Allied Properties Real Estate Investment Trust announces steady second quarter results with rising demand

From GlobeNewswire: 2024-07-30 17:13:00

Allied Properties Real Estate Investment Trust announced steady results for the second quarter of 2024, with rising utilization and demand in Montréal, Toronto, Calgary, and Vancouver. Occupied and leased area held steady with 60% of leases being renewed. The company leased a total of 469,375 square feet in the second quarter.

In the second quarter of 2024, operations continued to grow with an increase in occupied area above market occupancy levels. Allied leased a total of 469,375 square feet, with improvements in average in-place net rent per occupied square foot. The focus remains on user experience, which has exceeded industry averages by 250%.

Allied’s net income and comprehensive income for the second quarter was $28 million, with FFO at $73 million and AFFO at $67 million. Same Asset NOI from the rental portfolio was down 2.3%, while Same Asset NOI from its total portfolio was up 1.7%. Non-GAAP results for the quarter would have been $79 million for FFO and $72 million for AFFO.

Allied continues to focus on portfolio and balance-sheet optimization, culminating in the completion of the sale of its urban-data-centre portfolio for $1.35 billion in 2023. A definitive agreement to reorganize ownership of TELUS Sky in Calgary will bring that project to a successful completion. The company has also made progress selling non-core properties above IFRS value.

The company plans to use proceeds from the TELUS Sky transaction and pending property sales in Montreal and Toronto to reduce debt and offset temporary pressure on FFO and AFFO per unit. Allied remains committed to serving knowledge-based organizations in Canada’s major cities by focusing on distinctive urban workspace in amenity-rich neighborhoods.



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