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:	  	August 4, 2021

  

	
	 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 six month periods ended June 30, 2021 

(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 six month periods ended June 30, 2021. 
 For the three and six month periods
ended June 30, 2021: 
  

																					
	 	 	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 June 30, 2021
	  
	 				 				 				 			
						
	 Revenue
	 	 	–  	 	 	 	93,963    	 	 	 	–	 	 	 	–	 	 	 	93,963    	 
	 Net income from continuing
	 				 				 				 				 			
	 operations attributable to owners
	 	 	316,911    	 	 	 	316,902    	 	 	 	–	 	 	 	(316,902	)     	 	 	316,911    	 
						
	 Net income attributable to owners
	 	 	316,911    	 	 	 	316,902    	 	 	 	–	 	 	 	(316,902	)     	 	 	316,911    	 
						
	 Six month period ended June 30, 2021
	 				 				 				 				 			
						
	 Revenue
	 	 	–    	 	 	 	189,905    	 	 	 	–	 	 	 	–	 	 	 	189,905    	 
						
	 Net income from continuing
	 				 				 				 				 			
	 operations attributable to owners
	 	 	547,044    	 	 	 	547,040    	 	 	 	–	 	 	 	(547,040	)     	 	 	547,044    	 
						
	 Net income attributable to owners
	 	 	547,044    	 	 	 	547,040    	 	 	 	–	 	 	 	(547,040	)     	 	 	547,044    	 
						
	 As at June 30, 2021
	 				 				 				 				 			
						
	 Total current assets
	 	 	16,089    	 	 	 	697,189    	 	 	 	–	 	 	 	(14,316	)     	 	 	698,962    	 
						
	 Total non-current assets
	 	 	4,628,263    	 	 	 	6,462,846    	 	 	 	–	 	 	 	(4,628,263	)     	 	 	6,462,846    	 
						
	 Total current liabilities
	 	 	30,961    	 	 	 	91,158    	 	 	 	–	 	 	 	(14,316	)     	 	 	107,803    	 
						
	 Total non-current liabilities
	 	 	—    	 	 	 	2,444,437    	 	 	 	–	 	 	 	–	 	 	 	2,444,437    	 

  

	(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.