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

Rhea-AI Filing Summary

Bank of Montreal (BMO) and six affiliated entities filed Amendment No. 4 to Schedule 13G on 30 Jun 2025 for Granite Real Estate Investment Trust (CUSIP 387437205).

• Aggregate beneficial ownership: 4,527,882 common shares, representing 7.21 % of the outstanding class.
• Sole voting power: 4,512,854 shares; shared voting power: 6,907 shares.
• Sole dispositive power: 4,520,975 shares; shared dispositive power: 6,907 shares.
• Largest subsidiary position: BMO Nesbitt Burns Inc. Wealth Management holds 3,888,244 shares (6.19 %).
• The stake is held in the ordinary course of business; the filer states no intent to influence control.

The disclosure is made under Rule 13d-1(b) because BMO’s combined holdings exceed the 5 % threshold. No financial performance data or transactional terms are provided.

Positive

• Institutional support: A well-capitalised banking group now publicly reports a 7.21 % stake, which can improve market liquidity and confidence.

Negative

• Potential share overhang: BMO controls 4.5 M units; any future decision to trim the position could add selling pressure.

Insights

Securities Analyst

TL;DR: BMO discloses a 7.2 % passive stake in Granite REIT; routine ownership update, limited immediate market impact.

The filing confirms that BMO and several Canadian subsidiaries collectively own 4.53 million Granite REIT units. The stake is passive and below the 10 % level that might raise takeover concerns, but above the 5 % reporting threshold, signalling meaningful institutional participation. Granite benefits from a diversified, reputable financial holder, which can enhance liquidity and lend credibility to the unit register. However, because the shares are held “in the ordinary course,” the disclosure does not imply strategic intent or forthcoming corporate action. For investors, the update is informative but not a clear catalyst; valuation and fundamentals remain unchanged. Overall impact: neutral.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)

GRANITE REAL ESTATE INVESTMENT TRUST

(Name of Issuer)

Common Stock

(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

Bank of Montreal

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

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 4,512,854.00
6	Shared Voting Power 6,907.00
7	Sole Dispositive Power 4,520,975.00
8	Shared Dispositive Power 6,907.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,527,882.00

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)

7.21 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP No. 387437205

1

Names of Reporting Persons

BANK OF MONTREAL HOLDING 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

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 4,430,854.00
6	Shared Voting Power 6,907.00
7	Sole Dispositive Power 4,438,975.00
8	Shared Dispositive Power 6,907.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,445,882.00

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)

7.08 %

12

Type of Reporting Person (See Instructions)

BK

SCHEDULE 13G

CUSIP No. 387437205

1

Names of Reporting Persons

BMO NESBITT BURNS INC. WEALTH MANAGEMENT

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

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 3,875,196.00
6	Shared Voting Power 4,927.00
7	Sole Dispositive Power 3,883,317.00
8	Shared Dispositive Power 4,927.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,888,244.00

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)

6.19 %

12

Type of Reporting Person (See Instructions)

BD

SCHEDULE 13G

CUSIP No. 387437205

1

Names of Reporting Persons

BMO NESBITT BURNS SECURITIES LTD.

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

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 8,121.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

8,121.00

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)

0.01 %

12

Type of Reporting Person (See Instructions)

BD

SCHEDULE 13G

CUSIP No. 387437205

1

Names of Reporting Persons

BMO PRIVATE INVESTMENT COUNSEL 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

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 153,612.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 153,612.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

153,612.00

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)

0.24 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 387437205

1

Names of Reporting Persons

BMO 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 2,691,372.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,691,372.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,691,372.00

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)

4.29 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 387437205

1

Names of Reporting Persons

BMO NESBITT BURNS 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

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 555,658.00
6	Shared Voting Power 1,980.00
7	Sole Dispositive Power 555,658.00
8	Shared Dispositive Power 1,980.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

557,638.00

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)

0.88 %

12

Type of Reporting Person (See Instructions)

BD

SCHEDULE 13G

Item 1.
(a)	Name of issuer: GRANITE REAL ESTATE INVESTMENT TRUST
(b)	Address of issuer's principal executive offices: 77 KING ST. WEST, SUITE 4010, P.O. BOX 159, TD CENTRE, TORONTO, CANADA (FEDERAL LEVEL) M5K 1H1
Item 2.
(a)	Name of person filing: Bank of Montreal BANK OF MONTREAL HOLDING INC. BMO NESBITT BURNS INC. WEALTH MANAGEMENT BMO NESBITT BURNS SECURITIES LTD. BMO PRIVATE INVESTMENT COUNSEL INC. BMO ASSET MANAGEMENT INC. BMO NESBITT BURNS INC.
(b)	Address or principal business office or, if none, residence: 1 First Canadian Place Toronto, Ontario, Canada M5X1A1
(c)	Citizenship: Bank of Montreal - CANADA (FEDERAL LEVEL) BANK OF MONTREAL HOLDING INC. - CANADA (FEDERAL LEVEL) BMO NESBITT BURNS INC. WEALTH MANAGEMENT - CANADA (FEDERAL LEVEL) BMO NESBITT BURNS SECURITIES LTD. - CANADA (FEDERAL LEVEL) BMO PRIVATE INVESTMENT COUNSEL INC. - CANADA (FEDERAL LEVEL) BMO ASSET MANAGEMENT INC. - ONTARIO, CANADA BMO NESBITT BURNS INC. - CANADA (FEDERAL LEVEL)
(d)	Title of class of securities: Common Stock
(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: 4,527,882
(b)	Percent of class: 7.21 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Bank of Montreal - 4,512,854 BANK OF MONTREAL HOLDING INC. - 4,430,854 BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 3,875,196 BMO NESBITT BURNS SECURITIES LTD. - 0 BMO PRIVATE INVESTMENT COUNSEL INC. - 153,612 BMO ASSET MANAGEMENT INC. - 2,691,372 BMO NESBITT BURNS INC. - 555,658
	(ii) Shared power to vote or to direct the vote: Bank of Montreal - 6,907 BANK OF MONTREAL HOLDING INC. - 6,907 BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 4,927 BMO NESBITT BURNS SECURITIES LTD. - 0 BMO PRIVATE INVESTMENT COUNSEL INC. - 0 BMO ASSET MANAGEMENT INC. - 0 BMO NESBITT BURNS INC. - 1,980
	(iii) Sole power to dispose or to direct the disposition of: Bank of Montreal - 4,520,975 BANK OF MONTREAL HOLDING INC. - 4,438,975 BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 3,883,317 BMO NESBITT BURNS SECURITIES LTD. - 8,121 BMO PRIVATE INVESTMENT COUNSEL INC. - 153,612 BMO ASSET MANAGEMENT INC. - 2,691,372 BMO NESBITT BURNS INC. - 555,658
	(iv) Shared power to dispose or to direct the disposition of: Bank of Montreal - 6,907 BANK OF MONTREAL HOLDING INC. - 6,907 BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 4,927 BMO NESBITT BURNS SECURITIES LTD. - 0 BMO PRIVATE INVESTMENT COUNSEL INC. - 0 BMO ASSET MANAGEMENT INC. - 0 BMO NESBITT BURNS INC. - 1,980
Item 5.	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.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Documents.
Item 8.	Identification and Classification of Members of the Group.
	If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group. Each reporting person may be deemed to be a member of a group with respect to the issuer or securities of the issuer for the purposes of Section 13(d) or 13(g) of the Act. Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section13(d) or 13(g) of the Act or any other purpose, (i) acting (or has agreed or is agreeing to act) with any other person as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding, or disposing of securities of the issuer or otherwise with respect to the issuer or any securities of the issuer or (ii) a member of any syndicate or group with respect to the issuer or any securities of the issuer.
Item 9.	Notice of Dissolution of Group.
	Notice of dissolution of a group may be furnished as an exhibit stating the date of the dissolution and that all further filings with respect to transactions in the security reported on will be filed, if required, by members of the group, in their individual capacity. See Item 5. Each reporting person may be deemed to be a member of a group with respect to the issuer or securities of the issuer for the purposes of Section 13(d) or 13(g) of the Act. Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section13(d) or 13(g) of the Act or any other purpose, (i) acting (or has agreed or is agreeing to act) with any other person as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding, or disposing of securities of the issuer or otherwise with respect to the issuer or any securities of the issuer or (ii) a member of any syndicate or group with respect to the issuer or any securities of the issuer.

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.

Bank of Montreal

Signature:	Kathryn Cenac
Name/Title:	Managing Director - Regulatory Solutions Group
Date:	08/06/2025

BANK OF MONTREAL HOLDING INC.

Signature:	Kathryn Cenac
Name/Title:	Managing Director - Regulatory Solutions Group
Date:	08/06/2025

BMO NESBITT BURNS INC. WEALTH MANAGEMENT

Signature:	Kathryn Cenac
Name/Title:	Managing Director - Regulatory Solutions Group
Date:	08/06/2025

BMO NESBITT BURNS SECURITIES LTD.

Signature:	Kathryn Cenac
Name/Title:	Managing Director - Regulatory Solutions Group
Date:	08/06/2025

BMO PRIVATE INVESTMENT COUNSEL INC.

Signature:	Kathryn Cenac
Name/Title:	Managing Director - Regulatory Solutions Group
Date:	08/06/2025

BMO ASSET MANAGEMENT INC.

Signature:	Kathryn Cenac
Name/Title:	Managing Director - Regulatory Solutions Group
Date:	08/06/2025

BMO NESBITT BURNS INC.

Signature:	Kathryn Cenac
Name/Title:	Managing Director - Regulatory Solutions Group
Date:	08/06/2025

FAQ

How much of Granite REIT (GRP) does Bank of Montreal own?

BMO and affiliates report 4,527,882 common units, equal to 7.21 % of the class.

Is BMO’s position in Granite REIT active or passive?

The filing states the shares are held in the ordinary course with no intent to influence control, indicating a passive stake.

Which BMO subsidiary holds the largest portion of GRP units?

BMO Nesbitt Burns Inc. Wealth Management owns about 3.89 M units (6.19 %).

Why was this Schedule 13G/A filed?

Ownership exceeded the 5 % threshold, requiring disclosure under Rule 13d-1(b).

Does the filing contain Granite REIT financial results?

No. The document only reports share ownership details; it includes no earnings or revenue data.