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Allied Properties REIT - Q2-2020 Earninng, Price Target Update

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Allied Properties REIT(AP.UN) 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, with rents lower than in downtown cores. Allied is also focused on providing Urban Data Centre Space. Allied completed its initial public offering in Feb-2003, asset were $120M comprising 820,000 sq. ft. of urban-office properties in the GTA. As of Jun-30-2020 assets increased to $9.2B, comprising 14.1M sq. . in seven cities across Canada. The illustration below depicts the geographic diversity of Allied's rental portfolio.

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. 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.

The network-dense UDC space in downtown Toronto was initially established in 2009 through the acquisition of 151 Front W, the largest internet exchange point in Canada and the fifth largest in North America. Allied has since expanded this capability by retrofitting a portion of 905 King W and a portion of 250 Front W. This uses Allied's expertise in adaptively re-using urban structures.

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