Allied Properties announces normal course issuer bid

Allied Properties Real Estate Investment Trust has received approval from the Toronto Stock Exchange for a normal course issuer bid which will enable it to purchase up to 12,629,698 of its 127,955,983 issued and outstanding units as at February 12, 2024, representing approximately 10% of its public float of 126,296,983 Units as at that date. Allied intends to commence the NCIB on February 26, 2024. The NCIB will expire on February 25, 2025, or such earlier date as Allied completes its purchases pursuant to the NCIB. All purchases under the NCIB will be made on the open market through the facilities of the TSX and/or alternate trading systems in Canada at market prices prevailing at the time of purchase. In accordance with TSX rules, any daily repurchases will be limited to a maximum of 98,743 Units, representing 25% of the average daily trading volume of the Units on the TSX for the six months ended January 31, 2024. Any Units that are repurchased will either be cancelled or delivered to participants under Allied’s restricted unit plan or to employees pursuant to Allied’s employee programs. Under its normal course issuer bid that commenced on February 24, 2023, Allied sought and received approval from the TSX to purchase up to 12,582,628 Units and repurchased 103,023 Units at a weighted average price of $17.44 per Unit. Such purchases were effected through the facilities of the TSX. The primary purpose of the NCIB is to purchase Units to fulfil Allied’s commitments to employees under its restricted unit plan and other employee programs. Allied may also purchase Units for cancellation from time to time, depending on the market price of the Units and other factors.