Allied Properties provides update on non-core property sales

Allied Properties (APYRF) Real Estate Investment Trust provided an update with respect to non-core property sales. “We initiated the sale process last year to fund the acquisition of larger than expected interests in 400 West Georgia, 19 Duncan and Calgary House,” said Michael Emory, Founder. “We’ve continued this year with the immediate objective of improving access to the debt capital markets and the longer-term objective of serving knowledge-based organizations in Canada’s major cities ever-better and more profitably.” In 2024, Allied sold seven non-core properties for aggregate proceeds of $252 million. To date in 2025, Allied has completed the sale of two non-core properties and has 10 non-core properties under sale contract or negotiation for aggregate proceeds of approximately $231 million. On closing of the sale of these properties, Management will consider the sale process in Montreal, Vancouver and Calgary to be complete. Allied now holds nine additional non-core properties for sale in Toronto and anticipates aggregate proceeds of approximately $257 million. On closing of the sale of these properties, Management will consider the sale process in Toronto to be complete. Management has no intention of selling property in Kitchener. Allied is making progress in its efforts to monetize its loan receivable secured by 150 West Georgia and will provide updates over the remainder of the year as appropriate. Allied expects to complete its sale of non-core properties in early 2026 while solidly meeting its target of at least $300 million in aggregate proceeds for 2025. The most important long-term implication for Allied’s business going forward is the enhanced competitive positioning of its portfolio on completion of the process.