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Granite REIT (GRT-UN-T) plans to voluntarily delist its trust units from the New York Stock Exchange (NYSE), citing consistent low trading volumes and an effort to achieve financial and administrative efficiencies.
Toronto-based Granite plans to file for delisting with the U.S. Securities and Exchange Commission on or about Dec. 22, and anticipates delisting will be effective 10 days later - on or about Jan. 1.
Less than one per cent of Granite’s global average daily trading volume takes place on the NYSE, the company’s president and CEO Kevan Gorrie said in a Wednesday afternoon release.
Granite’s listing on the Toronto Stock Exchange (TSX) will be unaffected by the planned delisting from the NYSE.
The company has also filed an application for its units to be quoted on the OTCQX, a New York-based market for over-the-counter trading. Granite expects trading on that platform to start on or about Dec. 23.
“We believe that the TSX provides Canadian and U.S. unitholders with sufficient liquidity and that the direct and indirect costs of maintaining our NYSE listing outweigh the benefits to our unitholders,” Gorrie said. “Granite remains committed to our strategic outlook, our portfolio in the United States and our long-term strategy.”
About Granite
Granite owns, develops and manages logistics, warehouse and industrial properties in North America and Europe. Its portfolio is comprised of 140 properties with approximately 60.9 million square feet of leasable area.
Its tenants include Magna, Walmart, Amazon, DHL and Kuehne + Nagel.
Created as a spinoff from Magna in 2003 to own and operate its real estate portfolio, the Canadian-owned industrial conglomerate remains a major tenant of Granite, making up 27 per cent of its annualized revenue in Q3 according to the trust's financial results. Granite has significantly diversified its holdings and tenant base in the two decades since it became a separate, publicly traded entity.
Granite’s Canadian portfolio consists of 38 properties in Ontario, located primarily in the Greater Toronto Area. It includes:
- 331-333 Market Dr. in Milton, a 928,617-square-foot facility;
- the 232,552-square-foot 2095 Logistics Dr. in Mississauga;
- 4 Bowery Rd., a 409,767-square-foot property in Brantford preleased to chocolate company Barry Callebaut; and
- and the 74,091-square-foot 100 Ronson Dr. in Etobicoke.
In its Q3 results, Granite announced an occupancy rate of almost 97 per cent by gross leasable area.
As at Sept. 30, 2025, six of Granite’s income-producing properties located in the U.S. and Netherlands were classified as assets held for sale, and are expected to be disposed within 12 months. The properties are said to have a fair value of $370.7 million.
Also, Granite continued the site plan approval process to develop Phase II of an industrial property in Brantford for up to 700,000 square feet.
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