Allied Properties Real Estate Investment Trust · TSX:AP.UN
Allied Properties Real Estate Investment Trust — Q3 2025 Earnings Presentation
52 slides from Allied Properties Real Estate Investment Trust's earnings presentation, November 2025
Slide 1: Creativity & Connectivity
CREATIVITY & CONNECTIVITY November 2025 TSX: AP.UN | alliedreit.com
Slide 2: Forward-looking information
This presentation may contain forward-looking information about future events or Allied’s future performance. This information, by its nature, is subject to risks and uncertainties that may cause actual events or results to differ materially, including those described under the heading "Risks and Un
Slide 3: Table of Contents
TABLE OF CONTENTS Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Q3 2025 Results Update . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Portfolio Overview . . . . . . . . . . . . . . . . . . . . . .
Slide 4: Overview
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Slide 5: Overview
OVERVIEW Allied is a leading owner-operator of distinctive urban workspace in Canada’s major cities with a mission to provide knowledge-based organizations with workspace that is sustainable and conducive to human wellness, creativity, connectivity and diversity. 191 1.3M SF RENTAL PROPERTIES UNDE
Slide 6: Investment Highlights
INVESTMENT HIGHLIGHTS – Allied is a leading owner-operator of distinctive urban workspace in Canada's major cities and amenity rich neighborhoods – Largest and most concentrated portfolio of economically-productive, underutilized land that affords extraordinary mixed-use intensification potential –
Slide 7: Portfolio Snapshot
PORTFOLIO SNAPSHOT GLA OF RENTAL PROPERTIES BY NOI (1) BY NOI (1) BY MARKET MARKET SPACE TYPE 12% 6% 9% 7% 5% 14% 43% 50% 33% 41% 80% TORONTO & KITCHENER MONTRÉAL TORONTO & KITCHENER MONTRÉAL OFFICE RETAIL PARKING CALGARY VANCOUVER CALGARY VANCOUVER (1) NOI is a non-GAAP measure. See Appendix start
Slide 8: Strategic Priorities
STRATEGIC PRIORITIES – Strategically recycle and allocate capital to strengthen the balance sheet – Complete current developments – Lease-up organic portfolio 7
Slide 9: Q3 2025 Results Update
ALLIED Q3 2025 Results Update
Slide 10: Financial Performance
FINANCIAL PERFORMANCE Q3 2025 Q3 2024 FFO PER UNIT (1)(2) $0.470 $0.535 AFFO PER UNIT (1)(2) $0.438 $0.466 LEASED AREA 87.4% 87.2% OCCUPIED AREA 84.0% 85.6% SAME ASSET NOI (3) - RENTAL GROWTH (DECLINE) 0.2% (3.1)% SAME ASSET NOI (3) - TOTAL GROWTH (DECLINE) (0.8)% 1.1% (1) FFO per Unit and AFFO per
Slide 11: Leasing Performance
LEASING PERFORMANCE Q3 2025 Q3 2024 AVERAGE IN-PLACE NET RENT PER OCCUPIED SQUARE FOOT $25.19 $25.30 RETENTION RATE (1) 62.0% 60.4% RENT GROWTH (DECLINE) ON RENEWAL 1.5% (6.3)% SUB-LEASE SPACE AS A % OF TOTAL GLA 4.1% 5.8% (1) The YTD September 2025 and YTD September 2024 retention rate was 69.0% an
Slide 12: New Capital
NEW CAPITAL – Allied has access to various sources of capital including secured and unsecured debt, and monetization of non-core properties at or above IFRS value. – In 2025, Allied received $46M from the sales of non-core properties and is targeting to unlock at least $224M of low-cost capital, whi
Slide 13: Portfolio Overview
ALLIED Portfolio Overview
Slide 14: Preferred Provider of Workspace in the Canadian Urban Market
PREFERRED PROVIDER OF WORKSPACE IN THE CANADIAN URBAN MARKET TOTAL RENTAL PORTFOLIO GLA (2) 191 RENTAL PROPERTIES VALUED AT $8.8 B (Not including Properties Under Development valued at $0.6B 14.4M SF and Investment Properties Held for Sale valued at $0.1B) MONTRÉAL VANCOUVER 5.9M SF 1.2M SF ALLIED L
Slide 15: Allied's Urban Workspace Formats
ALLIED'S URBAN WORKSPACE FORMATS Adaptively re-used light Mid- to high-rise structures Buildings slated for redevelopment industrial structures upgraded purpose built for workspace use. in the next five to 10 years that for office and retail uses. currently offer flexible lease terms. 14
Slide 16: Portfolio Vacancy
PORTFOLIO VACANCY The majority of Allied's vacancy is concentrated in 12 properties. 12.6% Over half of Allied’s portfolio vacancy 6.9% OVERVIEW OF TOP is concentrated in 12 VACANT PROPERTIES Q3 2025 12 properties SQUARE FEET OF VACANCY 986,578 PERCENT OF TOTAL GLA 6.9% 5.7% PERCENT OF TOTAL VACANCY
Slide 17: Average In-Place Net Rent per Occupied Square Foot
AVERAGE IN-PLACE NET RENT PER OCCUPIED SQUARE FOOT URBAN WORKSPACE PORTFOLIO 10-YEAR AVERAGE $28 3.5% CAGR $26 $25.41 $25.19 $24 $24.10 $23.10 $22 $21.98 $21.35 $20 $20.36 $19.42 $18 $18.38 $18.51 $17.93 $16 $14 $12 $10 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q3 2025 16
Slide 18: Lease Maturities - Urban Workspace
LEASE MATURITIES - URBAN WORKSPACE % OF TOTAL GLA WEIGHTED AVERAGE RENTAL RATE ESTIMATED WEIGHTED AVERAGE MARKET RATE % OF TOTAL GLA WEIGHTED AVERAGE RENTAL RATE ESTIMATED WEIGHTED AVERAGE MARKET RATE 25.0% $30.00 $27.14 $26.29 $25.19 $25.51 $24.74 $25.00 20.0% $24.69 $23.77 $23.15 $23.23 rate RATE
Slide 19: User Profile
USER PROFILE WEIGHTED AVERAGE REMAINING % OF RENTAL LEASE TERM % OF TOTAL TOTAL PORTFOLIO % OF RENTAL TOP-10 USERS REVENUE (YRS) RENTAL GLA REVENUE BY CATEGORY GOOGLE CANADA CORPORATION 3.1% 7.9 3.3% 3.5% 3.4% 3.5% UBISOFT DIVERTISSEMENTS INC. 3 7.5 4.1 3.6% SHOPIFY INC 2.8 8.7 1.9 6.2% 38.1% DELOIT
Slide 20: Toronto Portfolio
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Slide 21: Montréal Portfolio
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Slide 22: Vancouver Portfolio
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Slide 23: Calgary Portfolio
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Slide 24: Development Portfolio
ALLIED Development Portfolio
Slide 25: Development
DEVELOPMENT 15% SELF-IMPOSED LIMITATION ALLIED CREATES VALUE BY INTENSIFYING ON DEVELOPMENT THE USE OF UNDERUTILIZED LAND The cost of properties under development as a percentage of total assets on a proportionate basis(1) is 26.4M SF potential GLA which consists of: limited to 15%. It was 7.8% as o
Slide 26: Development Projects
DEVELOPMENT PROJECTS Current developments are expected to generate ~$34.1M+ of NOI ESTIMATED ACTUAL TRANSFER TO COST TO % OF DEVELOPMENT GLA ANNUAL NOI(4) RENTAL PORTFOLIO COMPLETE PRE-LEASED 108 EAST 5TH AVENUE, VANCOUVER (1) Q1 2026 204,000 $9.1M $19.3M 90% KING TORONTO, TORONTO (2) Q2 2026 - Q4 2
Slide 27: Future Development Potential
FUTURE DEVELOPMENT POTENTIAL Total potential incremental density within Allied’s portfolio is ~10.3M SF POTENTIAL DENSITY FROM ZONING POTENTIAL INCREMENTAL DENSITY (1) COMPLETED OR IN PROGRESS (IN SQUARE FEET) (IN SQUARE FEET) 2,525,766 Le Nordeloc Lot E (127,450) 6,158,429 Adelaide & Spadina (179,0
Slide 28: Intensification
INTENSIFICATION TORONTO | LIBERTY VILLAGE CASE STUDY Potential for incremental ~1.2M SF of density across commercial and residential assets 919,773 1,508,657 64 Jefferson 262,065 41-53 Fraser 326,819 EXISTING GLA APPROVED INCREMENTAL PRO FORMA INCREMENTAL RESIDENTIAL GLA GLA COMMERCIAL GLA (~1,200 U
Slide 29: Financial Strength
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Slide 30: Financial Targets
FINANCIAL TARGETS – Target overall leverage below 35% and net debt-to-EBITDA below 10.0x in the near term and below 8.0x in the long term – Maintain high portion of fixed rate debt over a well-staggered maturity profile – Maintain unencumbered property value at a minimum of 80% of total investment p
Slide 31: Debt Structure
DEBT STRUCTURE Allied has a well-structured debt stack, benefits from a low weighted average interest rate and 99.98% of its debt is at a fixed rate. UNSECURED ($MILLIONS) Q3 2025 INTEREST RATE LIQUIDIY ($MILLIONS) Q3 2025 LINE OF CREDIT $51.0 Adjusted CORRA + 145 bps or Prime + CASH $63.2 45 bps(1)
Slide 32: Debt Maturity Schedule
DEBT MATURITY SCHEDULE Manageable and well-laddered debt maturity with no more than 20% of debt expiring in any given year (1) $900 5.00% 4.67% $800 4.30% 4.15% 3.85% 3.86% 4.00% $700 $600 3.10% 3.00% $500 INTEREST RATE MILLIONS $400 1.79% 2.00% $300 $200 1.00% $100 $0 0.00% Remaining 2025 2026 2027
Slide 33: Maximizing Flexibility While Strengthening the Balance Sheet
MAXIMIZING FLEXIBILITY WHILE STRENGTHENING THE BALANCE SHEET $12.0 100% 93% 89% 90% 87% 87% $10.0 79% $9.8 80% $9.7 $9.5 $9.4 $9.4 72% $9.1 $8.8 70% 65% $8.8 $8.3 $8.3 $8.0 $7.8 $7.6 57% 60% BILLIONS 48% $6.5 $6.0 $6.3 50% $5.6 40% $5.5 40% $4.9 $4.0 $4.2 $4.3 25% 30% $2.9 20% $2.0 $2.3 $1.6 10% $-
Slide 34: Sources of Capital
SOURCES OF CAPITAL Allied has various sources of capital, including the following: EQUITY / ASSET SALES DEBT PARTNERSHIPS Capital recycling continues to be a key Unsecured debt • Allied will seek to source of liquidity opportunistically raise • Debentures equity capital when valuation • Strong priva
Slide 35: Market Highlights
ALLIED Market Highlights
Slide 36: Toronto Market Highlights
TORONTO MARKET HIGHLIGHTS EXPANDING ECONOMY FIXED SUPPLY OF OFFICE SPACE AS CONSTRUCTION HAS DECLINED TO CYCLICAL LOWS (M SF) 3.9% Population Growth in 2024 Source: Colliers 59K Net new jobs in 2024 -74% from 2020 7.8 8.2 1.1% Real GDP Growth 5.3 4.9 Source: Conference Board of Canada 2.1 2.0 Q3 202
Slide 37: Montréal Market Highlights
MONTRÉAL MARKET HIGHLIGHTS EXPANDING ECONOMY FIXED SUPPLY OF OFFICE SPACE AS CONSTRUCTION HAS DECLINED TO CYCLICAL LOWS (M SF) 2.9% Population Growth in 2024 Source: Colliers -28K Net new jobs decline in 2024 3.5 -100% since 2020 1.0% Real GDP Growth 2.5 2.0 1.5 Source: Conference Board of Canada 0.
Slide 38: Vancouver Market Highlights
VANCOUVER MARKET HIGHLIGHTS EXPANDING ECONOMY FIXED SUPPLY OF OFFICE SPACE AS CONSTRUCTION HAS DECLINED TO CYCLICAL LOWS (M SF) 4.3% Population Growth in 2024 Source: Colliers 22K Net new jobs in 2024 6.9 -79% since 2020 6.2 1.8% Real GDP Growth 5.7 4.4 Source: Conference Board of Canada 3.5 THIRD R
Slide 39: Calgary Market Highlights
CALGARY MARKET HIGHLIGHTS EXPANDING ECONOMY VACANCY RATES DECREASED FROM 2021 PEAK AS CALGARY DOWNTOWN OFFICE REBOUNDS 6.0% Population Growth in 2024 Source: Colliers 35K Net new jobs in 2024 32.0% 31.4% -1.7% from 2021 30.3% 2% Real GDP Growth 27.4% 29.6% 28.2% Source: Conference Board of Canada Q3
Slide 40: Kitchener Market Highlights
KITCHENER MARKET HIGHLIGHTS EXPANDING ECONOMY 5.1% Population Growth in 2024 20K Net new jobs in 2024 1.7% Real GDP growth in 2024 Source: : Conference Board of Canada SECOND RANKED TECH TALENT MARKET IN CANADA 7th ranked market in North America and entered top 10 for the first time. This was an imp
Slide 41: Environmental, Social & Governance (ESG)
Environmental, Social & Governance (ESG) 40
Slide 42: ESG Strategy
ESG STRATEGY For 2025, Allied integrated a double materiality assessment into its evaluation process, which identified the following seven ESG priorities*. Allied will report on these ESG priorities in 2026. PRIORITIES BUILDING DECARBONIZATION PHYSICAL CLIMATE RESILIENCE ENVIRONMENTAL Reducing the
Slide 43: ESG Highlights
ESG HIGHLIGHTS SET SCIENCE-BASED EMISSIONS REDUCTIONTARGETS* EXCEEDED ENVIRONMENTAL REDUCTION TARGETS* Allied’s near- and long-term greenhouse gas ("GHG") emissions reduction In 2024, Allied exceeded its five-year environmental reduction targets for targets were validated by the SBTi in May 2025. e
Slide 44: Environmental
ENVIRONMENTAL 2024 ENVIRONMENTAL INITIATIVES STRATEGY HIGHLIGHTS ACTIONS • Continue to execute building decarbonization projects in alignment with our capital The Net Zero Carbon ("NZC") Plan will help Allied renewal plan achieve its science-based emissions reduction targets. • Develop asset-level
Slide 45: Environmental Targets
ENVIRONMENTAL TARGETS In 2024, Allied achieved its 5-year (2019-2024) environmental reduction targets across all four categories. Allied's EUI, GHGI, WUI and waste diversion are now significantly lower than its 2019 baseline, meeting or exceeding its original targets. Going forward, Allied will set
Slide 46: Social
SOCIAL 2024 SOCIAL INITIATIVES STRATEGY HIGHLIGHTS ACTIONS The guiding principles of Allied's community building • Forge new partnerships and relationships with initiatives include preserving history, operating with key stakeholders, users and retail partners to sensitivity and investing in arts and
Slide 47: An Integrated Governance Approach
AN INTEGRATED GOVERNANCE APPROACH OVERSIGHT RESOURCES & TOOLS KEY STAKEHOLDERS BOARD OF TRUSTEES ESG POLICY EMPLOYEES Reviews our governance practices regularly and is responsible for overseeing our ESG Strategy, including the integration of sustainability into our overall business strategy. Receive
Slide 48: Appendix
ALLIED Appendix 47
Slide 49: Certain Definitions and Non-GAAP Measures
CERTAIN DEFINITIONS AND NON-GAAP MEASURES Readers are cautioned that certain terms used in the investor presentation listed below, including any related per unit amounts, used by Management of Allied to measure, compare and explain the operating results and financial performance of Allied do not hav
Slide 50: Adjusted EBITDA, Net Debt, Total Indebtedness
ADJUSTED EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION (“ADJUSTED EBITDA”) Adjusted EBITDA is a non-GAAP measure calculated on a proportionate basis comprised of earnings before interest expense, income taxes, depreciation and amortization expense (including amortization of improvem
Slide 51: Adjusted Funds from Operations (AFFO)
ADJUSTED FUNDS FROM OPERATIONS ("AFFO") AFFO is a non-GAAP financial measure used by most Canadian real estate investment trusts based on a standardized definition established by REALPAC in the White Paper. AFFO is defined as FFO less amortization of straight-line rent, regular leasing expenditures,
Slide 52: Contact
134 PETER STREET, SUITE 1700 TORONTO, ONTARIO M5V 2H2 T 416.977.9002 F 416.306.8704 ALLIEDREIT.COM
Allied Properties Real Estate Investment Trust — Q3 2025 Earnings Presentation on 6ix