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Allied Properties REIT - Q1-2018 Earnings & 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. At Mar-31-2018 Allied's portfolio consisted of 146 investment properties (128 rental properties, eight development properties and ten ancillary parking facilities).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. Allied completed its initial public offering in Feb-2003, at which time it had assets of $120M comprised of an urban-office portfolio of 820,000 sq ft. 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. By leasable area 42% of properties are located in Toronto, 6% in Kitchener and 37% in Ottawa. The remaining 15% are in Calgary, Edmonton and Vancouver. As of Mar-31-2018 they own 146 properties with a total value of $5.8B

Revenues are comprised of 90% office space and 10% retail. Urban markets include Québec City, Montréal, Ottawa, Toronto, Kitchener, Calgary, Edmonton, and Vancouver.

Acquisition & Development

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