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Allied Properties Real Estate Investment Trust (AP) investor relations material
Allied Properties Real Estate Investment Trust Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
2025 was a challenging year with missed operating and deleveraging targets, leadership transition, and a $500 million equity offering to strengthen the balance sheet and support debt repayment.
Succession plan completed: Michael Emory to conclude as Executive Chair, with Cecilia Williams as President and CEO.
Action Plan underway to drive growth, improve financial flexibility, and position for market recovery in 2026 and beyond.
Financial highlights
Rental revenue for 2025 was approximately $592.4 million, flat year-over-year.
Operating income declined to $317 million due to non-renewals, asset dispositions, and lower development fees.
Net loss and comprehensive loss of $850.7 million, driven by a $1.4 billion IFRS valuation adjustment and $128 million expected credit loss.
FFO and AFFO declined 12.8% and 12% year-over-year, respectively, due to delayed dispositions.
Interest expense increased 16.3% to $135.5 million, reflecting higher debt for development completions.
Outlook and guidance
Multi-year outlook (2026–2028) provided, with expectations of occupancy improvement and continued deleveraging.
NOI projected at $310–$320 million in 2026, with FFO growth of 7–10% in 2027 and 5–8% in 2028.
Net debt to EBITDA targeted to improve from mid-11x in 2026 to low 9x by 2028.
No new development projects planned; focus on deleveraging and occupancy recovery.
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