From GlobeNewswire: 2025-04-30 17:05:00

Allied Properties Real Estate Investment Trust reported strong operations for the first quarter of 2025, with stable occupancy and leased area. Demand for workspace in urban submarkets like Montréal and Vancouver remained strong. The company conducted 280 lease tours and renewed 75% of leases maturing in the quarter. 507,410 square feet of GLA were leased in the first quarter, with an average in-place net rent per occupied square foot of $25.30, up 5.0%. Allied and Westbank finalized a lease transaction for 200,000 square feet of office and retail space at KING Toronto to enhance user experience. Allied continues to optimize its portfolio and plans to sell non-core properties to strengthen its debt metrics. As of March 31, 2025, Allied had $85.6 million drawn on a $800 million unsecured revolving operating facility, with a total debt ratio of 42.9% and net debt as a multiple of annualized adjusted EBITDA of 11.6x. The company raised $850 million in replacement debt financing to refinance debt maturing in 2025. Management expects steady demand for urban workspace and rental-residential space to support growth in Same Asset NOI in 2025. However, FFO and AFFO per unit are expected to contract by approximately 4% due to higher interest costs from acquisitions in 2024. Allied’s operating goals for 2025 include reaching occupied and leased area of at least 90%, selling non-core properties, and reducing net debt as a multiple of annualized adjusted EBITDA below 10x. Allied uses financial measures based on IFRS® Accounting Standards and non-GAAP measures to assess its performance. Non-GAAP measures such as Adjusted EBITDA, Same Asset NOI, FFO, and AFFO are used to evaluate the company’s financial results. Management cautions that the ongoing disruption of global trade may impact Allied’s ability to achieve its operating goals within the estimated timeframe.



Read more at GlobeNewswire:: Allied Announces First-Quarter Results