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Allied Properties Real Estate Investment Trust (AP) investor relations material
Allied Properties Real Estate Investment Trust Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Leasing activity reached the highest level in five years, with 882,000 sq ft leased and an 81% conversion rate, reflecting strong demand for large format and expansion space.
Portfolio resilience and strategic positioning are expected to benefit from improving market fundamentals, though 90% occupancy and 10x debt-to-EBITDA targets will not be met by year-end but are in sight for 2026.
Development projects, including M4 Vancouver (90% leased) and KING Toronto, are progressing, with all current projects on track for completion by end of 2026.
Debt profile strengthened and progress made on developments and non-core property sales, though occupancy and leasing growth lagged expectations, impacting results.
Disposition pipeline expanded with Toronto House and Calgary House, and proceeds, along with the 150 West Georgia loan repayment, will be used to pay down debt and strengthen the balance sheet.
Financial highlights
Same-asset NOI increased 0.2% for the quarter, supported by development completions.
Rental revenue for Q3 2025 was $147.9M, up 0.9% year-over-year; operating income fell 3.0% to $80.7M.
Net loss for Q3 2025 was $113.4M, a 20.4% increase in loss year-over-year, mainly due to higher fair value losses.
Adjusted EBITDA for Q3 2025 was $93.6M, down 5.0% year-over-year; FFO per unit (diluted) was $0.456, down 18%.
Liquidity rose to $903 million, up $168 million from the prior quarter, with 89% of the portfolio unencumbered.
Outlook and guidance
90% leased area and 10x debt-to-EBITDA targets are now expected in 2026, with improving fundamentals and leasing momentum supporting this outlook.
Dispositions and loan monetization are expected to generate $500–675 million by mid-2026, all to be used for debt reduction.
Same asset NOI projected to decline by about 1% for 2025; FFO and AFFO per unit expected to contract by about 10%.
Management is considering a distribution cut in 2026 to accelerate balance sheet strengthening, with a decision to be made at year-end.
Year-end occupied and leased area expected to remain in line with Q3 levels.
What specific challenges slow lease finalization?
Revised timeline for sub-10x net debt/EBITDA?
Total expected non-core sales proceeds?
What drives 2026 distribution cut decision?
What is the total expected proceeds from dispositions?
When will strong leasing translate to occupancy?
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Next Allied Properties Real Estate Investment Trust earnings date
Q4 20252 Feb, 2026
Next Allied Properties Real Estate Investment Trust earnings date
Q4 20252 Feb, 2026
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Frequently asked questions
Allied Properties Real Estate Investment Trust is a Canadian REIT focused on owning, managing, and developing urban office properties. The company specializes in workspace environments that support knowledge-based and creative economy tenants. Its portfolio includes office and data center properties concentrated in major Canadian cities. Allied Properties Real Estate Investment Trust is headquartered in Toronto, Canada, and its shares are listed on the TSX.
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