Allied Properties Real Estate Investment Trust announces strong second-quarter results

About this update from Allied Properties Real Estate Investment Trust

[{"type":"text","content":"\n\n\n\n\nTORONTO, Aug. 9 /CNW/ - Allied Properties REIT (TSX:AP.UN) today\nannounced results for the second quarter ended June 30, 2006. \"We're making\nsteady progress in building our business as a focused and profitable provider\nof office space in Canada,\" said Michael Emory, President and CEO. \"Our\nfinancial results for the second quarter and year-to-date clearly reflect this\nprogress.\"\n\nHighlights\nIn the first half of 2006, the REIT\n\n>\n\nFollowing the end of the first half, the REIT announced the acquisition\nof a portfolio of predominantly Class I office properties in Quebec City and\nthe concurrent issue to the public, on a bought deal basis, of 1.9 million\nunits from treasury at a price of $17.00 per unit for gross proceeds of\n$32.3 million, both of which are scheduled to close on or about September 5,\n2006.\n\nFinancial Results\nThe REIT's financial results for the half-year period ended June 30,\n2006, are summarized below and compared to the same period in 2005:\n\n>\n\nDI and FFO are not financial measures defined by Canadian GAAP. Please\nsee the REIT's MD&A for a description of these measures and their\nreconciliation to net income.\n\nOutlook\nDemand for office space in the REIT's principal target markets is\nstrengthening. This is particularly pronounced in the REIT's Toronto target\nmarket, where overall occupancy levels and rent levels are expected to rise\nover the remainder of 2006. The state of the REIT's target markets, the\nquality of the REIT's portfolio and the capabilities of the REIT's personnel\nafford Management a reasonable basis for confidence in the REIT's near-term\nperformance. The REIT intends to continue the acquisition of Class I and other\noffice properties in its target markets.\n\nAdditional Financial Information\nThe consolidated financial statements of the REIT for the period ended\nJune 30, 2006, together with accompanying notes and MD&A, have been filed with\nSEDAR, www.sedar.com, and are available on the REIT's web-site,\nwww.alliedpropertiesreit.com.\nThe REIT also announced that it expects to file shortly a final\nprospectus in connection with its previously announced bought deal offering\nand in connection therewith has refiled its annual MD&A for the year ended\nDecember 31, 2005. The refiled MD&A contains additional disclosure regarding\nthe REIT's ...

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