07:05 AM EDT, 05/22/2024 (MT Newswires) -- Granite Real Estate Investment Trust and Granite REIT Inc. said on Wednesday that it has secured approval from the Toronto Stock Exchange for the renewal of its normal course issuer bid.

Under the NCIB, Granite plans to buy from time to time over the next 12 months nearly 6.3 million of its outstanding stapled units, equal to about 10% of the public float as of May 15.

The NCIB will begin on May 24, 2024 and end either when the buyback limit has been met or at the latest May 23, 2025.

Granite also plans to sign an automatic securities purchase plan with a broker.

The REIT's stock yesterday slipped 1.6% in US trading and nearly 1% in Canada.