Granite REIT is a Canadian-based REIT that owns and manages logistics, warehouse, and industrial properties across North America and Europe. As of early 2025, Granite owns 143 properties totaling approximately 63.3M SF of gross leasable area across Canada, the U.S., Netherlands, Austria, and Germany. Granite's properties are primarily used by tenants as distribution centers, fulfillment facilities, and warehouses. Granite leases these properties to industrial and logistics tenants under long-term triple-net (NNN) leases, meaning tenants cover operating costs, property taxes, insurance, and maintenance — keeping Granite's operating costs low and revenue predictable. Revenue is driven by occupied space, contractual rental rates, and lease escalations tied to fixed step-ups or CPI. The portfolio skews heavily toward modern distribution and e-commerce facilities, which make up the majority of properties and portfolio fair value. The U.S. is Granite's largest market at roughly 54% of portfolio fair value. Granite's largest tenant is Magna, an automotive supplier, representing approximately 26% of annualized revenue — a concentration Granite is actively reducing by acquiring and developing modern logistics assets leased to a broader tenant base. Beyond Magna, no single tenant exceeds 5% of annualized revenue, with Amazon the next largest at roughly 4%. Granite grows through acquisitions of modern logistics assets, development of new facilities on land it already owns, and organic rent growth from lease escalations. Because the majority of Granite's revenue is denominated in USD and EUR, FX movements can materially affect reported results.