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Allied Properties REIT - Price Target Update

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Allied Properties REIT is a leading owner, manager and developer of urban office real estate created by renovating light industrial structures, referred to as Class I space. Class I are typically older brick structures located around the downtown core in districts that are revitalized as downtown space becomes more costly. The Class I buildings provide value due to proximity to central business districts in areas well served by public transportation, distinctive internal and external environments that assist tenants in attracting, retaining and motivating employees, significantly lower overall occupancy costs than those that prevail in the central business districts. The tenant base is well diversified including a full range of service and professional firms, telecommunications and information technology providers, media and film groups and storefront retailers.

Allied completed its initial public offering in Feb-2003, at which time it had assets of $120M, and a local, urban-office portfolio of 820,000 sq. ft of GLA. As of Jun-30-2017Allied had assets of $5.5B, and rental properties with 11.8M sq. ft. in nine cities across Canada. There is another 11.4M sq. ft. of long development potential. Revenues are comprised of 90% office space and 10% retail. Urban markets include Québec City, Montréal, Ottawa, Toronto, Kitchener, Winnipeg, Calgary, Edmonton, Vancouver and Victoria. Revenue is reported by eastern, central and western Canada. By revenues 37% of properties are located in urban Toronto, 48% in urban Montreal, 10% in Calgary and Edmonton with the balance in Kitchener, Ottawa, Winnipeg, Vancouver and Quebec City.

Since their investment and development activities in the Class I properties have a displacing impact on members of the artistic community, space is provided to artistic uses on an affordable basis as part of their Make Room for the Arts program.

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