TORONTO, Nov. 15, 2012 /CNW/ - Granite Real Estate Inc.
(TSX: GRT; NYSE: GRP) (''Granite'' or the ''Company'') is
pleased to announce that its shareholders have approved the
Company's conversion to a real estate investment trust (the "REIT
Conversion"). The REIT Conversion was approved by 99.8% of
the votes cast by holders of Granite's common shares at a special
meeting of shareholders held today.
Implementation of the REIT Conversion remains subject to
approval by the Superior Court of Quebec at a fairness hearing which is
scheduled to be held on November 20,
2012 and to satisfaction or waiver of certain other
conditions.
ABOUT GRANITE
Granite is a Canadian-based real estate company engaged in the
ownership and management of predominantly industrial properties in
Canada, the United States, Mexico and Europe. The Company owns and manages
approximately 28 million square feet in 104 rental income
properties. Our tenant base currently includes operating
subsidiaries of Magna International Inc. as our largest tenants,
together with tenants from other industries.
OTHER INFORMATION
Copies of financial data and other publicly filed documents are
available through the internet on 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 about Granite,
please see our website at www.graniterealestate.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'' within the meaning of applicable
securities legislation, including the United States Securities Act
of 1933 and the United States Securities Exchange Act of 1934.
Forward-looking statements may include, among others, statements
regarding the Company's future plans, goals, strategies,
intentions, beliefs, estimates, costs, objectives, economic
performance or expectations, or the assumptions underlying any of
the foregoing. In particular, this press release contains
forward-looking statements regarding our proposed conversion to a
REIT. Words such as ''may'', ''would'', ''could'', ''will'',
''likely'', ''expect'', ''anticipate'', ''believe'', ''intend'',
''plan'', ''forecast'', ''project'', ''estimate'' and similar
expressions are used to identify forward-looking statements.
Forward-looking statements 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. In particular, Granite cautions that the
timing or completion of the REIT Conversion cannot be predicted
with certainty, there can be no assurance at this time that all
required or desirable approvals and consents to effect the REIT
Conversion will be obtained in a timely manner or at all and there
can be no assurance that the anticipated reduction in cash income
taxes payable following the REIT Conversion will be realized.
Forward-looking statements 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 the Company's
control, that could cause actual events or results to differ
materially from such forward-looking statements. Important factors
that could cause such differences include, but are not limited to,
the risk of changes to tax or other laws that may adversely affect
the REIT Conversion; inability of Granite to implement a suitable
structure for the REIT Conversion; the inability to obtain all
required consents and approvals for the REIT Conversion; the
inability to realize the anticipated reduction in cash income taxes
payable following the REIT Conversion and the risks set forth in
the ''Risk Factors'' section in the Circular and in the Company's
Annual Information Form for 2011, each filed on SEDAR at
www.sedar.com and on EDGAR at www.sec.gov, which investors are
strongly advised to review. The ''Risk Factors'' sections also
contain information about the material factors or assumptions
underlying such forward-looking statements. Forward-looking
statements speak only as of the date the statements were made and
unless otherwise required by applicable securities laws, the
Company expressly disclaims any intention and undertakes no
obligation to update or revise any forward-looking statements
contained in this press release to reflect subsequent information,
events or circumstances or otherwise.
SOURCE Granite Real Estate Inc.