07:58 AM EDT, 04/15/2024 (MT Newswires) -- Granite Real Estate Investment Trust and Granite REIT Inc. (Granite GP) , jointly, Granite REIT (GRT-UN.TO) on Monday said it intends to propose an internal reorganization that would simplify Granite's capital structure by replacing its current Stapled Unit structure with a conventional REIT trust unit structure. The proposal will be put forward at the upcoming Joint Annual General and Special Meetings of holders of Granite's stapled units scheduled for June 6, 2024,

Granite REIT expects as a result of the reorganization it will be more comparable to other Canadian REITs due to its simplified structure, and that certain investors may be more able or willing to invest in Granite REIT units rather than Stapled Units, a statement noted.

With the reorganization, each Granite unitholder will hold Granite REIT units equal to the number of Stapled Units previously held, and Granite GP will become a wholly-owned subsidiary of Granite REIT. The Granite REIT units will trade on the Toronto Stock Exchange and on the New York Stock Exchange under the current ticker symbols for the Stapled Units (being GRT-UN and GRP-U, respectively).