TORONTO, Sept. 25, 2017 /PRNewswire/ - Granite Real
Estate Investment Trust ("Granite") (TSX: GRT.UN / NYSE: GRP.U)
announced today that Michael Forsayeth, Chief Executive
Officer, has decided to retire from Granite effective September 30, 2018. Mr. Forsayeth will
remain in his role as Chief Executive Officer until such time as a
successor is appointed and will remain with Granite through to
September 30, 2018 to ensure a smooth
transition.
Granite's Board has commenced a comprehensive search to identify
a successor for Mr. Forsayeth who will lead the continued
thoughtful deployment of Granite's balance sheet to accelerate the
growth and diversification of its investment property
portfolio.
In commenting on the announcement, Kelly Marshall, Chairman
of Granite, noted that "Mike joined us in the summer of 2011
and has been instrumental in establishing Granite's new strategic
direction, leading Granite through a successful REIT conversion,
and building the foundation to become a diversified global
industrial real estate company. Granite was fortunate to have
an executive with Mike's experience and skill to get Granite to
where it is today and position it for future growth and
diversification. The Board is grateful for his contribution
to Granite's success to date and looks forward to continuing to
work with Mike as Granite continues to execute on its business plan
while transitioning to new leadership over the next 12 months."
Michael Forsayeth added, "Granite's success has been a team
effort and it has been an honour and privilege to work with such an
outstanding group of individuals over the last six years. My
time at Granite has been one of the most satisfying of my 40 - year
career in business. With the company's future cash flows
significantly de-risked through the extension of Magna leases in
the fall of 2016, Granite has the financial flexibility and pathway
for accelerated growth and diversification and I believe it's the
appropriate time to hand over the reins to the next CEO to write
the next exciting chapter in Granite's history. I will remain
fully committed and engaged in the business until the transition to
my successor has been completed."
ABOUT GRANITE
Granite is a Canadian-based REIT engaged in the ownership and
management of predominantly industrial, warehouse and logistics
properties in North America and
Europe. Granite owns approximately 30 million square feet in
over 90 rental income properties. Our tenant base includes
Magna International Inc. and its operating subsidiaries as our
largest tenants, in addition to tenants from other industries.
OTHER INFORMATION
Copies of financial data and other publicly filed documents
about Granite are available through the internet on the Canadian
Securities Administrators' Systems for Electronic Document Analysis
and Retrieval (SEDAR) which can be accessed at www.sedar.com and on
the United States Securities and Exchange Commission's Electronic
Data Gathering, Analysis and Retrieval System (EDGAR) which can be
accessed at www.sec.gov. For further information, please see
our website at www.granitereit.com or contact Michael Forsayeth, Chief Executive Officer, at
647-925-7600 or Al Mawani, Chair of
the Compensation, Governance & Nomination Committee of the
Board of Granite at 416-574-4330, e-mail:
amawani@granitereit.com.
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 future plans, goals, strategies, intentions,
beliefs, estimates, costs, objectives, economic performance or
expectations, or the assumptions underlying any of the foregoing.
Words such as "may", "would", "could", "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
based on information available at the time and/or management's good
faith assumptions and analyses made in light of our perception of
historical trends, current conditions and expected future
developments, as well as other factors we believe are appropriate
in the circumstances, and 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 annual information form of Granite Real Estate
Investment Trust and Granite REIT Inc. dated March 1, 2017 (the "Annual Information
Form"). The "Risk Factors" section of the Annual Information
Form 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.
SOURCE Granite Real Estate Investment Trust