[SCHEDULE 13G/A] Granite Real Estate Investment Trust SEC Filing

Rhea-AI Filing Summary

CIBC Global Asset Management Inc. filed a Schedule 13G/A reporting its holdings in Granite Real Estate Investment Trust's REIT units. The filing contains two reported ownership figures: a cover-sheet entry showing 3,077,800 units (4.91%) and Item 4 reporting 3,346,637 units (5.28%). Item 4 states the filer has sole voting and sole dispositive power over 3,346,637 units. The filing includes a certification that the securities are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer. The amendment reflects an updated ownership disclosure but includes inconsistent numerical entries within the document.

Positive

• Material ownership disclosed: Item 4 reports 3,346,637 units (5.28%), exceeding the 5% threshold for the class
• Sole voting and dispositive power: Filer reports sole authority over 3,346,637 units
• Ordinary-course certification: Filer certifies holdings are held in the ordinary course and not to influence control

Negative

• Inconsistent ownership figures: the cover shows 3,077,800 units (4.91%) while Item 4 shows 3,346,637 units (5.28%)
• Amendment required: the document is an amendment (Amendment No. 1), indicating a prior disclosure needed updating

Insights

Financial Analyst

TL;DR: This Schedule 13G/A discloses a passive stake above 5% but shows inconsistent reported amounts within the filing.

The filing reports beneficial ownership in Granite Real Estate Investment Trust by CIBC Global Asset Management Inc. with Item 4 indicating 3,346,637 units (5.28%) and sole voting/dispositive power at the same amount, which is material because it exceeds the 5% threshold for the class. However, the cover data lists 3,077,800 units (4.91%), creating an internal inconsistency that market participants will notice. The statement also certifies the position is held in the ordinary course and not to influence control, consistent with a passive Schedule 13G approach.

Corporate Governance Expert

TL;DR: The holder reports sole voting and dispositive power for a >5% stake, but the filing contains conflicting ownership figures that should be clarified.

From a governance perspective, sole voting and dispositive authority over a stake exceeding 5% can be relevant to shareholder voting dynamics, even if the filer states passive intent. The certification in the filing affirms ordinary-course holdings, not an intent to change control. The presence of two different ownership numbers within one amendment suggests an administrative or timing discrepancy; a clear reconciliation would improve disclosure quality for investors and governance reviewers.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Granite Real Estate Investment Trust

(Name of Issuer)

REIT Units

(Title of Class of Securities)

387437205

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 387437205

1

Names of Reporting Persons

CIBC Global Asset Management Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 3,077,800.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 3,077,800.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,077,800.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.91 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Granite Real Estate Investment Trust
(b)	Address of issuer's principal executive offices: 77 King Street West, Suite 4010, P.O. Box 159, Toronto-Dominion Centre, Toronto, Ontario M5K 1H1
Item 2.
(a)	Name of person filing: CIBC Global Asset Management Inc.
(b)	Address or principal business office or, if none, residence: 81 Bay Street, 20th Floor Toronto, Ontario, Canada M5J 0E7
(c)	Citizenship: Please refer to Item 4 on each cover sheet for each filing person
(d)	Title of class of securities: REIT Units
(e)	CUSIP No.: 387437205
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 3,346,637
(b)	Percent of class: 5.28%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 3,346,637
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 3,346,637
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

CIBC Global Asset Management Inc.

Signature:	Jean Gauthier
Name/Title:	Jean Gauthier, Managing Director & CIO - Global Fixed Income
Date:	08/14/2025

FAQ

Who filed the Schedule 13G/A for Granite Real Estate Investment Trust (GRP)?

CIBC Global Asset Management Inc. filed the Schedule 13G/A reporting its holdings in GRP.

How many Granite REIT units does CIBC Global Asset Management report owning?

The filing includes two reported amounts: a cover entry of 3,077,800 units (4.91%) and Item 4 reporting 3,346,637 units (5.28%).

Does the filer have voting or dispositive power over the reported GRP units?

Yes. Item 4 states the filer has sole power to vote and sole power to dispose of 3,346,637 units.

Is the reported stake held to influence control of Granite REIT?

No. The filing includes a certification that the securities are held in the ordinary course of business and not to change or influence control.

Does the filing indicate the type of reporting person for CIBC Global Asset Management?

Yes. The cover information classifies the reporting person as IA (investment adviser).