Granite Real Estate Investment Trust (GRP): Royal Bank of Canada reports 5.49% REIT unit stake

Rhea-AI Filing Summary

Granite Real Estate Investment Trust disclosed that Royal Bank of Canada has filed a Schedule 13G reporting beneficial ownership of 3,323,775 REIT Units, representing 5.49% of the class as of the reporting date. Royal Bank of Canada reports shared voting and shared dispositive power over all of these units, with no sole voting or dispositive power.

The filing identifies Royal Bank of Canada as a Canadian entity and notes that the relevant activities occur through subsidiaries including RBC Capital Markets, LLC and RBC Dominion Securities Inc. Royal Bank of Canada certifies that the units were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Granite Real Estate Investment Trust.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

GRANITE REAL ESTATE INVESMENT TRUST

(Name of Issuer)

REIT Units

(Title of Class of Securities)

387437205

(CUSIP Number)

09/30/2025

(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

Royal Bank of Canada

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 3,323,775.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,323,775.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,323,775.00

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)

5.49 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: GRANITE REAL ESTATE INVESMENT TRUST
(b)	Address of issuer's principal executive offices: 77 King Street West, Suite 4010, P.O. Box 150, Toronto-Dominion Centre, Toronto, Ontario, Canada, M5K 1H1
Item 2.
(a)	Name of person filing: Royal Bank of Canada
(b)	Address or principal business office or, if none, residence: 200 Bay Street, Toronto, Ontario, M5J QJ5, Canada
(c)	Citizenship: Canada
(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: 3,323,775
(b)	Percent of class: 5.49 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 3,323,775
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 3,323,775
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
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. RBC Capital Markets, LLC: A broker -dealer registered under section 15 of the Act (15 U.S.C 78o). RBC Dominion Securities Inc.: A non-U.S. institution in accordance with Rule 240.13d-1(b)(1)(ii)(J).
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.

Royal Bank of Canada

Signature:	/s/ Terry Fallon
Name/Title:	Managing Director
Date:	12/01/2025

Exhibit Information

99.1 Power of Attorney https://www.sec.gov/Archives/edgar/data/1000275/000121465925015105/ex99_1.htm

FAQ

What ownership stake in Granite Real Estate Investment Trust (GRP) does Royal Bank of Canada report?

Royal Bank of Canada reports beneficial ownership of 3,323,775 REIT Units of Granite Real Estate Investment Trust, representing 5.49% of the outstanding class.

Does Royal Bank of Canada control voting for its Granite REIT (GRP) units?

Royal Bank of Canada reports shared voting power over 3,323,775 Granite REIT units and no sole voting power, meaning voting authority is held jointly with others.

How many Granite REIT (GRP) units can Royal Bank of Canada dispose of?

Royal Bank of Canada has shared dispositive power over 3,323,775 Granite REIT units and no sole dispositive power, indicating shared authority to sell or otherwise dispose of these units.

Why did Royal Bank of Canada file a Schedule 13G for Granite Real Estate Investment Trust (GRP)?

Royal Bank of Canada filed a Schedule 13G because its beneficial ownership exceeds 5% of Granite REIT’s outstanding units, and it certifies the units are held in the ordinary course of business without the purpose of influencing control.

Which Royal Bank of Canada subsidiaries are associated with the Granite REIT (GRP) holdings?

The filing identifies RBC Capital Markets, LLC as a broker-dealer and RBC Dominion Securities Inc. as a non-U.S. institution involved with the Granite REIT holdings.

What type of investor is Royal Bank of Canada in relation to Granite REIT (GRP)?

Royal Bank of Canada is classified as an HC (parent holding company or control person) and states that its Granite REIT units are held in the ordinary course of business, not to change or influence control.