Allied Properties Real Estate Investment Trust (AP) Investor presentation summary

Business overview

• Operates 179 rental properties with 14.1M SF GLA in major Canadian cities, focusing on sustainable, wellness-oriented urban workspaces.

• Total assets stand at $8.2B, with 0.6M SF under development and 9.7M SF incremental density potential.

• Portfolio includes heritage, modern, and flex workspace formats, catering to diverse tenant needs.

• Largest and most concentrated portfolio of underutilized land for mixed-use intensification.

• Strategic priorities include leasing up the organic portfolio, capital recycling, and completing current developments.

Financial and operational performance

• Q2 2026 FFO per unit was $0.241, down from $0.495 in Q2 2025; AFFO per unit was $0.170, down from $0.456.

• Occupied area at 84.4%, with a same asset NOI decline of 12.6% year-over-year.

• Leasing retention rate improved to 77.0% in Q1 2026, with average net rent per occupied SF at $25.98.

• Dispositions in 2026 totaled $243M, with $78M firm, targeting $500M for the year.

• Net debt to EBITDA at 12.0x, with a target to reduce below 10.0x near term.

Portfolio and tenant profile

• Toronto, Montréal, Vancouver, Calgary, and Kitchener are key markets, with Toronto & Kitchener representing 43% of GLA.

• Top tenants include Google, Ubisoft, Shopify, Deloitte, and Morgan Stanley, with business services and IT comprising 22.5% of rental revenue.

• Portfolio vacancy is concentrated in 12 properties, accounting for 53% of total vacancy.

• Weighted average rent per SF has grown at a 4.1% CAGR over 10 years, reaching $25.98 in Q2 2026.

• Lease maturities are well-distributed, with significant expiries in 2027–2030.