G
ranite Real Estate Investment Trust (Granite REIT) and Granite REIT Inc. (Granite GP) have completed the unwind of their stapled unit structure on October 1, 2024, as previously announced. This court-approved plan of arrangement replaces Granite's stapled unit structure with a conventional REIT trust unit structure.

    Under the arrangement, the components of each Stapled Unit were uncoupled, and Granite GP Shares were exchanged for Granite REIT Units. The number of Granite REIT Units outstanding remained unchanged, ensuring that unitholders maintained their proportional ownership. As a result, Granite GP has become a wholly-owned subsidiary of Granite REIT.

    The stapled units will be delisted from the TSX and NYSE, with Granite REIT Units trading under the same ticker symbols 'GRT.UN' and 'GRP.U', respectively. This move aims to simplify Granite's capital structure and improve transparency for investors.

    Granite GP becoming a subsidiary of Granite REIT streamlines the corporate structure, while maintaining continuity for investors through the same ticker symbols on both exchanges. The long-term impact on valuation and liquidity will be worth monitoring in the coming months.