Granite Real Estate Investment Trust (GRP-UN) 40-F 28 Feb 24 2023 FY Annual report (Canada) Financial data

Cover

Cover	12 Months Ended
	Dec. 31, 2023 shares
Document Information [Line Items]
Document Type	40-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Entity Registrant Name	GRANITE REAL ESTATE INVESTMENT TRUST
Entity File Number	001-35771
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, State or Province	ON
Entity Address, Postal Zip Code	M5K 1H1
City Area Code	647
Local Phone Number	925-7500
Entity Primary SIC Number	6500
Annual Information Form	true
Audited Annual Financial Statements	true
Entity Stapled Units Outstanding	63,355,771
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Amendment Flag	false
Document Fiscal Period Focus	FY
Entity Central Index Key	0001564538
Document Fiscal Year Focus	2023
Granite REIT Inc.
Document Information [Line Items]
Entity Registrant Name	GRANITE REIT INC.
Entity File Number	001-35772
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, State or Province	ON
Entity Address, Postal Zip Code	M5K 1H1
City Area Code	647
Local Phone Number	925-7500
Entity Central Index Key	0001564540
Business Contact
Document Information [Line Items]
Contact Personnel Name	CT Corporation System
Entity Address, Address Line One	28 Liberty St.
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10005
City Area Code	212
Local Phone Number	894-8940
Ordinary shares
Document Information [Line Items]
Title of 12(b) Security	common share
Trading Symbol	GRP.U
Security Exchange Name	NYSE
Stapled Units
Document Information [Line Items]
Title of 12(b) Security	Stapled Units
Trading Symbol	GRP.U
Security Exchange Name	NYSE

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	Deloitte LLP
Auditor Location	Toronto, ON, Canada
Auditor Firm ID	1208

Combined Balance Sheets

Combined Balance Sheets - CAD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Non-current assets:
Investment properties	$ 8,808,139	$ 8,839,571
Acquisition deposits	0	8,487
Deferred tax assets	639	629
Fixed assets, net	3,146	4,037
Derivatives	100,200	151,855
Other assets	2,555	2,181
Total non-current assets	8,914,679	9,006,760
Current assets:
Assets held for sale	0	41,182
Derivative	9,042	0
Loan receivable	0	69,186
Accounts receivable	12,166	12,176
Income taxes receivable	589	1,288
Prepaid expenses and other	13,767	14,681
Cash and cash equivalents	116,134	135,081
Total assets	9,066,377	9,280,354
Non-current liabilities:
Unsecured debt, net	2,821,849	2,583,930
Derivatives	8,429	6,391
Long-term portion of lease obligations	32,416	32,977
Deferred tax liabilities	535,551	557,391
Total non-current liabilities	3,398,245	3,180,689
Current liabilities:
Unsecured debt, net	244,133	399,707
Derivative	0	7,076
Secured debt	0	51,373
Deferred revenue	17,810	17,358
Accounts payable and accrued liabilities	94,336	114,775
Distributions payable	17,415	16,991
Short-term portion of lease obligations	765	746
Income taxes payable	10,032	11,292
Total liabilities	3,782,736	3,800,007
Equity:
Stapled unitholders’ equity	5,276,951	5,475,375
Non-controlling interests	6,690	4,972
Total equity	5,283,641	5,480,347
Total liabilities and equity	$ 9,066,377	$ 9,280,354

Combined Statements of Net Inco

Combined Statements of Net Income - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Profit or loss [abstract]
Rental revenue	$ 521,250	$ 455,579
Property operating costs	86,012	75,221
Net operating income	435,238	380,358
General and administrative expenses	41,440	29,465
Depreciation and amortization	1,272	1,598
Interest income	(7,708)	(1,625)
Interest expense and other financing costs	78,717	50,967
Foreign exchange losses (gains), net	1,033	(1,215)
Fair value losses on investment properties, net	172,676	219,728
Fair value losses (gains) on financial instruments, net	17,296	(11,383)
Loss on sale of investment properties	1,505	666
Income before income taxes	129,007	92,157
Income tax recovery	(9,489)	(63,665)
Net income	138,496	155,822
Net income attributable to:
Stapled unitholders	136,662	155,768
Non-controlling interests	1,834	54
Net income	$ 138,496	$ 155,822

Combined Statements of Comprehe

Combined Statements of Comprehensive Income - CAD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022
Statement of comprehensive income [abstract]
Net income		$ 138,496	$ 155,822
Other comprehensive (loss) income:
Foreign currency translation adjustment	[1]	(88,572)	309,410
Unrealized gain on net investment hedges, including income taxes of nil	[1]	(18,810)	32,244
Total other comprehensive (loss) income		(107,382)	341,654
Comprehensive income		31,114	497,476
Comprehensive income attributable to:
Stapled unitholders		29,550	497,349
Non-controlling interests		1,564	127
Comprehensive income		$ 31,114	$ 497,476
[1] (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 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
Balance at beginning of period (in units) at Dec. 31, 2021		65,694
Balance at beginning of period at Dec. 31, 2021	$ 5,321,534	$ 3,444,418	$ 53,326	$ 1,748,958	$ 71,951	$ 5,318,653	$ 2,881
Net income	155,822			155,768		155,768	54
Other comprehensive loss	341,654				341,581	341,581	73
Distributions	(202,347)			(202,306)		(202,306)	(41)
Contributions from non-controlling interests	3,417						3,417
Disposition of non-controlling interests	(1,412)						(1,412)
Units issued under the stapled unit plan, (in units)		44
Units issued under the stapled unit plan	4,089	$ 4,089				4,089
Stapled unit offering, net of issuance costs (in units)		136
Stapled unit offering, net of issuance costs	13,115	$ 13,115				13,115
Units repurchased for cancellation (in units)		(2,166)
Units repurchased for cancellation	(155,525)	$ (113,800)	(41,725)			(155,525)
Balance at end of period at Dec. 31, 2022	5,480,347	$ 3,347,822	11,601	1,702,420	413,532	5,475,375	4,972
Balance at end of period (in units) at Dec. 31, 2022		63,708
Net income	138,496			136,662		136,662	1,834
Other comprehensive loss	(107,382)				(107,112)	(107,112)	(270)
Distributions	(204,374)			(204,334)		(204,334)	(40)
Contributions from non-controlling interests	194						194
Units issued under the stapled unit plan, (in units)		41
Units issued under the stapled unit plan	3,354	$ 3,354				3,354
Units repurchased for cancellation (in units)		(393)
Units repurchased for cancellation	(26,994)	$ (20,643)	(6,351)			(26,994)
Balance at end of period at Dec. 31, 2023	$ 5,283,641	$ 3,330,533	$ 5,250	$ 1,634,748	$ 306,420	$ 5,276,951	$ 6,690
Balance at end of period (in units) at Dec. 31, 2023		63,356

Combined Statements of Cash Flo

Combined Statements of Cash Flows $ in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2023 CAD ($)	Dec. 31, 2022 CAD ($)
OPERATING ACTIVITIES
Net income	$ 138,496	$ 155,822
Items not involving operating cash flows	177,001	135,088
Current income tax expense	6,706	7,380
Income taxes paid	(8,258)	(18,090)
Interest expense	76,359	49,892
Interest paid	(72,460)	(52,494)
Changes in working capital balances	(4,663)	(102)
Cash provided by operating activities	313,181	277,496
Investment properties:
Acquisitions, deposits and transactions costs, net	(102,761)	(492,717)
Proceeds from disposal, net	43,773	63,943
Leasing costs paid	(5,973)	(8,739)
Tenant allowances paid	(6,005)	(558)
Additions to income-producing properties	(59,825)	(54,933)
Additions to properties under development	(71,132)	(212,245)
Construction funds released from (in) escrow	4,819	(4,720)
Loan repayment (advances), net	69,262	(55,780)
Fixed asset additions, net	(285)	(807)
Cash used in investing activities	(128,127)	(766,556)
FINANCING ACTIVITIES
Monthly distributions paid	(203,910)	(202,284)
Proceeds from unsecured term loan, net of financing costs	102,060	527,441
Proceeds from unsecured debentures, net of financing costs	397,536	0
Repayment of unsecured debentures	(400,000)	0
Settlement of cross currency interest rate swap	(18,495)	(6,563)
Proceeds from unsecured credit facility draws	90,234	254,804
Repayment of unsecured credit facility draws	(91,254)	(264,060)
Proceeds from secured debt	5,634	48,439
Repayment of secured debt	(56,234)	0
Repayment of lease obligations	(730)	(767)
Financing costs paid	(917)	0
Distributions to non-controlling interests	(40)	(41)
Proceeds from stapled unit offerings, net of issuance costs	0	13,115
Repurchase of stapled units	(26,994)	(155,525)
Cash (used in) provided by financing activities	(203,110)	214,559
Effect of exchange rate changes on cash and cash equivalents	(891)	7,069
Net decrease in cash and cash equivalents during the year	(18,947)	(267,432)
Cash and cash equivalents, beginning of the year	135,081	402,513
Cash and cash equivalents, end of the year	$ 116,134	$ 135,081

NATURE AND DESCRIPTION OF THE T

NATURE AND DESCRIPTION OF THE TRUST	12 Months Ended
	Dec. 31, 2023
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 basis, for stapled units, each of which consists of one unit of Granite Real Estate Investment Trust ("Granite REIT") and one common share of Granite REIT Inc. ("Granite GP"). Granite REIT is an unincorporated, open-ended, limited purpose trust established under and governed by the laws of the province of Ontario and created pursuant to a Declaration of Trust dated September 28, 2012 as subsequently amended and restated on June 9, 2022. Granite GP was incorporated on September 28, 2012 under the Business Corporations Act (British Columbia). Granite REIT, Granite GP and their subsidiaries (together "Granite" or the "Trust") are carrying on the business previously conducted by Granite Co . 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 1133 Melville Street, Suite 3500, The Stack, Vancouver, British Columbia, V6E 4E5, 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 February 28, 2024.

MATERIAL ACCOUNTING POLICY INFO

MATERIAL ACCOUNTING POLICY INFORMATION	12 Months Ended
	Dec. 31, 2023
Disclosure of initial application of standards or interpretations [abstract]
MATERIAL ACCOUNTING POLICY INFORMATION	2. MATERIAL ACCOUNTING POLICY INFORMATION 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 and are, therefore, presented as equity on the combined balance sheets. (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 . For acquired investment properties that meet the definition of a business, the acquisition is accounted for as a business combination (note 2(e)); otherwise they are initially measured at cost including directly attributable expenses. Subsequent to acquisition, investment properties are carried at fair value, which is determined based on available market evidence at the balance sheet date including, among other things, rental revenue from current leases and reasonable and supportable assumptions that represent what knowledgeable, willing parties would assume about rental revenue from future leases less future cash outflows in respect of capital expenditures. Gains and losses arising from changes in fair value are recognized in net income in the period of change. Income-Producing Properties The carrying value of income-producing properties includes the impact of straight-line rental revenue (note 2(j)), 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, properties under development are carried at fair value. Properties under development are measured at cost if fair value is not reliably measurable. In determining the fair value of properties under development consideration is given to, among other things, remaining construction costs, development risk, the stage of project completion and the reliability of cash inflows after project completion. (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 acquired set of activities and assets in an acquisition must include an input and a substantive process to qualify as a business. IFRS 3 amendments, effective January 1, 2020, provide for an optional concentration test to permit a simplified assessment of whether an acquired set of activities and assets is not a business. The concentration test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. The Trust applies the acquisition method to account for business combinations. The consideration transferred for a business combination is the fair value of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the Trust. The total consideration includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired as well as liabilities and contingent liabilities assumed in a business combination are initially measured at fair value at the acquisition date. The Trust recognizes any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest’s proportionate share of the recognized amounts of the acquiree’s identifiable net assets. 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 interest over the identifiable net assets acquired. If the consideration transferred is lower than the fair value of the net assets acquired, the difference is recognized in net income. (f) Assets Held for Sale Non-current assets (and disposal groups) are classified as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. This condition is satisfied when the asset is available for immediate sale in its present condition, management is committed to the sale and the sale is highly probable to occur within one year. (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 (loss) 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 items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Exchange differences on monetary items are recognized in net income in the period in which they arise except for: • The effective portion of exchange differences on transactions entered into in order to hedge certain foreign currency risks are recognized in other comprehensive (loss) 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 (loss) 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 Long-term receivables included in other assets Amortized Cost Derivatives Fair Value Loan receivable Amortized Cost Accounts receivable Amortized Cost Foreign exchange collar 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 Derivatives Fair Value Accounts payable and accrued liabilities Amortized Cost Foreign exchange collar 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 follows: • 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 loan 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, interest rate swaps and foreign exchange collar contracts, are recorded in the combined balance sheet at fair value, including those derivatives that are embedded in financial or non-financial contracts. Changes in the fair value of derivative instruments which are not designated as hedges for accounting purposes are recognized in the combined statements of net income. The Trust utilizes derivative financial instruments from time to time in the management of its foreign currency and interest rate exposures. The Trust’s policy is not to utilize derivative financial instruments for trading or speculative purposes. The Trust applies hedge accounting to certain derivative and non-derivative financial instruments designated as hedges of net investments in subsidiaries with a functional currency other than the Canadian dollar. Hedge accounting is discontinued prospectively when the hedge relationship is terminated or no longer qualifies as a hedge, or when the hedging item is sold or terminated. In a net investment hedging relationship, the effective portion of foreign exchange gains or losses on the hedging instruments is recognized in other comprehensive (loss) income and the ineffective portion is recognized in net income. The amounts recorded in accumulated other comprehensive income are recognized in net income when there is a disposition or partial disposition of the foreign subsidiary. Interest Rate Benchmark Reform In August 2020, the IASB issued Interest Rate Benchmark Reform – Phase 2 Amendments to IFRS 9, Financial Instruments ; IFRS 7, Financial Instruments: Disclosures ; IAS 39, Financial Instruments: Recognition and Measurement ; IFRS 4, Insurance Contracts and IFRS 16, Leases, which addresses issues that might affect financial reporting once an existing interest rate benchmark is replaced with an alternative benchmark interest rate and provides specific disclosure requirements. The amendments introduce a practical expedient for modifications of financial instruments, where the basis for determining the contractual cash flows changes as a result of the Interbank Offer Rate (“IBOR”) reform, allowing for prospective application of the alternative benchmark interest rate. In addition, the amendments relate to the application of hedge accounting, providing an exception such that changes in the formal designation and documentation of hedge accounting relationships that are needed to reflect the changes required by IBOR reform do not result in the discontinuation of hedge accounting or the designation of new hedging relationships. The amendments are effective for annual reporting periods beginning on or after January 1, 2021. As some of the Trust's unsecured debt and related derivatives have been or will be impacted by the IBOR reform, the reformed IFRS guidance has been adopted. The adoption of the amendments did not have a material impact on the Trust's combined financial statements. Refer to note 8 for details of the unsecured debt and related derivatives that have been or will be affected by the IBOR reform and the transition plan that the Trust has executed to alternative benchmark interest rates. (i) Leases The Trust recognizes a right-of-use asset and a lease obligation at the lease commencement date, in accordance with IFRS 16, Leases . The Trust accounts for its right-of-use assets that do not meet the definition of investment property as fixed assets. The right-of-use asset is initially measured at cost and, subsequently, at cost less any accumulated depreciation and impairment, and adjusted for certain remeasurements of the lease obligation. When a right-of-use asset meets the definition of investment property, it is initially measured at cost and subsequently measured at fair value (note 2(d)). 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. (j) 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 includes 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. (k) Unit-based Compensation Plans 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 13), 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 forfeited or 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 are 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 or stapled units when a director/trustee ceases to be a member of the Board. (l) 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. (m) Si gnificant 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(j). 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 assets recognized. (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 subsequent reversionary 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 value its investment properties based on these appraisals but uses them as data points, alongside other external market information for management to arrive at its own conclusions on values. Management receives valuation assumptions from external appraisers such as discount rates, terminal capitalization rates and market rental rates, however, the Trust also considers its knowledge of historical renewal experiences with its tenants, its understanding of certain specialized aspects of the Trust’s portfolio and tenant profile, and its knowledge of the current condition of the properties to determine proprietary market leasing assumptions, including lease renewal probabilities, renewal rents and capital expenditures. The critical assumptions relating to the Trust’s estimates of fair values of investment properties include 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 combined 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. (n) Accounting Standards Adopted in 2023 In February 2021, the IASB issued narrow-scope amendments to IAS 1, Presentation of Financial Statements , IFRS Practice Statement 2, Making Materiality Judgements and IAS 8, Accounting Polices, Changes in Accounting Estimates and Errors . The amendments require the disclosure of material accounting policy information rather than disclosing significant accounting policies and clarify how to distinguish changes in accounting policies from changes in accounting estimates. The Trust has adopted these amendments effective January 1, 2023. The adoption of the amendments did not have a material impact on the Trust's combined financial statements. (o) Future Changes in Accounting Standards In January 2020, the IASB issued an amendment to IAS 1, Presentation of Financial Statements , to clarify its requirements for the presentation of liabilities in the statement of financial position. The limited scope amendment affected only the presentation of liabilities in the statement of financial position and not the amount or timing of its recognition. The amendment clarified that the classification of liabilities as current or non-current is based on rights that are in existence at the end of the reporting period and specified that classification is unaffected by expectations about whether an entity will exercise its right to defer settlement of a liability. It also introduced a definition of ‘settlement’ to make clear that settlement refers to the transfer to the counterparty of cash, equity instruments, other assets or services. On October 31, 2022, the IASB issued Non-Current Liabilities with Covenants (Amendments to IAS 1). These amendments specify that covenants to be complied with after the reporting date do not affect the classification of debt as current or non-current at the reporting date. The amendments are effective January 1, 2024, with early adoption permitted and the amendments are to be applied retrospectively. The Trust does not expect these amendments to have a material impact on its combined financial statements.

ACQUISITIONS

ACQUISITIONS	12 Months Ended
	Dec. 31, 2023
Disclosure of detailed information about business combination [abstract]
ACQUISITIONS	3. ACQUISITIONS During the years ended December 31, 2023 and 2022, Granite made the following property acquisitions: 2023 Acquisitions Property Location Date acquired Property purchase price Transaction Total acquisition cost Income-producing properties: 10144 Veterans Dr. Avon, USA March 30, 2023 $ 72,806 $ 128 $ 72,934 10207 Veterans Dr. Avon, USA March 30, 2023 34,089 102 34,191 $ 106,895 $ 230 $ 107,125 2022 Acquisitions Property Location Date acquired Property purchase price Transaction Total acquisition cost Income-producing properties: Georg-Beatzel Straße 15 Wiesbaden, Germany February 3, 2022 $ 62,033 $ 3,919 $ 65,952 Raiffeisenstraße 28-32 Korbach, Germany February 3, 2022 60,295 3,819 64,114 In der Langen Else 4 Erfurt, Germany February 3, 2022 17,636 1,225 18,861 10566 Gateway Pt. Clayton, IN April 14, 2022 121,258 98 121,356 2128 Gateway Pt. Clayton, IN April 14, 2022 57,886 105 57,991 102 Parkshore Dr. Brampton, ON May 24, 2022 20,850 696 21,546 195 Steinway Blvd. Etobicoke, ON May 26, 2022 17,700 1,266 18,966 Swaardvenstraat 75 Tilburg, Netherlands July 1, 2022 102,141 185 102,326 459,799 11,313 471,112 Property under development: 905 Belle Ln. Bolingbrook, IL May 5, 2022 14,516 87 14,603 Development land: 161 Markel Dr. Brant County, ON August 19, 2022 6,368 210 6,578 $ 480,683 $ 11,610 $ 492,293 During the year ended December 31, 2023, transaction costs of $0.2 million (2022 — $11.6 million), which included legal and advisory costs (2022 — land transfer taxes, legal and advisory costs), were first capitalized to the cost of the respective properties and then subsequently expensed to net fair value losses on investment properties on the combined statements of net income as a result of measuring the properties at fair value.

INVESTMENT PROPERTIES

INVESTMENT PROPERTIES	12 Months Ended
	Dec. 31, 2023
Disclosure of detailed information about investment property [abstract]
INVESTMENT PROPERTIES	4. INVESTMENT PROPERTIES As at December 31, 2023 2022 Income-producing properties $ 8,641,352 $ 8,486,105 Properties under development 120,940 272,504 Land held for development 45,847 80,962 $ 8,808,139 $ 8,839,571 Changes in investment properties are shown in the following table: Years ended December 31, 2023 2022 Income-producing properties Properties under development Land held for development Income-producing properties Properties Land held for development Balance, beginning of year $ 8,486,105 $ 272,504 $ 80,962 $ 7,727,368 $ 162,817 $ 80,973 Maintenance or improvements 8,409 — — 9,680 — — Leasing costs 5,095 1,577 — 10,153 — — Tenant allowances 6,969 47 — 574 — — Developments or expansions 36,633 61,089 1,530 43,940 228,099 2,853 Acquisitions (note 3) 107,125 — — 471,112 14,603 6,578 Transfer to properties under development — 50,007 (50,007) — 17,549 (17,549) Transfer to income-producing properties 288,979 (288,979) — 223,040 (223,040) — Amortization of straight-line rent 16,690 — — 10,591 — — Amortization of tenant allowances (4,403) — — (4,149) — — Other changes 132 4 6 374 21 14 Fair value (losses) gains, net (216,191) 26,506 13,382 (285,127) 56,536 6,929 Foreign currency translation, net (94,191) (1,815) (26) 321,078 15,919 1,164 Classified as assets held for sale (note 5) — — — (42,529) — — Balance, end of year $ 8,641,352 $ 120,940 $ 45,847 $ 8,486,105 $ 272,504 $ 80,962 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 were primarily determined by using a 10-year cash flow and subsequent reversionary value discounted back to present value. 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 valuation metrics utilized to derive the Trust’s investment property valuations are determined by management. The Trust does not value its investment properties based on models prepared by external appraisers but uses such external appraisals as data points, alongside other external market information for management to arrive at its own conclusions on values. Management receives valuation assumptions from external appraisers such as discount rates, terminal capitalization rates and market rental rates, however, the Trust also considers its knowledge of historical renewal experiences with its tenants, its understanding of certain specialized aspects of the Trust’s portfolio and tenant profile, and its knowledge of the current condition of the properties to determine proprietary market leasing assumptions, including lease renewal probabilities, renewal rents and capital expenditures. There has been no change in the valuation methodology during the year. Included in investment properties as at December 31, 2023 is $64.0 million (2022 — $48.6 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 22). Tenant minimum rental commitments payable to Granite on non-cancellable operating leases as at December 31, 2023 are as follows: 2024 $ 444,183 2025 431,349 2026 394,975 2027 369,278 2028 327,445 2029 and thereafter 1,365,460 $ 3,332,690 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, 2023 2022 (1) Weighted (2) Maximum Minimum Weighted (2) Maximum Minimum Canada Discount rate 6.55 % 7.50 % 6.00 % 6.26 % 7.25 % 5.25 % Terminal capitalization rate 5.39 % 6.50 % 4.75 % 5.19 % 6.50 % 4.25 % United States Discount rate 7.08 % 10.50 % 6.15 % 6.45 % 10.25 % 5.50 % Terminal capitalization rate 6.02 % 9.25 % 5.25 % 5.57 % 9.25 % 4.75 % Germany Discount rate 7.13 % 9.65 % 5.80 % 6.48 % 11.00 % 4.90 % Terminal capitalization rate 6.13 % 8.90 % 4.85 % 5.50 % 10.00 % 4.30 % Austria Discount rate 8.68 % 9.90 % 8.15 % 8.59 % 9.90 % 8.15 % Terminal capitalization rate 7.40 % 8.25 % 6.75 % 7.32 % 7.90 % 6.75 % Netherlands Discount rate 6.34 % 7.75 % 5.60 % 5.43 % 6.85 % 4.75 % Terminal capitalization rate 6.57 % 9.00 % 5.95 % 5.73 % 8.50 % 5.00 % Total Discount rate 7.05 % 10.50 % 5.60 % 6.50 % 11.00 % 4.75 % Terminal capitalization rate 6.07 % 9.25 % 4.75 % 5.66 % 10.00 % 4.25 % (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 $ 8,322,286 $ (319,066) $ 8,235,864 $ (405,488) +25 basis points 8,479,932 (161,420) 8,430,247 (211,105) Base rate 8,641,352 — 8,641,352 — -25 basis points 8,806,676 165,324 8,871,520 230,168 -50 basis points $ 8,975,983 $ 334,631 $ 9,123,497 $ 482,145

ASSETS HELD FOR SALE AND DISPOS

ASSETS HELD FOR SALE AND DISPOSITIONS	12 Months Ended
	Dec. 31, 2023
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, 2023, there were no investment properties classified as assets held for sale. At December 31, 2022, two income-producing properties located in Canada and the United States, having a total fair value of $41.2 million, were classified as assets held for sale. Dispositions During the year ended December 31, 2023, Granite disposed of two income-producing properties located in Canada and the United States. The details of the disposed properties are as follows: Property Location Date disposed Sale price 50 Casmir Ct. Concord, Canada August 15, 2023 $ 20,575 4701 S. Cowan Rd. Muncie, USA March 15, 2023 24,703 $ 45,278 During the year ended December 31, 2022, Granite disposed of two income-producing properties and one piece of land located in Poland and the Czech Republic for gross proceeds totaling $66.0 million. During the year ended December 31, 2023, Granite incurred $1.5 million (2022 — $0.7 million) of broker commissions and legal and advisory costs associated with the disposals which are included in loss on sale of investment properties on the combined statements of net income. The following table summarizes the fair value changes in properties classified as assets held for sale: Years ended December 31, 2023 2022 Balance, beginning of year $ 41,182 $ 64,612 Fair value gains, net 3,627 1,934 Foreign currency translation, net 469 (1,877) Other changes — 5 Disposals (45,278) (66,021) Classified as assets held for sale — 42,529 Balance, end of year $ — $ 41,182

OTHER ASSETS

OTHER ASSETS	12 Months Ended
	Dec. 31, 2023
Non-current assets [abstract]
OTHER ASSETS	6. OTHER ASSETS As at December 31, 2023 2022 Deferred financing costs associated with the revolving credit facility $ 2,272 $ 1,890 Long-term receivables 283 291 $ 2,555 $ 2,181

LOAN RECEIVABLE

LOAN RECEIVABLE	12 Months Ended
	Dec. 31, 2023
Loan Receivable [Abstract]
LOAN RECEIVABLE	7. LOAN RECEIVABLE In conjunction with the closing of the acquisition of two industrial properties in Avon, United States, on March 30, 2023 (note 3), the loan receivable made to the developer of the properties with an outstanding balance of $76.8 million (US$56.4 million) was repaid. As at December 31, 2022, the loan balance was $69.2 million (US$51.1 million).

UNSECURED DEBT AND RELATED DERI

UNSECURED DEBT AND RELATED DERIVATIVES	12 Months Ended
	Dec. 31, 2023
Borrowings [abstract]
UNSECURED DEBT AND RELATED DERIVATIVES	8. UNSECURED DEBT AND RELATED DERIVATIVES Unsecured Revolving Credit Facility On March 3, 2023, the Trust amended its existing unsecured revolving credit facility (the ‘‘Credit Facility’’) to extend the maturity date for a new five-year term to March 31, 2028, with a limit of $1.0 billion. The Trust also amended the benchmark rates from the London Interbank Offered Rate ("LIBOR") to the Secured Overnight Financing Rate ("SOFR"), including a fixed spread for the basis difference between LIBOR and SOFR, for US dollar denominated draws and from LIBOR to the Euro Interbank Offered Rate ("EURIBOR") for Euro denominated draws. Such amendments to the benchmark rates resulted in no economic impact to Granite’s borrowing rates. As it is anticipated that the administrator of the Canadian Dollar Offered Rate ("CDOR") will cease publication of CDOR by June 28, 2024 and the Canadian financial benchmark will be replaced by the Canadian Overnight Repo Rate Average ("CORRA"), the Trust's Credit Facility contains fallback provisions to transition from CDOR to CORRA for Canadian dollar denominated draws when CDOR is discontinued. 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 the Trust the ability to increase the amount of the commitment by an additional aggregate principal amount of up to $450.0 million with the consent of the participating lenders. While the Credit Facility matures on March 31, 2028, the Trust has the option to extend the maturity date by one year to March 31, 2029, subject to the agreement of lenders in respect of a minimum of 66 2/3% of the aggregate amount committed under the Credit Facility. As at December 31, 2023, the Trust had no amount drawn (2022 — nil) on the Credit Facility and $2.9 million (2022 — $3.5 million) in letters of credit issued against the Credit Facility. As at December 31, 2023 2022 Maturity Date Amortized Cost (1) Principal Amortized Cost (1) Principal 2023 Debentures November 30, 2023 $ — $ — $ 399,707 $ 400,000 2027 Debentures June 4, 2027 498,497 500,000 498,057 500,000 2028 Debentures August 30, 2028 498,193 500,000 497,806 500,000 2029 Debentures April 12, 2029 397,629 400,000 — — 2030 Debentures December 18, 2030 497,917 500,000 497,616 500,000 2024 Term Loan December 19, 2024 244,133 244,283 250,088 250,351 2025 Term Loan September 15, 2025 527,786 528,180 540,677 541,300 September 2026 Term Loan September 8, 2026 102,064 102,222 — — December 2026 Term Loan December 11, 2026 299,763 300,000 299,686 300,000 $ 3,065,982 $ 3,074,685 $ 2,983,637 $ 2,991,651 (1) The amounts outstanding are net of deferred financing costs. The deferred financing costs are amortized using the effective interest method and are included in interest expense. As at December 31, 2023 2022 Unsecured Debentures and Term Loans, Net Non-current $ 2,821,849 $ 2,583,930 Current 244,133 399,707 $ 3,065,982 $ 2,983,637 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 was 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 carrying value. The 2023 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 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 Government of Canada bond, trading at par, would carry if issued on the redemption date with a maturity date of November 30, 2023. On November 30, 2023, Granite LP repaid in full the outstanding $400.0 million aggregate principal amount of the 2023 Debentures. In conjunction with the repayment, the mark to market liability of $18.5 million relating to the 2023 Cross Currency Interest Rate Swap was settled. 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 carrying value. 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 Government of Canada bond, trading at par, would carry if issued on the redemption date with a maturity date of June 4, 2027. Granite also has the option to redeem the 2027 Debentures at par plus any accrued and unpaid interest within two months of the maturity date of June 4, 2027. 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 carrying value. 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 Government of Canada bond, trading at par, would carry if issued on the redemption date with a maturity date of August 30, 2028. Granite also has the option to redeem the 2028 Debentures at par plus any accrued and unpaid interest within two months of the maturity date of August 30, 2028. 2029 Debentures On October 12, 2023, Granite LP issued at par $400.0 million aggregate principal amount of 6.074% Series 7 senior unsecured debentures due April 12, 2029 (the “2029 Debentures”). Interest on the 2029 Debentures is payable semi-annually in arrears on April 12 and October 12 of each year. Deferred financing costs of $2.5 million were incurred in connection with the issuance of the 2029 Debentures and are recorded as a reduction against the carrying value. The 2029 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 2029 Debentures to be redeemed; and (b) the Canada Yield Price. The Canada Yield Price means, in respect of a 2029 Debenture, a price equal to which, if the 2029 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 50.5 basis points above the yield that a non-callable Government of Canada bond, trading at par, would carry if issued on the redemption date with a maturity date of April 12, 2029. Granite also has the option to redeem the 2029 Debentures at par plus any accrued and unpaid interest within one month of the maturity date of April 12, 2029. 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 carrying value. 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 Government of Canada bond, trading at par, would carry if issued on the redemption date with a maturity date of December 18, 2030. Granite also has the option to redeem the 2030 Debentures at par plus any accrued and unpaid interest within three months of the maturity date of December 18, 2030. 2024 Term Loan On December 19, 2018, Granite LP entered into and fully drew upon a US$185.0 million senior unsecured non-revolving term facility that originally matured on December 19, 2022. On October 10, 2019, Granite refinanced the US$185.0 million term facility and extended the maturity date two years to December 19, 2024 (the “2024 Term Loan”). The 2024 Term Loan is fully prepayable without penalty. Any amount repaid may not be re-borrowed. Interest on drawn amounts is calculated based on SOFR (previously LIBOR) plus an applicable margin determined by reference to the external credit rating of Granite LP and is payable monthly in arrears. Deferred financing costs of $0.8 million were incurred and are recorded as a reduction against the carrying value. 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 8 (c) ). The 2024 Term Loan’s interest was initially based on LIBOR plus an applicable margin, but as the Federal Reserve Board discontinued the publication of the US dollar LIBOR benchmark rates on June 30, 2023 and replaced it with SOFR, on April 19, 2023, Granite amended the 2024 Term Loan and 2024 Cross Currency Interest Rate Swap to update the benchmark rates in these agreements from LIBOR to SOFR, including a fixed spread for the basis difference between LIBOR and SOFR, without any economic impact or change to Granite's risk management strategy. 2025 Term Loan On September 15, 2022, Granite LP entered into and fully drew upon a US$400.0 million senior unsecured non-revolving term facility that will mature on September 15, 2025 (the “2025 Term Loan”). The 2025 Term Loan is fully prepayable without penalty. Any amount repaid may not be re-borrowed. Interest on drawn amounts is calculated based on SOFR plus an applicable margin determined by reference to the external credit rating of Granite LP and is payable monthly in arrears. Deferred financing costs of $0.7 million were incurred and are recorded as a reduction against the carrying value. September 2026 Term Loan On September 7, 2023, Granite LP entered into and fully drew upon a €70.0 million senior unsecured non-revolving term facility that will mature on September 8, 2026 (the “September 2026 Term Loan”). The September 2026 Term Loan is fully prepayable without penalty. Any amount repaid may not be re-borrowed. Interest on drawn amounts is calculated based on EURIBOR plus a margin and is payable monthly in arrears. Deferred financing costs of $0.2 million were incurred and are recorded as a reduction against the carrying value. December 2026 Term Loan On December 12, 2018, Granite LP entered into and fully drew upon a $300.0 million senior unsecured non-revolving term facility that originally matured on December 12, 2025. On November 27, 2019, Granite refinanced the $300.0 million term facility and extended the maturity date one year to December 11, 2026 (the “December 2026 Term Loan”). The December 2026 Term Loan is fully prepayable without penalty. Any amount repaid may not be re-borrowed. Interest on drawn amounts is calculated based on CDOR plus an applicable margin determined by reference to the external credit rating of Granite LP and is payable monthly in advance. Deferred financing costs of $1.5 million were incurred and are recorded as a reduction against the carrying value. 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 8(c)). As a result of the anticipated cessation of the publication of CDOR by June 28, 2024 and the Canadian financial benchmark being replaced by CORRA, subsequent to the year ended December 31, 2023, on February 8, 2024, Granite amended the December 2026 Term Loan and December 2026 Cross Currency Interest Rate Swap to update the benchmark rates in these agreements from CDOR to CORRA including a fixed spread for the basis difference between CDOR and CORRA, without any economic impact or change to Granite's risk management strategy. The 2027 Debentures, 2028 Debentures, 2029 Debentures, 2030 Debentures, 2024 Term Loan, 2025 Term Loan, September 2026 Term Loan and December 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. (c) Derivatives As at December 31, 2023 2022 Notional amount to be paid Interest payment rate Notional amount to be received Interest receipt rate Maturity date Fair value assets (liabilities) Fair value assets (liabilities) 2023 Cross Currency Interest Rate Swap (1) 281,100 EUR 2.430 % 400,000 CAD 3.873 % Nov. 30, 2023 $ — $ (7,076) 2024 Cross Currency Interest Rate Swap 168,200 EUR 0.522 % 185,000 USD SOFR plus margin (6) Dec. 19, 2024 9,042 24,891 2025 Interest Rate Swap (2) — — 5.016 % — — SOFR plus margin Sept. 15, 2025 4,847 5,244 September 2026 Interest Rate Swap (3) — — 4.333 % — — EURIBOR plus margin Sept. 8, 2026 (2,105) — December 2026 Cross Currency Interest Rate Swap 205,500 EUR 1.355 % 300,000 CAD CDOR plus margin (7) Dec. 11, 2026 24,223 39,264 2027 Cross Currency Interest Rate Swap 370,300 USD 2.964 % 500,000 CAD 3.062 % June 4, 2027 18,402 8,123 2028 Cross Currency Interest Rate Swap 119,100 USD 2.096 % 150,000 CAD 2.194 % Aug. 30, 2028 (3,067) (6,391) 2028 Cross Currency Interest Rate Swap (4) 242,100 EUR 0.536 % 350,000 CAD 2.194 % Aug. 30, 2028 8,998 19,450 2029 Cross Currency Interest Rate Swap (5) 277,700 EUR 4.958 % 400,000 CAD 6.103 % Apr. 12, 2029 (3,257) — 2030 Cross Currency Interest Rate Swap 319,400 EUR 1.045 % 500,000 CAD 2.378 % Dec. 18, 2030 43,730 54,883 $ 100,813 $ 138,388 (1) On November 30, 2023, Granite LP settled the 2023 Cross Currency Interest Rate Swap in conjunction with the repayment of the 2023 Debentures (note 8(b)). (2) On September 15, 2022, Granite LP entered into a float to fixed interest rate swap (the “2025 Interest Rate Swap”) to exchange the floating SOFR portion of the interest payments of the 2025 Term Loan for fixed interest payments resulting in an all-in fixed interest rate of 5.016%. (3) On September 8, 2023, Granite LP entered into a float to fixed interest rate swap (the “September 2026 Interest Rate Swap”) to exchange the floating EURIBOR-based interest payments of the September 2026 Term Loan for fixed interest payments resulting in an all-in fixed interest rate of 4.333%. (4) 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%. Upon termination, Granite paid $6.6 million to settle the mark-to-market liability relating to the $350.0 million principal portion of the 2028 Cross Currency Interest Rate Swap. (5) On October 10, 2023, Granite LP entered into a cross currency interest rate swap (the "2029 Cross Currency Interest Rate Swap"), which commenced on October 12, 2023 to exchange the Canadian dollar denominated principal and interest payments of the 2029 Debentures for Euro denominated principal and interest payments resulting in an all-in effective fixed interest rate of 4.929%. (6) On April 19, 2023, Granite amended the 2024 Cross Currency Interest Rate Swap to update the benchmark rate in the agreement from LIBOR to SOFR, including a fixed spread for the basis difference between LIBOR and SOFR, without any economic impact or change to Granite's risk management strategy. (7) Subsequent to the year ended December 31, 2023, on February 8, 2024, Granite amended the December 2026 Cross Currency Interest Rate Swap to update the benchmark rate in the agreement from CDOR to CORRA, including a fixed spread for the basis difference between CDOR and CORRA, without any economic impact or change to Granite's risk management strategy (note 8(b)). As at December 31, 2023 2022 Financial assets at fair value Non-current $ 100,200 $ 151,855 Current 9,042 — $ 109,242 $ 151,855 Financial liabilities at fair value Non-current $ 8,429 $ 6,391 Current — 7,076 $ 8,429 $ 13,467 For the year ended December 31, 2023, the cross currency interest rate swaps, the combination of the 2025 Term Loan and 2025 Interest Rate Swap, the combination of the September 2026 Term Loan and September 2026 Interest Rate Swap, and the EUR denominated draws under the Credit Facility are designated as net investment hedges of the Trust’s investments in foreign operations ("Net Investment Hedges"). The effectiveness of the hedges is assessed quarterly. Gains and losses associated with the effective portion of the hedges are recognized in other comprehensive (loss) income. For the year ended December 31, 2023, the Trust has assessed the Net Investment Hedges, except for the 2023 Cross Currency Interest Rate Swap (for the period from October 12, 2023 to November 30, 2023), a portion of the 2024 Cross Currency Interest Rate Swap, a portion of the combination of the 2025 Term Loan and 2025 Interest Rate Swap, and a portion of the combination of the September 2026 Term Loan and September 2026 Interest Rate Swap, to be effective. On October 12, 2023, as a result of the designation of the 2029 Cross Currency Interest Rate Swap, the Trust de-designated the 2023 Cross Currency Interest Rate Swap. Since the Trust did not employ hedge accounting for the 2023 Cross Currency Interest Rate Swap from the period October 12, 2023 to November 30, 2023, a fair value loss of $12.4 million is recognized in fair value losses (gains) on financial instruments, net (note 14(e)) in the combined statement of net income. For the year ended December 31, 2023, a net fair value loss of $20.4 million has been recognized in fair value losses (gains) on financial instruments, net (note 14(e)) in the combined statement of net income, due to the de-designation of the 2023 Cross Currency Interest Rate Swap (from the period October 12, 2023 to November 30, 2023) and the ineffectiveness relating to the interest rate portion of certain hedging relationships described above.

SECURED DEBT

SECURED DEBT	12 Months Ended
	Dec. 31, 2023
Borrowings [abstract]
SECURED DEBT	9. SECURED DEBT

LEASE OBLIGATIONS

LEASE OBLIGATIONS	12 Months Ended
	Dec. 31, 2023
Presentation of leases for lessee [abstract]
LEASE OBLIGATIONS	10. LEASE OBLIGATIONS As at December 31, 2023, 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 assets and recorded related lease liability obligations. The present value of future minimum lease payments relating to the right-of-use assets as at December 31, 2023 in aggregate for the next five years and thereafter are as follows: 2024 $ 765 2025 765 2026 764 2027 472 2028 256 2029 and thereafter 30,159 $ 33,181 During the year ended December 31, 2023, the Trust recognized $1.6 million (2022 — $1.5 million) of interest expense related to lease obligations (note 14(d)).

CURRENT LIABILITIES

CURRENT LIABILITIES	12 Months Ended
	Dec. 31, 2023
Current liabilities [abstract]
CURRENT LIABILITIES	11. CURRENT LIABILITIES Deferred Revenue Deferred revenue relates to prepaid and unearned revenue received from tenants and fluctuates with the timing of rental receipts. Accounts Payable and Accrued Liabilities As at December 31, 2023 2022 Accounts payable $ 11,400 $ 11,204 Commodity tax payable 5,779 6,087 Tenant security deposits 6,093 7,257 Employee unit-based compensation 7,752 5,994 Trustee/director unit-based compensation 9,364 6,932 Accrued salaries, incentives and benefits 6,516 6,826 Accrued interest payable 15,135 9,974 Accrued construction costs 11,009 36,659 Accrued professional fees 1,320 1,445 Acquisition related liabilities 907 5,042 Accrued property operating costs 9,744 8,750 Other tenant related liabilities 8,621 5,104 Other accrued liabilities 696 3,501 $ 94,336 $ 114,775

DISTRIBUTIONS TO STAPLED UNITHO

DISTRIBUTIONS TO STAPLED UNITHOLDERS	12 Months Ended
	Dec. 31, 2023
DISTRIBUTIONS TO STAPLED UNITHOLDERS
DISTRIBUTIONS TO STAPLED UNITHOLDERS	12. DISTRIBUTIONS TO STAPLED UNITHOLDERS Total distributions declared to stapled unitholders in the year ended December 31, 2023 were $204.3 million (2022 — $202.3 million) or $3.21 per stapled unit (2022 — $3.11 per stapled unit). Distributions payable at December 31, 2023 of $17.4 million ($0.2750 per stapled unit), representing the December 2023 monthly distribution, were paid on January 16, 2024. Distributions payable at December 31, 2022 of $17.0 million were paid on January 17, 2023 and represented the December 2022 monthly distribution. Subsequent to December 31, 2023, the distributions declared in January 2024 in the amount of $17.4 million or $0.2750 per stapled unit were paid on February 15, 2024 and the distributions declared in February 2024 of $0.2750 per stapled unit will be paid on March 15, 2024.

STAPLED UNITHOLDERS' EQUITY

STAPLED UNITHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2023
Disclosure of classes of share capital [abstract]
STAPLED UNITHOLDERS' EQUITY	13. STAPLED UNITHOLDERS' EQUITY 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. 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, 2023 and December 31, 2022, there were no options outstanding under this plan. Director/Trustee Deferred Share Unit Plan The Trust has two Non-Employee Director Share-Based Compensation Plans (the “DSPs”) which provide for a deferral of up to 100% of each non-employee director’s total annual remuneration, at specified levels elected by each director. The amounts deferred under the DSPs are reflected by notional deferred share units (“DSUs”) whose value at the time that the particular payment to the director is determined reflects the fair market value of a stapled unit. The value of a DSU subsequently appreciates or depreciates with changes in the market price of the stapled units. The DSPs also provide for the accrual of notional distribution equivalents on any distributions paid on the stapled units. On June 9, 2022, amendments were made to the DSPs to allow, at the discretion of the Compensation, Governance and Nominating Committee (the "CGN Committee)" for the DSUs to be settled in cash or stapled units, equal to the value of the accumulated DSUs at such date. A reconciliation of the changes in the DSUs outstanding is presented below: 2023 2022 Number (000s) Weighted Average Grant Date Number (000s) Weighted Average Grant Date DSUs outstanding, January 1 101 $64.58 85 $58.50 New grants and distributions 22 70.71 16 97.41 DSUs outstanding, December 31 123 $65.70 101 $64.58 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: 2023 2022 Number (000s) Weighted Average Number (000s) Weighted Average RSUs and PSUs outstanding, January 1 124 $ 87.18 128 $ 67.19 New grants and distributions (1) 80 71.80 58 101.30 Forfeited (3) 81.54 — 88.02 PSUs added by performance factor 27 83.37 27 96.22 Settled in cash (42) 80.32 (45) 69.89 Settled in stapled units (41) 80.32 (44) 69.89 RSUs and PSUs outstanding, December 31 (2) 145 $ 81.93 124 $ 87.18 (1) Includes 40.1 RSUs and 34.4 PSUs granted during the year ended December 31, 2023 (2022 — 29.6 RSUs and 22.0 PSUs). (2) Total restricted stapled units outstanding at December 31, 2023 include a total of 58.4 RSUs and 86.8 PSUs granted (2022 — 47.3 RSUs and 76.2 PSUs). The fair value of the outstanding RSUs was $3.6 million at December 31, 2023 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 11). The fair value of the outstanding PSUs was $4.2 million at December 31, 2023 and is recorded as a liability in the employee unit-based compensation payables (note 11). 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, 2023, January 1, 2022 and January 1, 2021 PSUs outstanding 86,811 Weighted average term to expiry 1.1 years Average volatility rate 22.5% Weighted average risk free interest rate 2.5% The Trust's unit-based compensation expense (recovery) recognized in general and administrative expenses was: Years ended December 31, 2023 2022 DSUs for trustees/directors (1) $ 2,431 $ (2,002) Restricted Stapled Unit Plan for executives and employees 7,782 1,835 Unit-based compensation expense (recovery) $ 10,213 $ (167) Fair value remeasurement expense (recovery) included in the above: DSUs for trustees/directors $ 844 $ (3,534) Restricted Stapled Unit Plan for executives and employees 3,107 (2,733) Total fair value remeasurement expense (recovery) $ 3,951 $ (6,267) (1) In respect of fees mandated and elected to be taken as DSUs. Normal Course Issuer Bid On May 19, 2023, 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 6,349,296 of Granite’s issued and outstanding stapled units. The NCIB commenced on May 24, 2023 and will conclude on the earlier of the date on which purchases under the bid have been completed and May 23, 2024. Pursuant to the policies of the TSX, daily purchases made by Granite through the TSX may not exceed 30,468 stapled units, subject to certain exceptions. Granite has 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 24, 2022 to May 23, 2023. During the year ended December 31, 2023, Granite repurchased 392,700 stapled units at an average stapled unit cost of $68.73 for total consideration of $27.0 million, excluding commissions. The difference between the repurchase price and the average cost of the stapled units of $6.4 million was recorded to contribution surplus. During the year ended December 31, 2022, Granite repurchased 2,165,600 stapled units at an average stapled unit cost of $71.81 for total consideration of $155.5 million, excluding commissions. The difference between the repurchase price and the average cost of the stapled units of $41.7 million was recorded to contributed surplus. At-The-Market Equity Distribution Program On November 3, 2021, Granite filed a prospectus supplement to the base shelf prospectus of Granite REIT and Granite GP establishing an at-the-market equity distribution program (the “ATM Program”), in each of the provinces and territories of Canada, which allowed it to issue and sell, at its discretion, up to $250.0 million of stapled units to the public, from time to time. Stapled units sold under the ATM Program were sold at the prevailing market prices at the time of sale when issued, directly through the facilities of the Toronto Stock Exchange or any other recognized marketplace upon which the stapled units were listed or quoted or where the stapled units were traded in Canada. As at December 31, 2023, there was no active ATM Program. During the year ended December 31, 2023, there were no stapled units issued under the ATM Program. During the year ended December 31, 2022, Granite issued 136,100 stapled units under the ATM Program at an average stapled unit price of $98.77 for gross proceeds of $13.4 million, and incurred issuance costs of $0.3 million, for net proceeds of $13.1 million. The issuance costs were recorded as a reduction to stapled unitholders’ equity. Accumulated Other Comprehensive Income Accumulated other comprehensive income consists of the following: As at December 31, 2023 2022 Foreign currency translation gains on investments in subsidiaries, net of related hedging activities and non-controlling interests (1) $ 254,364 $ 324,484 Fair value gains on derivatives designated as net investment hedges 52,056 89,048 $ 306,420 $ 413,532 (1) Includes foreign currency translation gains and losses from non-derivative financial instruments designated as net investment hedges.

RENTAL REVENUE, RECOVERIES, COS

RENTAL REVENUE, RECOVERIES, COSTS AND EXPENSES	12 Months Ended
	Dec. 31, 2023
RENTAL REVENUE, RECOVERIES, COSTS AND EXPENSES
RENTAL REVENUE, RECOVERIES, COSTS AND EXPENSES	14. RENTAL REVENUE, RECOVERIES, COSTS AND EXPENSES (a) Rental revenue consists of: Years ended December 31, 2023 2022 Base rent $ 427,354 $ 376,296 Straight-line rent amortization 16,690 10,596 Tenant incentive amortization (4,403) (4,149) Property tax recoveries 52,862 48,147 Property insurance recoveries 6,386 4,947 Operating cost recoveries 22,361 19,742 $ 521,250 $ 455,579 (b) Property operating costs consist of: Years ended December 31, 2023 2022 Non-recoverable from tenants: Property taxes and utilities $ 1,230 $ 910 Property insurance 694 776 Repairs and maintenance 427 420 Property management fees 378 339 Other 459 733 $ 3,188 $ 3,178 Recoverable from tenants: Property taxes and utilities $ 58,752 $ 52,456 Property insurance 7,396 5,538 Repairs and maintenance 10,441 10,079 Property management fees 5,038 3,818 Other 1,197 152 $ 82,824 $ 72,043 Property operating costs $ 86,012 $ 75,221 (c) General and administrative expenses consist of: Years ended December 31, 2023 2022 Salaries, incentives and benefits $ 17,907 $ 18,225 Audit, legal and consulting 4,341 3,205 Trustee/director fees including distributions, revaluations and expenses (1) 2,825 (1,777) RSU and PSU compensation expense including distributions and revaluations (1) 7,782 1,835 Other public entity costs 2,629 2,615 Office rents including property taxes and common area maintenance costs 623 491 Capital tax 995 867 Information technology costs 2,524 2,213 Other 2,332 2,779 $ 41,958 $ 30,453 Less: capitalized general and administrative expenses (518) (988) $ 41,440 $ 29,465 (1) For fair value remeasurement expense (recovery) amounts see note 13(b). (d) Interest expense and other financing costs consist of: Years ended December 31, 2023 2022 Interest and amortized issuance costs relating to debentures and term loans $ 73,322 $ 47,304 Amortization of deferred financing costs and other interest expense and charges 5,853 5,784 Interest expense related to lease obligations (note 10) 1,593 1,549 $ 80,768 $ 54,637 Less: capitalized interest (2,051) (3,670) $ 78,717 $ 50,967 (e) Fair value losses (gains) on financial instruments, net, consist of: Years ended December 31, 2023 2022 Foreign exchange collar contracts, net (note 18(a)) $ (3,076) $ 2,426 Derivatives, net (note 8(c)) 20,372 (13,809) $ 17,296 $ (11,383) For the year ended December 31, 2023, the net fair value loss on financial instruments of $17.3 million is comprised of the net fair value loss on the derivatives of $20.4 million which is associated with the fair value movements of the 2023 Cross Currency Interest Rate Swap, 2024 Cross Currency Interest Rate Swap, the combination of the 2025 Term Loan and 2025 Interest Rate Swap, and the combination of the September 2026 Term Loan and September 2026 Interest Rate Swap, offset partially by the net fair value gain on foreign exchange collar contracts of $3.1 million. The Trust partially employed or did not employ hedge accounting for the derivatives and foreign exchange collars, therefore the change in fair value is recognized in fair value losses (gains) on financial instruments, net, in the combined statement of net income. For the year ended December 31, 2022, the net fair value gain on financial instruments of $11.4 million was comprised of the net fair value gain on the derivatives of $13.8 million which was associated with the fair value movements of the 2024 Cross Currency Interest Rate Swap and the combination of the 2025 Term Loan and 2025 Interest Rate Swap, offset partially by the net fair value loss on the foreign exchange collar contracts of $2.4 million. The Trust partially employed or did not employ hedge accounting for the derivatives and foreign exchange collars, therefore the change in fair value was recognized in fair value losses (gains) on financial instruments, net , in the combined statement of net income.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2023
Major components of tax expense (income) [abstract]
INCOME TAXES	15. INCOME TAXES The major components of the income tax recovery are: Years ended December 31, 2023 2022 Current income tax: Current taxes $ 8,450 $ 8,079 Current taxes referring to previous periods (1,854) (819) Withholding taxes and other 110 120 $ 6,706 $ 7,380 Deferred income tax: Origination and reversal of temporary differences $ (25,660) $ (71,195) Impact of changes in tax rates — (17,330) Withholding taxes on profits of subsidiaries 86 — Deferred tax expense arising from the write-down, or reversal of a previous write-down, of a deferred tax asset 8,877 16,771 Other 502 709 $ (16,195) $ (71,045) Income tax recovery $ (9,489) $ (63,665) combined statements of net income varies from the Canadian statutory rate for the following reasons: Years ended December 31, 2023 2022 Income before income taxes $ 129,007 $ 92,157 Expected income taxes at the Canadian statutory tax rate of 26.5% (2022 - 26.5%) $ 34,187 $ 24,422 Income distributed and taxable to unitholders (51,921) (92,252) Net foreign rate differentials (811) 9,145 Net change in provisions for uncertain tax positions (548) 719 Net permanent differences 507 (6,151) Net effect of change in tax rates — (17,330) Non-recognition of deferred tax assets 8,877 16,770 Withholding taxes and other 220 1,012 Income tax recovery $ (9,489) $ (63,665) Deferred tax assets and liabilities consist of temporary differences related to the following: As at December 31, 2023 2022 Deferred tax assets: Loss carryforwards $ 602 $ 629 Other 37 — Deferred tax assets $ 639 $ 629 Deferred tax liabilities: Investment properties $ 540,304 $ 562,578 Withholding tax on undistributed subsidiary profits 86 — Other (4,839) (5,187) Deferred tax liabilities $ 535,551 $ 557,391 (d) Changes in the net deferred tax liabilities consist of the following: Years ended December 31, 2023 2022 Balance, beginning of year $ 556,762 $ 600,215 Deferred tax recovery recognized in net income (16,195) (71,045) Foreign currency translation of deferred tax balances (5,655) 27,592 Net deferred tax liabilities, end of year $ 534,912 $ 556,762 (e) Net cash payments of income taxes amounted to a payment of $8.3 million for the year ended December 31, 2023 (2022 — $18.1 million) which included less than $0.1 million of withholding taxes paid (2022 — less than $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, 2023, the Trust had $9.8 million (2022 — $10.3 million) of unrecognized income tax benefits, (including $0.1 million (2022 — $0.2 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, 2023 2022 Unrecognized tax benefits balance, beginning of year $ 10,279 $ 10,470 Decreases for tax positions of prior years (1,815) (1,692) Increases for tax positions of current year 1,244 1,452 Foreign currency impact 87 49 Unrecognized tax benefits balance, end of year $ 9,795 $ 10,279 It is reasonably possible that the gross unrecognized tax benefits, as of December 31, 2023, could decrease in the next 12 months. The quantum of the decrease could range between a nominal amount and $2.2 million (2022 — a nominal amount and $2.6 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, 2023, a nominal amount of interest and penalties was recorded (2022 — $0.1 million) as part of the provision for income taxes in the combined statements of net income. As at December 31, 2023, the following tax years remained subject to examination: Major Jurisdictions Canada 2019 through 2023 United States 2019 through 2023 Austria 2018 through 2023 Germany 2016 through 2023 Netherlands 2018 through 2023 As at December 31, 2023, the Trust has approximately $330.7 million (2022 — $285.5 million) of losses and other deductible temporary differences in various tax jurisdictions that the Trust believes are not probable to be realized. As a result, no deferred tax asset has been recognized for these losses and other deductible temporary differences as of December 31, 2023. Included in this number are Canadian capital loss carryforwards that do not expire of $140.9 million (2022 — $140.5 million). The aggregate amount of temporary differences associated with investments in subsidiaries for which deferred tax liabilities have not been recognized as at December 31, 2023 is approximately $253.9 million (2022 — approximately $194.7 million).

SEGMENTED DISCLOSURE INFORMATIO

SEGMENTED DISCLOSURE INFORMATION	12 Months Ended
	Dec. 31, 2023
Disclosure of operating segments [abstract]
SEGMENTED DISCLOSURE INFORMATION	16. SEGMENTED DISCLOSURES 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, 2023 2022 Canada $ 80,460 15 % $ 75,934 17 % United States 296,520 58 % 251,746 55 % Austria 63,825 12 % 59,523 13 % Germany 38,800 7 % 31,823 7 % Netherlands 41,645 8 % 34,945 8 % Other Europe — — % 1,608 — % $ 521,250 100 % $ 455,579 100 % For the year ended December 31, 2023, revenue from Magna International Inc. comprised approximately 23% (2022 — 25%) of the Trust’s total revenue. Investment Properties As at December 31, 2023 2022 Canada $ 2,018,661 23 % $ 1,918,822 22 % United States 4,593,136 52 % 4,757,867 54 % Austria 819,002 9 % 759,977 8 % Germany 612,350 7 % 588,804 7 % Netherlands 764,990 9 % 814,101 9 % $ 8,808,139 100 % $ 8,839,571 100 %

DETAILS OF CASH FLOWS

DETAILS OF CASH FLOWS	12 Months Ended
	Dec. 31, 2023
DETAILS OF CASH FLOWS
DETAILS OF CASH FLOWS	17. DETAILS OF CASH FLOWS (a) Items not involving operating cash flows are shown in the following table: Years ended December 31, 2023 2022 Straight-line rent amortization $ (16,690) $ (10,596) Tenant incentive amortization 4,403 4,149 Unit-based compensation expense (recovery) (note 13(b)) 10,213 (167) Fair value losses on investment properties, net 172,676 219,728 Depreciation and amortization 1,272 1,598 Fair value losses (gains) on financial instruments, net (note 14(e)) 17,296 (11,383) Loss on sale of investment properties 1,505 666 Amortization of issuance costs relating to debentures and term loans 1,953 1,729 Amortization of deferred financing costs 535 582 Deferred income tax recovery (note 15(a)) (16,195) (71,045) Other 33 (173) $ 177,001 $ 135,088 (b) Changes in working capital balances are shown in the following table: Years ended December 31, 2023 2022 Accounts receivable $ (200) $ 1,674 Prepaid expenses and other (3,390) (2,269) Accounts payable and accrued liabilities (1,727) (4,209) Deferred revenue 654 4,702 $ (4,663) $ (102) (c) Non-cash investing and financing activities For the year ended December 31, 2023, 41 thousand stapled units (2022 — 44 thousand stapled units) with a value of $3.4 million (2022 — $4.1 million) were issued under the Restricted Stapled Unit Plan (note 13(b)) and are not recorded in the combined statements of cash flows. In addition, for the year ended December 31, 2023, the total impact from the foreign currency translations on the secured debt, unsecured debt and related derivatives of $19.0 million loss (2022 — $40.8 million gain) is not recorded in the combined statements of cash flows. Cash and cash equivalents consist of: As at December 31, 2023 2022 Cash $ 115,714 $ 127,091 Short-term deposits 420 7,990 $ 116,134 $ 135,081

FAIR VALUE AND RISK MANAGEMENT

FAIR VALUE AND RISK MANAGEMENT	12 Months Ended
	Dec. 31, 2023
Disclosure of detailed information about financial instruments [abstract]
FAIR VALUE AND RISK MANAGEMENT	18. 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, 2023 and December 31, 2022: As at December 31, 2023 2022 Carrying Fair Value Carrying Fair Value Financial assets Other assets $ 283 (1) $ 283 $ 291 (1) $ 291 Derivatives 109,242 (2) 109,242 151,855 151,855 Loan receivable — — 69,186 69,186 Accounts receivable 12,166 12,166 12,176 12,176 Prepaid expenses and other 650 (3) 650 — — Cash and cash equivalents 116,134 116,134 135,081 135,081 $ 238,475 $ 238,475 $ 368,589 $ 368,589 Financial liabilities Unsecured debentures, net $ 1,892,236 $ 1,768,920 $ 1,893,186 (5) $ 1,672,290 Unsecured term loans, net 1,173,746 (4) 1,173,746 1,090,451 1,090,451 Secured debt — — 51,373 51,373 Derivatives 8,429 8,429 13,467 (6) 13,467 Accounts payable and accrued liabilities 94,336 94,336 114,775 (7) 114,775 Distributions payable 17,415 17,415 16,991 16,991 $ 3,186,162 $ 3,062,846 $ 3,180,243 $ 2,959,347 (1) Long-term receivables included in other assets (note 6). (2) Balance includes current and non-current portions of derivative assets (note 8(c)). (3) As at December 31, 2023, foreign exchange collars of $0.7 million included in prepaid expenses and other. (4) Balance includes current and non-current portions of unsecured term loans, net (note 8(b)). (5) Balance included current and non-current portions of unsecured debentures, net (note 8(b)). (6) Balance included current and non-current portions of derivative liabilities (note 8(c)). (7) As at December 31, 2022, foreign exchange collars of $2.4 million included in accounts payable and accrued liabilities. The fair values of the Trust’s 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 secured debt and unsecured term loans approximate their carrying amounts as the secured debt and unsecured term loans bear interest at rates comparable to the current market rates. The fair values of the derivatives 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, 2023, the Trust held 6 outstanding foreign exchange collar contracts with a notional value of US$36.0 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. At December 31, 2023, the Trust also held 12 outstanding foreign exchange collar contracts with a notional value of €24.0 million and contracts the Trust to sell Euros and receive Canadian dollars if specific Euro exchange rates relative to the Canadian dollar are met. For the year ended December 31, 2023, the Trust recorded a net fair value gain of $3.1 million related to the outstanding foreign exchange collar contracts (note 14(e)). The Trust did not employ hedge accounting for these financial instruments. As at December 31, 2022, the Trust held 12 outstanding foreign exchange collar contracts with a notional value of US$72.0 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. As at December 31, 2022, the Trust also held 18 outstanding foreign exchange collars contracts with a notional value of €24.0 million and contracts the Trust to sell Euros and receive Canadian dollars if specific Euro exchange rates relative to the Canadian dollar are met. For the year ended December 31, 2022, the Trust recorded a net fair value loss of $2.4 million related to the outstanding foreign exchange collar contracts (note 14(e)). The Trust did not employ hedge accounting for these financial instruments. 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 basis and the level within the fair value hierarchy in which the fair value measurements fall. As at December 31, 2023 Level 1 Level 2 Level 3 ASSETS AND LIABILITIES MEASURED OR DISCLOSED AT FAIR VALUE Assets measured at fair value Investment properties (note 4) $ — $ — $ 8,808,139 Derivatives (note 8) — 109,242 — Foreign exchange collars included in prepaid expenses and other — 650 — Liabilities measured or disclosed at fair value Unsecured debentures, net (note 8) 1,768,920 — — Unsecured term loans, net (note 8) — 1,173,746 — Derivatives (note 8) — 8,429 — Net (liabilities) assets measured or disclosed at fair value $ (1,768,920) $ (1,072,283) $ 8,808,139 As at December 31, 2022 Level 1 Level 2 Level 3 ASSETS AND LIABILITIES MEASURED OR DISCLOSED AT FAIR VALUE Assets measured at fair value Investment properties (note 4) $ — $ — $ 8,839,571 Assets held for sale (note 5) — — 41,182 Derivatives (note 8) — 151,855 — Loan receivable (note 7) — 69,186 — Liabilities measured or disclosed at fair value Unsecured debentures, net (note 8) 1,672,290 — — Unsecured term loans, net (note 8) — 1,090,451 — Secured debt (note 9) — 51,373 — Foreign exchange collars included in accounts payable and accrued liabilities — 2,426 — Derivatives (note 8) — 13,467 — Net (liabilities) assets measured or disclosed at fair value $ (1,672,290) $ (936,676) $ 8,880,753 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, 2023 and 2022, 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. 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. Magna International Inc. accounted for approximately 23% of the Trust’s rental revenue during the year ended December 31, 2023. 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. Substantially all of the Trust’s accounts receivable are collected within 30 days. The balance of accounts receivable past due is not significant. (ii) Interest rate risk As at December 31, 2023, the Trust’s exposure to interest rate risk is limited. Approximately 62% of the Trust’s interest bearing debt consists of fixed rate debt in the form of the 2027 Debentures, the 2028 Debentures, the 2029 Debentures and the 2030 Debentures. After taking into account the related derivatives, the 2027 Debentures, the 2028 Debentures, the 2029 Debentures and the 2030 Debentures have effective fixed interest rates of 2.964%, 1.004%, 4.929% and 1.045%, respectively. The remaining 38% of the Trust’s interest bearing debt consists of variable rate debt in the form of the 2024 Term Loan, the 2025 Term Loan, the September 2026 Term Loan and the December 2026 Term Loan. After taking into account the related derivatives, the 2024 Term Loan, the 2025 Term Loan, the September 2026 Term Loan and the December 2026 Term Loan have effective fixed interest rates of 0.267%, 5.016%, 4.333% and 1.105%, respectively. (iii) Foreign exchange risk As at December 31, 2023, 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, 2023, the Trust’s foreign currency denominated net assets are $6.3 billion 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 $42.9 million and $20.0 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, 2023, a 1% change in the US dollar and Euro exchange rates relative to the Canadian dollar would have impacted revenue by approximately $3.0 million and $1.4 million, respectively. For the year ended December 31, 2023, the Trust has designated its derivatives relating to the $1.3 billion of unsecured debentures, $544.3 million of unsecured term loans, the combination of the $102.2 million of unsecured term loan and its related derivative, and the Euro denominated draws under the Credit Facility as hedges of its net investment in the European operations (note 8(c)). Furthermore, the Trust has designated its derivatives relating to the $650.0 million of unsecured debentures and the combination of the $528.2 million of unsecured term loan and its related derivative, as hedges of its net investment in the United States operations (note 8(c)). (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, maintaining ample capacity on its Credit Facility, 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, 2023 Total 2024 2025 2026 2027 2028 Thereafter Unsecured debentures $ 1,900,000 $ — $ — $ 500,000 $ 500,000 $ 900,000 Unsecured term loans 1,174,685 244,283 528,180 402,222 — — Derivatives 8,429 — — 2,105 — 3,067 3,257 Interest payments (1) : Unsecured debentures, net of derivatives 222,152 44,891 44,891 44,891 37,528 30,165 19,786 Unsecured term loans, net of derivatives 72,003 35,951 29,274 6,778 — — — Accounts payable and accrued liabilities 94,336 91,390 1,570 1,376 — — — Distributions payable 17,415 17,415 — — — — — $ 3,489,020 $ 433,930 $ 603,915 $ 457,372 $ 537,528 $ 533,232 $ 923,043 (1)

CAPITAL MANAGEMENT

CAPITAL MANAGEMENT	12 Months Ended
	Dec. 31, 2023
Disclosure of objectives, policies and processes for managing capital [abstract]
CAPITAL MANAGEMENT	19. 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, 2023 2022 Unsecured debentures, net $ 1,892,236 $ 1,893,186 Unsecured term loans, net 1,173,746 1,090,451 Derivative (assets) liabilities, net (1) (100,813) (138,388) Secured debt — 51,373 Total debt 2,965,169 2,896,622 Stapled unitholders’ equity 5,276,951 5,475,375 Total managed capital $ 8,242,120 $ 8,371,997 (1) Balance represents derivative (assets) net of derivative liabilities (note 8(c)). 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; • Optimizing the Trust's weighted average cost of capital; • 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, 2023, the Trust’s combined debt consists of the unsecured debentures, the unsecured term loans and the unsecured revolving credit facility when drawn, each of which have various financial covenants. These covenants are defined within the trust indenture, the term loan agreements and the revolving 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 covenants and was in compliance with their respective requirements as at December 31, 2023 and 2022. 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 2023, the Trust declared a monthly distribution of $0.2667 per stapled unit from January to November and a monthly distribution of $0.2750 per stapled unit for the month of December. The Board determines monthly distribution levels having considered, among other factors, estimated 2023 and 2024 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 financial covenants.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2023
Disclosure of transactions between related parties [abstract]
RELATED PARTY TRANSACTIONS	20. RELATED PARTY TRANSACTIONS For the years ended December 31, 2023 and 2022, 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, the Executive Vice President, Global Real Estate and Head of Investments and the Executive Vice President, General Counsel. Information with respect to the Trustees’/Directors’ fees is included in notes 13(b) and 14(c). The compensation paid or payable to the Trust’s key management personnel was as follows: Years ended December 31, 2023 2022 Salaries, incentives and short-term benefits $ 5,649 $ 5,760 Unit-based compensation expense including fair value adjustments 2,959 2,102 $ 8,608 $ 7,862

COMBINED FINANCIAL INFORMATION

COMBINED FINANCIAL INFORMATION	12 Months Ended
	Dec. 31, 2023
COMBINED FINANCIAL INFORMATION
COMBINED FINANCIAL INFORMATION	21. 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, 2023 Granite REIT Granite GP Eliminations/ Granite REIT and Granite GP Combined ASSETS Non-current assets: Investment properties $8,808,139 — — $8,808,139 Investment in Granite LP (1) — 41 (41) — Other non-current assets 106,540 — — 106,540 8,914,679 41 (41) 8,914,679 Current assets: Other current assets 35,564 — — 35,564 Intercompany receivable (2) — 18,998 (18,998) — Cash and cash equivalents 115,838 296 — 116,134 Total assets $9,066,081 19,335 (19,039) $9,066,377 LIABILITIES AND EQUITY Non-current liabilities: Unsecured debt, net $2,821,849 — — $2,821,849 Other non-current liabilities 576,396 — — 576,396 3,398,245 — — 3,398,245 Current liabilities: Unsecured debt, net 244,133 — — 244,133 Intercompany payable (2) 18,998 — (18,998) — Other current liabilities 121,064 19,294 — 140,358 Total liabilities 3,782,440 19,294 (18,998) 3,782,736 Equity: Stapled unitholders’ equity 5,276,910 41 — 5,276,951 Non-controlling interests 6,731 — (41) 6,690 Total liabilities and equity $9,066,081 19,335 (19,039) $9,066,377 (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, 2022 Granite REIT Granite GP Eliminations/ Granite REIT and Granite GP Combined ASSETS Non-current assets: Investment properties $8,839,571 — — $8,839,571 Investment in Granite LP (1) — 40 (40) — Other non-current assets 167,189 — — 167,189 9,006,760 40 (40) 9,006,760 Current assets: Assets held for sale 41,182 — — 41,182 Other current assets 97,310 21 — 97,331 Intercompany receivable (2) — 15,594 (15,594) — Cash and cash equivalents 135,020 61 — 135,081 Total assets $9,280,272 15,716 (15,634) $9,280,354 LIABILITIES AND EQUITY Non-current liabilities: Unsecured debt, net $2,583,930 — — $2,583,930 Other non-current liabilities 596,759 — — 596,759 3,180,689 — — 3,180,689 Current liabilities: Unsecured debt, net 399,707 — — 399,707 Intercompany payable (2) 15,594 — (15,594) — Other current liabilities 203,935 15,676 — 219,611 Total liabilities 3,799,925 15,676 (15,594) 3,800,007 Equity: Stapled unitholders’ equity 5,475,335 40 — 5,475,375 Non-controlling interests 5,012 — (40) 4,972 Total liabilities and equity $9,280,272 15,716 (15,634) $9,280,354 (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, 2023 Granite REIT Granite GP Eliminations/ Granite REIT and Granite GP Combined Revenue $521,250 — — $521,250 General and administrative expenses 41,440 — — 41,440 Interest expense and other financing costs 78,717 — — 78,717 Other costs and expenses, net 80,609 — — 80,609 Share of (income) loss of Granite LP — (1) 1 — Fair value losses on investment properties, net 172,676 — — 172,676 Fair value losses on financial instruments, net 17,296 — — 17,296 Loss on sale of investment properties 1,505 — — 1,505 Income before income taxes 129,007 1 (1) 129,007 Income tax recovery (9,489) — — (9,489) Net income 138,496 1 (1) 138,496 Less net income attributable to non-controlling interests 1,835 — (1) 1,834 Net income attributable to stapled unitholders $136,661 1 — $136,662 Income Statement Year Ended December 31, 2022 Granite REIT Granite GP Eliminations/ Granite REIT and Granite GP Combined Revenue $455,579 — — $455,579 General and administrative expenses 29,465 — — 29,465 Interest expense and other financing costs 50,967 — — 50,967 Other costs and expenses, net 73,979 — — 73,979 Share of (income) loss of Granite LP — (2) 2 — Fair value losses on investment properties, net 219,728 — — 219,728 Fair value gains on financial instruments, net (11,383) — — (11,383) Loss on sale of investment properties 666 — — 666 Income before income taxes 92,157 2 (2) 92,157 Income tax recovery (63,665) — — (63,665) Net income 155,822 2 (2) 155,822 Less net income attributable to non-controlling interests 56 — (2) 54 Net income attributable to stapled unitholders $155,766 2 — $155,768 Statement of Cash Flows Year Ended December 31, 2023 Granite REIT Granite GP Eliminations/ Granite REIT and Granite GP Combined OPERATING ACTIVITIES Net income $138,496 1 (1) $138,496 Items not involving operating cash flows 177,001 (1) 1 177,001 Changes in working capital balances (4,899) 236 — (4,663) Other operating activities 2,347 — — 2,347 Cash provided by operating activities 312,945 236 — 313,181 INVESTING ACTIVITIES Acquisitions, deposits and transactions costs, net (102,761) — — (102,761) Proceeds from disposals, net 43,773 — — 43,773 Additions to income-producing properties (59,825) — — (59,825) Additions to properties under development (71,132) — — (71,132) Construction funds released from escrow 4,819 — — 4,819 Other investing activities 56,999 — — 56,999 Cash used in investing activities (128,127) — — (128,127) FINANCING ACTIVITIES Distributions paid (203,910) — — (203,910) Other financing activities 800 — — 800 Cash used in financing activities (203,110) — — (203,110) Effect of exchange rate changes (891) — — (891) Net (decrease) increase in cash and cash equivalents during the year $(19,183) 236 — $(18,947) Statement of Cash Flows Year Ended December 31, 2022 Granite REIT Granite GP Eliminations/ Granite REIT and Granite GP Combined OPERATING ACTIVITIES Net income $155,822 2 (2) $155,822 Items not involving operating cash flows 135,088 (2) 2 135,088 Changes in working capital balances 292 (394) — (102) Other operating activities (13,312) — — (13,312) Cash provided by (used in) operating activities 277,890 (394) — 277,496 INVESTING ACTIVITIES Acquisitions, deposits and transactions costs, net (492,717) — — (492,717) Proceeds from disposals, net 63,943 — — 63,943 Additions to income-producing properties (54,933) — — (54,933) Additions to properties under development (212,245) — — (212,245) Construction funds in escrow (4,720) — — (4,720) Other investing activities (65,884) — — (65,884) Cash used in investing activities (766,556) — — (766,556) FINANCING ACTIVITIES Distributions paid (202,284) — — (202,284) Other financing activities 416,843 — — 416,843 Cash provided by financing activities 214,559 — — 214,559 Effect of exchange rate changes 7,069 — — 7,069 Net decrease in cash and cash equivalents during the year $(267,038) (394) — $(267,432)

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2023
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	22. 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, 2023, the Trust's contractual commitments totaled $56.4 million which are primarily comprised of costs to complete its ongoing construction and development projects and related tenant improvements. (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, $128.2 million (US$97.1 million) of bonds were assumed. The authorized amount of the bonds is $137.3 million (US$104.0 million), of which $83.2 million (US$63.0 million) was outstanding as at December 31, 2023. 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.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2023
Disclosure of non-adjusting events after reporting period [abstract]
SUBSEQUENT EVENTS	23. SUBSEQUENT EVENTS (a) Subsequent to December 31, 2023, the Trust declared distributions for January 2024 of $17.4 million or $0.2750 per stapled unit and distributions for February 2024 of $0.2750 per stapled unit (note 12).

MATERIAL ACCOUNTING POLICY IN_2

MATERIAL ACCOUNTING POLICY INFORMATION (Policies)	12 Months Ended
	Dec. 31, 2023
Disclosure of initial application of standards or interpretations [abstract]
Basis of Presentation and Statement of Compliance	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	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.
Trust Units	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 and are, therefore, presented as equity on the combined balance sheets.
Investment Properties	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 . For acquired investment properties that meet the definition of a business, the acquisition is accounted for as a business combination (note 2(e)); otherwise they are initially measured at cost including directly attributable expenses. Subsequent to acquisition, investment properties are carried at fair value, which is determined based on available market evidence at the balance sheet date including, among other things, rental revenue from current leases and reasonable and supportable assumptions that represent what knowledgeable, willing parties would assume about rental revenue from future leases less future cash outflows in respect of capital expenditures. Gains and losses arising from changes in fair value are recognized in net income in the period of change. Income-Producing Properties The carrying value of income-producing properties includes the impact of straight-line rental revenue (note 2(j)), 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, properties under development are carried at fair value. Properties under development are measured at cost if fair value is not reliably measurable. In determining the fair value of properties under development consideration is given to, among other things, remaining construction costs, development risk, the stage of project completion and the reliability of cash inflows after project completion.
Business Combinations	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 acquired set of activities and assets in an acquisition must include an input and a substantive process to qualify as a business. IFRS 3 amendments, effective January 1, 2020, provide for an optional concentration test to permit a simplified assessment of whether an acquired set of activities and assets is not a business. The concentration test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. The Trust applies the acquisition method to account for business combinations. The consideration transferred for a business combination is the fair value of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the Trust. The total consideration includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired as well as liabilities and contingent liabilities assumed in a business combination are initially measured at fair value at the acquisition date. The Trust recognizes any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest’s proportionate share of the recognized amounts of the acquiree’s identifiable net assets. 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 interest over the identifiable net assets acquired. If the consideration transferred is lower than the fair value of the net assets acquired, the difference is recognized in net income.
Assets Held for Sale	Assets Held for Sale Non-current assets (and disposal groups) are classified as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. This condition is satisfied when the asset is available for immediate sale in its present condition, management is committed to the sale and the sale is highly probable to occur within one year.
Foreign Currency Translation	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 (loss) 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 items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Exchange differences on monetary items are recognized in net income in the period in which they arise except for: • The effective portion of exchange differences on transactions entered into in order to hedge certain foreign currency risks are recognized in other comprehensive (loss) 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 (loss) income; and • Exchange differences on foreign currency borrowings related to capitalized interest for assets under construction are recognized in investment properties.
Financial Instruments, Derivatives and Hedging	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 Long-term receivables included in other assets Amortized Cost Derivatives Fair Value Loan receivable Amortized Cost Accounts receivable Amortized Cost Foreign exchange collar 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 Derivatives Fair Value Accounts payable and accrued liabilities Amortized Cost Foreign exchange collar 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 follows: • 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 loan 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, interest rate swaps and foreign exchange collar contracts, are recorded in the combined balance sheet at fair value, including those derivatives that are embedded in financial or non-financial contracts. Changes in the fair value of derivative instruments which are not designated as hedges for accounting purposes are recognized in the combined statements of net income. The Trust utilizes derivative financial instruments from time to time in the management of its foreign currency and interest rate exposures. The Trust’s policy is not to utilize derivative financial instruments for trading or speculative purposes. The Trust applies hedge accounting to certain derivative and non-derivative financial instruments designated as hedges of net investments in subsidiaries with a functional currency other than the Canadian dollar. Hedge accounting is discontinued prospectively when the hedge relationship is terminated or no longer qualifies as a hedge, or when the hedging item is sold or terminated. In a net investment hedging relationship, the effective portion of foreign exchange gains or losses on the hedging instruments is recognized in other comprehensive (loss) income and the ineffective portion is recognized in net income. The amounts recorded in accumulated other comprehensive income are recognized in net income when there is a disposition or partial disposition of the foreign subsidiary. Interest Rate Benchmark Reform In August 2020, the IASB issued Interest Rate Benchmark Reform – Phase 2 Amendments to IFRS 9, Financial Instruments ; IFRS 7, Financial Instruments: Disclosures ; IAS 39, Financial Instruments: Recognition and Measurement ; IFRS 4, Insurance Contracts and IFRS 16, Leases, which addresses issues that might affect financial reporting once an existing interest rate benchmark is replaced with an alternative benchmark interest rate and provides specific disclosure requirements. The amendments introduce a practical expedient for modifications of financial instruments, where the basis for determining the contractual cash flows changes as a result of the Interbank Offer Rate (“IBOR”) reform, allowing for prospective application of the alternative benchmark interest rate. In addition, the amendments relate to the application of hedge accounting, providing an exception such that changes in the formal designation and documentation of hedge accounting relationships that are needed to reflect the changes required by IBOR reform do not result in the discontinuation of hedge accounting or the designation of new hedging relationships. The amendments are effective for annual reporting periods beginning on or after January 1, 2021. As some of the Trust's unsecured debt and related derivatives have been or will be impacted by the IBOR reform, the reformed IFRS guidance has been adopted. The adoption of the amendments did not have a material impact on the Trust's combined financial statements. Refer to note 8 for details of the unsecured debt and related derivatives that have been or will be affected by the IBOR reform and the transition plan that the Trust has executed to alternative benchmark interest rates.
Leases	Leases The Trust recognizes a right-of-use asset and a lease obligation at the lease commencement date, in accordance with IFRS 16, Leases . The Trust accounts for its right-of-use assets that do not meet the definition of investment property as fixed assets. The right-of-use asset is initially measured at cost and, subsequently, at cost less any accumulated depreciation and impairment, and adjusted for certain remeasurements of the lease obligation. When a right-of-use asset meets the definition of investment property, it is initially measured at cost and subsequently measured at fair value (note 2(d)). 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	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 includes 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	Unit-based Compensation Plans 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 13), 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 forfeited or 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 are 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 or stapled units when a director/trustee ceases to be a member of the Board.
Income Taxes	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	Si gnificant 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(j). 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 assets recognized. (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 subsequent reversionary 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 value its investment properties based on these appraisals but uses them as data points, alongside other external market information for management to arrive at its own conclusions on values. Management receives valuation assumptions from external appraisers such as discount rates, terminal capitalization rates and market rental rates, however, the Trust also considers its knowledge of historical renewal experiences with its tenants, its understanding of certain specialized aspects of the Trust’s portfolio and tenant profile, and its knowledge of the current condition of the properties to determine proprietary market leasing assumptions, including lease renewal probabilities, renewal rents and capital expenditures. The critical assumptions relating to the Trust’s estimates of fair values of investment properties include 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 combined 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. (n) Accounting Standards Adopted in 2023 In February 2021, the IASB issued narrow-scope amendments to IAS 1, Presentation of Financial Statements , IFRS Practice Statement 2, Making Materiality Judgements and IAS 8, Accounting Polices, Changes in Accounting Estimates and Errors . The amendments require the disclosure of material accounting policy information rather than disclosing significant accounting policies and clarify how to distinguish changes in accounting policies from changes in accounting estimates. The Trust has adopted these amendments effective January 1, 2023. The adoption of the amendments did not have a material impact on the Trust's combined financial statements.
Accounting Standards Adopted in 2023	Accounting Standards Adopted in 2023 In February 2021, the IASB issued narrow-scope amendments to IAS 1, Presentation of Financial Statements , IFRS Practice Statement 2, Making Materiality Judgements and IAS 8, Accounting Polices, Changes in Accounting Estimates and Errors . The amendments require the disclosure of material accounting policy information rather than disclosing significant accounting policies and clarify how to distinguish changes in accounting policies from changes in accounting estimates. The Trust has adopted these amendments effective January 1, 2023. The adoption of the amendments did not have a material impact on the Trust's combined financial statements.
Future Changes in Accounting Standards	Future Changes in Accounting Standards In January 2020, the IASB issued an amendment to IAS 1, Presentation of Financial Statements , to clarify its requirements for the presentation of liabilities in the statement of financial position. The limited scope amendment affected only the presentation of liabilities in the statement of financial position and not the amount or timing of its recognition. The amendment clarified that the classification of liabilities as current or non-current is based on rights that are in existence at the end of the reporting period and specified that classification is unaffected by expectations about whether an entity will exercise its right to defer settlement of a liability. It also introduced a definition of ‘settlement’ to make clear that settlement refers to the transfer to the counterparty of cash, equity instruments, other assets or services. On October 31, 2022, the IASB issued Non-Current Liabilities with Covenants (Amendments to IAS 1). These amendments specify that covenants to be complied with after the reporting date do not affect the classification of debt as current or non-current at the reporting date. The amendments are effective January 1, 2024, with early adoption permitted and the amendments are to be applied retrospectively. The Trust does not expect these amendments to have a material impact on its combined financial statements.

MATERIAL ACCOUNTING POLICY IN_3

MATERIAL ACCOUNTING POLICY INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2023
Disclosure of initial application of standards or interpretations [abstract]
Disclosure of classification and measurement basis of 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 Long-term receivables included in other assets Amortized Cost Derivatives Fair Value Loan receivable Amortized Cost Accounts receivable Amortized Cost Foreign exchange collar 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 Derivatives Fair Value Accounts payable and accrued liabilities Amortized Cost Foreign exchange collar contracts Fair Value Distributions payable Amortized Cost

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	12 Months Ended
	Dec. 31, 2023
Disclosure of detailed information about business combination [abstract]
Schedule of business combination, income producing properties	During the years ended December 31, 2023 and 2022, Granite made the following property acquisitions: 2023 Acquisitions Property Location Date acquired Property purchase price Transaction Total acquisition cost Income-producing properties: 10144 Veterans Dr. Avon, USA March 30, 2023 $ 72,806 $ 128 $ 72,934 10207 Veterans Dr. Avon, USA March 30, 2023 34,089 102 34,191 $ 106,895 $ 230 $ 107,125 2022 Acquisitions Property Location Date acquired Property purchase price Transaction Total acquisition cost Income-producing properties: Georg-Beatzel Straße 15 Wiesbaden, Germany February 3, 2022 $ 62,033 $ 3,919 $ 65,952 Raiffeisenstraße 28-32 Korbach, Germany February 3, 2022 60,295 3,819 64,114 In der Langen Else 4 Erfurt, Germany February 3, 2022 17,636 1,225 18,861 10566 Gateway Pt. Clayton, IN April 14, 2022 121,258 98 121,356 2128 Gateway Pt. Clayton, IN April 14, 2022 57,886 105 57,991 102 Parkshore Dr. Brampton, ON May 24, 2022 20,850 696 21,546 195 Steinway Blvd. Etobicoke, ON May 26, 2022 17,700 1,266 18,966 Swaardvenstraat 75 Tilburg, Netherlands July 1, 2022 102,141 185 102,326 459,799 11,313 471,112 Property under development: 905 Belle Ln. Bolingbrook, IL May 5, 2022 14,516 87 14,603 Development land: 161 Markel Dr. Brant County, ON August 19, 2022 6,368 210 6,578 $ 480,683 $ 11,610 $ 492,293

INVESTMENT PROPERTIES (Tables)

INVESTMENT PROPERTIES (Tables)	12 Months Ended
	Dec. 31, 2023
Disclosure of detailed information about investment property [abstract]
Schedule of investment property summary	As at December 31, 2023 2022 Income-producing properties $ 8,641,352 $ 8,486,105 Properties under development 120,940 272,504 Land held for development 45,847 80,962 $ 8,808,139 $ 8,839,571
Schedule of changes in investment properties	Changes in investment properties are shown in the following table: Years ended December 31, 2023 2022 Income-producing properties Properties under development Land held for development Income-producing properties Properties Land held for development Balance, beginning of year $ 8,486,105 $ 272,504 $ 80,962 $ 7,727,368 $ 162,817 $ 80,973 Maintenance or improvements 8,409 — — 9,680 — — Leasing costs 5,095 1,577 — 10,153 — — Tenant allowances 6,969 47 — 574 — — Developments or expansions 36,633 61,089 1,530 43,940 228,099 2,853 Acquisitions (note 3) 107,125 — — 471,112 14,603 6,578 Transfer to properties under development — 50,007 (50,007) — 17,549 (17,549) Transfer to income-producing properties 288,979 (288,979) — 223,040 (223,040) — Amortization of straight-line rent 16,690 — — 10,591 — — Amortization of tenant allowances (4,403) — — (4,149) — — Other changes 132 4 6 374 21 14 Fair value (losses) gains, net (216,191) 26,506 13,382 (285,127) 56,536 6,929 Foreign currency translation, net (94,191) (1,815) (26) 321,078 15,919 1,164 Classified as assets held for sale (note 5) — — — (42,529) — — Balance, end of year $ 8,641,352 $ 120,940 $ 45,847 $ 8,486,105 $ 272,504 $ 80,962
Schedule of minimum rental commitments payable on non-cancellable operating leases	Tenant minimum rental commitments payable to Granite on non-cancellable operating leases as at December 31, 2023 are as follows: 2024 $ 444,183 2025 431,349 2026 394,975 2027 369,278 2028 327,445 2029 and thereafter 1,365,460 $ 3,332,690
Schedule of the key valuation metrics for income-producing properties by country	The key valuation metrics for income-producing properties by country are set out below: As at December 31, 2023 2022 (1) Weighted (2) Maximum Minimum Weighted (2) Maximum Minimum Canada Discount rate 6.55 % 7.50 % 6.00 % 6.26 % 7.25 % 5.25 % Terminal capitalization rate 5.39 % 6.50 % 4.75 % 5.19 % 6.50 % 4.25 % United States Discount rate 7.08 % 10.50 % 6.15 % 6.45 % 10.25 % 5.50 % Terminal capitalization rate 6.02 % 9.25 % 5.25 % 5.57 % 9.25 % 4.75 % Germany Discount rate 7.13 % 9.65 % 5.80 % 6.48 % 11.00 % 4.90 % Terminal capitalization rate 6.13 % 8.90 % 4.85 % 5.50 % 10.00 % 4.30 % Austria Discount rate 8.68 % 9.90 % 8.15 % 8.59 % 9.90 % 8.15 % Terminal capitalization rate 7.40 % 8.25 % 6.75 % 7.32 % 7.90 % 6.75 % Netherlands Discount rate 6.34 % 7.75 % 5.60 % 5.43 % 6.85 % 4.75 % Terminal capitalization rate 6.57 % 9.00 % 5.95 % 5.73 % 8.50 % 5.00 % Total Discount rate 7.05 % 10.50 % 5.60 % 6.50 % 11.00 % 4.75 % Terminal capitalization rate 6.07 % 9.25 % 4.75 % 5.66 % 10.00 % 4.25 % (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	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 $ 8,322,286 $ (319,066) $ 8,235,864 $ (405,488) +25 basis points 8,479,932 (161,420) 8,430,247 (211,105) Base rate 8,641,352 — 8,641,352 — -25 basis points 8,806,676 165,324 8,871,520 230,168 -50 basis points $ 8,975,983 $ 334,631 $ 9,123,497 $ 482,145

ASSETS HELD FOR SALE AND DISP_2

ASSETS HELD FOR SALE AND DISPOSITIONS (Tables)	12 Months Ended
	Dec. 31, 2023
Non-current assets or disposal groups classified as held for sale or as held for distribution to owners [abstract]
Schedule of properties disposed	The details of the disposed properties are as follows: Property Location Date disposed Sale price 50 Casmir Ct. Concord, Canada August 15, 2023 $ 20,575 4701 S. Cowan Rd. Muncie, USA March 15, 2023 24,703 $ 45,278
Disclosure of fair value changes in properties classified as assets held for sale	The following table summarizes the fair value changes in properties classified as assets held for sale: Years ended December 31, 2023 2022 Balance, beginning of year $ 41,182 $ 64,612 Fair value gains, net 3,627 1,934 Foreign currency translation, net 469 (1,877) Other changes — 5 Disposals (45,278) (66,021) Classified as assets held for sale — 42,529 Balance, end of year $ — $ 41,182

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	12 Months Ended
	Dec. 31, 2023
Non-current assets [abstract]
Schedule of other assets	As at December 31, 2023 2022 Deferred financing costs associated with the revolving credit facility $ 2,272 $ 1,890 Long-term receivables 283 291 $ 2,555 $ 2,181

UNSECURED DEBT AND RELATED DE_2

UNSECURED DEBT AND RELATED DERIVATIVES (Tables)	12 Months Ended
	Dec. 31, 2023
Borrowings [abstract]
Schedule of unsecured debentures and term loans, net	(b) Unsecured Debentures and Term Loans, Net As at December 31, 2023 2022 Maturity Date Amortized Cost (1) Principal Amortized Cost (1) Principal 2023 Debentures November 30, 2023 $ — $ — $ 399,707 $ 400,000 2027 Debentures June 4, 2027 498,497 500,000 498,057 500,000 2028 Debentures August 30, 2028 498,193 500,000 497,806 500,000 2029 Debentures April 12, 2029 397,629 400,000 — — 2030 Debentures December 18, 2030 497,917 500,000 497,616 500,000 2024 Term Loan December 19, 2024 244,133 244,283 250,088 250,351 2025 Term Loan September 15, 2025 527,786 528,180 540,677 541,300 September 2026 Term Loan September 8, 2026 102,064 102,222 — — December 2026 Term Loan December 11, 2026 299,763 300,000 299,686 300,000 $ 3,065,982 $ 3,074,685 $ 2,983,637 $ 2,991,651 (1) The amounts outstanding are net of deferred financing costs. The deferred financing costs are amortized using the effective interest method and are included in interest expense. As at December 31, 2023 2022 Unsecured Debentures and Term Loans, Net Non-current $ 2,821,849 $ 2,583,930 Current 244,133 399,707 $ 3,065,982 $ 2,983,637
Schedule of detailed information about hedging instruments	As at December 31, 2023 2022 Notional amount to be paid Interest payment rate Notional amount to be received Interest receipt rate Maturity date Fair value assets (liabilities) Fair value assets (liabilities) 2023 Cross Currency Interest Rate Swap (1) 281,100 EUR 2.430 % 400,000 CAD 3.873 % Nov. 30, 2023 $ — $ (7,076) 2024 Cross Currency Interest Rate Swap 168,200 EUR 0.522 % 185,000 USD SOFR plus margin (6) Dec. 19, 2024 9,042 24,891 2025 Interest Rate Swap (2) — — 5.016 % — — SOFR plus margin Sept. 15, 2025 4,847 5,244 September 2026 Interest Rate Swap (3) — — 4.333 % — — EURIBOR plus margin Sept. 8, 2026 (2,105) — December 2026 Cross Currency Interest Rate Swap 205,500 EUR 1.355 % 300,000 CAD CDOR plus margin (7) Dec. 11, 2026 24,223 39,264 2027 Cross Currency Interest Rate Swap 370,300 USD 2.964 % 500,000 CAD 3.062 % June 4, 2027 18,402 8,123 2028 Cross Currency Interest Rate Swap 119,100 USD 2.096 % 150,000 CAD 2.194 % Aug. 30, 2028 (3,067) (6,391) 2028 Cross Currency Interest Rate Swap (4) 242,100 EUR 0.536 % 350,000 CAD 2.194 % Aug. 30, 2028 8,998 19,450 2029 Cross Currency Interest Rate Swap (5) 277,700 EUR 4.958 % 400,000 CAD 6.103 % Apr. 12, 2029 (3,257) — 2030 Cross Currency Interest Rate Swap 319,400 EUR 1.045 % 500,000 CAD 2.378 % Dec. 18, 2030 43,730 54,883 $ 100,813 $ 138,388 (1) On November 30, 2023, Granite LP settled the 2023 Cross Currency Interest Rate Swap in conjunction with the repayment of the 2023 Debentures (note 8(b)). (2) On September 15, 2022, Granite LP entered into a float to fixed interest rate swap (the “2025 Interest Rate Swap”) to exchange the floating SOFR portion of the interest payments of the 2025 Term Loan for fixed interest payments resulting in an all-in fixed interest rate of 5.016%. (3) On September 8, 2023, Granite LP entered into a float to fixed interest rate swap (the “September 2026 Interest Rate Swap”) to exchange the floating EURIBOR-based interest payments of the September 2026 Term Loan for fixed interest payments resulting in an all-in fixed interest rate of 4.333%. (4) 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%. Upon termination, Granite paid $6.6 million to settle the mark-to-market liability relating to the $350.0 million principal portion of the 2028 Cross Currency Interest Rate Swap. (5) On October 10, 2023, Granite LP entered into a cross currency interest rate swap (the "2029 Cross Currency Interest Rate Swap"), which commenced on October 12, 2023 to exchange the Canadian dollar denominated principal and interest payments of the 2029 Debentures for Euro denominated principal and interest payments resulting in an all-in effective fixed interest rate of 4.929%. (6) On April 19, 2023, Granite amended the 2024 Cross Currency Interest Rate Swap to update the benchmark rate in the agreement from LIBOR to SOFR, including a fixed spread for the basis difference between LIBOR and SOFR, without any economic impact or change to Granite's risk management strategy. (7) Subsequent to the year ended December 31, 2023, on February 8, 2024, Granite amended the December 2026 Cross Currency Interest Rate Swap to update the benchmark rate in the agreement from CDOR to CORRA, including a fixed spread for the basis difference between CDOR and CORRA, without any economic impact or change to Granite's risk management strategy (note 8(b)). As at December 31, 2023 2022 Financial assets at fair value Non-current $ 100,200 $ 151,855 Current 9,042 — $ 109,242 $ 151,855 Financial liabilities at fair value Non-current $ 8,429 $ 6,391 Current — 7,076 $ 8,429 $ 13,467

LEASE OBLIGATIONS (Tables)

LEASE OBLIGATIONS (Tables)	12 Months Ended
	Dec. 31, 2023
Presentation of leases for lessee [abstract]
Schedule of future minimum lease payments relating to the right-of-use assets	The present value of future minimum lease payments relating to the right-of-use assets as at December 31, 2023 in aggregate for the next five years and thereafter are as follows: 2024 $ 765 2025 765 2026 764 2027 472 2028 256 2029 and thereafter 30,159 $ 33,181

CURRENT LIABILITIES (Tables)

CURRENT LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2023
Current liabilities [abstract]
Schedule of accounts payable and accrued liabilities	Accounts Payable and Accrued Liabilities As at December 31, 2023 2022 Accounts payable $ 11,400 $ 11,204 Commodity tax payable 5,779 6,087 Tenant security deposits 6,093 7,257 Employee unit-based compensation 7,752 5,994 Trustee/director unit-based compensation 9,364 6,932 Accrued salaries, incentives and benefits 6,516 6,826 Accrued interest payable 15,135 9,974 Accrued construction costs 11,009 36,659 Accrued professional fees 1,320 1,445 Acquisition related liabilities 907 5,042 Accrued property operating costs 9,744 8,750 Other tenant related liabilities 8,621 5,104 Other accrued liabilities 696 3,501 $ 94,336 $ 114,775

STAPLED UNITHOLDERS' EQUITY (Ta

STAPLED UNITHOLDERS' EQUITY (Tables)	12 Months Ended
	Dec. 31, 2023
Disclosure of classes of share capital [abstract]
Summary of reconciliation of the changes in unit-based compensation	A reconciliation of the changes in the DSUs outstanding is presented below: 2023 2022 Number (000s) Weighted Average Grant Date Number (000s) Weighted Average Grant Date DSUs outstanding, January 1 101 $64.58 85 $58.50 New grants and distributions 22 70.71 16 97.41 DSUs outstanding, December 31 123 $65.70 101 $64.58 A reconciliation of the changes in notional stapled units outstanding under the Restricted Stapled Unit Plan is presented below: 2023 2022 Number (000s) Weighted Average Number (000s) Weighted Average RSUs and PSUs outstanding, January 1 124 $ 87.18 128 $ 67.19 New grants and distributions (1) 80 71.80 58 101.30 Forfeited (3) 81.54 — 88.02 PSUs added by performance factor 27 83.37 27 96.22 Settled in cash (42) 80.32 (45) 69.89 Settled in stapled units (41) 80.32 (44) 69.89 RSUs and PSUs outstanding, December 31 (2) 145 $ 81.93 124 $ 87.18 (1) Includes 40.1 RSUs and 34.4 PSUs granted during the year ended December 31, 2023 (2022 — 29.6 RSUs and 22.0 PSUs). (2)
Schedule of share-based payment award, performance share units, valuation assumptions	Grant date January 1, 2023, January 1, 2022 and January 1, 2021 PSUs outstanding 86,811 Weighted average term to expiry 1.1 years Average volatility rate 22.5% Weighted average risk free interest rate 2.5%
Schedule of unit-based compensation expense recognized in general and administrative expenses	The Trust's unit-based compensation expense (recovery) recognized in general and administrative expenses was: Years ended December 31, 2023 2022 DSUs for trustees/directors (1) $ 2,431 $ (2,002) Restricted Stapled Unit Plan for executives and employees 7,782 1,835 Unit-based compensation expense (recovery) $ 10,213 $ (167) Fair value remeasurement expense (recovery) included in the above: DSUs for trustees/directors $ 844 $ (3,534) Restricted Stapled Unit Plan for executives and employees 3,107 (2,733) Total fair value remeasurement expense (recovery) $ 3,951 $ (6,267) (1) In respect of fees mandated and elected to be taken as DSUs.
Schedule of accumulated other comprehensive income	Accumulated other comprehensive income consists of the following: As at December 31, 2023 2022 Foreign currency translation gains on investments in subsidiaries, net of related hedging activities and non-controlling interests (1) $ 254,364 $ 324,484 Fair value gains on derivatives designated as net investment hedges 52,056 89,048 $ 306,420 $ 413,532 (1) Includes foreign currency translation gains and losses from non-derivative financial instruments designated as net investment hedges.

RENTAL REVENUE, RECOVERIES, C_2

RENTAL REVENUE, RECOVERIES, COSTS AND EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2023
RENTAL REVENUE, RECOVERIES, COSTS AND EXPENSES
Schedule of rental revenue	Rental revenue consists of: Years ended December 31, 2023 2022 Base rent $ 427,354 $ 376,296 Straight-line rent amortization 16,690 10,596 Tenant incentive amortization (4,403) (4,149) Property tax recoveries 52,862 48,147 Property insurance recoveries 6,386 4,947 Operating cost recoveries 22,361 19,742 $ 521,250 $ 455,579
Schedule of property operating costs	Property operating costs consist of: Years ended December 31, 2023 2022 Non-recoverable from tenants: Property taxes and utilities $ 1,230 $ 910 Property insurance 694 776 Repairs and maintenance 427 420 Property management fees 378 339 Other 459 733 $ 3,188 $ 3,178 Recoverable from tenants: Property taxes and utilities $ 58,752 $ 52,456 Property insurance 7,396 5,538 Repairs and maintenance 10,441 10,079 Property management fees 5,038 3,818 Other 1,197 152 $ 82,824 $ 72,043 Property operating costs $ 86,012 $ 75,221
Schedule of general and administrative expenses	General and administrative expenses consist of: Years ended December 31, 2023 2022 Salaries, incentives and benefits $ 17,907 $ 18,225 Audit, legal and consulting 4,341 3,205 Trustee/director fees including distributions, revaluations and expenses (1) 2,825 (1,777) RSU and PSU compensation expense including distributions and revaluations (1) 7,782 1,835 Other public entity costs 2,629 2,615 Office rents including property taxes and common area maintenance costs 623 491 Capital tax 995 867 Information technology costs 2,524 2,213 Other 2,332 2,779 $ 41,958 $ 30,453 Less: capitalized general and administrative expenses (518) (988) $ 41,440 $ 29,465 (1) For fair value remeasurement expense (recovery) amounts see note 13(b).
Schedule of interest expense and other financing costs	Interest expense and other financing costs consist of: Years ended December 31, 2023 2022 Interest and amortized issuance costs relating to debentures and term loans $ 73,322 $ 47,304 Amortization of deferred financing costs and other interest expense and charges 5,853 5,784 Interest expense related to lease obligations (note 10) 1,593 1,549 $ 80,768 $ 54,637 Less: capitalized interest (2,051) (3,670) $ 78,717 $ 50,967
Schedule of fair value losses on financial instruments	Fair value losses (gains) on financial instruments, net, consist of: Years ended December 31, 2023 2022 Foreign exchange collar contracts, net (note 18(a)) $ (3,076) $ 2,426 Derivatives, net (note 8(c)) 20,372 (13,809) $ 17,296 $ (11,383)

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2023
Major components of tax expense (income) [abstract]
Schedule of major components of the income tax expense	The major components of the income tax recovery are: Years ended December 31, 2023 2022 Current income tax: Current taxes $ 8,450 $ 8,079 Current taxes referring to previous periods (1,854) (819) Withholding taxes and other 110 120 $ 6,706 $ 7,380 Deferred income tax: Origination and reversal of temporary differences $ (25,660) $ (71,195) Impact of changes in tax rates — (17,330) Withholding taxes on profits of subsidiaries 86 — Deferred tax expense arising from the write-down, or reversal of a previous write-down, of a deferred tax asset 8,877 16,771 Other 502 709 $ (16,195) $ (71,045) Income tax recovery $ (9,489) $ (63,665)
Schedule of effective income tax rate reported in the combined statements of income reconciled to the Canadian statutory rate	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, 2023 2022 Income before income taxes $ 129,007 $ 92,157 Expected income taxes at the Canadian statutory tax rate of 26.5% (2022 - 26.5%) $ 34,187 $ 24,422 Income distributed and taxable to unitholders (51,921) (92,252) Net foreign rate differentials (811) 9,145 Net change in provisions for uncertain tax positions (548) 719 Net permanent differences 507 (6,151) Net effect of change in tax rates — (17,330) Non-recognition of deferred tax assets 8,877 16,770 Withholding taxes and other 220 1,012 Income tax recovery $ (9,489) $ (63,665)
Schedule of temporary differences in deferred tax assets and liabilities	Deferred tax assets and liabilities consist of temporary differences related to the following: As at December 31, 2023 2022 Deferred tax assets: Loss carryforwards $ 602 $ 629 Other 37 — Deferred tax assets $ 639 $ 629 Deferred tax liabilities: Investment properties $ 540,304 $ 562,578 Withholding tax on undistributed subsidiary profits 86 — Other (4,839) (5,187) Deferred tax liabilities $ 535,551 $ 557,391
Schedule of changes in the net deferred tax liabilities	Changes in the net deferred tax liabilities consist of the following: Years ended December 31, 2023 2022 Balance, beginning of year $ 556,762 $ 600,215 Deferred tax recovery recognized in net income (16,195) (71,045) Foreign currency translation of deferred tax balances (5,655) 27,592 Net deferred tax liabilities, end of year $ 534,912 $ 556,762
Schedule of reconciliation of the beginning and ending amounts of unrecognized tax benefits	A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows: As at December 31, 2023 2022 Unrecognized tax benefits balance, beginning of year $ 10,279 $ 10,470 Decreases for tax positions of prior years (1,815) (1,692) Increases for tax positions of current year 1,244 1,452 Foreign currency impact 87 49 Unrecognized tax benefits balance, end of year $ 9,795 $ 10,279
Schedule of tax years subject to examination	As at December 31, 2023, the following tax years remained subject to examination: Major Jurisdictions Canada 2019 through 2023 United States 2019 through 2023 Austria 2018 through 2023 Germany 2016 through 2023 Netherlands 2018 through 2023

SEGMENTED DISCLOSURE INFORMAT_2

SEGMENTED DISCLOSURE INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2023
Disclosure of operating segments [abstract]
Schedule of revenue by geographic segmentation	The following tables present certain information with respect to geographic segmentation: Revenue Years ended December 31, 2023 2022 Canada $ 80,460 15 % $ 75,934 17 % United States 296,520 58 % 251,746 55 % Austria 63,825 12 % 59,523 13 % Germany 38,800 7 % 31,823 7 % Netherlands 41,645 8 % 34,945 8 % Other Europe — — % 1,608 — % $ 521,250 100 % $ 455,579 100 %
Schedule of investment properties by geographic segmentation	Investment Properties As at December 31, 2023 2022 Canada $ 2,018,661 23 % $ 1,918,822 22 % United States 4,593,136 52 % 4,757,867 54 % Austria 819,002 9 % 759,977 8 % Germany 612,350 7 % 588,804 7 % Netherlands 764,990 9 % 814,101 9 % $ 8,808,139 100 % $ 8,839,571 100 %

DETAILS OF CASH FLOWS (Tables)

DETAILS OF CASH FLOWS (Tables)	12 Months Ended
	Dec. 31, 2023
DETAILS OF CASH FLOWS
Schedule of items not involving current cash flows	Items not involving operating cash flows are shown in the following table: Years ended December 31, 2023 2022 Straight-line rent amortization $ (16,690) $ (10,596) Tenant incentive amortization 4,403 4,149 Unit-based compensation expense (recovery) (note 13(b)) 10,213 (167) Fair value losses on investment properties, net 172,676 219,728 Depreciation and amortization 1,272 1,598 Fair value losses (gains) on financial instruments, net (note 14(e)) 17,296 (11,383) Loss on sale of investment properties 1,505 666 Amortization of issuance costs relating to debentures and term loans 1,953 1,729 Amortization of deferred financing costs 535 582 Deferred income tax recovery (note 15(a)) (16,195) (71,045) Other 33 (173) $ 177,001 $ 135,088
Schedule of changes in working capital balances	Changes in working capital balances are shown in the following table: Years ended December 31, 2023 2022 Accounts receivable $ (200) $ 1,674 Prepaid expenses and other (3,390) (2,269) Accounts payable and accrued liabilities (1,727) (4,209) Deferred revenue 654 4,702 $ (4,663) $ (102)
Schedule of cash and cash equivalents	Cash and cash equivalents consist of: As at December 31, 2023 2022 Cash $ 115,714 $ 127,091 Short-term deposits 420 7,990 $ 116,134 $ 135,081

FAIR VALUE AND RISK MANAGEMENT

FAIR VALUE AND RISK MANAGEMENT (Tables)	12 Months Ended
	Dec. 31, 2023
Disclosure of detailed information about financial instruments [abstract]
Schedule of measurement of financial assets and liabilities	The following table provides the measurement basis of financial assets and liabilities as at December 31, 2023 and December 31, 2022: As at December 31, 2023 2022 Carrying Fair Value Carrying Fair Value Financial assets Other assets $ 283 (1) $ 283 $ 291 (1) $ 291 Derivatives 109,242 (2) 109,242 151,855 151,855 Loan receivable — — 69,186 69,186 Accounts receivable 12,166 12,166 12,176 12,176 Prepaid expenses and other 650 (3) 650 — — Cash and cash equivalents 116,134 116,134 135,081 135,081 $ 238,475 $ 238,475 $ 368,589 $ 368,589 Financial liabilities Unsecured debentures, net $ 1,892,236 $ 1,768,920 $ 1,893,186 (5) $ 1,672,290 Unsecured term loans, net 1,173,746 (4) 1,173,746 1,090,451 1,090,451 Secured debt — — 51,373 51,373 Derivatives 8,429 8,429 13,467 (6) 13,467 Accounts payable and accrued liabilities 94,336 94,336 114,775 (7) 114,775 Distributions payable 17,415 17,415 16,991 16,991 $ 3,186,162 $ 3,062,846 $ 3,180,243 $ 2,959,347 (1) Long-term receivables included in other assets (note 6). (2) Balance includes current and non-current portions of derivative assets (note 8(c)). (3) As at December 31, 2023, foreign exchange collars of $0.7 million included in prepaid expenses and other. (4) Balance includes current and non-current portions of unsecured term loans, net (note 8(b)). (5) Balance included current and non-current portions of unsecured debentures, net (note 8(b)). (6) Balance included current and non-current portions of derivative liabilities (note 8(c)). (7) As at December 31, 2022, foreign exchange collars of $2.4 million included in accounts payable and accrued liabilities.
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	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 basis and the level within the fair value hierarchy in which the fair value measurements fall. As at December 31, 2023 Level 1 Level 2 Level 3 ASSETS AND LIABILITIES MEASURED OR DISCLOSED AT FAIR VALUE Assets measured at fair value Investment properties (note 4) $ — $ — $ 8,808,139 Derivatives (note 8) — 109,242 — Foreign exchange collars included in prepaid expenses and other — 650 — Liabilities measured or disclosed at fair value Unsecured debentures, net (note 8) 1,768,920 — — Unsecured term loans, net (note 8) — 1,173,746 — Derivatives (note 8) — 8,429 — Net (liabilities) assets measured or disclosed at fair value $ (1,768,920) $ (1,072,283) $ 8,808,139 As at December 31, 2022 Level 1 Level 2 Level 3 ASSETS AND LIABILITIES MEASURED OR DISCLOSED AT FAIR VALUE Assets measured at fair value Investment properties (note 4) $ — $ — $ 8,839,571 Assets held for sale (note 5) — — 41,182 Derivatives (note 8) — 151,855 — Loan receivable (note 7) — 69,186 — Liabilities measured or disclosed at fair value Unsecured debentures, net (note 8) 1,672,290 — — Unsecured term loans, net (note 8) — 1,090,451 — Secured debt (note 9) — 51,373 — Foreign exchange collars included in accounts payable and accrued liabilities — 2,426 — Derivatives (note 8) — 13,467 — Net (liabilities) assets measured or disclosed at fair value $ (1,672,290) $ (936,676) $ 8,880,753
Schedule of contractual maturities of financial liabilities	The estimated contractual maturities of the Trust’s financial liabilities are summarized below: Payments due by year As at December 31, 2023 Total 2024 2025 2026 2027 2028 Thereafter Unsecured debentures $ 1,900,000 $ — $ — $ 500,000 $ 500,000 $ 900,000 Unsecured term loans 1,174,685 244,283 528,180 402,222 — — Derivatives 8,429 — — 2,105 — 3,067 3,257 Interest payments (1) : Unsecured debentures, net of derivatives 222,152 44,891 44,891 44,891 37,528 30,165 19,786 Unsecured term loans, net of derivatives 72,003 35,951 29,274 6,778 — — — Accounts payable and accrued liabilities 94,336 91,390 1,570 1,376 — — — Distributions payable 17,415 17,415 — — — — — $ 3,489,020 $ 433,930 $ 603,915 $ 457,372 $ 537,528 $ 533,232 $ 923,043 (1)

CAPITAL MANAGEMENT (Tables)

CAPITAL MANAGEMENT (Tables)	12 Months Ended
	Dec. 31, 2023
Disclosure of objectives, policies and processes for managing capital [abstract]
Schedule of total managed capital structure of the Trust	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, 2023 2022 Unsecured debentures, net $ 1,892,236 $ 1,893,186 Unsecured term loans, net 1,173,746 1,090,451 Derivative (assets) liabilities, net (1) (100,813) (138,388) Secured debt — 51,373 Total debt 2,965,169 2,896,622 Stapled unitholders’ equity 5,276,951 5,475,375 Total managed capital $ 8,242,120 $ 8,371,997 (1) Balance represents derivative (assets) net of derivative liabilities (note 8(c)).

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2023
Disclosure of transactions between related parties [abstract]
Schedule of transactions with related parties	The compensation paid or payable to the Trust’s key management personnel was as follows: Years ended December 31, 2023 2022 Salaries, incentives and short-term benefits $ 5,649 $ 5,760 Unit-based compensation expense including fair value adjustments 2,959 2,102 $ 8,608 $ 7,862

COMBINED FINANCIAL INFORMATION

COMBINED FINANCIAL INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2023
COMBINED FINANCIAL INFORMATION
Schedule of Balance Sheet	Balance Sheet As at December 31, 2023 Granite REIT Granite GP Eliminations/ Granite REIT and Granite GP Combined ASSETS Non-current assets: Investment properties $8,808,139 — — $8,808,139 Investment in Granite LP (1) — 41 (41) — Other non-current assets 106,540 — — 106,540 8,914,679 41 (41) 8,914,679 Current assets: Other current assets 35,564 — — 35,564 Intercompany receivable (2) — 18,998 (18,998) — Cash and cash equivalents 115,838 296 — 116,134 Total assets $9,066,081 19,335 (19,039) $9,066,377 LIABILITIES AND EQUITY Non-current liabilities: Unsecured debt, net $2,821,849 — — $2,821,849 Other non-current liabilities 576,396 — — 576,396 3,398,245 — — 3,398,245 Current liabilities: Unsecured debt, net 244,133 — — 244,133 Intercompany payable (2) 18,998 — (18,998) — Other current liabilities 121,064 19,294 — 140,358 Total liabilities 3,782,440 19,294 (18,998) 3,782,736 Equity: Stapled unitholders’ equity 5,276,910 41 — 5,276,951 Non-controlling interests 6,731 — (41) 6,690 Total liabilities and equity $9,066,081 19,335 (19,039) $9,066,377 (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, 2022 Granite REIT Granite GP Eliminations/ Granite REIT and Granite GP Combined ASSETS Non-current assets: Investment properties $8,839,571 — — $8,839,571 Investment in Granite LP (1) — 40 (40) — Other non-current assets 167,189 — — 167,189 9,006,760 40 (40) 9,006,760 Current assets: Assets held for sale 41,182 — — 41,182 Other current assets 97,310 21 — 97,331 Intercompany receivable (2) — 15,594 (15,594) — Cash and cash equivalents 135,020 61 — 135,081 Total assets $9,280,272 15,716 (15,634) $9,280,354 LIABILITIES AND EQUITY Non-current liabilities: Unsecured debt, net $2,583,930 — — $2,583,930 Other non-current liabilities 596,759 — — 596,759 3,180,689 — — 3,180,689 Current liabilities: Unsecured debt, net 399,707 — — 399,707 Intercompany payable (2) 15,594 — (15,594) — Other current liabilities 203,935 15,676 — 219,611 Total liabilities 3,799,925 15,676 (15,594) 3,800,007 Equity: Stapled unitholders’ equity 5,475,335 40 — 5,475,375 Non-controlling interests 5,012 — (40) 4,972 Total liabilities and equity $9,280,272 15,716 (15,634) $9,280,354 (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, 2023 Granite REIT Granite GP Eliminations/ Granite REIT and Granite GP Combined Revenue $521,250 — — $521,250 General and administrative expenses 41,440 — — 41,440 Interest expense and other financing costs 78,717 — — 78,717 Other costs and expenses, net 80,609 — — 80,609 Share of (income) loss of Granite LP — (1) 1 — Fair value losses on investment properties, net 172,676 — — 172,676 Fair value losses on financial instruments, net 17,296 — — 17,296 Loss on sale of investment properties 1,505 — — 1,505 Income before income taxes 129,007 1 (1) 129,007 Income tax recovery (9,489) — — (9,489) Net income 138,496 1 (1) 138,496 Less net income attributable to non-controlling interests 1,835 — (1) 1,834 Net income attributable to stapled unitholders $136,661 1 — $136,662 Income Statement Year Ended December 31, 2022 Granite REIT Granite GP Eliminations/ Granite REIT and Granite GP Combined Revenue $455,579 — — $455,579 General and administrative expenses 29,465 — — 29,465 Interest expense and other financing costs 50,967 — — 50,967 Other costs and expenses, net 73,979 — — 73,979 Share of (income) loss of Granite LP — (2) 2 — Fair value losses on investment properties, net 219,728 — — 219,728 Fair value gains on financial instruments, net (11,383) — — (11,383) Loss on sale of investment properties 666 — — 666 Income before income taxes 92,157 2 (2) 92,157 Income tax recovery (63,665) — — (63,665) Net income 155,822 2 (2) 155,822 Less net income attributable to non-controlling interests 56 — (2) 54 Net income attributable to stapled unitholders $155,766 2 — $155,768
Schedule of Statement of Cash Flows	Statement of Cash Flows Year Ended December 31, 2023 Granite REIT Granite GP Eliminations/ Granite REIT and Granite GP Combined OPERATING ACTIVITIES Net income $138,496 1 (1) $138,496 Items not involving operating cash flows 177,001 (1) 1 177,001 Changes in working capital balances (4,899) 236 — (4,663) Other operating activities 2,347 — — 2,347 Cash provided by operating activities 312,945 236 — 313,181 INVESTING ACTIVITIES Acquisitions, deposits and transactions costs, net (102,761) — — (102,761) Proceeds from disposals, net 43,773 — — 43,773 Additions to income-producing properties (59,825) — — (59,825) Additions to properties under development (71,132) — — (71,132) Construction funds released from escrow 4,819 — — 4,819 Other investing activities 56,999 — — 56,999 Cash used in investing activities (128,127) — — (128,127) FINANCING ACTIVITIES Distributions paid (203,910) — — (203,910) Other financing activities 800 — — 800 Cash used in financing activities (203,110) — — (203,110) Effect of exchange rate changes (891) — — (891) Net (decrease) increase in cash and cash equivalents during the year $(19,183) 236 — $(18,947) Statement of Cash Flows Year Ended December 31, 2022 Granite REIT Granite GP Eliminations/ Granite REIT and Granite GP Combined OPERATING ACTIVITIES Net income $155,822 2 (2) $155,822 Items not involving operating cash flows 135,088 (2) 2 135,088 Changes in working capital balances 292 (394) — (102) Other operating activities (13,312) — — (13,312) Cash provided by (used in) operating activities 277,890 (394) — 277,496 INVESTING ACTIVITIES Acquisitions, deposits and transactions costs, net (492,717) — — (492,717) Proceeds from disposals, net 63,943 — — 63,943 Additions to income-producing properties (54,933) — — (54,933) Additions to properties under development (212,245) — — (212,245) Construction funds in escrow (4,720) — — (4,720) Other investing activities (65,884) — — (65,884) Cash used in investing activities (766,556) — — (766,556) FINANCING ACTIVITIES Distributions paid (202,284) — — (202,284) Other financing activities 416,843 — — 416,843 Cash provided by financing activities 214,559 — — 214,559 Effect of exchange rate changes 7,069 — — 7,069 Net decrease in cash and cash equivalents during the year $(267,038) (394) — $(267,432)

NATURE AND DESCRIPTION OF THE_2

NATURE AND DESCRIPTION OF THE TRUST (Details)	Jan. 03, 2013 shares
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

ACQUISITIONS - Income producing

ACQUISITIONS - Income producing properties (Details) - CAD ($) $ in Thousands	Dec. 31, 2023	Mar. 30, 2023	Dec. 31, 2022	Aug. 19, 2022	Jul. 01, 2022	May 26, 2022	May 24, 2022	May 05, 2022	Apr. 14, 2022	Feb. 03, 2022
Disclosure of detailed information about business combination [line items]
Property purchase price	$ 106,895		$ 459,799
Transaction costs	230		11,313
Total acquisition cost	$ 107,125		471,112
Avon, USA | 10144 Veterans Dr.
Disclosure of detailed information about business combination [line items]
Property purchase price		$ 72,806
Transaction costs		128
Total acquisition cost		72,934
Avon, USA | 10207 Veterans Dr.
Disclosure of detailed information about business combination [line items]
Property purchase price		34,089
Transaction costs		102
Total acquisition cost		$ 34,191
Total Property
Disclosure of detailed information about business combination [line items]
Property purchase price			480,683
Transaction costs			11,610
Total acquisition cost			$ 492,293
Wiesbaden, Germany
Disclosure of detailed information about business combination [line items]
Property purchase price										$ 62,033
Transaction costs										3,919
Total acquisition cost										65,952
Korbach, Germany
Disclosure of detailed information about business combination [line items]
Property purchase price										60,295
Transaction costs										3,819
Total acquisition cost										64,114
Erfurt, Germany
Disclosure of detailed information about business combination [line items]
Property purchase price										17,636
Transaction costs										1,225
Total acquisition cost										$ 18,861
Clayton, IN | 10566 Gateway Pt.
Disclosure of detailed information about business combination [line items]
Property purchase price									$ 121,258
Transaction costs									98
Total acquisition cost									121,356
Clayton, IN | 2128 Gateway Pt.
Disclosure of detailed information about business combination [line items]
Property purchase price									57,886
Transaction costs									105
Total acquisition cost									$ 57,991
Brampton, ON
Disclosure of detailed information about business combination [line items]
Property purchase price							$ 20,850
Transaction costs							696
Total acquisition cost							$ 21,546
Etobicoke, ON
Disclosure of detailed information about business combination [line items]
Property purchase price						$ 17,700
Transaction costs						1,266
Total acquisition cost						$ 18,966
Tilburg, Netherlands
Disclosure of detailed information about business combination [line items]
Property purchase price					$ 102,141
Transaction costs					185
Total acquisition cost					$ 102,326
Bolingbrook, IL
Disclosure of detailed information about business combination [line items]
Property purchase price								$ 14,516
Transaction costs								87
Total acquisition cost								$ 14,603
Brant County, ON
Disclosure of detailed information about business combination [line items]
Property purchase price				$ 6,368
Transaction costs				210
Total acquisition cost				$ 6,578

ACQUISITIONS - Additional infor

ACQUISITIONS - Additional information (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income-producing properties
Disclosure of detailed information about business combination [line items]
Investment properties transaction costs recognised as on acquisition date	$ 0.2	$ 11.6

INVESTMENT PROPERTIES - Compone

INVESTMENT PROPERTIES - Components of investment properties (Details) - CAD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Investment Properties:
Investment properties	$ 8,808,139	$ 8,839,571
Income-producing properties
Investment Properties:
Investment properties	8,641,352	8,486,105	$ 7,727,368
Properties under development
Investment Properties:
Investment properties	120,940	272,504	162,817
Land held for development
Investment Properties:
Investment properties	$ 45,847	$ 80,962	$ 80,973

INVESTMENT PROPERTIES - Changes

INVESTMENT PROPERTIES - Changes in investment properties (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Investment Properties:
Balance, beginning of year	$ 8,839,571
Acquisitions	106,895	$ 459,799
Amortization of tenant allowances	(4,403)	(4,149)
Fair value (losses) gains, net	(172,676)	(219,728)
Balance, end of year	8,808,139	8,839,571
Income-producing properties
Investment Properties:
Balance, beginning of year	8,486,105	7,727,368
Maintenance or improvements	8,409	9,680
Leasing costs	5,095	10,153
Tenant allowances	6,969	574
Developments or expansions	36,633	43,940
Acquisitions	107,125	471,112
Transfer to income-producing properties	288,979	223,040
Amortization of straight-line rent	16,690	10,591
Amortization of tenant allowances	(4,403)	(4,149)
Other changes	132	374
Fair value (losses) gains, net	(216,191)	(285,127)
Foreign currency translation, net	(94,191)	321,078
Classified as assets held for sale		(42,529)
Balance, end of year	8,641,352	8,486,105
Properties under development
Investment Properties:
Balance, beginning of year	272,504	162,817
Leasing costs	1,577
Tenant allowances	47
Developments or expansions	61,089	228,099
Acquisitions		14,603
Transfer to properties under development	50,007	17,549
Transfer to income-producing properties	(288,979)	(223,040)
Other changes	4	21
Fair value (losses) gains, net	26,506	56,536
Foreign currency translation, net	(1,815)	15,919
Balance, end of year	120,940	272,504
Land held for development
Investment Properties:
Balance, beginning of year	80,962	80,973
Developments or expansions	1,530	2,853
Acquisitions		6,578
Transfer to properties under development	(50,007)	(17,549)
Other changes	6	14
Fair value (losses) gains, net	13,382	6,929
Foreign currency translation, net	(26)	1,164
Balance, end of year	$ 45,847	$ 80,962

INVESTMENT PROPERTIES - Net str

INVESTMENT PROPERTIES - Net straight-line rent receivable (Details) - CAD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Disclosure of detailed information about investment property [abstract]
Net straight-line rent receivable	$ 64	$ 48.6

INVESTMENT PROPERTIES - Minimum

INVESTMENT PROPERTIES - Minimum rental commitments payable on non-cancellable operating leases (Details) $ in Thousands	Dec. 31, 2023 CAD ($)
Investment Properties:
Minimum rental commitments on non-cancellable tenant operating leases	$ 3,332,690
2024
Investment Properties:
Minimum rental commitments on non-cancellable tenant operating leases	444,183
2025
Investment Properties:
Minimum rental commitments on non-cancellable tenant operating leases	431,349
2026
Investment Properties:
Minimum rental commitments on non-cancellable tenant operating leases	394,975
2027
Investment Properties:
Minimum rental commitments on non-cancellable tenant operating leases	369,278
2028
Investment Properties:
Minimum rental commitments on non-cancellable tenant operating leases	327,445
2029 and thereafter
Investment Properties:
Minimum rental commitments on non-cancellable tenant operating leases	$ 1,365,460

INVESTMENT PROPERTIES - Key val

INVESTMENT PROPERTIES - Key valuation metrics by country (Details) - Income-producing properties	Dec. 31, 2023	Dec. 31, 2022
Weighted average | Discount rate
Investment Properties:
Key valuation metrics	7.05%	6.50%
Weighted average | Terminal capitalization rate
Investment Properties:
Key valuation metrics	6.07%	5.66%
Maximum | Discount rate
Investment Properties:
Key valuation metrics	10.50%	11%
Maximum | Terminal capitalization rate
Investment Properties:
Key valuation metrics	9.25%	10%
Minimum | Discount rate
Investment Properties:
Key valuation metrics	5.60%	4.75%
Minimum | Terminal capitalization rate
Investment Properties:
Key valuation metrics	4.75%	4.25%
Canada | Weighted average | Discount rate
Investment Properties:
Key valuation metrics	6.55%	6.26%
Canada | Weighted average | Terminal capitalization rate
Investment Properties:
Key valuation metrics	5.39%	5.19%
Canada | Maximum | Discount rate
Investment Properties:
Key valuation metrics	7.50%	7.25%
Canada | Maximum | Terminal capitalization rate
Investment Properties:
Key valuation metrics	6.50%	6.50%
Canada | Minimum | Discount rate
Investment Properties:
Key valuation metrics	6%	5.25%
Canada | Minimum | Terminal capitalization rate
Investment Properties:
Key valuation metrics	4.75%	4.25%
United States | Weighted average | Discount rate
Investment Properties:
Key valuation metrics	7.08%	6.45%
United States | Weighted average | Terminal capitalization rate
Investment Properties:
Key valuation metrics	6.02%	5.57%
United States | Maximum | Discount rate
Investment Properties:
Key valuation metrics	10.50%	10.25%
United States | Maximum | Terminal capitalization rate
Investment Properties:
Key valuation metrics	9.25%	9.25%
United States | Minimum | Discount rate
Investment Properties:
Key valuation metrics	6.15%	5.50%
United States | Minimum | Terminal capitalization rate
Investment Properties:
Key valuation metrics	5.25%	4.75%
Germany | Weighted average | Discount rate
Investment Properties:
Key valuation metrics	7.13%	6.48%
Germany | Weighted average | Terminal capitalization rate
Investment Properties:
Key valuation metrics	6.13%	5.50%
Germany | Maximum | Discount rate
Investment Properties:
Key valuation metrics	9.65%	11%
Germany | Maximum | Terminal capitalization rate
Investment Properties:
Key valuation metrics	8.90%	10%
Germany | Minimum | Discount rate
Investment Properties:
Key valuation metrics	5.80%	4.90%
Germany | Minimum | Terminal capitalization rate
Investment Properties:
Key valuation metrics	4.85%	4.30%
Austria | Weighted average | Discount rate
Investment Properties:
Key valuation metrics	8.68%	8.59%
Austria | Weighted average | Terminal capitalization rate
Investment Properties:
Key valuation metrics	7.40%	7.32%
Austria | Maximum | Discount rate
Investment Properties:
Key valuation metrics	9.90%	9.90%
Austria | Maximum | Terminal capitalization rate
Investment Properties:
Key valuation metrics	8.25%	7.90%
Austria | Minimum | Discount rate
Investment Properties:
Key valuation metrics	8.15%	8.15%
Austria | Minimum | Terminal capitalization rate
Investment Properties:
Key valuation metrics	6.75%	6.75%
Netherlands | Weighted average | Discount rate
Investment Properties:
Key valuation metrics	6.34%	5.43%
Netherlands | Weighted average | Terminal capitalization rate
Investment Properties:
Key valuation metrics	6.57%	5.73%
Netherlands | Maximum | Discount rate
Investment Properties:
Key valuation metrics	7.75%	6.85%
Netherlands | Maximum | Terminal capitalization rate
Investment Properties:
Key valuation metrics	9%	8.50%
Netherlands | Minimum | Discount rate
Investment Properties:
Key valuation metrics	5.60%	4.75%
Netherlands | Minimum | Terminal capitalization rate
Investment Properties:
Key valuation metrics	5.95%	5%

INVESTMENT PROPERTIES - Sensiti

INVESTMENT PROPERTIES - Sensitivity (Details) $ in Thousands	Dec. 31, 2023 CAD ($)
Discount rate
Investment Properties:
Fair value at +50 basis points	$ 8,322,286
Fair value at +25 basis points	8,479,932
Fair value at base rate	8,641,352
Fair value at -25 basis points	8,806,676
Fair value at -50 basis points	8,975,983
Change in fair value at +50 basis points	(319,066)
Change in fair value at +25 basis points	(161,420)
Change in fair value at -25 basis points	165,324
Change in fair value at -50 basis points	334,631
Terminal capitalization rate
Investment Properties:
Fair value at +50 basis points	8,235,864
Fair value at +25 basis points	8,430,247
Fair value at base rate	8,641,352
Fair value at -25 basis points	8,871,520
Fair value at -50 basis points	9,123,497
Change in fair value at +50 basis points	(405,488)
Change in fair value at +25 basis points	(211,105)
Change in fair value at -25 basis points	230,168
Change in fair value at -50 basis points	$ 482,145

ASSETS HELD FOR SALE AND DISP_3

ASSETS HELD FOR SALE AND DISPOSITIONS - Disposals - Additional information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 CAD ($) property	Dec. 31, 2022 CAD ($) property land	Dec. 31, 2021 CAD ($)
Non-current assets or disposal groups classified as held for sale or as held for distribution to owners [abstract]
Number of income producing properties classified as held for sale | property	0
Number of income producing properties | property		2
Assets held for sale | $	$ 0	$ 41,182	$ 64,612
Number of income producing properties, disposed | property	2	2
Number of pieces of land, disposed | land		1
Gross proceeds | $	$ 45,278	$ 66,000
Broker commissions, legal and advisory costs | $	$ 1,500	$ 700

ASSETS HELD FOR SALE AND DISP_4

ASSETS HELD FOR SALE AND DISPOSITIONS - Disposed properties and land (Details) - CAD ($) $ in Thousands			12 Months Ended
	Aug. 15, 2023	Mar. 15, 2023	Dec. 31, 2023	Dec. 31, 2022
DISPOSITIONS
Sale price			$ 45,278	$ 66,000
50 Casmir Ct.
DISPOSITIONS
Sale price	$ 20,575
4701 S. Cowan Rd.
DISPOSITIONS
Sale price		$ 24,703

ASSETS HELD FOR SALE AND DISP_5

ASSETS HELD FOR SALE AND DISPOSITIONS - Fair value changes in properties classified as assets held for sale (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair Value of Property, Classified as Held for Sale [Roll Forward]
Balance, beginning of year	$ 41,182	$ 64,612
Fair value gains, net	3,627	1,934
Foreign currency translation, net	469	(1,877)
Other changes	0	5
Disposals	(45,278)	(66,021)
Classified as assets held for sale	0	42,529
Balance, end of year	$ 0	$ 41,182

OTHER ASSETS (Details)

OTHER ASSETS (Details) - CAD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Non-current assets [abstract]
Deferred financing costs associated with the revolving credit facility	$ 2,272	$ 1,890
Long-term receivables	283	291
Other assets	$ 2,555	$ 2,181

LOAN RECEIVABLE (Details)

LOAN RECEIVABLE (Details) $ in Millions, $ in Millions	Mar. 30, 2023 CAD ($) property	Mar. 30, 2023 USD ($) property	Dec. 31, 2022 CAD ($)	Dec. 31, 2022 USD ($)
Loan Receivable [Abstract]
Number of industrial properties	2	2
Current loans received	$ 76.8	$ 56.4
Current loans and receivables			$ 69.2	$ 51.1

UNSECURED DEBT AND RELATED DE_3

UNSECURED DEBT AND RELATED DERIVATIVES - Unsecured revolving credit facility (Details) - CAD ($)	Mar. 03, 2023	Dec. 31, 2023	Dec. 31, 2022
Unsecured debentures and term loans, net
Outstanding borrowings		$ 2,965,169,000	$ 2,896,622,000
Credit Facility
Unsecured debentures and term loans, net
Borrowings maturity, term	5 years
Maximum borrowing capacity	$ 1,000,000,000
Additional borrowing capacity		450,000,000
Borrowings maturity, option to extend, term	1 year
Outstanding borrowings		0	0
Borrowings, letters of credit		$ 2,900,000	$ 3,500,000
Borrowing Facilities, Amount Committed, Minimum, Percentage	66.6666%

UNSECURED DEBT AND RELATED DE_4

UNSECURED DEBT AND RELATED DERIVATIVES - Unsecured debentures and term loans (Details) $ in Thousands, $ in Millions	Dec. 31, 2023 CAD ($)	Oct. 12, 2023 CAD ($)	Dec. 31, 2022 CAD ($)	Aug. 30, 2021 CAD ($)	Dec. 18, 2020 CAD ($)	Jun. 04, 2020 CAD ($)	Dec. 19, 2018 USD ($)	Dec. 12, 2018 CAD ($)	Dec. 20, 2016 CAD ($)
Unsecured debentures and term loans, net
Amortized cost	$ 3,065,982		$ 2,983,637
Principal issued and outstanding	3,074,685		2,991,651
Non-current	2,821,849		2,583,930
Current	244,133		399,707
Unsecured Debentures and Term Loans, Net	3,065,982		2,983,637
2023 Debentures
Unsecured debentures and term loans, net
Amortized cost	0		399,707
Principal issued and outstanding	0		400,000						$ 400,000
Unsecured Debentures and Term Loans, Net	0		399,707
2027 Debentures
Unsecured debentures and term loans, net
Amortized cost	498,497		498,057
Principal issued and outstanding	500,000		500,000			$ 500,000
Unsecured Debentures and Term Loans, Net	498,497		498,057
2028 Debentures
Unsecured debentures and term loans, net
Amortized cost	498,193		497,806
Principal issued and outstanding	500,000		500,000	$ 500,000
Unsecured Debentures and Term Loans, Net	498,193		497,806
2029 Debentures
Unsecured debentures and term loans, net
Amortized cost	397,629		0
Principal issued and outstanding	400,000	$ 400,000	0
Unsecured Debentures and Term Loans, Net	397,629		0
2030 Debentures
Unsecured debentures and term loans, net
Amortized cost	497,917		497,616
Principal issued and outstanding	500,000		500,000		$ 500,000
Unsecured Debentures and Term Loans, Net	497,917		497,616
2024 Term Loan
Unsecured debentures and term loans, net
Amortized cost	244,133		250,088
Principal issued and outstanding	244,283		250,351				$ 185
Unsecured Debentures and Term Loans, Net	244,133		250,088
2025 Term Loan
Unsecured debentures and term loans, net
Amortized cost	527,786		540,677
Principal issued and outstanding	528,180		541,300
Unsecured Debentures and Term Loans, Net	527,786		540,677
September 2026 Term Loan
Unsecured debentures and term loans, net
Amortized cost	102,064		0
Principal issued and outstanding	102,222		0
Unsecured Debentures and Term Loans, Net	102,064		0
December 2026 Term Loan
Unsecured debentures and term loans, net
Amortized cost	299,763		299,686
Principal issued and outstanding	300,000		300,000					$ 300,000
Unsecured Debentures and Term Loans, Net	$ 299,763		$ 299,686

UNSECURED DEBT AND RELATED DE_5

UNSECURED DEBT AND RELATED DERIVATIVES - 2023 debentures (Details) $ in Thousands, $ in Millions				12 Months Ended
	Nov. 30, 2023 CAD ($)	Jun. 09, 2023 CAD ($)	Jun. 09, 2023 USD ($)	Dec. 31, 2023 CAD ($)	Dec. 31, 2022 CAD ($)	Dec. 20, 2016 CAD ($)
Unsecured debentures and term loans, net
Principal issued and outstanding				$ 3,074,685	$ 2,991,651
Repayments of current borrowings		$ 56,200	$ 42.1	56,234	0
2023 Debentures
Unsecured debentures and term loans, net
Principal issued and outstanding				$ 0	$ 400,000	$ 400,000
Interest receipt rate						3.873%
Deferred financing costs						$ 2,200
Redemption percentage						100%
Redemption spread						6,250%
Repayments of current borrowings	$ 400,000
Debt instrument settlement amount	$ 18,500

UNSECURED DEBT AND RELATED DE_6

UNSECURED DEBT AND RELATED DERIVATIVES - 2027 debentures (Details) - CAD ($) $ in Thousands	Jun. 04, 2020	Dec. 31, 2023	Dec. 31, 2022
Unsecured debentures and term loans, net
Principal issued and outstanding		$ 3,074,685	$ 2,991,651
2027 Debentures
Unsecured debentures and term loans, net
Principal issued and outstanding	$ 500,000	$ 500,000	$ 500,000
Interest receipt rate	3.062%
Deferred financing costs	$ 3,000
Redemption percentage	100%
Redemption spread	6,500%
Redemption period of debentures	2 months

UNSECURED DEBT AND RELATED DE_7

UNSECURED DEBT AND RELATED DERIVATIVES - 2028 debentures (Details) - CAD ($) $ in Thousands	Aug. 30, 2021	Dec. 31, 2023	Dec. 31, 2022
Unsecured debentures and term loans, net
Principal issued and outstanding		$ 3,074,685	$ 2,991,651
2028 Debentures
Unsecured debentures and term loans, net
Principal issued and outstanding	$ 500,000	$ 500,000	$ 500,000
Interest receipt rate	2.194%
Deferred financing costs	$ 2,700
Redemption percentage	100%
Redemption spread	2,850%
Redemption period of debentures	2 months

UNSECURED DEBT AND RELATED DE_8

UNSECURED DEBT AND RELATED DERIVATIVES - 2029 debentures (Details) - CAD ($) $ in Thousands	Dec. 31, 2023	Oct. 12, 2023	Dec. 31, 2022
Unsecured debentures and term loans, net
Principal issued and outstanding	$ 3,074,685		$ 2,991,651
2029 Debentures
Unsecured debentures and term loans, net
Principal issued and outstanding	$ 400,000	$ 400,000	$ 0
Interest receipt rate		6.074%
Deferred financing costs		$ 2,500
Redemption percentage		100%
Redemption spread		5,050%

UNSECURED DEBT AND RELATED DE_9

UNSECURED DEBT AND RELATED DERIVATIVES - 2030 debentures (Details) - CAD ($) $ in Thousands	Dec. 18, 2020	Dec. 31, 2023	Dec. 31, 2022
Unsecured debentures and term loans, net
Principal issued and outstanding		$ 3,074,685	$ 2,991,651
2030 Debentures
Unsecured debentures and term loans, net
Principal issued and outstanding	$ 500,000	$ 500,000	$ 500,000
Interest receipt rate	2.378%
Deferred financing costs	$ 3,000
Redemption percentage	100%
Redemption spread	3,950%
Redemption period of debentures	3 months

UNSECURED DEBT AND RELATED D_10

UNSECURED DEBT AND RELATED DERIVATIVES - 2024 term loan (Details) $ in Thousands, $ in Millions		12 Months Ended
	Dec. 19, 2018 USD ($)	Dec. 31, 2023 CAD ($)	Dec. 31, 2022 CAD ($)	Dec. 19, 2018 CAD ($)	Dec. 19, 2018 USD ($)
Unsecured debentures and term loans, net
Proceeds from term loan		$ 102,060	$ 527,441
Principal issued and outstanding		3,074,685	2,991,651
2024 Term Loan
Unsecured debentures and term loans, net
Proceeds from term loan	$ 185
Principal issued and outstanding		$ 244,283	$ 250,351		$ 185
Deferred financing costs				$ 800

UNSECURED DEBT AND RELATED D_11

UNSECURED DEBT AND RELATED DERIVATIVES - 2025 term loan (Details) $ in Thousands, $ in Millions		12 Months Ended
	Sep. 15, 2022 USD ($)	Dec. 31, 2023 CAD ($)	Dec. 31, 2022 CAD ($)	Sep. 15, 2022 CAD ($)
Unsecured debentures and term loans, net
Proceeds from term loan		$ 102,060	$ 527,441
2025 Term Loan
Unsecured debentures and term loans, net
Proceeds from term loan	$ 400
Deferred financing costs				$ 700

UNSECURED DEBT AND RELATED D_12

UNSECURED DEBT AND RELATED DERIVATIVES - September 2026 term loan (Details) $ in Thousands, € in Millions		12 Months Ended
	Sep. 07, 2023 EUR (€)	Dec. 31, 2023 CAD ($)	Dec. 31, 2022 CAD ($)	Sep. 07, 2023 CAD ($)	Dec. 12, 2018 CAD ($)
Unsecured debentures and term loans, net
Proceeds from term loan		$ 102,060	$ 527,441
September 2026 Term Loan
Unsecured debentures and term loans, net
Proceeds from term loan | €	€ 70
Deferred financing costs				$ 200	$ 1,500

UNSECURED DEBT AND RELATED D_13

UNSECURED DEBT AND RELATED DERIVATIVES - December 2026 term loan (Details) - CAD ($) $ in Thousands		12 Months Ended
	Dec. 12, 2018	Dec. 31, 2023	Dec. 31, 2022
Unsecured debentures and term loans, net
Proceeds from term loan		$ 102,060	$ 527,441
Principal issued and outstanding		3,074,685	2,991,651
Term Loan Due December 11 2026
Unsecured debentures and term loans, net
Proceeds from term loan	$ 300,000
Principal issued and outstanding	$ 300,000	$ 300,000	$ 300,000

UNSECURED DEBT AND RELATED D_14

UNSECURED DEBT AND RELATED DERIVATIVES - 2029 debentures (Details) - CAD ($) $ in Thousands	Dec. 31, 2023	Oct. 12, 2023	Dec. 31, 2022
Unsecured debentures and term loans, net
Principal issued and outstanding	$ 3,074,685		$ 2,991,651
2029 Debentures
Unsecured debentures and term loans, net
Principal issued and outstanding	$ 400,000	$ 400,000	$ 0
Interest receipt rate		6.074%
Deferred financing costs		$ 2,500
Redemption percentage		100%
Redemption spread		5,050%

UNSECURED DEBT AND RELATED D_15

UNSECURED DEBT AND RELATED DERIVATIVES - Cross Currency Interest Rate Swaps (Details) € in Thousands	Dec. 31, 2023 CAD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 EUR (€)	Dec. 31, 2022 CAD ($)	Feb. 03, 2022 CAD ($)
Unsecured debentures and term loans, net
Notional amount	$ 3,074,685,000			$ 2,991,651,000
Fair value liabilities	(8,429,000)
Fair value assets	100,813,000			138,388,000
Non-current	100,200,000			151,855,000
Current	9,042,000			0
Financial assets at fair value	109,242,000			151,855,000
Non-current	8,429,000			6,391,000
Current	0			7,076,000
Financial liabilities at fair value	8,429,000			13,467,000
2023 Cross Currency Interest Rate Swap
Unsecured debentures and term loans, net
Notional amount	$ 400,000,000		€ 281,100
Interest payment rate	2.43%	2.43%	2.43%
Interest receipt rate	3.873%	3.873%	3.873%
Fair value liabilities				(7,076,000)
2024 Cross Currency Interest Rate Swap
Unsecured debentures and term loans, net
Notional amount		$ 185,000,000	€ 168,200
Interest payment rate	0.522%	0.522%	0.522%
Fair value assets	$ 9,042,000			24,891,000
2025 Interest Rate Swap
Unsecured debentures and term loans, net
Interest payment rate	5.016%	5.016%	5.016%
Fair value assets	$ 4,847,000			5,244,000
September 2026 Interest Rate Swap
Unsecured debentures and term loans, net
Interest payment rate	4.333%	4.333%	4.333%
Fair value liabilities	$ (2,105,000)
December 2026 Cross Currency Interest Rate Swap
Unsecured debentures and term loans, net
Notional amount	$ 300,000,000		€ 205,500
Interest payment rate	1.355%	1.355%	1.355%
Fair value assets	$ 24,223,000			39,264,000
2027 Cross Currency Interest Rate Swap
Unsecured debentures and term loans, net
Notional amount	$ 500,000,000	$ 370,300,000
Interest payment rate	2.964%	2.964%	2.964%
Interest receipt rate	3.062%	3.062%	3.062%
Fair value assets	$ 18,402,000			8,123,000
Cross Currency Interest Rate Swap 2028 (1)
Unsecured debentures and term loans, net
Notional amount	$ 150,000,000	$ 119,100,000			$ 500,000,000
Interest payment rate	2.096%	2.096%	2.096%
Interest receipt rate	2.194%	2.194%	2.194%
Fair value liabilities	$ (3,067,000)			(6,391,000)
Debt instrument, termination amount					350,000,000
Payment for settlement of derivative financial liabilities					6,600,000
Cross Currency Interest Rate Swap 2028 (2)
Unsecured debentures and term loans, net
Notional amount	$ 350,000,000		€ 242,100		$ 350,000,000
Interest payment rate	0.536%	0.536%	0.536%
Interest receipt rate	2.194%	2.194%	2.194%
Fair value assets	$ 8,998,000			19,450,000
2029 Cross Currency Interest Rate Swap
Unsecured debentures and term loans, net
Notional amount	$ 400,000,000		€ 277,700
Interest payment rate	4.958%	4.958%	4.958%
Interest receipt rate	6.103%	6.103%	6.103%
Fair value liabilities	$ (3,257,000)
All-in interest payment rate	4.929%	4.929%	4.929%
2030 Cross Currency Interest Rate Swap
Unsecured debentures and term loans, net
Notional amount	$ 500,000,000		€ 319,400
Interest payment rate	1.045%	1.045%	1.045%
Interest receipt rate	2.378%	2.378%	2.378%
Fair value assets	$ 43,730,000			$ 54,883,000

UNSECURED DEBT AND RELATED D_16

UNSECURED DEBT AND RELATED DERIVATIVES - Derivatives (Details) - CAD ($) $ in Thousands	2 Months Ended	12 Months Ended
	Nov. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Unsecured debentures and term loans, net
Fair value gains (losses) on financial instruments, net		$ (17,296)	$ 11,383
Derivatives
Unsecured debentures and term loans, net
Fair value gains (losses) on financial instruments, net	$ (12,400)	$ (20,372)	$ 13,809

SECURED DEBT (Details)

SECURED DEBT (Details) $ in Thousands, $ in Millions			12 Months Ended
	Jun. 09, 2023 CAD ($)	Jun. 09, 2023 USD ($)	Dec. 31, 2023 CAD ($)	Dec. 31, 2022 CAD ($)	Dec. 31, 2022 USD ($)	Dec. 17, 2021 CAD ($)	Dec. 17, 2021 USD ($)
Unsecured debentures and term loans, net
Repayments of current borrowings	$ 56,200	$ 42.1	$ 56,234	$ 0
Outstanding borrowings			$ 2,965,169	2,896,622
Secured Construction Loan
Unsecured debentures and term loans, net
Secured bank loans received						$ 59,900	$ 44.3
Outstanding borrowings				$ 51,400	$ 38

LEASE OBLIGATIONS - Summary of

LEASE OBLIGATIONS - Summary of future minimum lease payments relating to the right-of-use assets (Details) $ in Thousands	Dec. 31, 2023 CAD ($)
Schedule of Future Minimum Lease Payments Relating To The Right Of Use Assets [Line Items]
Gross lease liabilities	$ 33,181
2024
Schedule of Future Minimum Lease Payments Relating To The Right Of Use Assets [Line Items]
Gross lease liabilities	765
2025
Schedule of Future Minimum Lease Payments Relating To The Right Of Use Assets [Line Items]
Gross lease liabilities	765
2026
Schedule of Future Minimum Lease Payments Relating To The Right Of Use Assets [Line Items]
Gross lease liabilities	764
2027
Schedule of Future Minimum Lease Payments Relating To The Right Of Use Assets [Line Items]
Gross lease liabilities	472
2028
Schedule of Future Minimum Lease Payments Relating To The Right Of Use Assets [Line Items]
Gross lease liabilities	256
2029 and thereafter
Schedule of Future Minimum Lease Payments Relating To The Right Of Use Assets [Line Items]
Gross lease liabilities	$ 30,159

LEASE OBLIGATIONS - Additional

LEASE OBLIGATIONS - Additional information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 CAD ($) property	Dec. 31, 2022 CAD ($)
Presentation of leases for lessee [abstract]
Number of income producing properties | property	4
Interest expense related to lease obligations | $	$ 1,593	$ 1,549

CURRENT LIABILITIES (Details)

CURRENT LIABILITIES (Details) - CAD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounts Payable and Accrued Liabilities
Accounts payable	$ 11,400	$ 11,204
Commodity tax payable	5,779	6,087
Tenant security deposits	6,093	7,257
Employee unit-based compensation	7,752	5,994
Trustee/director unit-based compensation	9,364	6,932
Accrued salaries, incentives and benefits	6,516	6,826
Accrued interest payable	15,135	9,974
Accrued construction costs	11,009	36,659
Accrued professional fees	1,320	1,445
Acquisition related liabilities	907	5,042
Accrued property operating costs	9,744	8,750
Other tenant related liabilities	8,621	5,104
Other accrued liabilities	696	3,501
Total accounts payable and accrued liabilities	$ 94,336	$ 114,775

DISTRIBUTIONS TO STAPLED UNIT_2

DISTRIBUTIONS TO STAPLED UNITHOLDERS (Details) - CAD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Mar. 15, 2024	Feb. 15, 2024	Dec. 31, 2023	Dec. 31, 2022
Distributions to stapled unitholders
Dividends recognised as distributions to owners			$ 204,374	$ 202,347
Distributions payable			$ 17,415	16,991
Dividends payable (in cad per unit)			$ 0.2750
Distributions
Distributions to stapled unitholders
Distributions declared		$ 17,400
Distributions declared (in cad per unit)	$ 0.2750	$ 0.2750
Stapled unitholders' equity
Distributions to stapled unitholders
Dividends recognised as distributions to owners			$ 204,334	$ 202,306
Distributions payable (in cad per unit)			$ 3.21	$ 3.11

STAPLED UNITHOLDERS' EQUITY - I

STAPLED UNITHOLDERS' EQUITY - Incentive stock option plan (Details) - shares	Dec. 31, 2023	Dec. 31, 2022
Disclosure of classes of share capital [abstract]
Options outstanding (in shares)	0	0

STAPLED UNITHOLDERS' EQUITY - D

STAPLED UNITHOLDERS' EQUITY - Director/Trustee Deferred Share Unit Plan (Details)	Dec. 31, 2023
DSUs for trustees/directors
Executive Deferred Stapled Unit Plan
Maximum percent of deferral of each non-employee director's total annual remuneration	100%

STAPLED UNITHOLDERS' EQUITY -_2

STAPLED UNITHOLDERS' EQUITY - Director/Trustee Deferred Share Unit Plan - Reconciliation of the changes (Details) - DSUs for trustees/directors shares in Thousands	12 Months Ended
	Dec. 31, 2023 shares $ / shares	Dec. 31, 2022 shares $ / shares
Executive Deferred Stapled Unit Plan
Outstanding, Number of shares, beginning balance (in shares) | shares	101	85
Granted, Number of shares (in shares) | shares	22	16
Outstanding, Number of shares, ending balance (in shares) | shares	123	101
Outstanding, Weighted Average Grant Date Fair Value, beginning balance (in dollars per share) | $ / shares	$ 64.58	$ 58.50
New Grants, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	70.71	97.41
Outstanding, Weighted Average Grant Date Fair Value, ending balance (in dollars per share) | $ / shares	$ 65.70	$ 64.58

STAPLED UNITHOLDERS' EQUITY - E

STAPLED UNITHOLDERS' EQUITY - Executive Deferred Stapled Unit Plan (Details) - Restricted Stapled Unit Plan for executives and employees shares in Millions	Dec. 31, 2023 shares
Executive Deferred Stapled Unit Plan
Percentage of vesting of the number of stapled units	100%
Maximum
Executive Deferred Stapled Unit Plan
Number of stapled units which may be issued (in shares)	1
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, 2023 shares $ / shares	Dec. 31, 2022 shares $ / shares
Restricted Stapled Unit Plan for executives and employees
Executive Deferred Stapled Unit Plan
Outstanding, Number of shares, beginning balance (in shares)	124,000	128,000
Granted, Number of shares (in shares)	80,000	58,000
Forfeited, Number (in shares)	(3,000)	0
PSUs added by performance factor, Number (in shares)	27,000	27,000
Outstanding, Number of shares, ending balance (in shares)	145,000	124,000
Outstanding, Weighted Average Grant Date Fair Value, beginning balance (in dollars per share) | $ / shares	$ 87.18	$ 67.19
New grants — RSUs and PSUs , Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	71.80	101.30
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	81.54	88.02
PSUs added by performance factor, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	83.37	96.22
Outstanding, Weighted Average Grant Date Fair Value, ending balance (in dollars per share) | $ / shares	$ 81.93	$ 87.18
Restricted Stapled Unit Plan for executives and employees | Cash settlement
Executive Deferred Stapled Unit Plan
Settled, Number (in shares)	(42,000)	(45,000)
Settled, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 80.32	$ 69.89
Restricted Stapled Unit Plan for executives and employees | Settled in shares stapled units
Executive Deferred Stapled Unit Plan
Settled, Number (in shares)	(41,000)	(44,000)
Settled, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 80.32	$ 69.89
Performance based units
Executive Deferred Stapled Unit Plan
Outstanding, Number of shares, beginning balance (in shares)	76,200
Granted, Number of shares (in shares)	34,400	22,000
Outstanding, Number of shares, ending balance (in shares)	86,800	76,200
Restricted based units
Executive Deferred Stapled Unit Plan
Outstanding, Number of shares, beginning balance (in shares)	47,300
Granted, Number of shares (in shares)	40,100	29,600
Outstanding, Number of shares, ending balance (in shares)	58,400	47,300

STAPLED UNITHOLDERS' EQUITY -_4

STAPLED UNITHOLDERS' EQUITY - Disclosure of Assumptions Used for Fair Value Calculation of Performance Stock Units - Fair Value of the PSU Granted (Details) - Stapled Units Performance Stock 2020 $ in Millions	Dec. 31, 2023 CAD ($)
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	$ 3.6
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	$ 4.2

STAPLED UNITHOLDERS' EQUITY -_5

STAPLED UNITHOLDERS' EQUITY - Disclosure of Assumptions Used for Fair Value Calculation of Performance Stock Units (Details) - Stapled Units Performance Stock 2020	12 Months Ended
	Dec. 31, 2023 yr shares
Disclosure of Assumptions Used for Fair Value Calculation of Performance Stock Units [Line Items]
Grant date	January 1, 2023, January 1, 2022 and January 1, 2021
PSUs outstanding (in shares) | shares	86,811
Weighted average term to expiry | yr	1.1
Average volatility rate	22.50%
Weighted average risk free interest rate	2.50%

STAPLED UNITHOLDERS' EQUITY - T

STAPLED UNITHOLDERS' EQUITY - Trust's unit-based compensation expense (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Unit-based Compensation
Unit-based compensation expense (recovery)	$ 10,213	$ (167)
Total fair value remeasurement expense (recovery)	3,951	(6,267)
DSUs for trustees/directors
Unit-based Compensation
Unit-based compensation expense (recovery)	2,431	(2,002)
Total fair value remeasurement expense (recovery)	844	(3,534)
Restricted Stapled Unit Plan for executives and employees
Unit-based Compensation
Unit-based compensation expense (recovery)	7,782	1,835
Total fair value remeasurement expense (recovery)	$ 3,107	$ (2,733)

STAPLED UNITHOLDERS' EQUITY - N

STAPLED UNITHOLDERS' EQUITY - Normal course issuer bid (Details) - CAD ($) $ / shares in Units, $ in Millions		12 Months Ended
	May 19, 2023	Dec. 31, 2023	Dec. 31, 2022
Normal Course Issuer Bid
Number of shares represented by one tenth of public float (in units)	6,349,296
Maximum daily purchases that may be made by Granite (in units)	30,468
Repurchase price (in cad per unit)		$ 68.73	$ 71.81
Units repurchased for cancellation		$ 27	$ 155.5
Normal Course Issuer Bid
Normal Course Issuer Bid
Units repurchased (in units)		392,700	2,165,600
Difference between the repurchase price and the average cost		$ 6.4	$ 41.7

STAPLED UNITHOLDERS' EQUITY - A

STAPLED UNITHOLDERS' EQUITY - At-the-market equity distribution program (Details) - ATM Program - Stapled Units - CAD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023	Nov. 03, 2021
Executive Deferred Stapled Unit Plan
Number of shares authorized			$ 250,000,000
Number of shares issued (in units)	136,100	0
Price per unit issued (in cad per unit)	$ 98.77
Proceeds from issuance of shares, gross	$ 13,400,000
Issuance costs of units	300,000
Proceeds from issuance of shares, net	$ 13,100,000

STAPLED UNITHOLDERS' EQUITY -_6

STAPLED UNITHOLDERS' EQUITY - Accumulated other comprehensive income (Details) - CAD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure of classes of share capital [abstract]
Foreign currency translation gains on investments in subsidiaries, net of related hedging activities and non-controlling interests	$ 254,364	$ 324,484
Fair value gains on derivatives designated as net investment hedges	52,056	89,048
Accumulated other comprehensive income	$ 306,420	$ 413,532

RENTAL REVENUE, RECOVERIES, C_3

RENTAL REVENUE, RECOVERIES, COSTS AND EXPENSES - Tenant recoveries revenue (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
RENTAL REVENUE, RECOVERIES, COSTS AND EXPENSES
Base rent	$ 427,354	$ 376,296
Straight-line rent amortization	16,690	10,596
Tenant incentive amortization	(4,403)	(4,149)
Property tax recoveries	52,862	48,147
Property insurance recoveries	6,386	4,947
Operating cost recoveries	22,361	19,742
Total rental revenue	$ 521,250	$ 455,579

RENTAL REVENUE, RECOVERIES, C_4

RENTAL REVENUE, RECOVERIES, COSTS AND EXPENSES - Property operating costs (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Property operating costs
Property operating costs	$ 86,012	$ 75,221
Non-recoverable from tenants:
Property operating costs
Property taxes and utilities	1,230	910
Property insurance	694	776
Repairs and maintenance	427	420
Property management fees	378	339
Other	459	733
Property operating costs	3,188	3,178
Recoverable from tenants:
Property operating costs
Property taxes and utilities	58,752	52,456
Property insurance	7,396	5,538
Repairs and maintenance	10,441	10,079
Property management fees	5,038	3,818
Other	1,197	152
Property operating costs	$ 82,824	$ 72,043

RENTAL REVENUE, RECOVERIES, C_5

RENTAL REVENUE, RECOVERIES, COSTS AND EXPENSES - General and administrative expenses (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
RENTAL REVENUE, RECOVERIES, COSTS AND EXPENSES
Salaries, incentives and benefits	$ 17,907	$ 18,225
Audit, legal and consulting	4,341	3,205
Trustee/director fees including distributions, revaluations and expenses	2,825	(1,777)
RSU and PSU compensation expense including distributions and revaluations	7,782	1,835
Other public entity costs	2,629	2,615
Office rents including property taxes and common area maintenance costs	623	491
Capital tax	995	867
Information technology costs	2,524	2,213
Other	2,332	2,779
Total	41,958	30,453
Less: capitalized general and administrative expenses	(518)	(988)
General and administrative expenses	$ 41,440	$ 29,465

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, 2023	Dec. 31, 2022
RENTAL REVENUE, RECOVERIES, COSTS AND EXPENSES
Interest and amortized issuance costs relating to debentures and term loans	$ 73,322	$ 47,304
Amortization of deferred financing costs and other interest expense and charges	5,853	5,784
Interest expense related to lease obligations	1,593	1,549
Interest expense and other finance costs	80,768	54,637
Less: capitalized interest	(2,051)	(3,670)
Interest expense and other finance costs	$ 78,717	$ 50,967

RENTAL REVENUE, RECOVERIES, C_7

RENTAL REVENUE, RECOVERIES, COSTS AND EXPENSES - Fair value (gains) losses (Details) - CAD ($) $ in Thousands	2 Months Ended	12 Months Ended
	Nov. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Fair value losses (gains) on financial instruments
Fair value losses (gains) on financial instruments, net		$ 17,296	$ (11,383)
Foreign exchange collar contracts, net
Fair value losses (gains) on financial instruments
Fair value losses (gains) on financial instruments, net		(3,076)	2,426
Derivatives, net
Fair value losses (gains) on financial instruments
Fair value losses (gains) on financial instruments, net	$ 12,400	$ 20,372	$ (13,809)

RENTAL REVENUE, RECOVERIES, C_8

RENTAL REVENUE, RECOVERIES, COSTS AND EXPENSES - Additional information (Details) - CAD ($) $ in Thousands	2 Months Ended	12 Months Ended
	Nov. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Disclosure of detailed information about financial instruments
Fair value gains (losses) on financial instruments, net		$ (17,296)	$ 11,383
Derivatives, net
Disclosure of detailed information about financial instruments
Fair value gains (losses) on financial instruments, net	$ (12,400)	(20,372)	13,809
Foreign Currency Collar Contracts
Disclosure of detailed information about financial instruments
Fair value gains (losses) on financial instruments, net		$ 3,076	$ (2,426)

INCOME TAXES - Major components

INCOME TAXES - Major components (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Current income tax:
Current taxes	$ 8,450	$ 8,079
Current taxes referring to previous periods	(1,854)	(819)
Withholding taxes and other	110	120
Total current income tax	6,706	7,380
Deferred income tax:
Origination and reversal of temporary differences	(25,660)	(71,195)
Impact of changes in tax rates	0	(17,330)
Withholding taxes on profits of subsidiaries	86	0
Deferred tax expense arising from the write-down, or reversal of a previous write-down, of a deferred tax asset	8,877	16,771
Other	502	709
Total deferred income tax	(16,195)	(71,045)
Income tax recovery	$ (9,489)	$ (63,665)

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, 2023	Dec. 31, 2022
Reconciliation of accounting profit multiplied by applicable tax rates [abstract]
Income before income taxes	$ 129,007	$ 92,157
Expected income taxes at the Canadian statutory tax rate of 26.5% (2022 - 26.5%)	34,187	24,422
Income distributed and taxable to unitholders	(51,921)	(92,252)
Net foreign rate differentials	(811)	9,145
Net change in provisions for uncertain tax positions	(548)	719
Net permanent differences	507	(6,151)
Net effect of change in tax rates	0	(17,330)
Non-recognition of deferred tax assets	8,877	16,770
Withholding taxes and other	220	1,012
Income tax recovery	$ (9,489)	$ (63,665)
Tax rate	26.50%	26.50%

INCOME TAXES - Deferred tax ass

INCOME TAXES - Deferred tax assets and liabilities (Details) - CAD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Temporary differences
Deferred tax assets	$ 639	$ 629
Deferred tax liabilities	535,551	557,391
Loss carryforwards
Temporary differences
Deferred tax assets	602	629
Investment properties
Temporary differences
Deferred tax liabilities	540,304	562,578
Withholding tax on undistributed subsidiary profits
Temporary differences
Deferred tax liabilities	86	0
Other
Temporary differences
Deferred tax assets	37	0
Deferred tax liabilities	$ (4,839)	$ (5,187)

INCOME TAXES - Changes in net d

INCOME TAXES - Changes in net deferred tax liabilities (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Changes in the net deferred tax liabilities:
Balance, beginning of year	$ 556,762	$ 600,215
Deferred tax recovery recognized in net income	(16,195)	(71,045)
Foreign currency translation of deferred tax balances	(5,655)	27,592
Net deferred tax liabilities, end of year	$ 534,912	$ 556,762

INCOME TAXES - Income tax paid

INCOME TAXES - Income tax paid (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income tax paid
Income tax paid	$ 8.3	$ 18.1
Withholding taxes
Income tax paid
Income tax paid	$ 0.1	$ 0.1

INCOME TAXES - Unrecognized tax

INCOME TAXES - Unrecognized tax benefits (Details) - CAD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Unrecognized tax benefits
Unrecognized tax benefits that could impact effective tax rate	$ 9.8	$ 10.3
Unrecognized tax benefits related to accrued interest and penalties	$ 0.1	$ 0.2

INCOME TAXES - Reconciliation_2

INCOME TAXES - Reconciliation of unrecognized tax benefits (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of Unrecognized Tax Benefit [Abstract]
Unrecognized tax benefits balance, beginning of year	$ 10,279	$ 10,470
Decreases for tax positions of prior years	(1,815)	(1,692)
Increases for tax positions of current year	1,244	1,452
Foreign currency impact	87	49
Unrecognized tax benefits balance, end of year	9,795	10,279
Maximum possible decrease in unrecognized tax benefits	2,200	2,600
Interest and penalties	0	100
Other losses and deductible temporary differences in various tax jurisdictions	330,700	285,500
Carryforwards of Canadian capital loss	140,900	140,500
Temporary differences associated with investments in subsidiaries, branches and associates and interests in joint arrangements for which deferred tax liabilities have not been recognised	$ 253,900	$ 194,700

SEGMENTED DISCLOSURE INFORMAT_3

SEGMENTED DISCLOSURE INFORMATION - Revenues (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 CAD ($) segment	Dec. 31, 2022 CAD ($)
Geographic segmentation:
Number of reportable segments | segment	1
Revenue	$ 521,250	$ 455,579
Trust's total revenue	100%	100%
Canada
Geographic segmentation:
Revenue	$ 80,460	$ 75,934
Trust's total revenue	15%	17%
United States
Geographic segmentation:
Revenue	$ 296,520	$ 251,746
Trust's total revenue	58%	55%
Austria
Geographic segmentation:
Revenue	$ 63,825	$ 59,523
Trust's total revenue	12%	13%
Germany
Geographic segmentation:
Revenue	$ 38,800	$ 31,823
Trust's total revenue	7%	7%
Netherlands
Geographic segmentation:
Revenue	$ 41,645	$ 34,945
Trust's total revenue	8%	8%
Other Europe
Geographic segmentation:
Revenue	$ 0	$ 1,608
Trust's total revenue	0%	0%

SEGMENTED DISCLOSURE INFORMAT_4

SEGMENTED DISCLOSURE INFORMATION - Magna (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of major tenant
Trust's total revenue	100%	100%
Magna | Credit risk
Disclosure of major tenant
Trust's total revenue	23%	25%

SEGMENTED DISCLOSURE INFORMAT_5

SEGMENTED DISCLOSURE INFORMATION - Investment properties (Details) - CAD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Geographic segmentation:
Investment properties	$ 8,808,139	$ 8,839,571
Percentage of investment property	100%	100%
Canada
Geographic segmentation:
Investment properties	$ 2,018,661	$ 1,918,822
Percentage of investment property	23%	22%
United States
Geographic segmentation:
Investment properties	$ 4,593,136	$ 4,757,867
Percentage of investment property	52%	54%
Austria
Geographic segmentation:
Investment properties	$ 819,002	$ 759,977
Percentage of investment property	9%	8%
Germany
Geographic segmentation:
Investment properties	$ 612,350	$ 588,804
Percentage of investment property	7%	7%
Netherlands
Geographic segmentation:
Investment properties	$ 764,990	$ 814,101
Percentage of investment property	9%	9%

DETAILS OF CASH FLOWS - Items n

DETAILS OF CASH FLOWS - Items not involving current cash flows (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
DETAILS OF CASH FLOWS
Straight-line rent amortization	$ (16,690)	$ (10,596)
Tenant incentive amortization	4,403	4,149
Unit-based compensation expense (recovery)	10,213	(167)
Fair value losses on investment properties, net	172,676	219,728
Depreciation and amortization	1,272	1,598
Fair value losses (gains) on financial instruments, net	17,296	(11,383)
Loss on sale of investment properties	1,505	666
Amortization of issuance costs relating to debentures and term loans	1,953	1,729
Amortization of deferred financing costs	535	582
Deferred income tax recovery	(16,195)	(71,045)
Other	33	(173)
Items not involving current cash flows	$ 177,001	$ 135,088

DETAILS OF CASH FLOWS - Changes

DETAILS OF CASH FLOWS - Changes in working capital balances (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
DETAILS OF CASH FLOWS
Accounts receivable	$ (200)	$ 1,674
Prepaid expenses and other	(3,390)	(2,269)
Accounts payable and accrued liabilities	(1,727)	(4,209)
Deferred revenue	654	4,702
Changes in working capital balances	$ (4,663)	$ (102)

DETAILS OF CASH FLOWS - Non-cas

DETAILS OF CASH FLOWS - Non-cash investing and financing activities (Details) - CAD ($) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Non-cash foreign currency translations, gain (loss)	$ (19)	$ 40.8
Stapled units
Units issued under the stapled unit plan, (in units)	41	44
Value of stapled units issued	$ 3.4	$ 4.1

DETAILS OF CASH FLOWS - Cash an

DETAILS OF CASH FLOWS - Cash and cash equivalents (Details) - CAD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
DETAILS OF CASH FLOWS
Cash	$ 115,714	$ 127,091
Short-term deposits	420	7,990
Total cash and cash equivalents	$ 116,134	$ 135,081	$ 402,513

FAIR VALUE AND RISK MANAGEMEN_2

FAIR VALUE AND RISK MANAGEMENT - Fair value of financial instruments (Details) - CAD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Carrying Value
Disclosure of fair value measurements of assets and liabilities
Financial assets	$ 238,475	$ 368,589
Financial liabilities	3,186,162	3,180,243
Fair Value
Disclosure of fair value measurements of assets and liabilities
Financial assets	238,475	368,589
Financial liabilities	3,062,846	2,959,347
Unsecured debentures, net | Carrying Value
Disclosure of fair value measurements of assets and liabilities
Financial liabilities	1,892,236	1,893,186
Unsecured debentures, net | Fair Value
Disclosure of fair value measurements of assets and liabilities
Financial liabilities	1,768,920	1,672,290
Unsecured term loans, net | Carrying Value
Disclosure of fair value measurements of assets and liabilities
Financial liabilities	1,173,746	1,090,451
Unsecured term loans, net | Fair Value
Disclosure of fair value measurements of assets and liabilities
Financial liabilities	1,173,746	1,090,451
Secured debt | Carrying Value
Disclosure of fair value measurements of assets and liabilities
Financial liabilities	0	51,373
Secured debt | Fair Value
Disclosure of fair value measurements of assets and liabilities
Financial liabilities	0	51,373
Derivatives | Carrying Value
Disclosure of fair value measurements of assets and liabilities
Financial liabilities	8,429	13,467
Derivatives | Fair Value
Disclosure of fair value measurements of assets and liabilities
Financial liabilities	8,429	13,467
Accounts payable and accrued liabilities | Carrying Value
Disclosure of fair value measurements of assets and liabilities
Financial liabilities	94,336	114,775
Accounts payable and accrued liabilities | Fair Value
Disclosure of fair value measurements of assets and liabilities
Financial liabilities	94,336	114,775
Accounts payable and accrued liabilities | Fair Value | Foreign Exchange Collar contracts
Disclosure of fair value measurements of assets and liabilities
Financial liabilities		2,400
Distributions payable | Carrying Value
Disclosure of fair value measurements of assets and liabilities
Financial liabilities	17,415	16,991
Distributions payable | Fair Value
Disclosure of fair value measurements of assets and liabilities
Financial liabilities	17,415	16,991
Other assets | Carrying Value
Disclosure of fair value measurements of assets and liabilities
Financial assets	283	291
Other assets | Fair Value
Disclosure of fair value measurements of assets and liabilities
Financial assets	283	291
Derivatives | Carrying Value
Disclosure of fair value measurements of assets and liabilities
Financial assets	109,242	151,855
Derivatives | Fair Value
Disclosure of fair value measurements of assets and liabilities
Financial assets	109,242	151,855
Loan receivable | Carrying Value
Disclosure of fair value measurements of assets and liabilities
Financial assets	0	69,186
Loan receivable | Fair Value
Disclosure of fair value measurements of assets and liabilities
Financial assets	0	69,186
Accounts receivable | Carrying Value
Disclosure of fair value measurements of assets and liabilities
Financial assets	12,166	12,176
Accounts receivable | Fair Value
Disclosure of fair value measurements of assets and liabilities
Financial assets	12,166	12,176
Prepaid expenses and other | Carrying Value
Disclosure of fair value measurements of assets and liabilities
Financial assets	650	0
Prepaid expenses and other | Fair Value
Disclosure of fair value measurements of assets and liabilities
Financial assets	650	0
Prepaid expenses and other | Fair Value | Foreign Exchange Collar contracts
Disclosure of fair value measurements of assets and liabilities
Financial assets	700
Cash and cash equivalents | Carrying Value
Disclosure of fair value measurements of assets and liabilities
Financial assets	116,134	135,081
Cash and cash equivalents | Fair Value
Disclosure of fair value measurements of assets and liabilities
Financial assets	$ 116,134	$ 135,081

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, 2023 CAD ($) contract	Dec. 31, 2022 CAD ($) contract	Dec. 31, 2023 USD ($) contract	Dec. 31, 2023 EUR (€) contract	Dec. 31, 2022 USD ($) contract	Dec. 31, 2022 EUR (€) contract
Foreign exchange forward contracts
Notional amount	$ 3,074,685	$ 2,991,651
Fair value gains (losses) on financial instruments, net	$ (17,296)	$ 11,383
Foreign Exchange Collar contracts | Sell US Dollars and Receive Canadian Dollars
Foreign exchange forward contracts
Number of contracts outstanding | contract	6	12	6	6	12	12
Notional amount			$ 36		$ 72
Foreign Exchange Collar contracts | Sell Euros and Receive Canadian Dollars
Foreign exchange forward contracts
Number of contracts outstanding | contract	12	18	12	12	18	18
Notional amount | €				€ 24		€ 24
Foreign Currency Collar Contracts
Foreign exchange forward contracts
Fair value gains (losses) on financial instruments, net	$ 3,076	$ (2,426)

FAIR VALUE AND RISK MANAGEMEN_4

FAIR VALUE AND RISK MANAGEMENT - Fair value hierarchy (Details) - CAD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Level 1
Disclosure of detailed information about financial instruments
Financial liabilities	$ 1,768,920	$ 1,672,290
Level 2
Disclosure of detailed information about financial instruments
Financial liabilities	1,072,283	936,676
Level 3
Disclosure of detailed information about financial instruments
Financial assets	8,808,139	8,880,753
Unsecured debentures, net | Level 1
Disclosure of detailed information about financial instruments
Financial liabilities	1,768,920	1,672,290
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	1,173,746	1,090,451
Unsecured term loans, net | 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		51,373
Secured debt | Level 3
Disclosure of detailed information about financial instruments
Financial liabilities		0
Foreign Exchange Collar contracts | Level 1
Disclosure of detailed information about financial instruments
Financial liabilities		0
Foreign Exchange Collar contracts | Level 2
Disclosure of detailed information about financial instruments
Financial liabilities		2,426
Foreign Exchange Collar contracts | Level 3
Disclosure of detailed information about financial instruments
Financial liabilities		0
Derivatives | Level 1
Disclosure of detailed information about financial instruments
Financial liabilities	0	0
Derivatives | Level 2
Disclosure of detailed information about financial instruments
Financial liabilities	8,429	13,467
Derivatives | Level 3
Disclosure of detailed information about financial instruments
Financial liabilities	0	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	8,808,139	8,839,571
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		41,182
Derivatives | Level 1
Disclosure of detailed information about financial instruments
Financial assets	0	0
Derivatives | Level 2
Disclosure of detailed information about financial instruments
Financial assets	109,242	151,855
Derivatives | Level 3
Disclosure of detailed information about financial instruments
Financial assets	0	0
Foreign Exchange Collar contracts | Level 1
Disclosure of detailed information about financial instruments
Financial assets	0
Foreign Exchange Collar contracts | Level 2
Disclosure of detailed information about financial instruments
Financial assets	650
Foreign Exchange Collar contracts | 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		69,186
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, 2023	Dec. 31, 2022
Risk Management
Percentage of trust's rental revenue	100%	100%
Magna | Credit risk
Risk Management
Percentage of trust's rental revenue	23%	25%

FAIR VALUE AND RISK MANAGEMEN_6

FAIR VALUE AND RISK MANAGEMENT - Risk Management - Interest rate risk (Details) - Interest rate risk	Dec. 31, 2023
Fixed interest rate
Risk Management
Percentage of debt	62%
Variable interest rate
Risk Management
Percentage of debt	38%
2027 Debentures | Fixed interest rate
Risk Management
Interest payment rate	2.964%
2028 Debentures | Fixed interest rate
Risk Management
Interest payment rate	1.004%
2029 Debentures | Fixed interest rate
Risk Management
Interest payment rate	4.929%
2030 Debentures | Fixed interest rate
Risk Management
Interest payment rate	1.045%
2024 Term Loan | Fixed interest rate
Risk Management
Interest payment rate	0.267%
2025 Term Loan | Fixed interest rate
Risk Management
Interest payment rate	5.016%
September 2026 Term Loan | Fixed interest rate
Risk Management
Interest payment rate	4.333%
December 2026 Term Loan | Fixed interest rate
Risk Management
Interest payment rate	1.105%

FAIR VALUE AND RISK MANAGEMEN_7

FAIR VALUE AND RISK MANAGEMENT - Risk Management - Foreign exchange risk (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 CAD ($)
Foreign exchange risk
Risk Management
Foreign currency denominated net assets	$ 6,300
Change in foreign currency rate	1%
Foreign exchange risk | Europe | Unsecured Debentures | Hedges of net investment in foreign operations
Risk Management
Hedging instrument, liabilities	$ 1,300
Foreign exchange risk | Europe | Unsecured Term Loan | Hedges of net investment in foreign operations
Risk Management
Hedging instrument, liabilities	544.3
Foreign exchange risk | Europe | Unsecured Term Loan and Related Derivative | Hedges of net investment in foreign operations
Risk Management
Hedging instrument, liabilities	102.2
Foreign exchange risk | United States | Unsecured Debentures | Hedges of net investment in foreign operations
Risk Management
Hedging instrument, liabilities	650
Foreign exchange risk | United States | Unsecured Term Loan and Related Derivative | Hedges of net investment in foreign operations
Risk Management
Hedging instrument, liabilities	528.2
US dollar exchange risk
Risk Management
Gain (loss) on change in value of foreign currency exchange rate	42.9
Effect of exchange rate changes on revenue	3
Euro exchange risk
Risk Management
Gain (loss) on change in value of foreign currency exchange rate	20
Effect of exchange rate changes on revenue	$ 1.4

FAIR VALUE AND RISK MANAGEMEN_8

FAIR VALUE AND RISK MANAGEMENT - Contractual maturities (Details) - CAD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Contractual maturities
Unsecured debentures	$ 1,900,000
Unsecured term loans	1,174,685
Derivatives	8,429
Unsecured debentures, net of derivatives	222,152
Unsecured term loans, net of derivatives	72,003
Accounts payable and accrued liabilities	94,336	$ 114,775
Distributions payable	17,415	$ 16,991
Total payments	3,489,020
2024
Contractual maturities
Unsecured debentures
Unsecured term loans	244,283
Derivatives	0
Unsecured debentures, net of derivatives	44,891
Unsecured term loans, net of derivatives	35,951
Accounts payable and accrued liabilities	91,390
Distributions payable	17,415
Total payments	433,930
2025
Contractual maturities
Unsecured debentures	0
Unsecured term loans	528,180
Derivatives	0
Unsecured debentures, net of derivatives	44,891
Unsecured term loans, net of derivatives	29,274
Accounts payable and accrued liabilities	1,570
Distributions payable	0
Total payments	603,915
2026
Contractual maturities
Unsecured debentures	0
Unsecured term loans	402,222
Derivatives	2,105
Unsecured debentures, net of derivatives	44,891
Unsecured term loans, net of derivatives	6,778
Accounts payable and accrued liabilities	1,376
Distributions payable	0
Total payments	457,372
2027
Contractual maturities
Unsecured debentures	500,000
Unsecured term loans
Derivatives	0
Unsecured debentures, net of derivatives	37,528
Unsecured term loans, net of derivatives	0
Accounts payable and accrued liabilities	0
Distributions payable	0
Total payments	537,528
2028
Contractual maturities
Unsecured debentures	500,000
Unsecured term loans	0
Derivatives	3,067
Unsecured debentures, net of derivatives	30,165
Unsecured term loans, net of derivatives	0
Accounts payable and accrued liabilities	0
Distributions payable	0
Total payments	533,232
Thereafter
Contractual maturities
Unsecured debentures	900,000
Unsecured term loans	0
Derivatives	3,257
Unsecured debentures, net of derivatives	19,786
Unsecured term loans, net of derivatives	0
Accounts payable and accrued liabilities	0
Distributions payable	0
Total payments	$ 923,043

CAPITAL MANAGEMENT - Managed ca

CAPITAL MANAGEMENT - Managed capital of the Trust (Details) - CAD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure of objectives, policies and processes for managing capital [abstract]
Unsecured debentures, net	$ 1,892,236	$ 1,893,186
Unsecured term loans, net	1,173,746	1,090,451
Derivative (assets) liabilities, net	(100,813)	(138,388)
Secured debt	0	51,373
Total debt	2,965,169	2,896,622
Stapled unitholders’ equity	5,276,951	5,475,375
Total managed capital	$ 8,242,120	$ 8,371,997

CAPITAL MANAGEMENT - Declaratio

CAPITAL MANAGEMENT - Declaration of Trust (Details)	Dec. 31, 2023
Disclosure of objectives, policies and processes for managing capital [abstract]
Maximum percentage of total indebtedness on Gross Book Value	65%
Maximum percentage of proposed investment on Gross Book Value	15%

CAPITAL MANAGEMENT - Distributi

CAPITAL MANAGEMENT - Distributions (Details) - $ / shares	1 Months Ended	11 Months Ended
	Dec. 31, 2023	Nov. 30, 2023
Disclosure of objectives, policies and processes for managing capital [abstract]
Distribution (per stapled unit)	$ 0.2750	$ 0.2667

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of transactions between related parties [abstract]
Salaries, incentives and short-term benefits	$ 5,649	$ 5,760
Unit-based compensation expense including fair value adjustments	2,959	2,102
Total compensation paid or payable to key management personnel	$ 8,608	$ 7,862

COMBINED FINANCIAL INFORMATIO_2

COMBINED FINANCIAL INFORMATION - Balance Sheet (Details) - CAD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Non-current assets:
Investment properties	$ 8,808,139	$ 8,839,571
Other non-current assets	106,540	167,189
Total non-current assets	8,914,679	9,006,760
Current assets:
Assets held for sale	0	41,182	$ 64,612
Other current assets	35,564	97,331
Cash and cash equivalents	116,134	135,081	$ 402,513
Total assets	9,066,377	9,280,354
Non-current liabilities:
Unsecured debt, net	2,821,849	2,583,930
Other non-current liabilities	576,396	596,759
Total non-current liabilities	3,398,245	3,180,689
Current liabilities:
Unsecured debt, net	244,133	399,707
Other current liabilities	140,358	219,611
Total liabilities	3,782,736	3,800,007
Equity:
Stapled unitholders’ equity	5,276,951	5,475,375
Non-controlling interests	6,690	4,972
Total liabilities and equity	9,066,377	9,280,354
Granite REIT
Non-current assets:
Investment properties	8,808,139	8,839,571
Other non-current assets	106,540	167,189
Total non-current assets	8,914,679	9,006,760
Current assets:
Assets held for sale		41,182
Other current assets	35,564	97,310
Cash and cash equivalents	115,838	135,020
Total assets	9,066,081	9,280,272
Non-current liabilities:
Unsecured debt, net	2,821,849	2,583,930
Other non-current liabilities	576,396	596,759
Total non-current liabilities	3,398,245	3,180,689
Current liabilities:
Unsecured debt, net	244,133	399,707
Intercompany payable	18,998	15,594
Other current liabilities	121,064	203,935
Total liabilities	3,782,440	3,799,925
Equity:
Stapled unitholders’ equity	5,276,910	5,475,335
Non-controlling interests	6,731	5,012
Total liabilities and equity	9,066,081	9,280,272
Granite GP
Non-current assets:
Investment in Granite LP	41	40
Total non-current assets	41	40
Current assets:
Other current assets		21
Intercompany receivable	18,998	15,594
Cash and cash equivalents	296	61
Total assets	19,335	15,716
Current liabilities:
Other current liabilities	19,294	15,676
Total liabilities	19,294	15,676
Equity:
Stapled unitholders’ equity	41	40
Total liabilities and equity	19,335	15,716
Eliminations/ Adjustments
Non-current assets:
Investment in Granite LP	(41)	(40)
Total non-current assets	(41)	(40)
Current assets:
Intercompany receivable	(18,998)	(15,594)
Total assets	(19,039)	(15,634)
Current liabilities:
Intercompany payable	(18,998)	(15,594)
Total liabilities	(18,998)	(15,594)
Equity:
Non-controlling interests	(41)	(40)
Total liabilities and equity	$ (19,039)	$ (15,634)

COMBINED FINANCIAL INFORMATIO_3

COMBINED FINANCIAL INFORMATION - Income Statement (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
COMBINED FINANCIAL INFORMATION - Income Statement
Revenue	$ 521,250	$ 455,579
General and administrative expenses	41,440	29,465
Interest expense and other financing costs	78,717	50,967
Other costs and expenses, net	80,609	73,979
Fair value losses on investment properties, net	172,676	219,728
Fair value losses (gains) on financial instruments, net	17,296	(11,383)
Loss on sale of investment properties	1,505	666
Income before income taxes	129,007	92,157
Income tax recovery	(9,489)	(63,665)
Net income	138,496	155,822
Less net income attributable to non-controlling interests	1,834	54
Net income attributable to stapled unitholders	136,662	155,768
Additions to income-producing properties	(59,825)	(54,933)
Additions to properties under development	(71,132)	(212,245)
Granite REIT
COMBINED FINANCIAL INFORMATION - Income Statement
Revenue	521,250	455,579
General and administrative expenses	41,440	29,465
Interest expense and other financing costs	78,717	50,967
Other costs and expenses, net	80,609	73,979
Fair value losses on investment properties, net	172,676	219,728
Fair value losses (gains) on financial instruments, net	17,296	(11,383)
Loss on sale of investment properties	1,505	666
Income before income taxes	129,007	92,157
Income tax recovery	(9,489)	(63,665)
Net income	138,496	155,822
Less net income attributable to non-controlling interests	1,835	56
Net income attributable to stapled unitholders	136,661	155,766
Additions to income-producing properties	(59,825)	(54,933)
Additions to properties under development	(71,132)	(212,245)
Granite GP
COMBINED FINANCIAL INFORMATION - Income Statement
Share of (income) loss of Granite LP	(1)	(2)
Income before income taxes	1	2
Net income	1	2
Net income attributable to stapled unitholders	1	2
Eliminations/ Adjustments
COMBINED FINANCIAL INFORMATION - Income Statement
Share of (income) loss of Granite LP	1	2
Income before income taxes	(1)	(2)
Net income	(1)	(2)
Less net income attributable to non-controlling interests	$ (1)	$ (2)

COMBINED FINANCIAL INFORMATIO_4

COMBINED FINANCIAL INFORMATION - Cash Flows (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
OPERATING ACTIVITIES
Net income	$ 138,496	$ 155,822
Items not involving operating cash flows	177,001	135,088
Changes in working capital balances	(4,663)	(102)
Other operating activities	2,347	(13,312)
Cash provided by operating activities	313,181	277,496
INVESTING ACTIVITIES
Acquisitions, deposits and transactions costs, net	(102,761)	(492,717)
Proceeds from disposal, net	43,773	63,943
Additions to income-producing properties	(59,825)	(54,933)
Additions to properties under development	(71,132)	(212,245)
Construction funds released from escrow	4,819	(4,720)
Other investing activities	56,999	(65,884)
Cash used in investing activities	(128,127)	(766,556)
FINANCING ACTIVITIES
Distributions paid	(203,910)	(202,284)
Other financing activities	800	416,843
Cash (used in) provided by financing activities	(203,110)	214,559
Effect of exchange rate changes	(891)	7,069
Net decrease in cash and cash equivalents during the year	(18,947)	(267,432)
Granite REIT
OPERATING ACTIVITIES
Net income	138,496	155,822
Items not involving operating cash flows	177,001	135,088
Changes in working capital balances	(4,899)	292
Other operating activities	2,347	(13,312)
Cash provided by operating activities	312,945	277,890
INVESTING ACTIVITIES
Acquisitions, deposits and transactions costs, net	(102,761)	(492,717)
Proceeds from disposal, net	43,773	63,943
Additions to income-producing properties	(59,825)	(54,933)
Additions to properties under development	(71,132)	(212,245)
Construction funds released from escrow	4,819	(4,720)
Other investing activities	56,999	(65,884)
Cash used in investing activities	(128,127)	(766,556)
FINANCING ACTIVITIES
Distributions paid	(203,910)	(202,284)
Other financing activities	800	416,843
Cash (used in) provided by financing activities	(203,110)	214,559
Effect of exchange rate changes	(891)	7,069
Net decrease in cash and cash equivalents during the year	(19,183)	(267,038)
Granite GP
OPERATING ACTIVITIES
Net income	1	2
Items not involving operating cash flows	(1)	(2)
Changes in working capital balances	236	(394)
Cash provided by operating activities	236	(394)
FINANCING ACTIVITIES
Net decrease in cash and cash equivalents during the year	236	(394)
Eliminations/ Adjustments
OPERATING ACTIVITIES
Net income	(1)	(2)
Items not involving operating cash flows	$ 1	$ 2

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions, $ in Millions	Dec. 31, 2023 CAD ($)	Dec. 31, 2023 USD ($)	Mar. 12, 2021 CAD ($)	Mar. 12, 2021 USD ($)
Disclosure of commitments and contingencies
Contractual commitments	$ 56.4
Contractual commitments for acquisition of property plant and equipment bonds authorised to issue			$ 137.3	$ 104
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			$ 128.2	$ 97.1
Bonds issued outstanding	$ 83.2	$ 63

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Distributions - CAD ($) $ / shares in Units, $ in Millions	Mar. 15, 2024	Feb. 15, 2024
Distributions to stapled unitholders
Distributions declared		$ 17.4
Distributions declared (in cad per unit)	$ 0.2750	$ 0.2750