Toronto-based Granite Real Estate Investment Trust (TSX: GRT.UN / NYSE: GRP.U) announced its intention to voluntarily delist its trust units from the New York Stock Exchange while remaining actively traded on the Toronto Stock Exchange.
The company has its decision was based on “consistent historic low trading volumes, to reduce operating costs, achieve administrative efficiencies and to further simplify Granite’s structure by only maintaining its TSX listing.” The company plans to file a Form 25 with the Securities and Exchange Commission (SEC) on or about Dec. 22 to affect the delisting, which should be effective 10 days later on or about Jan. 1, 2026.
Granite has also filed an application for its units to be quoted on the OTCQX platform, to begin trading on or about Dec. 23. Unitholders will not be required to exchange their unit certificates or take any other action in connection with the OTC Markets quotation.
Kevan Gorrie, president and CEO of Granite, commented, “The NYSE accounts for less than 1% of Granite’s global average daily trading volume. We believe that the TSX provides Canadian and US unitholders with sufficient liquidity and that the direct and indirect costs of maintaining our NYSE listing outweigh the benefits to our unitholders. Granite remains committed to our strategic outlook, our portfolio in the United States and our long-term strategy. We believe that this decision is in the best interests of the Trust and our unitholders.”
Granite is engaged in the acquisition, development, ownership and management of logistics, warehouse and industrial properties in North America and Europe. Granite owns 140 investment properties representing approximately 60.9 million square feet of leasable area.
