EX-4.8





 Exhibit 4.8 

NOTICE OF RELIANCE 

NATIONAL INSTRUMENT 51-102 – CONTINUOUS DISCLOSURE OBLIGATIONS 

(“NI 51-102”) 

 

			
	To:	  	Ontario Securities Commission
		
	And to:	  	British Columbia Securities Commission
		  	Alberta Securities Commission
		  	Financial and Consumer Affairs Authority of Saskatchewan
		  	Manitoba Securities Commission
		  	Autorité des marchés financiers (Québec)
		  	Financial and Consumer Services Commission (New Brunswick)
		  	Nova Scotia Securities Commission
		  	Office of the Superintendent of Securities, Prince Edward Island
		  	Office of the Superintendent of Securities, Newfoundland and Labrador
		  	Office of the Superintendent of Securities, Northwest Territories
		  	Office of the Superintendent of Securities, Nunavut
		  	Office of the Superintendent of Securities, Yukon

 Notice is given that Granite REIT Holdings Limited Partnership relies on the financial statements, management’s
discussion and analysis, annual information forms, management information circulars, material change reports and statements of executive compensation (if applicable) filed by Granite Real Estate Investment Trust (“Granite REIT”)
pursuant to Section 13.4 of NI 51-102 and an exemption from certain of the continuous disclosure requirements of NI 51-102 set out in a decision of the Ontario
Securities Commission, as principal regulator, dated December 21, 2012. 
 Please refer to the continuous disclosure documents filed by Granite REIT,
which are available in electronic format at www.sedar.com under the SEDAR profile for Granite REIT. 
 Attached to this Notice and forming part hereof is
the consolidating summary financial information for the applicable period(s) required by Section 13.4 of NI 51-102. 

Dated: November 4, 2020 
  

			
	GRANITE REIT HOLDINGS LIMITED PARTNERSHIP, by its general partner
GRANITE REIT INC.
		
	Per:	 	 (signed) “Teresa Neto”

		 	Name: Teresa Neto
		 	Title: Chief Financial Officer













 



 
 UNAUDITED SELECTED COMBINED AND CONSOLIDATING SUMMARY FINANCIAL INFORMATION
(1) 
 For the three and nine month periods ended September 30, 2020 

(in thousands of Canadian dollars) 
 Granite REIT Holdings
Limited Partnership (“Granite LP”) is the debtor and a “credit support issuer” under senior unsecured debentures (“Debentures”) issued by it. Granite LP is wholly-owned, directly or indirectly, by Granite Real Estate
Investment Trust and Granite REIT Inc. (collectively “Granite”). Granite, as “parent credit supporter”, fully and unconditionally guarantees the payment obligations of Granite LP under the Debentures. As set out in a decision
dated December 21, 2012 of the Ontario Securities Commission, as principal regulator, an exemption from certain of the continuous disclosure requirements under Section 13.4 of National Instrument
51-102 (Continuous Disclosure Obligations) was granted to Granite LP. In compliance with that decision, the tables below set out certain selected summary combined or consolidating financial information for
(i) the parent credit supporter (Granite on a combined basis), (ii) the credit support issuer (Granite LP consolidated), (iii) Granite’s non-guarantor subsidiaries, other than Granite LP,
(iv) consolidating or combination adjustments, and (v) Granite and all of its subsidiaries on a combined and consolidated basis, in each case for the period indicated. This summary combined and consolidating financial information is
unaudited and should be read in conjunction with Granite’s unaudited combined financial statements as at and for the three and nine month periods ended September 30, 2020. 

For the three and nine month periods ended September 30, 2020: 
  

																					
	 	  	 GRANITE

(“PARENT CREDIT
SUPPORTER”) (2)
	 	  	GRANITE LP
CONSOLIDATED
(“CREDIT SUPPORT
ISSUER”)	 	  	SUBSIDIARIES OF
GRANITE OTHER
THAN GRANITE LP (3)	 	  	CONSOLIDATING/
COMBINATION
ADJUSTMENTS (4)	 	 	GRANITE
COMBINED/
CONSOLIDATED	 
	 Three month period ended September 30, 2020
	  
	  				  				  				 			
	 Revenue
	  	 	—  	 	  	 	87,900	 	  	 	—  	 	  	 	—  	 	 	 	87,900	 
	 Net income from continuing operations attributable to owners
	  	 	105,199	 	  	 	105,197	 	  	 	—  	 	  	 	(105,197	) 	 	 	105,199	 
	 Net income attributable to owners
	  	 	105,199	 	  	 	105,197	 	  	 	—  	 	  	 	(105,197	) 	 	 	105,199	 
	 Nine month period ended September 30, 2020
	  
	  				  				  				 			
	 Revenue
	  	 	—  	 	  	 	246,958	 	  	 	—  	 	  	 	—  	 	 	 	246,958	 
	 Net income from continuing operations attributable to owners
	  	 	262,152	 	  	 	262,146	 	  	 	—  	 	  	 	(262,146	) 	 	 	262,152	 
	 Net income attributable to owners
	  	 	262,152	 	  	 	262,146	 	  	 	—  	 	  	 	(262,146	) 	 	 	262,152	 
	 As at September 30, 2020
	  				  				  				  				 			
	 Total current assets
	  	 	13,331	 	  	 	552,217	 	  	 	—  	 	  	 	(12,670	) 	 	 	552,878	 
	 Total non-current assets
	  	 	3,638,146	 	  	 	5,359,447	 	  	 	—  	 	  	 	(3,638,146	) 	 	 	5,359,447	 
	 Total current liabilities
	  	 	26,937	 	  	 	358,065	 	  	 	—  	 	  	 	(12,670	) 	 	 	372,332	 
	 Total non-current liabilities
	  	 	—  	 	  	 	1,917,564	 	  	 	—  	 	  	 	—  	 	 	 	1,917,564	 

  

	(1)	 The summary financial information is prepared in accordance with International Financial Reporting Standards.




	(2)	 This column accounts for investments in all subsidiaries of Granite under the equity method.




	(3)	 There are no other subsidiaries of the parent credit supporter other than Granite LP and its consolidated
subsidiaries. 



	(4)	 This column includes the necessary amounts to eliminate the intercompany balances between Granite, Granite LP
and other subsidiaries and other adjustments to arrive at the information for Granite on a combined consolidated basis.