Allied Properties Real Estate Investment Trust announces 10% increase in first-quarter DI per unit and FFO per unit

About this update from Allied Properties Real Estate Investment Trust

[{"type":"text","content":"\n\n\n\nTORONTO, May 8 /CNW/ - Allied Properties REIT (TSX:AP.UN) today announced\nresults for the first quarter ended March 31, 2007.\n\n\nDistributable Income ("DI") per unit (diluted) was up 10.4%\nquarter-over-quarter, and Funds From Operations ("FFO") per unit (diluted) was\nup 10.3% quarter-over-quarter. The REIT's DI and FFO pay-out ratios for the\nquarter were 81.6% and 74.6%, respectively.\n\n\nDuring the quarter, the REIT increased same-asset net operating income\n("NOI) by 12.1%, completed $16 million in acquisitions and announced another\n$250 million in acquisitions. The REIT also maintained a conservative debt\nratio, ending the quarter at 50.7%, and a high level of occupancy, ending the\nquarter with leased area of 96%.\n\n\nThe REIT's financial results for the quarter are summarized below and\ncompared to the same quarter in 2006:\n\n\n(In thousands except for\nper unit and % amounts) Q1 2007 Q1 2006 Change % Change\n-------------------------------------------------------------------------\n\nNet income 2,541 2,024 517 25.5%\n\nDI 7,487 5,395 2,092 38.8%\nDI per unit (basic) $0.378 $0.341 $0.037 10.9%\nDI per unit (diluted) $0.371 $0.336 $0.35 10.4%\nDI pay-out ratio 81.6% 88.4% (6.8%)\n\nFFO 8,184 5,913 2,271 38.4%\nFFO per unit (basic) $0.413 $0.374 $0.039 10.4%\nFFO per unit (diluted) $0.406 $0.368 $0.038 10.3%\nFFO pay-out ratio 74.6% 80.6% (6.0%)\n\n-------------------------------------------------------------------------\n-------------------------------------------------------------------------\n\n\nNOI, DI and FFO are not financial measures defined by Canadian GAAP.\nPlease see the REIT's MD&A for a description of these measures and their\nreconciliation to cash flow from operations or net income, as presented in the\nconsolidated financial statements of the REIT for the quarter ended March 31,\n2007.\n\n\nAdditional Financial Information\n\n\nThe consolidated financial statements of the REIT for the quarter ended\nMarch 31, 2007, together with accompanying notes and MD&A, have been filed\nwith SEDAR, www.sedar.com, and are available on the REIT's web-site,\nwww.alliedpropertiesreit.com.\n\n\nAllied Properties REIT is a leading provider of Class I office space in\nCanada, with portfolio assets in the urban areas of Toronto, Montreal,\nWinnipeg and Quebec City. The objective...

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