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Allied Properties REIT - 2019 Earninng, 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 Dec-31-2019 the portfolio consisted of 192 properties (175, Dec-31-2018), total assets were $8.3B. 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: 40% of properties are located in Ontario, mainly Toronto and Ottawa; 45% in Montreal, Alberta – 10% and BC -5%. Revenues are comprised of 85% office space, 10% retail and 5% from condominium sales.

Acquisitions, Disposition, Development

Total assets as at Dec-31-2019 were $8.3B compared to $6.6M last year an increase of $1.7B. The largest items were acquisition of $547M, completed development projects of $92M, property improvements of $92M, $220M for properties under development and a $439M appraisal increase.

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