Allied Properties Real Estate Investment Trust
AP-UN.TO
Toronto Stock Exchange10.22
CAD
+0.37
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Allied Properties Real Estate Investment Trust
AP-UN.TO
(Toronto Stock Exchange)
Recent
price
10.22
P/E
ratio
- -
div
yld
- -
ROIC.AI
Capital Structure
FRC
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in mil. unless spec.Working Capital
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in mil. unless spec.Growth Rates
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in mil. unless spec.Quarterly Revenue
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
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in mil. unless spec.- Similar Companies
- Business
- Allied Properties Real Estate Investment Trust (AP-UN.TO) is a leading owner, operator, manager and developer of distinctive urban workspace properties tailored for knowledge-based organizations across Canada's major cities. The company owns and manages a diversified portfolio comprising approximately 174 properties totaling over 13.5 million square feet of office space, 1.4 million square feet of retail space and 8,500 parking spaces; this includes Allied Heritage buildings featuring adaptively reused light industrial structures upgraded for office and retail uses (roughly 6 million square feet across 27 properties); Allied Modern mid-rise to high-rise structures purpose-built for workspace (about 5.2 million square feet across 94 properties); and Allied Flex buildings slated for redevelopment in the next five to 10 years offering flexible lease terms (around 1.2 million square feet across 29 properties). It also provides urban amenities such as fitness facilities, event spaces, conference centres and rental-residential suites (464 units at Toronto House and a 50% interest in 326 units at Calgary House) that support mixed-use, amenity-rich neighbourhoods; leasing services for available office, retail and flex spaces; and property management through its wholly owned subsidiary, Allied Properties Management Limited Partnership.[web:fetch:1] Allied operates primarily in the office real estate segment of the real estate investment trust industry, targeting tenants in IT, banking, government, marketing, telecommunications and creative sectors with sustainable workspaces conducive to human wellness, creativity, connectivity and diversity. Its geographic footprint spans Montréal (24 buildings), Toronto (99 buildings), Kitchener (6 buildings), Calgary (30 buildings) and Vancouver (15 buildings), with the majority of square footage concentrated in Toronto and Montréal; operations emphasize central Canada while pursuing intensification potential estimated at up to 5.8 million square feet in Toronto, 1.7 million in Montréal and 1.5 million in Calgary. Founded in 2002 by Michael R. Emory and headquartered in Toronto, Ontario, Allied has strategically enhanced its portfolio through recent initiatives, including the acquisition of larger-than-anticipated interests in joint developments with Westbank such as full ownership of the M4 building (166,800 square feet of office and 38,000 square feet of industrial/retail at Vancouver's Main Alley Campus) in September 2025 as part of a $756 million series of asset transfers since 2024, alongside Deloitte Summit and Toronto House. In 2024 and 2025, it sold non-core properties for aggregate proceeds exceeding $740 million (seven in 2024 generating $252 million and multiple in 2025 including sites in Edmonton and Vancouver, with 10 more under contract or negotiation for $231 million and nine additional in Toronto for $257 million), enabling debt reduction and improved access to capital markets while strengthening focus on high-quality, mixed-use urban assets. In December 2025, the company reduced its monthly distribution by 60% to $0.06 per unit (payable January 15, 2026) through 2026 to prioritize deleveraging following bond offerings and development completions, amid revised year-end occupancy guidance to 84% and ongoing non-core sales into 2026.[web:fetch:2][web:fetch:3]