Granite Real Estate Investment Trust and Granite REIT Inc.
(TSX: GRT.UN; NYSE: GRP.U) (“Granite” or the “Trust”) announced
today the establishment of a $250 million at-the-market equity
distribution program (the “ATM Program”).
On November 3, 2021, Granite is filing a prospectus supplement
(the “Prospectus Supplement”) to the Trust’s base shelf prospectus
dated October 1, 2021 to establish the ATM Program in each of the
provinces and territories of Canada, that allows 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 will be sold at the prevailing market prices at the time of
sale when issued, directly through the facilities of the Toronto
Stock Exchange (“TSX”) or any other recognized marketplace upon
which the stapled units are listed or quoted or where the stapled
units are traded in Canada. Distributions of stapled units by
Granite under the ATM Program, if any, will be made in accordance
with the terms of the equity distribution agreement dated November
3, 2021 (the “Distribution Agreement”) among Granite, BMO Nesbitt
Burns Inc., Scotia Capital Inc. and TD Securities Inc.
(collectively, the “Agents”). The ATM Program will be effective
until November 1, 2023, unless previously terminated in accordance
with the terms of the Distribution Agreement. Sales of stapled
units, if any, will be made through “at-the-market distributions”
as defined in National Instrument 44-102 – Shelf Distributions.
Granite intends to use the net proceeds from the ATM Program, if
any, to fund potential future acquisitions, development activity,
and for general trust purposes. The TSX has conditionally approved
the listing of the stapled units that may be sold under the ATM
Program, if any, and Granite has applied to list such stapled units
on the New York Stock Exchange.
The Prospectus Supplement contains important detailed
information about the stapled units being offered and should be
reviewed before any investment decision is made. The Prospectus
Supplement, along with the Canadian Shelf Prospectus and
Distribution Agreement, are available on SEDAR at www.sedar.com. In
addition, Granite will file with the U.S. Securities and Exchange
Commission (the “SEC”) a prospectus supplement (the “U.S.
Prospectus Supplement”) to its base shelf prospectus included in
its registration statement on Form F-10, each of which will be
available on EDGAR at www.sec.gov. Alternatively, the Agents will
provide the Prospectus Supplement or the U.S. Prospectus Supplement
(together with the applicable base shelf prospectus) upon request
by contacting: (i) in Canada: BMO Nesbitt Burns Inc., attn:
Brampton Distribution Centre C/O The DATA Group of Companies, 9195
Torbram Road, Brampton, Ontario, L6S 6H2, by email at
torbramwarehouse@datagroup.ca or by phone at 905-791-3151 Ext.
4312, Scotia Capital Inc., attn: Equity Capital Markets, Scotia
Plaza, 64th Floor, 40 King Street West, Toronto, Ontario, M5H 3Y2,
by email at equityprospectus@scotiabank.com or by phone at
1-416-863-7704, TD Securities Inc., attn: Symcor, NPM, 1625 Tech
Avenue, Mississauga, Ontario, L4W 5P5, by email at
sdcconfirms@td.com or by phone at 289-360-2009 and (ii) in the
United States.: BMO Capital Markets Corp., attn: Equity Syndicate
Department, 3 Times Square, 25th Floor, New York, NY, 10036, by
email at bmoprospectus@bmo.com or by phone at 1-800-414-3627,
Scotia Capital (USA) Inc., attn: Equity Capital Markets, 250 Vesey
Street, 24th Floor, New York, New York, 10281, by email at
equityprospectus@scotiabank.com or by phone at 1-212-225-6853 or TD
Securities (USA) LLC, attn: Equity Capital Markets, 1 Vanderbilt
Avenue, New York, New York, 10017 or by email at
USTMG@tdsecurities.com.
OTHER INFORMATION
Granite is a Canadian-based REIT engaged in the acquisition,
development, ownership and management of logistics, warehouse and
industrial properties in North America and Europe. Granite owns 126
investment properties representing approximately 53.3 million
square feet of leasable area.
For further information, please contact Teresa Neto, Chief
Financial Officer, at (647) 925-7560.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy securities, nor will there be any
sale of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such
jurisdiction.
FORWARD-LOOKING STATEMENTS
This press release may contain statements that, to the extent
they are not recitations of historical fact, constitute
“forward-looking statements” or “forward-looking information”
within the meaning of applicable securities legislation, including
the United States Securities Act of 1933, as amended, the United
States Securities Exchange Act of 1934, as amended, and applicable
Canadian securities legislation. Forward-looking statements and
forward-looking information may include, among others, statements
regarding Granite’s sale from time to time of stapled units under
its ATM Program and the use of the net proceeds from the ATM
Program, if any, or the assumptions underlying any of the
foregoing. Words such as “outlook”, “may”, “would”, “could”,
“should”, “will”, “likely”, “expect”, “anticipate”, “believe”,
“intend”, “plan”, “forecast”, “project”, “estimate”, “seek” and
similar expressions are used to identify forward-looking statements
and forward-looking information. Forward-looking statements and
forward-looking information should not be read as guarantees of
future events, performance or results and will not necessarily be
accurate indications of whether or the times at or by which such
future performance will be achieved. Undue reliance should not be
placed on such statements. Forward-looking statements and
forward-looking information are subject to known and unknown risks,
uncertainties and other unpredictable factors, many of which are
beyond Granite’s control, that could cause actual events or results
to differ materially from such forward-looking statements and
forward-looking information. Important factors that could cause
such differences include, but are not limited to, the risks set
forth in the “Risk Factors” section in Granite’s AIF for 2020 dated
March 3, 2021, filed on SEDAR at www.sedar.com and attached as
Exhibit 1 to the Trust’s Annual Report on Form 40-F for the year
ended December 31, 2020 filed with the SEC and available online on
EDGAR at www.sec.gov, all of which investors are strongly advised
to review. The “Risk Factors” section also contains information
about the material factors or assumptions underlying such
forward-looking statements and forward-looking information.
Forward-looking statements and forward-looking information speak
only as of the date the statements and information were made and
unless otherwise required by applicable securities laws, Granite
expressly disclaims any intention and undertakes no obligation to
update or revise any forward-looking statements or forward-looking
information contained in this press release to reflect subsequent
information, events or circumstances or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20211103006283/en/
Teresa Neto Chief Financial Officer (647) 925-7560
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