEMENT

FAIR VALUE AND RISK MANAGEMENT (Tables)	12 Months Ended
	Dec. 31, 2021
FAIR VALUE AND RISK MANAGEMENT
Schedule of measurement of financial assets and liabilities	As at December 31, 2021 2020 Carrying Fair Value Carrying Fair Value Financial assets Construction funds in escrow $ — $ — $ 8,402 $ 8,402 Other assets 308 (1) 308 349 (1) 349 Cross currency interest rate swaps 62,768 62,768 28,676 28,676 Loan receivable 10,471 10,471 — — Accounts receivable 10,771 10,771 6,746 6,746 Prepaid expenses and other — — 2,627 (2) 2,627 Cash and cash equivalents 402,513 402,513 831,280 831,280 $ 486,831 $ 486,831 $ 878,080 $ 878,080 Financial liabilities Unsecured debentures, net $ 1,891,742 $ 1,914,560 $ 1,643,175 (3) $ 1,737,185 Unsecured term loans, net 533,347 533,347 534,947 534,947 Secured debt 763 763 — — Cross currency interest rate swaps 18,624 18,624 114,264 (4) 114,264 Accounts payable and accrued liabilities 113,244 113,244 61,197 61,197 Distributions payable 16,969 16,969 15,422 15,422 $ 2,574,689 $ 2,597,507 $ 2,369,005 $ 2,463,015
Schedule of assets and liabilities measured or disclosed at fair value on a recurring and non-recurring basis and the level within the fair value hierarchy in which the fair value measurements fall	As at December 31, 2021 Level 1 Level 2 Level 3 ASSETS AND LIABILITIES MEASURED OR DISCLOSED AT FAIR VALUE Assets measured at fair value Investment properties (note 4) $ — $ — $ 7,971,158 Assets held for sale (note 5) — — 64,612 Cross currency interest rate swaps (note 7) — 62,768 — Loan receivable (note 6) — 10,471 — Liabilities measured or disclosed at fair value Unsecured debentures, net (note 7) 1,914,560 — — Unsecured term loans, net (note 7) — 533,347 — Secured debt (note 8) — 763 — Cross currency interest rate swaps (note 7) — 18,624 — Net (liabilities) assets measured or disclosed at fair value $ (1,914,560 ) $ (479,495 ) $ 8,035,770 As at December 31, 2020 Level 1 Level 2 Level 3 ASSETS AND LIABILITIES MEASURED OR DISCLOSED AT FAIR Assets measured at fair value Investment properties (note 4) $ — $ — $ 5,855,583 Cross currency interest rate swap (note 7) — 28,676 — Foreign exchange collars included in prepaid expenses and other — 2,627 — Liabilities measured or disclosed at fair value Unsecured debentures, net (note 7) 1,737,185 — — Unsecured term loans, net (note 7) — 534,947 — Cross currency interest rate swaps (note 7) — 114,264 — Net (liabilities) assets measured or disclosed at fair value $ (1,737,185 ) $ (617,908 ) $ 5,855,583
Schedule of contractual maturities of financial liabilities	Payments due by year As at December 31, Total 2022 2023 2024 2025 2026 Thereafter Unsecured debentures $ 1,900,000 $ — $ 400,000 $ — $ — $ — $ 1,500,000 Unsecured term loans 534,136 — — 234,136 — 300,000 — Cross currency interest rate swaps 18,624 — 6,551 5,056 — — 7,017 Secured debt 763 — 763 — — — — Interest payments (1) Unsecured debentures, net of cross currency interest rate swap savings 209,645 39,396 39,396 29,517 29,517 29,517 42,302 Unsecured term loans, net of cross currency interest rate swap savings 18,406 3,946 3,946 3,946 3,284 3,284 — Accounts payable and accrued liabilities 113,244 108,571 3,275 1,398 — — — Distributions payable 16,969 16,969 — — — — — $ 2,811,787 $ 168,882 $ 453,931 $ 274,053 $ 32,801 $ 332,801 $ 1,549,319

CAPITAL MANAGEMENT (Tables)

CAPITAL MANAGEMENT (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of objectives, policies and processes for managing capital [abstract]
Schedule of total managed capital structure of the Trust	As at December 31, 2021 2020 Unsecured debentures, net $ 1,891,742 $ 1,643,175 Unsecured term loans, net 533,347 534,947 Cross currency interest rate swap (assets) liabilities, net (1) (44,144 ) 85,588 Secured debt 763 — Total debt 2,381,708 2,263,710 Stapled unitholders’ equity 5,318,653 3,920,069 Total managed capital $ 7,700,361 $ 6,183,779 (1) Balance is net of the cross currency interest rate swap assets (note 7(b)).

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2021
RELATED PARTY TRANSACTIONS
Schedule of transactions with related parties	Years ended December 31, 2021 2020 Salaries, incentives and short-term benefits $ 4,793 $ 4,082 Unit-based compensation expense including fair value adjustments 4,673 3,744 $ 9,466 $ 7,826

COMBINED FINANCIAL INFORMATION

COMBINED FINANCIAL INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2021
COMBINED FINANCIAL INFORMATION
Schedule of Balance Sheet	Balance Sheet As at December 31, 2021 Granite REIT Granite GP Eliminations/ Adjustments Granite REIT and ASSETS Non-current Investment properties $ 7,971,158 $ 7,971,158 Investment in Granite LP (1) — 38 (38 ) — Other non-current 109,010 109,010 8,080,168 38 (38 ) 8,080,168 Current assets: Assets held for sale 64,612 64,612 Other current assets 19,404 19,404 Intercompany receivable (2) — 21,429 (21,429 ) — Cash and cash equivalents 402,059 454 402,513 Total assets $ 8,566,243 21,921 (21,467 ) $ 8,566,697 LIABILITIES AND EQUITY Non-current Unsecured debt, net $ 2,425,089 $ 2,425,089 Other non-current 655,699 655,699 3,080,788 3,080,788 Current liabilities: Intercompany payable (2) 21,429 (21,429 ) — Other current liabilities 142,492 21,883 164,375 Total liabilities 3,244,709 21,883 (21,429 ) 3,245,163 Equity: Stapled unitholders’ equity 5,318,615 38 5,318,653 Non-controlling 2,919 (38 ) 2,881 Total liabilities and equity $ 8,566,243 21,921 (21,467 ) $ 8,566,697 (1) Granite REIT Holdings Limited Partnership (“Granite LP”) is 100% owned by Granite REIT and Granite GP. (2) Represents employee and trustee/director compensation related amounts which will be reimbursed by Granite LP. Balance Sheet As at December 31, 2020 Granite REIT Granite GP Eliminations/ Adjustments Granite REIT and ASSETS Non-current Investment properties $ 5,855,583 $ 5,855,583 Investment in Granite LP (1) — 25 (25 ) — Other non-current 46,046 46,046 5,901,629 25 (25 ) 5,901,629 Current assets: Other current assets 14,546 17 14,563 Intercompany receivable (2) — 13,792 (13,792 ) — Cash and cash equivalents 830,455 825 831,280 Total assets $ 6,746,630 14,659 (13,817 ) $ 6,747,472 LIABILITIES AND EQUITY Non-current Unsecured debt, net $ 1,928,252 $ 1,928,252 Other non-current 523,096 523,096 2,451,348 2,451,348 Current liabilities: Unsecured debt, net 249,870 249,870 Intercompany payable (2) 13,792 (13,792 ) — Other current liabilities 109,416 14,634 124,050 Total liabilities 2,824,426 14,634 (13,792 ) 2,825,268 Equity: Stapled unitholders’ equity 3,920,044 25 3,920,069 Non-controlling 2,160 (25 ) 2,135 Total liabilities and equity $ 6,746,630 14,659 (13,817 ) $ 6,747,472 (1) Granite LP is 100% owned by Granite REIT and Granite GP. (2) Represents employee and trustee/director compensation related amounts which will be reimbursed by Granite LP.
Schedule of Income Statement	Income Statement Year Ended December 31, 2021 Granite REIT Granite GP Eliminations/ Adjustments Granite REIT and Revenue $ 393,488 $ 393,488 General and administrative expenses 38,400 38,400 Interest expense and other financing costs 47,226 47,226 Other costs and expenses, net 53,913 53,913 Share of (income) loss of Granite LP — (13 ) 13 — Fair value gains on investment properties, net (1,298,865 ) (1,298,865 ) Fair value losses on financial instruments, net 1,214 1,214 Loss on sale of investment properties, net 761 761 Income before income taxes 1,550,839 13 (13 ) 1,550,839 Income tax expense 240,567 240,567 Net income 1,310,272 13 (13 ) 1,310,272 Less net income attributable to non-controlling 348 (13 ) 335 Net income attributable to stapled unitholders $ 1,309,924 13 — $ 1,309,937 Income Statement Year Ended December 31, 2020 Granite REIT Granite GP Eliminations/ Adjustments Granite REIT and Revenue $ 340,199 $ 340,199 General and administrative expenses 32,203 32,203 Interest expense and other financing costs 35,839 35,839 Other costs and expenses, net 42,272 42,272 Share of (income) loss of Granite LP — (4 ) 4 — Fair value gains on investment properties, net (273,437 ) (273,437 ) Fair value losses on financial instruments, net 3,402 3,402 Loss on sale of investment properties, net 901 901 Income before income taxes 499,019 4 (4 ) 499,019 Income tax expense 69,092 69,092 Net income 429,927 4 (4 ) 429,927 Less net income attributable to non-controlling 127 (4 ) 123 Net income attributable to stapled unitholders $ 429,800 4 — $ 429,804
Schedule of Statement of Cash Flows	Statement of Cash Flows Year Ended December 31, 2021 Granite REIT Granite GP Eliminations/ Adjustments Granite REIT and OPERATING ACTIVITIES Net income $ 1,310,272 13 (13 ) $ 1,310,272 Items not involving operating cash flows (1,051,650 ) (13 ) 13 (1,051,650 ) Changes in working capital balances (1,045 ) (371 ) (1,416 ) Other operating activities 5,058 5,058 Cash provided by (used in) operating activities 262,635 (371 ) — 262,264 INVESTING ACTIVITIES Property acquisitions (925,901 ) (925,901 ) Proceeds from disposals, net 35,428 35,428 Additions to income-producing properties (28,003 ) (28,003 ) Additions to properties under development (71,168 ) (71,168 ) Construction funds released from escrow 8,341 8,341 Other investing activities (44,121 ) (44,121 ) Cash used in investing activities (1,025,424 ) — — (1,025,424 ) FINANCING ACTIVITIES Distributions paid (191,082 ) (191,082 ) Other financing activities 524,557 524,557 Cash provided by financing activities 333,475 — — 333,475 Effect of exchange rate changes 918 918 Net decrease in cash and cash equivalents during the year $ (428,396 ) (371 ) — $ (428,767 ) Statement of Cash Flows Year Ended December 31, 2020 Granite REIT Granite GP Eliminations/ Adjustments Granite REIT and OPERATING ACTIVITIES Net income $ 429,927 4 (4 ) $ 429,927 Items not involving operating cash flows (199,581 ) (4 ) 4 (199,581 ) Changes in working capital balances 16,108 533 16,641 Other operating activities 2,306 2,306 Cash provided by operating activities 248,760 533 — 249,293 INVESTING ACTIVITIES Property acquisitions (1,045,659 ) (1,045,659 ) Proceeds from disposals, net 42,508 42,508 Additions to income-producing properties (22,983 ) (22,983 ) Additions to properties under development (40,613 ) (40,613 ) Construction funds released from escrow 8,622 8,622 Other investing activities (13,669 ) (13,669 ) Cash used in investing activities (1,071,794 ) — — (1,071,794 ) FINANCING ACTIVITIES Distributions paid (163,064 ) (163,064 ) Other financing activities 1,521,261 1,521,261 Cash provided by financing activities 1,358,197 — — 1,358,197 Effect of exchange rate changes (3,093 ) (3,093 ) Net increase in cash and cash equivalents during the year $ 532,070 533 — $ 532,603

NATURE AND DESCRIPTION OF THE_2

NATURE AND DESCRIPTION OF THE TRUST (Details)	Jan. 03, 2013shares
Nature and description of the Trust
Common shares exchange ratio for stapled units	1
Granite REIT
Nature and description of the Trust
Number of units included in one stapled unit (in units)	1
Granite GP
Nature and description of the Trust
Number of common shares included in one stapled unit (in shares)	1

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES - Fixed Assets (Details)	12 Months Ended
	Dec. 31, 2021
Computer hardware and software | Minimum
Fixed Assets
Useful Lives of Fixed Assets	3 years
Computer hardware and software | Maximum
Fixed Assets
Useful Lives of Fixed Assets	5 years
Other furniture and fixtures | Minimum
Fixed Assets
Useful Lives of Fixed Assets	5 years
Other furniture and fixtures | Maximum
Fixed Assets
Useful Lives of Fixed Assets	7 years

ACQUISITIONS - Income-Producing

ACQUISITIONS - Income-Producing Properties (Details) $ in Thousands

Dec. 31, 2021CAD ($)

Dec. 22, 2021CAD ($)

Dec. 17, 2021CAD ($)

Dec. 13, 2021CAD ($)

Sep. 17, 2021CAD ($)

Sep. 08, 2021CAD ($)

Sep. 07, 2021CAD ($)

Sep. 03, 2021CAD ($)a

Aug. 16, 2021CAD ($)

Jun. 30, 2021CAD ($)

Jun. 25, 2021CAD ($)

Mar. 12, 2021CAD ($)

Dec. 22, 2020CAD ($)

Dec. 18, 2020CAD ($)

Dec. 04, 2020CAD ($)

Nov. 20, 2020CAD ($)

Nov. 12, 2020CAD ($)

Sep. 30, 2020CAD ($)

Sep. 28, 2020CAD ($)a

Sep. 01, 2020CAD ($)

Jul. 08, 2020CAD ($)a

Jul. 01, 2020CAD ($)

Jun. 18, 2020CAD ($)a

Jun. 08, 2020CAD ($)

May 01, 2020CAD ($)

Mar. 13, 2020CAD ($)

Dec. 31, 2021CAD ($)

Dec. 31, 2020CAD ($)

Feb. 03, 2022Properties

Disclosure of detailed information about business combination [line items]

Investment properties

$ 837,950

$ 985,883

$ 837,950

Number of properties

4

4

5

3

3

Transaction costs

19,989

$ 14,735

Total acquisition cost

857,939

1,000,618

857,939

Mississauga, ON

Disclosure of detailed information about business combination [line items]

Investment properties

19,450

Transaction costs

444

Total acquisition cost

$ 19,894

Total Property

Disclosure of detailed information about business combination [line items]

Investment properties

923,964

923,964

$ 1,030,447

Transaction costs

21,760

15,212

Total acquisition cost

945,724

945,724

$ 1,045,659

Bleiswijk, Netherlands

Disclosure of detailed information about business combination [line items]

Investment properties

[1]

$ 35,632

Transaction costs

[1]

145

Total acquisition cost

[1]

$ 35,777

Weert, Netherlands

Disclosure of detailed information about business combination [line items]

Investment properties

$ 31,910

Transaction costs

253

Total acquisition cost

$ 32,163

Tilburg, Netherlands

Disclosure of detailed information about business combination [line items]

Investment properties

[2]

$ 71,716

Transaction costs

[2]

710

Total acquisition cost

[2]

72,426

Ede, Netherlands

Disclosure of detailed information about business combination [line items]

Investment properties

21,403

Transaction costs

178

Total acquisition cost

$ 21,581

Brampton, ON

Disclosure of detailed information about business combination [line items]

Investment properties

$ 22,173

Transaction costs

593

Total acquisition cost

$ 22,766

Ajax, ON

Disclosure of detailed information about business combination [line items]

Investment properties

$ 15,350

Transaction costs

407

Total acquisition cost

$ 15,757

Memphis, TN, and Southaven, MS

Disclosure of detailed information about business combination [line items]

Investment properties

$ 111,590

Transaction costs

497

Total acquisition cost

112,087

Groveport, OH, Hamilton, OH, West Chester, OH, and Indianapolis, IN

Disclosure of detailed information about business combination [line items]

Investment properties

177,647

Transaction costs

801

Total acquisition cost

$ 178,448

Obetz, OH

Disclosure of detailed information about business combination [line items]

Investment properties

$ 45,092

Number of properties | a

5

Transaction costs

$ 256

Total acquisition cost

$ 45,348

Fort Worth, TX

Disclosure of detailed information about business combination [line items]

Investment properties

$ 8,932

Transaction costs

332

Total acquisition cost

$ 9,264

Palmetto, GA

Disclosure of detailed information about business combination [line items]

Investment properties

[3]

$ 105,184

Transaction costs

[3]

189

Total acquisition cost

[3]

$ 105,373

Voorschoten, Netherlands

Disclosure of detailed information about business combination [line items]

Investment properties

$ 24,577

Transaction costs

1,708

Total acquisition cost

$ 26,285

Hengelo, Netherlands

Disclosure of detailed information about business combination [line items]

Investment properties

$ 46,226

Transaction costs

2,882

Total acquisition cost

$ 49,108

Nijmegen, Netherlands

Disclosure of detailed information about business combination [line items]

Investment properties

$ 39,067

Transaction costs

2,531

Total acquisition cost

$ 41,598

Hanover Township, PA

Disclosure of detailed information about business combination [line items]

Investment properties

$ 174,722

Transaction costs

2,212

Total acquisition cost

176,934

Nanticoke, PA

Disclosure of detailed information about business combination [line items]

Investment properties

79,776

Transaction costs

1,074

Total acquisition cost

$ 80,850

Locust Grove, GA

Disclosure of detailed information about business combination [line items]

Investment properties

[4]

$ 85,138

Transaction costs

[4]

401

Total acquisition cost

[4]

$ 85,539

Joliet, IL

Disclosure of detailed information about business combination [line items]

Investment properties

$ 20,705

Transaction costs

616

Total acquisition cost

$ 21,321

Joliet, IL | 3801 Rock Creek Blvd.

Disclosure of detailed information about business combination [line items]

Investment properties

$ 30,247

Transaction costs

75

Total acquisition cost

30,322

Joliet, IL 2 | 3900 Rock Creek Blvd.

Disclosure of detailed information about business combination [line items]

Investment properties

34,673

Transaction costs

85

Total acquisition cost

34,758

Joliet, IL 3

Disclosure of detailed information about business combination [line items]

Investment properties

50,657

Transaction costs

118

Total acquisition cost

$ 50,775

Utrecht, Netherlands

Disclosure of detailed information about business combination [line items]

Investment properties

$ 42,125

Transaction costs

3,432

Total acquisition cost

$ 45,557

Toronto, ON | 100 Ronson Drive.

Disclosure of detailed information about business combination [line items]

Investment properties

$ 18,436

Transaction costs

818

Total acquisition cost

19,254

Toronto, ON 2

Disclosure of detailed information about business combination [line items]

Investment properties

16,164

Transaction costs

1,001

Total acquisition cost

$ 17,165

Brantford, ON

Disclosure of detailed information about business combination [line items]

Investment properties

$ 66,000

$ 62,201

Transaction costs

1,491

1,491

Total acquisition cost

67,491

$ 63,692

Breda, Netherlands | Hazeldonk 6520-6524

Disclosure of detailed information about business combination [line items]

Investment properties

87,931

Transaction costs

7,030

Total acquisition cost

94,961

Breda, Netherlands 2

Disclosure of detailed information about business combination [line items]

Investment properties

54,699

Transaction costs

4,373

Total acquisition cost

$ 59,072

Whitestown, IN

Disclosure of detailed information about business combination [line items]

Investment properties

[5]

$ 87,478

Transaction costs

[5]

212

Total acquisition cost

[5]

$ 87,690

Murfreesboro, TN

Disclosure of detailed information about business combination [line items]

Investment properties

$ 17,308

Transaction costs

213

Total acquisition cost

$ 17,521

Lebanon, TN

Disclosure of detailed information about business combination [line items]

Investment properties

23,813

$ 6,505

23,813

Transaction costs

67

280

Total acquisition cost

$ 24,093

$ 6,572

$ 24,093

Antioch, IL Richwood, KY Olive Branch, MS

Disclosure of detailed information about business combination [line items]

Investment properties

$ 243,697

Transaction costs

337

Total acquisition cost

$ 244,034

[1]

The development in Bleiswijk, Netherlands was completed in September 2020 and subsequently transferred to income-producing properties. The property purchase price includes a tenant allowance of $6.8 million (€4.4 million) paid in September 2020 associated with the acquisition.

[2]

Excludes construction costs and holdbacks of $12.4 million (€8.1million) related to a 0.1 million square foot expansion paid during the fourth quarter of 2020.

[3]

The Trust acquired the leasehold interest in this property which resulted in the recognition of a right-of-use asset, including transaction costs, of $105,373. The Trust will acquire freehold title to the property on December 1, 2029.

[4]

The Trust acquired the leasehold interest in the property which resulted in the recognition of a right-of-use asset, including transaction costs, of $85,913. The Trust will acquire freehold title to the property on December 1, 2028.

[5]

The property purchase price includes a tenant allowance of $8.1 million (US$6.3 million) which is unpaid as of December 31, 2021.

ACQUISITIONS - Income Producing

ACQUISITIONS - Income Producing Properties - Additional Information (Details) € in Millions, a in Millions, $ in Millions	Sep. 01, 2020CAD ($)	Sep. 01, 2020EUR (€)	Dec. 31, 2020CAD ($)a	Dec. 31, 2021CAD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020CAD ($)	Dec. 31, 2020EUR (€)	Sep. 28, 2020CAD ($)
Disclosure of detailed information about business combination [line items]
Total acquisition cost				$ 857,939,000				$ 1,000,618,000
Construction costs			$ 12,400,000			$ 12,400,000	€ 8.1
Sqaure feet land used for expansion | a			0.1
Income-producing properties
Disclosure of detailed information about business combination [line items]
Investment Properties Transaction Costs Recognised As on Acquisition Date				21,500		15,200
Payment of tenant allowance as part of property purchase	$ 6,800,000	€ 4.4		8,100,000	$ 6.3
Pooler GA
Disclosure of detailed information about business combination [line items]
Total acquisition cost			$ 105,373,000	$ 85,539,000		$ 105,373,000

INVESTMENT PROPERTIES - Compone

INVESTMENT PROPERTIES - Components of investment properties (Details) - CAD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Investment Properties:
Investment properties	$ 7,971,158	$ 5,855,583
Income-producing properties
Investment Properties:
Investment properties	7,727,368	5,786,338	$ 4,377,623
Properties under development
Investment Properties:
Investment properties	162,817	31,488	51,310
Land held for development
Investment Properties:
Investment properties	$ 80,973	$ 37,757	$ 28,966

INVESTMENT PROPERTIES - Changes

INVESTMENT PROPERTIES - Changes in investment properties (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Sep. 28, 2020
Investment Properties:
Balance, beginning of year	$ 5,855,583
Acquisitions	837,950		$ 985,883
Costs to complete acquired property	(8,341)	$ (8,622)
Amortization of straight-line rent	(8,889)	(8,842)
Amortization of tenant allowances	(5,105)	(5,321)
Fair value gains (losses), net	1,298,865	273,437
Balance, end of year	7,971,158	5,855,583
Income-producing properties
Investment Properties:
Balance, beginning of year	5,786,338	4,377,623
Maintenance or improvements	10,897	3,997
Leasing commissions	2,456	3,449
Tenant allowances	3,439	1,784
Developments or expansions	8,726	12,582
Acquisitions	857,939	1,000,618
Costs to complete acquired property	8,344	8,622
Disposals	(36,793)	(31,276)
Transfer to income-producing properties		97,733
Amortization of straight-line rent	8,889	8,842
Amortization of tenant allowances	(5,105)	(5,321)
Other changes	350	(16)
Fair value gains (losses), net	1,300,499	273,914
Foreign currency translation, net	(157,468)	33,787
Classified as assets held for sale	(61,143)
Balance, end of year	7,727,368	5,786,338
Properties under development
Investment Properties:
Balance, beginning of year	31,488	51,310
Leasing commissions	3,298
Developments or expansions	88,729	39,083
Acquisitions	24,093	35,777
Transfer to properties under development	16,812
Transfer to income-producing properties		(97,733)
Fair value gains (losses), net	(280)	(145)
Foreign currency translation, net	(1,323)	3,196
Balance, end of year	162,817	31,488
Land held for development
Investment Properties:
Balance, beginning of year	37,757	28,966
Developments or expansions	1,906	458
Acquisitions	63,692	9,264
Transfer to properties under development	(16,812)
Fair value gains (losses), net	(1,354)	(332)
Foreign currency translation, net	(747)	(599)
Classified as assets held for sale	(3,469)
Balance, end of year	$ 80,973	$ 37,757

INVESTMENT PROPERTIES - Fair va

INVESTMENT PROPERTIES - Fair value methodology (Details)	12 Months Ended
	Dec. 31, 2021yr
INVESTMENT PROPERTIES
General period of discounting the expected future cash flows	10 years
Year of application of capitalization rate to the estimated cash flows in that year	11

INVESTMENT PROPERTIES - Net str

INVESTMENT PROPERTIES - Net straight-line rent receivable (Details) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
INVESTMENT PROPERTIES
Net straight-line rent receivable	$ 35.7	$ 27.2

INVESTMENT PROPERTIES - Minimum

INVESTMENT PROPERTIES - Minimum rental commitments payable on non-cancellable operating leases (Details) $ in Thousands	Dec. 31, 2021CAD ($)
Investment Properties:
Minimum rental commitments on non-cancellable tenant operating leases	$ 2,354,431
2022
Investment Properties:
Minimum rental commitments on non-cancellable tenant operating leases	357,327
2023
Investment Properties:
Minimum rental commitments on non-cancellable tenant operating leases	334,660
2024
Investment Properties:
Minimum rental commitments on non-cancellable tenant operating leases	255,396
2025
Investment Properties:
Minimum rental commitments on non-cancellable tenant operating leases	231,666
2026
Investment Properties:
Minimum rental commitments on non-cancellable tenant operating leases	199,784
2027 and thereafter
Investment Properties:
Minimum rental commitments on non-cancellable tenant operating leases	$ 975,598

INVESTMENT PROPERTIES - Key val

INVESTMENT PROPERTIES - Key valuation metrics by country (Details) - Income-producing properties		Dec. 31, 2021	Dec. 31, 2020
Maximum | Discount rate
Investment Properties:
Key valuation metrics (as a percent)		9.75%	10.50%
Maximum | Terminal capitalization rate
Investment Properties:
Key valuation metrics (as a percent)		8.75%	9.75%
Minimum | Discount rate
Investment Properties:
Key valuation metrics (as a percent)		3.60%	4.40%
Minimum | Terminal capitalization rate
Investment Properties:
Key valuation metrics (as a percent)		3.75%	4.50%
Weighted average | Discount rate
Investment Properties:
Key valuation metrics (as a percent)	[1]	5.67%	6.38%
Weighted average | Terminal capitalization rate
Investment Properties:
Key valuation metrics (as a percent)	[1]	5.03%	5.82%
Canada | Maximum | Discount rate
Investment Properties:
Key valuation metrics (as a percent)		6.50%	6.25%
Canada | Maximum | Terminal capitalization rate
Investment Properties:
Key valuation metrics (as a percent)		5.75%	5.50%
Canada | Minimum | Discount rate
Investment Properties:
Key valuation metrics (as a percent)		4.50%	5.25%
Canada | Minimum | Terminal capitalization rate
Investment Properties:
Key valuation metrics (as a percent)		4.00%	4.75%
Canada | Weighted average | Discount rate
Investment Properties:
Key valuation metrics (as a percent)	[1]	5.14%	5.71%
Canada | Weighted average | Terminal capitalization rate
Investment Properties:
Key valuation metrics (as a percent)	[1]	4.54%	5.22%
United States | Maximum | Discount rate
Investment Properties:
Key valuation metrics (as a percent)		9.25%	9.25%
United States | Maximum | Terminal capitalization rate
Investment Properties:
Key valuation metrics (as a percent)		8.50%	8.50%
United States | Minimum | Discount rate
Investment Properties:
Key valuation metrics (as a percent)		4.75%	5.00%
United States | Minimum | Terminal capitalization rate
Investment Properties:
Key valuation metrics (as a percent)		3.75%	4.75%
United States | Weighted average | Discount rate
Investment Properties:
Key valuation metrics (as a percent)	[1]	5.54%	6.18%
United States | Weighted average | Terminal capitalization rate
Investment Properties:
Key valuation metrics (as a percent)	[1]	4.79%	5.58%
Germany | Maximum | Discount rate
Investment Properties:
Key valuation metrics (as a percent)		9.75%	9.00%
Germany | Maximum | Terminal capitalization rate
Investment Properties:
Key valuation metrics (as a percent)		8.75%	8.25%
Germany | Minimum | Discount rate
Investment Properties:
Key valuation metrics (as a percent)		4.90%	5.50%
Germany | Minimum | Terminal capitalization rate
Investment Properties:
Key valuation metrics (as a percent)		3.90%	4.50%
Germany | Weighted average | Discount rate
Investment Properties:
Key valuation metrics (as a percent)	[1]	6.48%	6.85%
Germany | Weighted average | Terminal capitalization rate
Investment Properties:
Key valuation metrics (as a percent)	[1]	5.38%	5.83%
Austria | Maximum | Discount rate
Investment Properties:
Key valuation metrics (as a percent)		9.50%	10.50%
Austria | Maximum | Terminal capitalization rate
Investment Properties:
Key valuation metrics (as a percent)		7.65%	9.75%
Austria | Minimum | Discount rate
Investment Properties:
Key valuation metrics (as a percent)		7.90%	8.25%
Austria | Minimum | Terminal capitalization rate
Investment Properties:
Key valuation metrics (as a percent)		6.65%	7.00%
Austria | Weighted average | Discount rate
Investment Properties:
Key valuation metrics (as a percent)	[1]	8.28%	8.58%
Austria | Weighted average | Terminal capitalization rate
Investment Properties:
Key valuation metrics (as a percent)	[1]	7.16%	7.47%
Netherlands | Maximum | Discount rate
Investment Properties:
Key valuation metrics (as a percent)		6.25%	6.25%
Netherlands | Maximum | Terminal capitalization rate
Investment Properties:
Key valuation metrics (as a percent)		7.40%	7.40%
Netherlands | Minimum | Discount rate
Investment Properties:
Key valuation metrics (as a percent)		3.60%	4.40%
Netherlands | Minimum | Terminal capitalization rate
Investment Properties:
Key valuation metrics (as a percent)		3.80%	4.80%
Netherlands | Weighted average | Discount rate
Investment Properties:
Key valuation metrics (as a percent)	[1]	4.44%	4.99%
Netherlands | Weighted average | Terminal capitalization rate
Investment Properties:
Key valuation metrics (as a percent)	[1]	4.94%	5.58%
Other | Maximum
Investment Properties:
Key valuation metrics (as a percent)			9.75%
Other | Maximum | Discount rate
Investment Properties:
Key valuation metrics (as a percent)			7.50%
Other | Minimum
Investment Properties:
Key valuation metrics (as a percent)			6.00%
Other | Minimum | Discount rate
Investment Properties:
Key valuation metrics (as a percent)			7.00%
Other | Weighted average
Investment Properties:
Key valuation metrics (as a percent)	[1]		6.97%
Other | Weighted average | Discount rate
Investment Properties:
Key valuation metrics (as a percent)	[1]		7.32%
[1]	Weighted based on income-producing property fair value.

INVESTMENT PROPERTIES - Sensiti

INVESTMENT PROPERTIES - Sensitivity (Details) $ in Thousands	Dec. 31, 2021USD ($)
Discount rate
Investment Properties:
Fair value at +50 basis points	$ 7,427,244
Fair value at +25 basis points	7,575,460
Fair value at base rate	7,727,368
Fair value at -25 basis points	7,882,953
Fair value at -50 basis points	8,042,436
Change in fair value at +50 basis points	(300,124)
Change in fair value at +25 basis points	(151,908)
Change in fair value at -25 basis points	155,585
Change in fair value at -50 basis points	315,068
Terminal capitalization rate
Investment Properties:
Fair value at +50 basis points	7,249,199
Fair value at +25 basis points	7,476,136
Fair value at base rate	7,727,368
Fair value at -25 basis points	8,006,996
Fair value at -50 basis points	8,320,427
Change in fair value at +50 basis points	(478,169)
Change in fair value at +25 basis points	(251,232)
Change in fair value at -25 basis points	279,628
Change in fair value at -50 basis points	$ 593,059

ASSETS HELD FOR SALE AND DISP_3

ASSETS HELD FOR SALE AND DISPOSITIONS - Disposals (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
DISPOSITIONS
Sale price	$ 36,793	$ 31,300
Hedera Road, Ravensbank Business Park
DISPOSITIONS
Sale price	10,550
Puchberger Straße 267
DISPOSITIONS
Sale price	13,230
Gtzendorfer Strae 3-5
DISPOSITIONS
Sale price	$ 13,013

ASSETS HELD FOR SALE AND DISP_4

ASSETS HELD FOR SALE AND DISPOSITIONS - Disposals - Additional Information (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
DISPOSITIONS
Broker commissions, legal and advisory costs	$ 800	$ 900
Gross proceeds	36,793	$ 31,300
Financial assets available-for-sale	$ 64,600

NON-CURRENT ASSETS (Details)

NON-CURRENT ASSETS (Details) - CAD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
NON-CURRENT ASSETS
Deferred financing costs associated with the revolving credit facility	$ 2,472	$ 599
Long-term receivables	308	349
Other assets	$ 2,780	$ 948

NON-CURRENT ASSETS-Additional I

NON-CURRENT ASSETS-Additional Information (Details) $ in Thousands, $ in Millions	Dec. 17, 2021	Sep. 01, 2021CAD ($)	Sep. 01, 2021USD ($)	Mar. 31, 2021CAD ($)	Dec. 31, 2021CAD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020CAD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2021USD ($)	Sep. 28, 2020CAD ($)	Jun. 08, 2020CAD ($)	Nov. 19, 2019CAD ($)	Nov. 19, 2019USD ($)
Amortization of debt issuance costs
Investment properties					$ 837,950					$ 985,883
Construction funds in escrow					0		$ 8,402
Cash receipts from repayment of advances and loans					10,500				$ 8.3
Maximum withdrawn Loan amount					69,600	$ 55
Purchase of investment property		$ 98,100	$ 77.5		925,901		1,045,659
Estimated leasing costs		$ 8,600	$ 6.8
Borrowings, maturity	December 17, 2024
Notional amount					2,434,136		2,185,949
Payments for debt issue costs				$ 2,900	2,914		30
Amortization of Debt Issuance Costs				$ 500
Top of range [member] | Unsecured Revolving Credit Facility [Member]
Amortization of debt issuance costs
Borrowings, maturity				March 31, 2026
Notional amount				$ 1,000,000
Bottom of range [member] | Unsecured Revolving Credit Facility [Member]
Amortization of debt issuance costs
Borrowings, maturity				February 1, 2023
Notional amount				$ 500,000
Texas Income Producing Property Three
Amortization of debt issuance costs
Investment properties											$ 8,932
Construction funds in escrow					0		8,400		$ 6.6
Transfer to properties under development					$ 8,300	$ 6.6	$ 8,600	$ 6.3
Construction Funds In Escrow Account | Texas Income Producing Property Three
Amortization of debt issuance costs
Investment properties												$ 20,500	$ 15.5

UNSECURED DEBT AND CROSS CURR_3

UNSECURED DEBT AND CROSS CURRENCY INTEREST RATE SWAPS (Details) - CAD ($) $ in Thousands		Dec. 31, 2021	Dec. 31, 2020	Jun. 04, 2020
Unsecured debentures and term loans, net
Amortized Cost	[1]	$ 2,425,089	$ 2,178,122
Principal issued and outstanding		2,434,136	2,185,949
Non-current		2,425,089	1,928,252
Current			249,870
Net Unsecured Debentures and Term Loans, Non current		2,425,089	2,178,122
2021 Debentures
Unsecured debentures and term loans, net
Amortized Cost	[1]	0	249,870
Principal issued and outstanding		0	250,000
2023 Debentures
Unsecured debentures and term loans, net
Amortized Cost	[1]	399,387	399,066
Principal issued and outstanding		400,000	400,000
2027 Debentures
Unsecured debentures and term loans, net
Amortized Cost	[1]	497,618	497,179
Principal issued and outstanding		500,000	500,000	$ 370,300
2028 Debentures
Unsecured debentures and term loans, net
Amortized Cost	[1]	497,420	0
Principal issued and outstanding		500,000	0
2030 Debentures
Unsecured debentures and term loans, net
Amortized Cost	[1]	497,317	497,060
Principal issued and outstanding		500,000	500,000
2024 Term Loan
Unsecured debentures and term loans, net
Amortized Cost	[1]	233,740	235,419
Principal issued and outstanding		234,136	235,949
2026 Term Loan
Unsecured debentures and term loans, net
Amortized Cost	[1]	299,607	299,528
Principal issued and outstanding		$ 300,000	$ 300,000
[1]	The amounts outstanding are net of deferred financing costs and, in the case of the term loans, debt modification losses. The deferred financing costs and debt modification losses are amortized using the effective interest method and are recorded in interest expense.

UNSECURED DEBT AND CROSS CURR_4

UNSECURED DEBT AND CROSS CURRENCY INTEREST RATE SWAPS - 2021 Debentures (Details) - CAD ($) $ in Thousands	Jan. 04, 2021	Jul. 03, 2014	Dec. 31, 2021	Dec. 31, 2020
Unsecured debentures and term loans, net
Principal issued and outstanding			$ 2,434,136	$ 2,185,949
2021 Debentures
Unsecured debentures and term loans, net
Principal issued and outstanding			$ 0	$ 250,000
2021 Debentures | Granite LP
Unsecured debentures and term loans, net
Principal issued and outstanding	$ 250,000	$ 250,000
Interest rate		3.788%
Deferred financing costs		$ 1,600
Redemption percentage		100.00%
Redemption spread (in percent)		46.00%
Premium on redemption of debenture	4,000
Debt instrument settlement amount	$ 18,800

UNSECURED DEBT AND CROSS CURR_5

UNSECURED DEBT AND CROSS CURRENCY INTEREST RATE SWAPS - 2023 Debentures (Details) - CAD ($) $ in Thousands	Dec. 20, 2016	Dec. 31, 2021	Dec. 31, 2020
Unsecured debentures and term loans, net
Principal issued and outstanding		$ 2,434,136	$ 2,185,949
2023 Debentures
Unsecured debentures and term loans, net
Principal issued and outstanding		$ 400,000	$ 400,000
2023 Debentures | Granite LP
Unsecured debentures and term loans, net
Principal issued and outstanding	$ 400,000
Interest rate	3.873%
Deferred financing costs	$ 2,200
Redemption percentage	100.00%
Redemption spread (in percent)	62.50%
Redemption period of debentures	2 months

UNSECURED DEBT AND CROSS CURR_6

UNSECURED DEBT AND CROSS CURRENCY INTEREST RATE SWAPS - 2027 Debentures (Details) $ in Thousands, $ in Millions	Jun. 04, 2020CAD ($)	Dec. 31, 2021CAD ($)	Dec. 31, 2020CAD ($)	Jun. 04, 2020USD ($)
Disclosure of detailed information about borrowings [line items]
Principal issued and outstanding		$ 2,434,136	$ 2,185,949
2027 Debentures
Disclosure of detailed information about borrowings [line items]
Principal issued and outstanding				$ 500
Interest rate	3.062%			3.062%
Redemption percentage	100.00%
2027 Debentures | Granite LP
Disclosure of detailed information about borrowings [line items]
Redemption period of debentures	2 months
Redemption spread (in percent)	65.00%			65.00%
Deferred financing costs	$ 3,000

UNSECURED DEBT AND CROSS CURR_7

UNSECURED DEBT AND CROSS CURRENCY INTEREST RATE SWAPS - 2028 Debentures (Detail) - CAD ($) $ in Thousands	Aug. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about borrowings [line items]
Principal issued and outstanding		$ 2,434,136	$ 2,185,949
2028 Debentures
Disclosure of detailed information about borrowings [line items]
Principal issued and outstanding	$ 500,000
Interest rate	2.194%
Redemption percentage	100.00%
2028 Debentures | Granite LP
Disclosure of detailed information about borrowings [line items]
Redemption period of debentures	2 months
Redemption spread (in percent)	28.50%
Deferred financing costs	$ 2,700

UNSECURED DEBT AND CROSS CURR_8

UNSECURED DEBT AND CROSS CURRENCY INTEREST RATE SWAPS - 2030 Debentures (Details) $ in Thousands, $ in Millions	Dec. 18, 2020USD ($)	Dec. 31, 2021CAD ($)	Dec. 31, 2020CAD ($)
Disclosure of detailed information about borrowings [line items]
Principal issued and outstanding		$ 2,434,136	$ 2,185,949
2030 Debentures
Disclosure of detailed information about borrowings [line items]
Principal issued and outstanding		$ 500,000	$ 500,000
2030 Debentures | Granite LP
Disclosure of detailed information about borrowings [line items]
Principal issued and outstanding	$ 500
Interest rate	2.378%
Deferred financing costs	$ 3
Redemption percentage	100.00%
Redemption spread (in percent)	39.50%
Redemption period of debentures	3 months

UNSECURED DEBT AND CROSS CURR_9

UNSECURED DEBT AND CROSS CURRENCY INTEREST RATE SWAPS - 2024 Term Loan (Details) $ in Thousands, $ in Millions	Dec. 19, 2018USD ($)	Dec. 31, 2021CAD ($)	Dec. 31, 2020CAD ($)	Dec. 19, 2018CAD ($)	Dec. 19, 2018USD ($)
Unsecured debentures and term loans, net
Principal issued and outstanding		$ 2,434,136	$ 2,185,949
2024 Term Loan
Unsecured debentures and term loans, net
Principal issued and outstanding		$ 234,136	$ 235,949
2024 Term Loan | Granite LP
Unsecured debentures and term loans, net
Principal issued and outstanding					$ 185
Proceeds from term loan	$ 185
Deferred financing costs				$ 800

UNSECURED DEBT AND CROSS CUR_10

UNSECURED DEBT AND CROSS CURRENCY INTEREST RATE SWAPS - 2026 Term Loan (Details) - CAD ($) $ in Thousands	Dec. 12, 2018	Dec. 31, 2021	Dec. 31, 2020
Unsecured debentures and term loans, net
Principal issued and outstanding		$ 2,434,136	$ 2,185,949
2026 Term Loan
Unsecured debentures and term loans, net
Principal issued and outstanding		$ 300,000	$ 300,000
2026 Term Loan | Granite LP
Unsecured debentures and term loans, net
Principal issued and outstanding	$ 300,000
Proceeds from term loan	300,000
Deferred financing costs	$ 1,500

UNSECURED DEBT AND CROSS CUR_11

UNSECURED DEBT AND CROSS CURRENCY INTEREST RATE SWAPS - Cross Currency Interest Rate Swaps (Details) - CAD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about borrowings [line items]
Cross Currency Interest Rate Swap - fair value	$ 18,624	$ 114,264
Non-current	18,624	97,311
Current	0	16,953
Cross currency interest rate swaps noncurrent	18,624	114,264
Non-current	62,768	28,676
Current	0
Cross Currency Interest Rate Swap - fair value	62,768	28,676
2021 Cross Currency Interest Rate Swap | 2021 Debentures
Disclosure of detailed information about borrowings [line items]
Cross Currency Interest Rate Swap - fair value	0	16,953
2023 Cross Currency Interest Rate Swap | 2023 Debentures
Disclosure of detailed information about borrowings [line items]
Cross Currency Interest Rate Swap - fair value	6,551	36,540
2030 Cross Currency Interest Rate Swap | 2030 Debentures
Disclosure of detailed information about borrowings [line items]
Cross Currency Interest Rate Swap - fair value	26,172	10,545
2024 Cross Currency Interest Rate Swap | 2024 Term Loan
Disclosure of detailed information about borrowings [line items]
Cross Currency Interest Rate Swap - fair value	5,056	25,370
2026 Cross Currency Interest Rate Swap | 2026 Term Loan
Disclosure of detailed information about borrowings [line items]
Cross Currency Interest Rate Swap - fair value	7,844	0
2026 Cross Currency Interest Rate Swap | 2026 Term Loan
Disclosure of detailed information about borrowings [line items]
Cross Currency Interest Rate Swap - fair value		24,856
2027 Cross Currency Interest Rate Swap | 2027 Debentures
Disclosure of detailed information about borrowings [line items]
Cross Currency Interest Rate Swap - fair value	28,752	$ 28,676
2028 Cross Currency Interest Rate Swap | 2028 Debentures
Disclosure of detailed information about borrowings [line items]
Cross Currency Interest Rate Swap - fair value	$ 7,017

UNSECURED DEBT AND CROSS CUR_12

UNSECURED DEBT AND CROSS CURRENCY INTEREST RATE SWAPS - Cross Currency Interest Rate Swaps - Additional information (Details) $ in Thousands, € in Millions, $ in Millions

Feb. 03, 2022CAD ($)

Dec. 17, 2021

Dec. 18, 2020CAD ($)

Dec. 18, 2020USD ($)

Dec. 31, 2021CAD ($)

Dec. 31, 2021USD ($)

Dec. 31, 2020CAD ($)

Dec. 31, 2020USD ($)

Aug. 30, 2021CAD ($)

Jun. 04, 2020CAD ($)

Jun. 04, 2020USD ($)

Nov. 27, 2019CAD ($)

Nov. 27, 2019EUR (€)

Sep. 24, 2019CAD ($)

Sep. 24, 2019EUR (€)

Dec. 20, 2016CAD ($)

Dec. 20, 2016EUR (€)

Jul. 03, 2014

Disclosure of detailed information about borrowings [line items]

Principal issued and outstanding

$ 2,434,136

$ 2,185,949

Gain Loss On Hedges

(1,214)

$ (1.2)

(3,402)

$ (3.4)

Borrowings, maturity

December 17, 2024

December 11, 2026

Disclosure of detailed information about borrowings [line items]

Exchange of principal proceeds | €

€ 205.5

Principal issued and outstanding

$ 300,000

2021 Debentures

Disclosure of detailed information about borrowings [line items]

Principal issued and outstanding

0

250,000

2023 Debentures

Disclosure of detailed information about borrowings [line items]

Principal issued and outstanding

400,000

400,000

2024 Term Loan

Disclosure of detailed information about borrowings [line items]

Principal issued and outstanding

234,136

235,949

2026 Term Loan

Disclosure of detailed information about borrowings [line items]

Principal issued and outstanding

300,000

300,000

2026 Term Loan | December 11, 2026

Disclosure of detailed information about borrowings [line items]

Fixed interest rate on EUR

1.355%

1.355%

Fixed interest rate on US

1.355%

1.355%

2027 Debentures

Disclosure of detailed information about borrowings [line items]

Principal issued and outstanding

500,000

500,000

$ 370,300

2027 Debentures | Interest rate risk

Disclosure of detailed information about borrowings [line items]

Fixed interest rate on EUR

2.964%

2.964%

Fixed interest rate on US

2.964%

2.964%

June 4 2027

Disclosure of detailed information about borrowings [line items]

Exchange of principal proceeds

$ 370,300

Principal issued and outstanding

$ 500,000

2030 Debentures

Disclosure of detailed information about borrowings [line items]

Principal issued and outstanding

500,000

500,000

2028 Debentures

Disclosure of detailed information about borrowings [line items]

Principal issued and outstanding

$ 500,000

$ 0

Twenty twenty Eight Cross Currency Interest Rate Swap Member [Member]

Disclosure of detailed information about borrowings [line items]

Interest rate on CAD

0.536%

Principal issued and outstanding

$ 350,000

Debt instrument ,terimation amount

$ 350,000

Borrowings, maturity

August 30, 2028

2021 Cross Currency Interest Rate Swap | 2021 Debentures

Disclosure of detailed information about borrowings [line items]

Interest rate on CAD

3.788%

Fixed interest rate on EUR

2.68%

Fixed interest rate on US

2.68%

2023 Cross Currency Interest Rate Swap | 2023 Debentures

Disclosure of detailed information about borrowings [line items]

Interest rate on CAD

3.873%

3.873%

Fixed interest rate on EUR

2.43%

2.43%

Fixed interest rate on US

2.43%

2.43%

2023 Cross Currency Interest Rate Swap | 2023 Debentures | November 30, 2023

Disclosure of detailed information about borrowings [line items]

Exchange of principal proceeds | €

€ 281.1

Principal issued and outstanding

$ 400,000

2024 Cross Currency Interest Rate Swap | 2024 Term Loan

Disclosure of detailed information about borrowings [line items]

Fixed interest rate on EUR

0.522%

0.522%

Exchange of principal proceeds | €

€ 168.2

Principal issued and outstanding

$ 185,000

Fixed interest rate on US

0.522%

0.522%

2027 Cross Currency Interest Rate Swap

Disclosure of detailed information about borrowings [line items]

Interest rate on CAD

3.062%

3.062%

Exchange of principal proceeds

$ 500,000

Principal issued and outstanding

$ 500

2030 Cross Currency Interest Rate Swap | 2030 Debentures

Disclosure of detailed information about borrowings [line items]

Interest rate on CAD

2.378%

Fixed interest rate on EUR

1.045%

Exchange of principal proceeds

$ 319.4

Principal issued and outstanding

500

Gain Loss On Hedges

$ 2,100

$ 0.7

Fixed interest rate on US

1.045%

2028 Cross Currency Interest Rate Swap

Disclosure of detailed information about borrowings [line items]

Interest rate on CAD

2.194%

Exchange of principal proceeds

$ 500,000

Principal issued and outstanding

$ 500,000

2028 Cross Currency Interest Rate Swap | 2028 Debentures

Disclosure of detailed information about borrowings [line items]

Interest rate on CAD

2.194%

Fixed interest rate on EUR

2.096%

Exchange of principal proceeds

$ 397,000

Principal issued and outstanding

$ 500,000

Fixed interest rate on US

2.096%

SECURED DEBT - Additional Infor

SECURED DEBT - Additional Information (Details) $ in Thousands, $ in Millions	Dec. 17, 2021CAD ($)Interest	Dec. 31, 2021CAD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020CAD ($)
Statement [Line Items]
Borrowings, maturity	December 17, 2024
Borrowings		$ 2,381,708		$ 2,263,710
Secured Construction Loan [Member]
Statement [Line Items]
Secured bank loans received	$ 56,100
Borrowings, maturity	December 17, 2023
Number of basis points | Interest	90
Borrowings		$ 800	$ 0.6	$ 0

LEASE OBLIGATIONS - Summary of

LEASE OBLIGATIONS - Summary of Future minimum lease payments relating to the right-of-use assets (Detail) $ in Thousands	Dec. 31, 2021CAD ($)
Schedule of Future Minimum Lease Payments Relating To The Right Of Use Assets [Line Items]
Right Of Use Assets	$ 32,150
2022
Schedule of Future Minimum Lease Payments Relating To The Right Of Use Assets [Line Items]
Right Of Use Assets	505
2023
Schedule of Future Minimum Lease Payments Relating To The Right Of Use Assets [Line Items]
Right Of Use Assets	318
2024
Schedule of Future Minimum Lease Payments Relating To The Right Of Use Assets [Line Items]
Right Of Use Assets	292
2025
Schedule of Future Minimum Lease Payments Relating To The Right Of Use Assets [Line Items]
Right Of Use Assets	259
2026
Schedule of Future Minimum Lease Payments Relating To The Right Of Use Assets [Line Items]
Right Of Use Assets	231
2027 and thereafter
Schedule of Future Minimum Lease Payments Relating To The Right Of Use Assets [Line Items]
Right Of Use Assets	$ 30,545

LEASE OBLIGATIONS - Additional

LEASE OBLIGATIONS - Additional Information (Detail) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Schedule of Future Minimum Lease Payments Relating To The Right Of Use Assets [Abstract]
Interest expense on lease liabilities	$ 1,572	$ 1,595

CURRENT LIABILITIES - Bank Inde

CURRENT LIABILITIES - Bank Indebtedness (Details) - CAD ($)	Dec. 31, 2021	Dec. 31, 2020	Feb. 01, 2018
CURRENT LIABILITIES
Borrowing capacity	$ 1,000
Outstanding borrowings	2,381,708,000	$ 2,263,710,000
Credit Facility
CURRENT LIABILITIES
Borrowing capacity	500
Additional borrowing capacity			$ 500,000,000
Drawn from credit facility	0	0
Letters of credit
CURRENT LIABILITIES
Outstanding borrowings	$ 1,700,000	$ 1,000,000

CURRENT LIABILITIES - Accounts

CURRENT LIABILITIES - Accounts Payable and Accrued Liabilities (Details) - CAD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accounts Payable and Accrued Liabilities
Accounts payable	$ 5,400	$ 3,849
Commodity tax payable	8,385	4,337
Accrual Tenant Security Deposits	6,822	6,327
Accrual Liabilities Of Employee UnitBased Compensation	11,525	7,118
Accrual Of TrusteeDirector UnitBased Compensation	8,935	5,219
Accrued salaries, incentives and benefits	5,875	5,783
Accrued interest payable	7,235	7,956
Accrued construction costs	24,399	6,285
Accrued professional fees	1,641	2,452
Acquisition related liabilities	19,579	634
Accrued property operating costs	5,768	8,878
Other tenant related liabilities	5,511	1,690
Other accrued liabilities	2,169	669
Total accounts payable and accrued liabilities	$ 113,244	$ 61,197

DISTRIBUTIONS TO STAPLED UNIT_2

DISTRIBUTIONS TO STAPLED UNITHOLDERS (Details) $ / shares in Units, $ in Thousands	Feb. 28, 2022CAD ($)$ / shares	Jan. 31, 2022CAD ($)$ / shares	Jan. 31, 2022CAD ($)$ / shares	Dec. 31, 2021CAD ($)$ / shares	Dec. 31, 2020CAD ($)$ / shares
Distributions to stapled unitholders
Distributions payable				$ 16,969	$ 15,422
Distributions
Distributions to stapled unitholders
Distributions payable	$ 17,000	$ 17,000	$ 17,000	$ 192,600	$ 165,400
Distributions declared per stapled unit | (per share)	$ 25.8	$ 25.8	$ 25.8	$ 3.01	$ 2.91

STAPLED UNITHOLDERS' EQUITY - D

STAPLED UNITHOLDERS' EQUITY - Director/Trustee Deferred Share Unit Plan (Details)	12 Months Ended
	Dec. 31, 2021
Director/Trustee Deferred Share Unit Plan
Executive Deferred Stapled Unit Plan
Maximum percent of deferral of each non-employee director's total annual remuneration	100.00%

STAPLED UNITHOLDERS' EQUITY -_2

STAPLED UNITHOLDERS' EQUITY - Director/Trustee Deferred Share Unit Plan - Reconciliation of the changes (Details) - Director/Trustee Deferred Share Unit Plan a in Thousands	12 Months Ended
	Dec. 31, 2021a$ / shares	Dec. 31, 2020a$ / shares
Executive Deferred Stapled Unit Plan
Outstanding, Number, beginning balance | a	67	50
Granted, Number | a	18	17
Outstanding, Number, ending balance | a	85	67
Outstanding, Weighted Average Grant Date Fair Value, beginning balance | $ / shares	$ 52.93	$ 48.01
New Grants, Weighted Average Grant Date Fair Value | $ / shares	79.64	67.04
Outstanding, Weighted Average Grant Date Fair Value, ending balance | $ / shares	$ 58.50	$ 52.93

STAPLED UNITHOLDERS' EQUITY - E

STAPLED UNITHOLDERS' EQUITY - Executive Deferred Stapled Unit Plan (Details) - Executive Deferred Stapled Unit Plan	12 Months Ended
	Dec. 31, 2021shares
Disclosure of terms and conditions of share-based payment arrangement
Percentage of vesting of the number of stapled units	100.00%
Maximum
Disclosure of terms and conditions of share-based payment arrangement
Number of stapled units which may be issued	1,000
Number of preceding trading days in Toronto Stock Exchange or New York Stock Exchange	5 days
Settlement period	60 days

STAPLED UNITHOLDERS' EQUITY -_3

STAPLED UNITHOLDERS' EQUITY - Executive Deferred Stapled Unit Plan - Reconciliation of the changes (Details)		12 Months Ended
		Dec. 31, 2021EquityInstrumentsa$ / shares		Dec. 31, 2020EquityInstrumentsa$ / shares
Executive Deferred Stapled Unit Plan
Executive Deferred Stapled Unit Plan
Outstanding, Number, beginning balance | EquityInstruments		128,000	[1]	145,000
New grants — RSUs and PSUs | EquityInstruments	[2]	51,000		54,000
Forfeited, Number | EquityInstruments		0		(7,000)
Outstanding, Number, ending balance | EquityInstruments	[1]	128,000		128,000
Outstanding, Weighted Average Grant Date Fair Value, beginning balance | $ / shares		$ 59.83	[1]	$ 55.93
New grants — RSUs and PSUs , Weighted Average Grant Date Fair Value | $ / shares	[2]	78.91		67.09
Forfeited, Weighted Average Grant Date Fair Value | $ / shares		0		73.64
Outstanding, Weighted Average Grant Date Fair Value, ending balance | $ / shares	[1]	$ 67.19		$ 59.83
Executive Deferred Stapled Unit Plan | Cash settlement
Executive Deferred Stapled Unit Plan
Settled, Number | EquityInstruments		(24,000)		(33,000)
Settled, Weighted Average Grant Date Fair Value | $ / shares		$ 59.38		$ 55.70
Executive Deferred Stapled Unit Plan | Settled in shares stapled units
Executive Deferred Stapled Unit Plan
Settled, Number | EquityInstruments		(27,000)		(31,000)
Settled, Weighted Average Grant Date Fair Value | $ / shares		$ 59.38		$ 55.70
Performance based units
Executive Deferred Stapled Unit Plan
Outstanding, Number, beginning balance | a		54,600
New grants — RSUs and PSUs | a		25,000		26,500
Outstanding, Number, ending balance | a		78,100		54,600
Restricted based units
Executive Deferred Stapled Unit Plan
Outstanding, Number, beginning balance | a		73,700
New grants — RSUs and PSUs | a		18,700		22,100
Outstanding, Number, ending balance | a		50,200		73,700
[1]	Total restricted stapled units outstanding at December 31, 2021 include a total of 50.2 RSUs and 78.1 PSUs granted (2020 — 73.7 RSUs and 54.6 PSUs).
[2]	Includes 18.7 RSUs and 25.0 PSUs granted during the year ended December 31, 2021 (2020 — 22.1 RSUs and 26.5 PSUs).

STAPLED UNITHOLDERS' EQUITY -_4

STAPLED UNITHOLDERS' EQUITY - Disclosure Of Assumptions Used For Fair Value Calculation Of Performance Stock Units (Details) - Stapled Units Performance Stock 2019	12 Months Ended
	Dec. 31, 2021ashares
Disclosure Of Assumptions Used For Fair Value Calculation Of Performance Stock Units [Line Items]
Grant Date	January 1, 2021, January 1, 2020, January 1, August 12 and September 24, 2019
PSUs granted | shares	76,100
TermWeighted average term to expiry | a	1
Average volatility rate	23.40%
Weighted average risk free interest rate	0.90%

STAPLED UNITHOLDERS' EQUITY -_5

STAPLED UNITHOLDERS' EQUITY - Disclosure Of Assumptions Used For Fair Value Calculation Of Performance Stock Units (Detail) - Fair Value Of The PSU Granded (Details) - Stapled Units Performance Stock 2019 $ in Millions	Dec. 31, 2021CAD ($)
Performance based units
Disclosure Of Assumptions Used For Fair Value Calculation Of Performance Stock Units [Line Items]
Weighted average fair value at measurement date, other equity instruments granted	$ 7.3
Restricted based units
Disclosure Of Assumptions Used For Fair Value Calculation Of Performance Stock Units [Line Items]
Weighted average fair value at measurement date, other equity instruments granted	$ 4.2

STAPLED UNITHOLDERS' EQUITY - T

STAPLED UNITHOLDERS' EQUITY - Trust's unit-based compensation expense (Details) - CAD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020
Unit-based Compensation
Unit-based compensation expense		$ 12,442	$ 8,116
Total fair value remeasurement expense		6,053	2,089
Director/Trustee Deferred Share Unit Plan
Unit-based Compensation
Unit-based compensation expense	[1]	3,693	1,918
Total fair value remeasurement expense		2,275	728
Executive Deferred Stapled Unit Plan
Unit-based Compensation
Unit-based compensation expense		8,749	6,198
Restricted Stapled Units Plan For Exceutive And Employees
Unit-based Compensation
Total fair value remeasurement expense		$ 3,778	$ 1,361
[1]	In respect of fees mandated and elected to be taken as DSUs.

STAPLED UNITHOLDERS' EQUITY - N

STAPLED UNITHOLDERS' EQUITY - Normal Course Issuer Bid (Details) - CAD ($) $ / shares in Units, $ in Millions	May 20, 2021	Dec. 31, 2021	Dec. 31, 2020
Normal Course Issuer Bid
Maximum number of stapled units issued and outstanding that may be repurchased pursuant to the normal course issuer bid	6,154,057
Maximum daily purchases that may be made by Granite	46,074
Units repurchased for cancellation		$ 25
Repurchase price per unit		$ 50.95
Normal Course Issuer Bid
Normal Course Issuer Bid
Units repurchased (in units)		0	490,952
Difference between the repurchase price and the average cost		$ 1.3

STAPLED UNITHOLDERS' EQUITY - S

STAPLED UNITHOLDERS' EQUITY - Stapled Unit Offerings (Details) - Issued capital - CAD ($) $ / shares in Units, $ in Millions	Jun. 09, 2021	Nov. 24, 2020	Jun. 02, 2020	Dec. 31, 2021	Dec. 31, 2020
Disclosure of terms and conditions of share-based payment arrangement [line items]
Stappled units offering units	3,979,000	3,841,000	4,255,000	3,979,000	8,096,000
Price per unit issued	$ 79.50	$ 75	$ 68
Proceeds from units issue	$ 316.3	$ 288.1	$ 289.3
Issuance costs of units	13.2	12.2	12.4
Net proceeds after deducting offering cost	$ 303.1	$ 275.9	$ 276.9
Underwriter over allotment option
Disclosure of terms and conditions of share-based payment arrangement [line items]
Stappled units offering units	519,000	501,000	555,000

STAPLED UNITHOLDERS' EQUITY - A

STAPLED UNITHOLDERS' EQUITY - Accumulated Other Comprehensive Income (Details) - CAD ($) $ in Thousands		Dec. 31, 2021	Dec. 31, 2020
STAPLED UNITHOLDERS' EQUITY
Foreign currency translation gains on investments in subsidiaries, net of related hedging activities and non-controlling interests	[1]	$ 53,798	$ 188,169
Fair value gains (losses) on derivatives designated as net investment hedges		18,153	(92,269)
Accumulated Other Comprehensive Income		$ 71,951	$ 95,900
[1]	Includes foreign currency translation gains and losses from non-derivative financial instruments designated as net investment hedges.

RENTAL REVENUE, RECOVERIES, C_3

RENTAL REVENUE, RECOVERIES, COSTS AND EXPENSES - Tenant recoveries revenue (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Rental revenue [Abstract]
Base rent	$ 331,403	$ 291,714
Straight-line rent amortization	8,889	8,842
Tenant incentive amortization	(5,105)	(5,321)
Property tax recoveries	38,898	31,439
Property insurance recoveries	3,290	2,640
Operating cost recoveries	16,113	10,885
Total rental revenue	$ 393,488	$ 340,199

RENTAL REVENUE, RECOVERIES, C_4

RENTAL REVENUE, RECOVERIES, COSTS AND EXPENSES - Property operating costs (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property operating costs
Professional fees	$ 3,444	$ 3,423
Property operating costs	60,812	47,164
Non-recoverable from tenants:
Property operating costs
Property taxes and utilities	656	973
Property insurance	449	303
Environmental and appraisals	294	334
Professional fees	199	201
Repairs and maintenance	331	698
Property management fees	451	247
Other	290	66
Property operating costs	2,670	2,822
Recoverable from tenants:
Property operating costs
Property taxes and utilities	42,961	33,598
Property insurance	4,282	2,946
Repairs and maintenance	7,642	3,916
Property management fees	2,951	2,793
Other	306	1,089
Property operating costs	$ 58,142	$ 44,342

RENTAL REVENUE, RECOVERIES, C_5

RENTAL REVENUE, RECOVERIES, COSTS AND EXPENSES - General and administrative expenses (Details) - CAD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020
RENTAL REVENUE, RECOVERIES, COSTS AND EXPENSES
Salaries, incentives and benefits		$ 17,092	$ 15,109
Audit, legal and consulting		3,444	3,423
Trustee/director fees including distributions, revaluations and expenses	[1]	3,898	2,108
RSU and PSU compensation expense including distributions and revaluations	[1]	8,749	6,198
Other public entity costs		1,961	1,986
Office rents including property taxes and common area maintenance costs		437	424
Capital tax		630	568
Information technology costs		1,825	1,045
Other		1,030	1,405
Total		39,066	32,266
Less: capitalized general and administrative expenses		(666)	(63)
General and administrative expenses		$ 38,400	$ 32,203
[1]	For fair value remeasurement expense amounts see note 12(b).

RENTAL REVENUE, RECOVERIES, C_6

RENTAL REVENUE, RECOVERIES, COSTS AND EXPENSES - Interest expense and other financing costs (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
RENTAL REVENUE, RECOVERIES, COSTS AND EXPENSES
Interest and amortized issuance costs and modification losses relating to debentures and term loans	$ 38,428	$ 32,632
Early redemption premium relating to 2021 Debentures (note 7(a))	3,963	0
Amortization of deferred financing costs and other interest expense and accretion charges	3,870	2,229
Interest expense related to lease obligations	1,572	1,595
Interest expense and other finance costs	47,833	36,456
Less: Capitalized interest	(607)	(617)
Interest expense and other finance costs	$ 47,226	$ 35,839

RENTAL REVENUE, RECOVERIES, C_7

RENTAL REVENUE, RECOVERIES, COSTS AND EXPENSES - Fair value (gains) losses (Details) $ in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2021CAD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020CAD ($)	Dec. 31, 2020USD ($)
Fair value losses (gains) on financial instruments
Fair value losses on financial instruments	$ (1,214)	$ (1.2)	$ (3,402)	$ (3.4)
Cross currency interest rate swaps	(1,214)	(1.2)	(3,402)	(3.4)
Foreign exchange forward contracts
Fair value losses (gains) on financial instruments
Fair value losses on financial instruments	(2,600)		93
Cross currency interest rate swaps	(2,600)		93
Foreign exchange collar contracts
Fair value losses (gains) on financial instruments
Fair value losses on financial instruments	2,627	(2.6)	(2,627)	(2.6)
Cross currency interest rate swaps	2,627	(2.6)	(2,627)	(2.6)
Cross currency interest rate swaps
Fair value losses (gains) on financial instruments
Fair value losses on financial instruments	(1,413)	(1.4)	5,936	(5.9)
Cross currency interest rate swaps	$ (1,413)	$ (1.4)	$ 5,936	$ (5.9)

RENTAL REVENUE, RECOVERIES, C_8

RENTAL REVENUE, RECOVERIES, COSTS AND EXPENSES - Additional Information (Details) $ in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2021CAD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020CAD ($)	Dec. 31, 2020USD ($)
Statement [Line Items]
General and administrative expenses	$ 38,400		$ 32,203
Fair value losses on financial instruments, net	1,214	$ 1.2	3,402	$ 3.4
Foreign Currency Collar Contracts [Member]
Statement [Line Items]
Fair value losses on financial instruments, net	(2,627)	2.6	2,627	2.6
Cross Currency Interest Swaps [Member]
Statement [Line Items]
Fair value losses on financial instruments, net	1,413	$ 1.4	(5,936)	$ 5.9
COVID-19 [member]
Statement [Line Items]
General and administrative expenses	$ 100		$ 200

INCOME TAXES - Major components

INCOME TAXES - Major components (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Current income tax:
Current taxes	$ 13,572	$ 8,802
Current taxes referring to previous periods	(1,916)	(2,472)
Withholding taxes and other	(37)	261
Total current income tax	11,619	6,591
Deferred income tax:
Origination and reversal of temporary differences	224,411	78,724
Impact of changes in tax rates	1,955	2,941
- Current tax expense	0	(21,656)
- Deferred tax expense		0
Withholding taxes on profits of subsidiaries	0	6
Other	2,582	2,486
Total deferred income tax	228,948	62,501
Total income tax expense	240,567	69,092
Spain
Current income tax:
Total current income tax		$ 700
Austria
Current income tax:
Total current income tax	$ 5,100

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of Canadian statutory rate and the effective income tax rate (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of accounting profit multiplied by applicable tax rates
Income before income taxes	$ 1,550,839	$ 499,019
Tax rate (in percent)	26.50%	26.50%
Expected income taxes at the Canadian statutory tax rate of 26.5% (2020 — 26.5%)	$ 410,972	$ 132,240
Income distributed and taxable to unitholders	(150,899)	(57,791)
Net foreign rate differentials	(24,099)	(9,954)
Net change in provisions for uncertain tax positions	(458)	(784)
Net permanent differences	176	(115)
Net effect of change in tax rates	1,955	2,941
Withholding taxes and other	2,920	2,555
Total income tax expense	$ 240,567	$ 69,092

INCOME TAXES - Deferred tax ass

INCOME TAXES - Deferred tax assets and liabilities (Details) - CAD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Temporary differences
Deferred tax assets	$ 4,452	$ 4,730
Deferred tax liabilities	604,667	392,841
Investment properties
Temporary differences
Deferred tax assets	0	490
Deferred tax liabilities	609,418	396,326
Eligible capital expenditures
Temporary differences
Deferred tax assets	1,964	2,111
Withholding tax on undistributed subsidiary profits
Temporary differences
Deferred tax liabilities	0	149
Other
Temporary differences
Deferred tax assets	2,488	2,129
Deferred tax liabilities	$ (4,751)	$ (3,634)

INCOME TAXES - Changes in net d

INCOME TAXES - Changes in net deferred tax liabilities (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Changes in the net deferred tax liabilities:
Balance, beginning of year	$ 388,111	$ 316,915
Deferred tax expense recognized in net income	228,948	62,501
Foreign currency translation of deferred tax balances	(16,844)	8,695
Net deferred tax liabilities, end of year	$ 600,215	$ 388,111

INCOME TAXES - Income tax paid

INCOME TAXES - Income tax paid - (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income tax paid
Income tax paid	$ 8.3	$ 5.7
Withholding taxes
Income tax paid
Income tax paid	$ 0.3	$ 0.1

INCOME TAXES - Unrecognized tax

INCOME TAXES - Unrecognized tax benefits (Details) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Unrecognized tax benefits
Unrecognized tax benefits that could impact effective tax rate	$ 10.5	$ 11.6
Unrecognized tax benefits related to accrued interest and penalties	$ 0.3	$ 0.3

INCOME TAXES - Reconciliation_2

INCOME TAXES - Reconciliation of unrecognized tax benefits (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefit [Abstract]
Unrecognized tax benefits balance, beginning of year	$ 11,568	$ 11,422
Decreases for tax positions of prior years	(2,085)	(2,370)
Increases for tax positions of current year	1,859	1,766
Foreign currency impact	(872)	750
Unrecognized tax benefits balance, end of year	10,470	11,568
Maximum possible decrease in unrecognized tax benefits	2,000	2,400
Interest and penalties	100	100
Carryforwards of Canadian capital loss	140,500	116,700
Other losses and deductible temporary differences in various tax jurisdictions	203,500	165,200
Temporary differences associated with investments in subsidiaries, branches and associates and interests in joint arrangements for which deferred tax liabilities have not been recognised	$ 321,400	$ 141,600

SEGMENTED DISCLOSURE INFORMAT_3

SEGMENTED DISCLOSURE INFORMATION - Revenues (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Geographic segmentation:
Revenue	$ 393,488	$ 340,199
Trust's total revenue (in percent)	100.00%	100.00%
Canada
Geographic segmentation:
Revenue	$ 65,542	$ 63,233
Trust's total revenue (in percent)	17.00%	19.00%
United States
Geographic segmentation:
Revenue	$ 203,273	$ 161,165
Trust's total revenue (in percent)	51.00%	47.00%
Austria
Geographic segmentation:
Revenue	$ 64,994	$ 65,716
Trust's total revenue (in percent)	17.00%	19.00%
Germany
Geographic segmentation:
Revenue	$ 27,075	$ 26,924
Trust's total revenue (in percent)	7.00%	8.00%
Netherlands
Geographic segmentation:
Revenue	$ 27,540	$ 16,694
Trust's total revenue (in percent)	7.00%	5.00%
Other Europe
Geographic segmentation:
Revenue	$ 5,064	$ 6,467
Trust's total revenue (in percent)	1.00%	2.00%

SEGMENTED DISCLOSURE INFORMAT_4

SEGMENTED DISCLOSURE INFORMATION - Magna (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of major tenant
Trust's total revenue (in percent)	100.00%	100.00%
Magna | Credit risk
Disclosure of major tenant
Trust's total revenue (in percent)	31.00%	37.00%

SEGMENTED DISCLOSURE INFORMAT_5

SEGMENTED DISCLOSURE INFORMATION - Investment Properties (Details) - CAD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Geographic segmentation:
Investment properties	$ 7,971,158	$ 5,855,583
Percentage of investment property	100.00%	100.00%
Canada
Geographic segmentation:
Investment properties	$ 1,712,946	$ 1,106,850
Percentage of investment property	21.00%	19.00%
United States
Geographic segmentation:
Investment properties	$ 4,229,477	$ 2,882,549
Percentage of investment property	53.00%	49.00%
Austria
Geographic segmentation:
Investment properties	$ 773,772	$ 821,260
Percentage of investment property	10.00%	14.00%
Germany
Geographic segmentation:
Investment properties	$ 465,478	$ 428,504
Percentage of investment property	6.00%	7.00%
Netherlands
Geographic segmentation:
Investment properties	$ 789,485	$ 550,946
Percentage of investment property	10.00%	10.00%
Other Europe
Geographic segmentation:
Investment properties	$ 0	$ 65,474
Percentage of investment property	0.00%	1.00%

DETAILS OF CASH FLOWS - Items n

DETAILS OF CASH FLOWS - Items not involving current cash flows (Details) $ in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2021CAD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020CAD ($)	Dec. 31, 2020USD ($)
DETAILS OF CASH FLOWS
Straight-line rent amortization	$ (8,889)		$ (8,842)
Tenant incentive amortization	5,105		5,321
Unit-based compensation expense	12,442		8,116
Fair value gains on investment properties, net	1,298,865		273,437
Depreciation and amortization	1,320		1,151
Fair value losses on financial instruments, net	1,214	$ 1.2	3,402	$ 3.4
Loss on sale of investment properties	761		901
Amortization of issuance costs and modification losses relating to debentures and term loans	1,489		1,024
Amortization of deferred financing costs	1,033		312
Deferred income taxes	228,948		62,501
Early redemption premium (note 7(a))	3,963		0
Other	(171)		(30)
Items not involving current cash flows	$ (1,051,650)		$ (199,581)

DETAILS OF CASH FLOWS - Changes

DETAILS OF CASH FLOWS - Changes in working capital balances (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
DETAILS OF CASH FLOWS
Accounts receivable	$ (4,119)	$ 10,141
Prepaid expenses and other	(2,899)	61
Accounts payable and accrued liabilities	5,411	844
Deferred revenue	191	5,595
Changes in working capital balances	$ (1,416)	$ 16,641

DETAILS OF CASH FLOWS - Non-cas

DETAILS OF CASH FLOWS - Non-cash investing and financing activities (Details) - Stapled Units - CAD ($) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Units issued under the stapled unit plan (in units) (note 12 (b))	27	31
Value of stapled units issued	$ 2.2	$ 2

DETAILS OF CASH FLOWS - Cash an

DETAILS OF CASH FLOWS - Cash and cash equivalents (Details) - CAD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
DETAILS OF CASH FLOWS
Cash	$ 401,954	$ 780,979
Short-term deposits	559	50,301
Total cash and cash equivalents	$ 402,513	$ 831,280	$ 298,677

FAIR VALUE AND RISK MANAGEMEN_2

FAIR VALUE AND RISK MANAGEMENT - Fair Value of Financial Instruments (Details) - CAD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Carrying value
Disclosure of fair value measurements of assets and liabilities
Financial assets	$ 486,831	$ 878,080
Financial liabilities	2,574,689	2,369,005
Fair value
Disclosure of fair value measurements of assets and liabilities
Financial assets	486,831	878,080
Financial liabilities	2,597,507	2,463,015
Unsecured debentures, net | Carrying value
Disclosure of fair value measurements of assets and liabilities
Financial liabilities	1,891,742	1,643,175
Unsecured debentures, net | Fair value
Disclosure of fair value measurements of assets and liabilities
Financial liabilities	1,914,560	1,737,185
Unsecured term loans, net | Carrying value
Disclosure of fair value measurements of assets and liabilities
Financial liabilities	533,347	534,947
Unsecured term loans, net | Fair value
Disclosure of fair value measurements of assets and liabilities
Financial liabilities	533,347	534,947
Cross currency interest rate swaps | Carrying value
Disclosure of fair value measurements of assets and liabilities
Financial liabilities	18,624	114,264
Cross currency interest rate swaps | Fair value
Disclosure of fair value measurements of assets and liabilities
Financial liabilities	18,624	114,264
Accounts payable and accrued liabilities | Carrying value
Disclosure of fair value measurements of assets and liabilities
Financial liabilities	113,244	61,197
Accounts payable and accrued liabilities | Fair value
Disclosure of fair value measurements of assets and liabilities
Financial liabilities	113,244	61,197
Distributions payable | Carrying value
Disclosure of fair value measurements of assets and liabilities
Financial liabilities	16,969	15,422
Distributions payable | Fair value
Disclosure of fair value measurements of assets and liabilities
Financial liabilities	16,969	15,422
Secured debt | Carrying value
Disclosure of fair value measurements of assets and liabilities
Financial liabilities	763	0
Secured debt | Fair value
Disclosure of fair value measurements of assets and liabilities
Financial liabilities	763	0
Other assets | Carrying value
Disclosure of fair value measurements of assets and liabilities
Financial assets	308	349
Other assets | Fair value
Disclosure of fair value measurements of assets and liabilities
Financial assets	308	349
Cross currency interest rate swaps | Carrying value
Disclosure of fair value measurements of assets and liabilities
Financial assets	62,768	28,676
Cross currency interest rate swaps | Fair value
Disclosure of fair value measurements of assets and liabilities
Financial assets	62,768	28,676
Accounts receivable | Carrying value
Disclosure of fair value measurements of assets and liabilities
Financial assets	10,771	6,746
Accounts receivable | Fair value
Disclosure of fair value measurements of assets and liabilities
Financial assets	10,771	6,746
Prepaid expenses and other | Carrying value
Disclosure of fair value measurements of assets and liabilities
Financial assets	0	2,627
Prepaid expenses and other | Fair value
Disclosure of fair value measurements of assets and liabilities
Financial assets	0	2,627
Cash and cash equivalents | Carrying value
Disclosure of fair value measurements of assets and liabilities
Financial assets	402,513	831,280
Cash and cash equivalents | Fair value
Disclosure of fair value measurements of assets and liabilities
Financial assets	402,513	831,280
Construction funds in escrow | Carrying value
Disclosure of fair value measurements of assets and liabilities
Financial assets	0	8,402
Construction funds in escrow | Fair value
Disclosure of fair value measurements of assets and liabilities
Financial assets	0	8,402
Loan Receivable [Member] | Carrying value
Disclosure of fair value measurements of assets and liabilities
Financial assets	10,471	0
Loan Receivable [Member] | Fair value
Disclosure of fair value measurements of assets and liabilities
Financial assets	$ 10,471	$ 0

FAIR VALUE AND RISK MANAGEMEN_3

FAIR VALUE AND RISK MANAGEMENT - Foreign Exchange Forward Contracts (Details) $ in Thousands, € in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021CAD ($)contract	Dec. 31, 2021USD ($)	Dec. 31, 2020CAD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2021USD ($)contract	Dec. 31, 2021EUR (€)contract
Foreign exchange forward contracts
Fair value losses on financial instruments, net	$ 1,214	$ 1.2	$ 3,402	$ 3.4
Notional amount	2,434,136		2,185,949
Fair value gains (losses), net	1,298,865		273,437
Foreign exchange forward contracts
Foreign exchange forward contracts
Fair value losses on financial instruments, net	$ 2,600		$ (93)
Foreign Exchange Collar contracts [Member]
Foreign exchange forward contracts
Number of contracts outstanding | contract	0				0	0
Fair value gains (losses), net	$ 2,600
Foreign Exchange Collar contracts [Member] | Sell US Dollars And Receive Canadian Dollars [Member]
Foreign exchange forward contracts
Notional amount					$ 60
Foreign Exchange Collar contracts [Member] | sell Eurosand Receive Canadian Dollars [Member]
Foreign exchange forward contracts
Notional amount | €						€ 24

FAIR VALUE AND RISK MANAGEMEN_4

FAIR VALUE AND RISK MANAGEMENT - Fair Value Hierarchy (Details) - CAD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Level 1
Disclosure of detailed information about financial instruments
Financial liabilities	$ (1,914,560)	$ (1,737,185)
Level 2
Disclosure of detailed information about financial instruments
Financial liabilities	(479,495)	(617,908)
Level 3
Disclosure of detailed information about financial instruments
Financial liabilities	8,035,770	5,855,583
Unsecured debentures, net | Level 1
Disclosure of detailed information about financial instruments
Financial liabilities	1,914,560	1,737,185
Unsecured debentures, net | Level 2
Disclosure of detailed information about financial instruments
Financial liabilities	0	0
Unsecured debentures, net | Level 3
Disclosure of detailed information about financial instruments
Financial liabilities	0	0
Unsecured term loans, net | Level 1
Disclosure of detailed information about financial instruments
Financial liabilities	0	0
Unsecured term loans, net | Level 2
Disclosure of detailed information about financial instruments
Financial liabilities	533,347	534,947
Unsecured term loans, net | Level 3
Disclosure of detailed information about financial instruments
Financial liabilities	0	0
Cross currency interest rate swaps | Level 1
Disclosure of detailed information about financial instruments
Financial liabilities	0	0
Cross currency interest rate swaps | Level 2
Disclosure of detailed information about financial instruments
Financial liabilities	18,624	114,264
Cross currency interest rate swaps | Level 3
Disclosure of detailed information about financial instruments
Financial liabilities	0	0
Secured debt | Level 1
Disclosure of detailed information about financial instruments
Financial liabilities	0
Secured debt | Level 2
Disclosure of detailed information about financial instruments
Financial liabilities	763
Secured debt | Level 3
Disclosure of detailed information about financial instruments
Financial liabilities	0
Investment properties | Level 1
Disclosure of detailed information about financial instruments
Financial assets	0	0
Investment properties | Level 2
Disclosure of detailed information about financial instruments
Financial assets	0	0
Investment properties | Level 3
Disclosure of detailed information about financial instruments
Financial assets	7,971,158	5,855,583
Assets held for sale | Level 1
Disclosure of detailed information about financial instruments
Financial assets	0
Assets held for sale | Level 2
Disclosure of detailed information about financial instruments
Financial assets	0
Assets held for sale | Level 3
Disclosure of detailed information about financial instruments
Financial assets	64,612
Cross currency interest rate swap included in other assets | Level 1
Disclosure of detailed information about financial instruments
Financial assets	0	0
Cross currency interest rate swap included in other assets | Level 2
Disclosure of detailed information about financial instruments
Financial assets	62,768	28,676
Cross currency interest rate swap included in other assets | Level 3
Disclosure of detailed information about financial instruments
Financial assets	0	0
Foreign exchange forward contracts included in prepaid expenses and other | Level 1
Disclosure of detailed information about financial instruments
Financial assets		0
Foreign exchange forward contracts included in prepaid expenses and other | Level 2
Disclosure of detailed information about financial instruments
Financial assets		2,627
Foreign exchange forward contracts included in prepaid expenses and other | Level 3
Disclosure of detailed information about financial instruments
Financial assets		$ 0
Loan Receivable | Level 1
Disclosure of detailed information about financial instruments
Financial assets	0
Loan Receivable | Level 2
Disclosure of detailed information about financial instruments
Financial assets	10,471
Loan Receivable | Level 3
Disclosure of detailed information about financial instruments
Financial assets	$ 0

FAIR VALUE AND RISK MANAGEMEN_5

FAIR VALUE AND RISK MANAGEMENT - Risk Management - Credit risk (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Risk Management
Percentage of trust's rental revenue	100.00%	100.00%
Magna | Credit risk
Risk Management
Percentage of trust's rental revenue	31.00%	37.00%

FAIR VALUE AND RISK MANAGEMEN_6

FAIR VALUE AND RISK MANAGEMENT - Risk Management - Interest rate risk (Details) - Interest rate risk	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Jun. 04, 2020
Fixed interest rate
Risk Management
Percentage of debt	78.00%
Variable interest rate
Risk Management
Percentage of debt	22.00%
2021 Debentures | Fixed interest rate
Risk Management
Effective interest rate (in percent)	2.43%
2023 Debentures | Fixed interest rate
Risk Management
Effective interest rate (in percent)	2.964%
2024 Term Loan | Variable interest rate
Risk Management
Effective interest rate (in percent)	0.272%
2026 Term Loan | Variable interest rate
Risk Management
Effective interest rate (in percent)	1.105%
2027 Debentures
Risk Management
Effective interest rate (in percent)			2.964%
2027 Debentures | Fixed interest rate
Risk Management
Effective interest rate (in percent)	2.096%
2030 Debentures | Fixed interest rate
Risk Management
Effective interest rate (in percent)	1.045%
Secured Debt
Risk Management
Borrowings, adjustment to interest rate basis		0.09%
Borrowings, interest rate basis	US prime rate

FAIR VALUE AND RISK MANAGEMEN_7

FAIR VALUE AND RISK MANAGEMENT - Risk Management - Foreign exchange risk (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021CAD ($)
Risk Management
Unsecured debentures	$ 1,900,000
Unsecured term loans	534,136
Cross Currency Interest Rate Swaps [Member]
Risk Management
Unsecured debentures	900,000
UnitedStates Operations [Member]
Risk Management
Unsecured debentures	1,000,000
Foreign exchange risk
Risk Management
Foreign currency denominated net assets	$ 5,800,000
Change in foreign currency rate (in percent)	1.00%
US dollar exchange risk
Risk Management
Gain or Loss on change in value of foreign currency exchange rate	$ 39,100
Effect of exchange rate changes on revenue	2,000
Euro exchange risk
Risk Management
Gain or Loss on change in value of foreign currency exchange rate	18,100
Effect of exchange rate changes on revenue	$ 1,200

FAIR VALUE AND RISK MANAGEMEN_8

FAIR VALUE AND RISK MANAGEMENT - Contractual Maturities (Details) - CAD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Contractual maturities
Unsecured debentures	$ 1,900,000
Unsecured term loans	534,136
Cross currency interest rate swaps	18,624	$ 114,264
Unsecured debentures, net of cross currency interest rate swap savings	209,645
Unsecured term loans, net of cross currency interest rate swap savings	18,406
Accounts payable and accrued liabilities	113,244	61,197
Distributions payable	16,969	15,422
Total payments	2,811,787
Secured debt	763	$ 0
2022
Contractual maturities
Unsecured debentures	0
Unsecured term loans	0
Cross currency interest rate swaps	0
Unsecured debentures, net of cross currency interest rate swap savings	39,396
Unsecured term loans, net of cross currency interest rate swap savings	3,946
Accounts payable and accrued liabilities	108,571
Distributions payable	16,969
Total payments	168,882
Secured debt	0
2023
Contractual maturities
Unsecured debentures	400,000
Unsecured term loans	0
Cross currency interest rate swaps	6,551
Unsecured debentures, net of cross currency interest rate swap savings	39,396
Unsecured term loans, net of cross currency interest rate swap savings	3,946
Accounts payable and accrued liabilities	3,275
Distributions payable	0
Total payments	453,931
Secured debt	763
2024
Contractual maturities
Unsecured debentures	0
Unsecured term loans	234,136
Cross currency interest rate swaps	5,056
Unsecured debentures, net of cross currency interest rate swap savings	29,517
Unsecured term loans, net of cross currency interest rate swap savings	3,946
Accounts payable and accrued liabilities	1,398
Distributions payable	0
Total payments	274,053
Secured debt	0
2025
Contractual maturities
Unsecured debentures	0
Unsecured term loans	0
Cross currency interest rate swaps	0
Unsecured debentures, net of cross currency interest rate swap savings	29,517
Unsecured term loans, net of cross currency interest rate swap savings	3,284
Accounts payable and accrued liabilities	0
Distributions payable	0
Total payments	32,801
Secured debt	0
2025
Contractual maturities
Unsecured debentures	0
Unsecured term loans	300,000
Cross currency interest rate swaps	0
Unsecured debentures, net of cross currency interest rate swap savings	29,517
Unsecured term loans, net of cross currency interest rate swap savings	3,284
Accounts payable and accrued liabilities	0
Distributions payable	0
Total payments	332,801
Secured debt	0
Thereafter
Contractual maturities
Unsecured debentures	1,500,000
Unsecured term loans	0
Cross currency interest rate swaps	7,017
Unsecured debentures, net of cross currency interest rate swap savings	42,302
Unsecured term loans, net of cross currency interest rate swap savings	0
Accounts payable and accrued liabilities	0
Distributions payable	0
Total payments	1,549,319
Secured debt	$ 0

CAPITAL MANAGEMENT (Details)

CAPITAL MANAGEMENT (Details) - CAD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Disclosure of objectives, policies and processes for managing capital [abstract]
Unsecured debentures, net	$ 1,891,742	$ 1,643,175
Unsecured term loans, net	533,347	534,947
Cross currency interest rate swap (assets) liabilities, net(1)	(44,144)	85,588
Secured debt	763	0
Total debt	2,381,708	2,263,710
Stapled unitholders' equity	5,318,653	3,920,069
Total managed capital	$ 7,700,361	$ 6,183,779

CAPITAL MANAGEMENT - Declaratio

CAPITAL MANAGEMENT - Declaration of Trust (Details)	12 Months Ended
	Dec. 31, 2021
Disclosure of objectives, policies and processes for managing capital [abstract]
Maximum percentage of total indebtedness on Gross Book Value	65.00%
Maximum percentage of proposed investment on Gross Book Value	15.00%

CAPITAL MANAGEMENT - Distributi

CAPITAL MANAGEMENT - Distributions (Details) - $ / shares	1 Months Ended
	Dec. 31, 2021	Nov. 30, 2021	Oct. 31, 2021	Sep. 30, 2021	Aug. 31, 2021	Jul. 31, 2021	Jun. 30, 2021	May 31, 2021	Apr. 30, 2021	Mar. 31, 2021	Feb. 28, 2021	Jan. 31, 2021
Disclosure of objectives, policies and processes for managing capital [abstract]
Distribution (per stapled unit)	$ 0.258	$ 0.250	$ 0.250	$ 0.250	$ 0.250	$ 0.250	$ 0.250	$ 0.250	$ 0.250	$ 0.250	$ 0.250	$ 0.250

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of transactions between related parties
Salaries, incentives and short-term benefits	$ 4,793	$ 4,082
Unit-based compensation expense including fair value adjustments	4,673	3,744
Total compensation paid or payable to key management personnel	$ 9,466	$ 7,826

COMBINED FINANCIAL INFORMATIO_2

COMBINED FINANCIAL INFORMATION - Balance Sheet (Details) - CAD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Non-current assets:
Investment properties	$ 7,971,158	$ 5,855,583
Other non-current assets	109,010	46,046
Total non-current assets	8,080,168	5,901,629
Current assets:
Assets held for sale	64,612
Other current assets	19,404	14,563
Cash and cash equivalents	402,513	831,280	$ 298,677
Total assets	8,566,697	6,747,472
Non-current liabilities:
Unsecured debt, net	2,425,089	1,928,252
Other non-current liabilities	655,699	523,096
Total non-current liabilities	3,080,788	2,451,348
Current liabilities:
Unsecured debt, net		249,870
Other current liabilities	164,375	124,050
Total liabilities	3,245,163	2,825,268
Equity:
Stapled unitholders' equity	5,318,653	3,920,069
Non-controlling interests	2,881	2,135
Total liabilities and equity	8,566,697	6,747,472
Granite REIT
Non-current assets:
Investment properties	7,971,158	5,855,583
Other non-current assets	109,010	46,046
Total non-current assets	8,080,168	5,901,629
Current assets:
Assets held for sale	64,612
Other current assets	19,404	14,546
Cash and cash equivalents	402,059	830,455
Total assets	8,566,243	6,746,630
Non-current liabilities:
Unsecured debt, net	2,425,089	1,928,252
Other non-current liabilities	655,699	523,096
Total non-current liabilities	3,080,788	2,451,348
Current liabilities:
Unsecured debt, net		249,870
Intercompany payable	21,429	13,792
Other current liabilities	142,492	109,416
Total liabilities	3,244,709	2,824,426
Equity:
Stapled unitholders' equity	5,318,615	3,920,044
Non-controlling interests	2,919	2,160
Total liabilities and equity	8,566,243	6,746,630
Granite GP
Non-current assets:
Investment in Granite LP	38	25
Total non-current assets	38	25
Current assets:
Other current assets		17
Intercompany receivable	21,429	13,792
Cash and cash equivalents	454	825
Total assets	21,921	14,659
Current liabilities:
Other current liabilities	21,883	14,634
Total liabilities	21,883	14,634
Equity:
Stapled unitholders' equity	38	25
Total liabilities and equity	21,921	14,659
Eliminations/Adjustments
Non-current assets:
Investment in Granite LP	(38)	(25)
Total non-current assets	(38)	(25)
Current assets:
Intercompany receivable	(21,429)	(13,792)
Total assets	(21,467)	(13,817)
Current liabilities:
Intercompany payable	(21,429)	(13,792)
Total liabilities	(21,429)	(13,792)
Equity:
Non-controlling interests	(38)	(25)
Total liabilities and equity	$ (21,467)	$ (13,817)

COMBINED FINANCIAL INFORMATIO_3

COMBINED FINANCIAL INFORMATION - Income Statement (Details) $ in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2021CAD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020CAD ($)	Dec. 31, 2020USD ($)
COMBINED FINANCIAL INFORMATION - Income Statement
Revenue	$ 393,488		$ 340,199
General and administrative expenses	38,400		32,203
Interest expense and other financing costs	47,226		35,839
Other costs and expenses, net	53,913		42,272
Fair value gains on investment properties, net	(1,298,865)		(273,437)
Fair value losses on financial instruments, net	1,214	$ 1.2	3,402	$ 3.4
Loss on sale of investment properties	761		901
Income before income taxes	1,550,839		499,019
Income tax expense	240,567		69,092
Net income	1,310,272		429,927
Less net income attributable to non-controlling interests	335		123
Net income attributable to stapled unitholders	1,309,937		429,804
Granite REIT
COMBINED FINANCIAL INFORMATION - Income Statement
Revenue	393,488		340,199
General and administrative expenses	38,400		32,203
Interest expense and other financing costs	47,226		35,839
Other costs and expenses, net	53,913		42,272
Fair value gains on investment properties, net	(1,298,865)		(273,437)
Fair value losses on financial instruments, net	1,214		3,402
Loss on sale of investment properties	761		901
Income before income taxes	1,550,839		499,019
Income tax expense	240,567		69,092
Net income	1,310,272		429,927
Less net income attributable to non-controlling interests	348		127
Net income attributable to stapled unitholders	1,309,924		429,800
Granite GP
COMBINED FINANCIAL INFORMATION - Income Statement
Share of (income) loss of Granite LP	(13)		(4)
Income before income taxes	13		4
Net income	13		4
Net income attributable to stapled unitholders	13		4
Eliminations/Adjustments
COMBINED FINANCIAL INFORMATION - Income Statement
Share of (income) loss of Granite LP	13		4
Income before income taxes	(13)		(4)
Net income	(13)		(4)
Less net income attributable to non-controlling interests	$ (13)		$ (4)

COMBINED FINANCIAL INFORMATIO_4

COMBINED FINANCIAL INFORMATION - Cash Flows (Details) $ in Thousands, $ in Millions	Sep. 01, 2021CAD ($)	Sep. 01, 2021USD ($)	Dec. 31, 2021CAD ($)	Dec. 31, 2020CAD ($)
OPERATING ACTIVITIES
Net income			$ 1,310,272	$ 429,927
Items not involving current cash flows			(1,051,650)	(199,581)
Changes in working capital balances			(1,416)	16,641
Other operating activities			5,058	2,306
Cash provided by(used in) operating activities			262,264	249,293
INVESTING ACTIVITIES
Property acquisitions	$ (98,100)	$ (77.5)	(925,901)	(1,045,659)
Proceeds from disposals, net			35,428	42,508
Additions to income-producing properties			(28,003)	(22,983)
Additions to properties under development			(71,168)	(40,613)
Construction funds released from escrow			8,341	8,622
Other investing activities			(44,121)	(13,669)
Cash used in investing activities			(1,025,424)	(1,071,794)
FINANCING ACTIVITIES
Distributions paid			(191,082)	(163,064)
Other financing activities			524,557	1,521,261
Cash provided by financing activities			333,475	1,358,197
Effect of exchange rate changes			918	(3,093)
Net (decrease) increase in cash and cash equivalents during the year			(428,767)	532,603
Granite REIT
OPERATING ACTIVITIES
Net income			1,310,272	429,927
Items not involving current cash flows			(1,051,650)	(199,581)
Changes in working capital balances			(1,045)	16,108
Other operating activities			5,058	2,306
Cash provided by(used in) operating activities			262,635	248,760
INVESTING ACTIVITIES
Property acquisitions			(925,901)	(1,045,659)
Proceeds from disposals, net			35,428	42,508
Additions to income-producing properties			(28,003)	(22,983)
Additions to properties under development			(71,168)	(40,613)
Construction funds released from escrow			8,341	8,622
Other investing activities			(44,121)	(13,669)
Cash used in investing activities			(1,025,424)	(1,071,794)
FINANCING ACTIVITIES
Distributions paid			(191,082)	(163,064)
Other financing activities			524,557	1,521,261
Cash provided by financing activities			333,475	1,358,197
Effect of exchange rate changes			918	(3,093)
Net (decrease) increase in cash and cash equivalents during the year			(428,396)	532,070
Granite GP
OPERATING ACTIVITIES
Net income			13	4
Items not involving current cash flows			(13)	(4)
Changes in working capital balances			(371)	533
Cash provided by(used in) operating activities			(371)	533
FINANCING ACTIVITIES
Net (decrease) increase in cash and cash equivalents during the year			(371)	533
Eliminations/Adjustments
OPERATING ACTIVITIES
Net income			(13)	(4)
Items not involving current cash flows			$ 13	$ 4

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - Dec. 31, 2021 $ in Millions, $ in Millions	CAD ($)	USD ($)
Disclosure of commitments and contingencies
Contractual commitments related to construction and development projects, the purchase of property	$ 301.9
Contractual commitments for acquisition of property plant and equipment bonds authorised to issue	131.6	$ 104
Contractual capital commitments	619.9
Deposits made for contractual commitments	26.1
Two properties in indian a property in the netherlands upon completion and three properties in germany
Disclosure of commitments and contingencies
Contractual commitments related to construction and development projects, the purchase of property	318
Acquisitions of investment properties located in palmetto georgia on november 12 2020 and in locust grove georgia on march 12 2021
Disclosure of commitments and contingencies
Contractual commitments for acquisition of property plant and equipment bonds issued	122.9	97.1
Bonds issued outstanding	$ 122.9	$ 97.1

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ in Thousands, £ in Millions, $ in Millions

Feb. 18, 2022CAD ($)

Feb. 18, 2022USD ($)

Feb. 03, 2022CAD ($)Properties

Dec. 17, 2021

Feb. 28, 2022CAD ($)

Feb. 03, 2022GBP (£)Properties

Dec. 31, 2021CAD ($)

Sep. 03, 2021a

Dec. 31, 2020CAD ($)

Sep. 28, 2020CAD ($)a

Jul. 08, 2020a

Jun. 18, 2020a

SUBSEQUENT EVENTS

Number of properties

3

3

4

4

5

3

Investment properties

$ 837,950

$ 985,883

Principal issued and outstanding

2,434,136

$ 2,185,949

Borrowings, maturity

December 17, 2024

2021 Debentures

SUBSEQUENT EVENTS

Principal issued and outstanding

$ 17,000

17,000

2028 Debentures

SUBSEQUENT EVENTS

Principal issued and outstanding

$ 500,000

$ 0

Acquisition of property | Texas

SUBSEQUENT EVENTS

Investment properties

$ 140,000

£ 96.6

Terminating And Entering Into New Cross Currency Interest Rate Swap [Member]

SUBSEQUENT EVENTS

Principal issued and outstanding

500,000

Terminating And Entering Into New Cross Currency Interest Rate Swap [Member] | 2028 Cross Currency Interest Rate Swap

SUBSEQUENT EVENTS

Principal issued and outstanding

$ 350,000

Borrowings, effective fixed interest rate

2.096%

2.096%

Borrowings, maturity

August 30, 2028

Interest rate

0.536%

0.536%

Terminating And Entering Into New Cross Currency Interest Rate Swap [Member] | 2028 Debentures | 2028 Cross Currency Interest Rate Swap

SUBSEQUENT EVENTS

Mark to market liability settled

$ 6,600

Principal issued and outstanding

$ 350,000

Nonadjusting Events After Reporting Period [Member] | POLAND

SUBSEQUENT EVENTS

Proceeds from disposition of an income-producing property and piece of land classified as held for sale

$ 25,100

$ 36.2