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

Company overview and portfolio

• Operates 186 rental properties totaling 14.3M SF in major Canadian cities, with $10.6B in total assets and $6.4B enterprise value as of December 31, 2024.

• Focuses on sustainable, wellness-oriented urban workspaces for knowledge-based organizations.

• Portfolio includes heritage, modern, and flex assets, with 1.7M SF under development and 9.8M SF incremental density potential.

• Largest and most concentrated portfolio of underutilized land in amenity-rich neighborhoods, enabling mixed-use intensification.

• Diverse tenant base with top users from tech, business services, and government sectors.

Strategic objectives and market positioning

• Aims to own and operate distinctive mixed-use urban workspaces in Canada’s largest markets.

• Focuses on capital recycling, balance sheet strengthening, and completing current developments.

• Accelerates rental-residential portfolio establishment and ongoing workspace upgrades.

• Positioned at the forefront of urban intensification, leveraging demographic trends and development pipeline.

• Maintains a fully internalized, entrepreneurial management team.

Financial performance and capital management

• Q4 2024 FFO per unit was $0.535 (down from $0.614 in Q4 2023); AFFO per unit was $0.477 (down from $0.562).

• Leased area at 87.2% and occupied area at 85.9% as of Q4 2024.

• Same asset NOI (rental) declined 0.6%, while total same asset NOI grew 1.4% year-over-year.

• Access to attractive capital sources, targeting at least $300M in low-cost capital in 2025 for debt reduction.

• 2024 asset dispositions generated $229M; 14 assets held for sale targeting $300M+ in proceeds.