Allied Properties Real Estate Investment Trust · TSX:AP.UN
Allied Properties Real Estate Investment Trust — Q4 2025 Earnings Presentation
55 slides from Allied Properties Real Estate Investment Trust's earnings presentation, March 2026
Slide 1: Creativity & Connectivity
CREATIVITY & CONNECTIVITY March 2026 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 Q4 2025 Results Update . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 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 0.9M 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 9% 13% 6% 8% 13% 4% 43% 50% 33% 40% 81% 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: Action Plan
ACTION PLAN With the market recovery now evident, Management has implemented a three-part action plan: – Cut its distribution in December 2025 by 60% and will allocate cash conserved to debt reduction – Disposition pipeline of ~$500 million allocating proceeds to debt reduction as closings take plac
Slide 10: Outlook
OUTLOOK METRIC 2026E 2027E 2028E OCCUPIED AREA BY YEAR END 84% to 86% (1) 86% to 88% 88% to 90% NOI (7) $310 million to $320 million - - GROWTH/(DECLINE) IN SAME ASSET NOI (7) (RENTAL PORTFOLIO) (5.5%) to (6.5%) 12% to 16% 9% to 13% Growth of Growth FFO (2)(7) $185 million to $200 million (3) 7% to
Slide 11: Q4 2025 Results Update
ALLIED Q4 2025 Results Update
Slide 12: Financial Performance
FINANCIAL PERFORMANCE Q4 2025 Q4 2024 FFO PER UNIT (1)(2) $0.419 $0.535 AFFO PER UNIT (1)(2) $0.361 $0.477 LEASED AREA 87.4% 87.2% OCCUPIED AREA 85.3% 85.9% SAME ASSET NOI (3)(4) - RENTAL DECLINE (4.1)% (0.6)% SAME ASSET NOI (3)(4) - TOTAL (DECLINE) GROWTH (5.9)% 1.4% (1) FFO per Unit and AFFO per U
Slide 13: Leasing Performance
LEASING PERFORMANCE Q4 2025 Q4 2024 AVERAGE IN-PLACE NET RENT PER OCCUPIED SQUARE FOOT $25.23 $ 25.41 RETENTION RATE (1) 60.2 % 68.8 % RENT (DECLINE) GROWTH ON RENEWAL (1.2)% 2.0% SUB-LEASE SPACE AS A % OF TOTAL GLA 2.6% 5.7% (1) The YTD December 2025 and YTD December 2024 retention rate was 69.4% a
Slide 14: Dispositions
DISPOSITIONS – In 2025, Allied received $140M of gross proceeds from the sales of non-core, low-yielding asset dispositions. – Allied has a disposition pipeline of approximately $500M, of which $46 million closed in Q1 2026. The remaining pipeline of approximately $454M is at various stages of marke
Slide 15: Portfolio Overview
ALLIED Portfolio Overview
Slide 16: 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 $8.0 B (Not including Properties Under Development valued at $0.4B 14.5M SF and Investment Properties Held for Sale valued at $0.1B) MONTRÉAL VANCOUVER 5.9M SF 1.2M SF ALLIED L
Slide 17: 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. 16
Slide 18: Portfolio Vacancy
PORTFOLIO VACANCY The majority of Allied's vacancy is concentrated in 12 properties. 12.6% Over half of Allied’s portfolio vacancy 6.6% OVERVIEW OF TOP is concentrated in 12 VACANT PROPERTIES Q4 2025 12 properties SQUARE FEET OF VACANCY 958,176 PERCENT OF TOTAL GLA 6.6% 6.0% PERCENT OF TOTAL VACANCY
Slide 19: 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 $25.23 $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 2025 18
Slide 20: Lease Maturities - Urban Workspace
LEASE MATURITIES - URBAN WORKSPACE % OF TOTAL GLA WEIGHTED AVERAGE RENTAL RATE ESTIMATED WEIGHTED AVERAGE MARKET RATE WEIGHTED AVERAGE RENTAL RATE % OF TOTAL GLA 1,227,970 1,382,429 1,096,565 1,186,060 1,649,387 SQUARE FEET This page contains forward-looking information. As at December 31, 2025. 19
Slide 21: 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 UBISOFT DIVERTISSEMENTS INC. 3.1% 7.2 4.1% 3.5% 3.4% 3.7% GOOGLE CANADA CORPORATION 3.1 7.6 3.3 3.8% SHOPIFY INC. (1) 2.8 8.5 1.9 6.1% 37.9%
Slide 22: Toronto Portfolio
TORONTO PORTFOLIO ONTARIO LINE EXPECTED COMPLETION IN 2031, CONNECTING 76 ALLIED BUILDINGS Future Ontario Line Stations Future Ontario Line Stations 21
Slide 23: Montréal Portfolio
MONTRÉAL PORTFOLIO REM PHASE 2 ADDING 18 STATIONS COMPLETED IN NOVEMBER 2025 AND PHASE 3 FOR THE AIRPORT COMPLETION IN 2027, CONNECTING 12 ALLIED BUILDINGS REM Line Stations 22
Slide 24: Vancouver Portfolio
VANCOUVER PORTFOLIO THE BROADWAY CORRIDOR IS AN EXTENSION OF SIX NEW STATIONS, IMPROVING ACCESS ACROSS THE CITY, PROMOTING WALKABLE COMMUNITIES Future Broadway Subway Stations 23
Slide 25: Calgary Portfolio
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Slide 26: Development Portfolio
ALLIED Development Portfolio
Slide 27: 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 26.1M SF potential GLA which consists of: limited to 15%. It was 7.6% as a
Slide 28: Development Projects
DEVELOPMENT PROJECTS Current developments are expected to generate ~$29.3M+ of NOI ESTIMATED ACTUAL TRANSFER TO COST TO % OF DEVELOPMENT GLA ANNUAL NOI(3) RENTAL PORTFOLIO COMPLETE PRE-LEASED 108 EAST 5TH AVENUE, VANCOUVER (1) Q1 2026 204,000 $9.1M $17.1M 90% KING TORONTO, TORONTO - COMMERCIAL Q2 20
Slide 29: King Toronto Development Project
KING TORONTO DEVELOPMENT PROJECT ESTIMATED OWNERSHIP COMPLETION DATE COST TO COMPLETE Q3 2026 TO KING TORONTO, TORONTO - RESIDENTIAL (1) 50 % Q4 2026 $73,280 Q2 2027 TO KING TORONTO, TORONTO - COMMERCIAL 50 % Q3 2027 $41,076 TOTAL $114,356 (1) The estimated gross proceeds are $285,000 - $294,500 fro
Slide 30: Future Development Potential
FUTURE DEVELOPMENT POTENTIAL Total potential incremental density within Allied’s portfolio is ~10.3M SF POTENTIAL DENSITY FROM ZONING POTENTIAL INCREMENTAL DENSITY (1) COMPLETED OR IN PROGRESS (IN SQUARE FEET) (IN SQUARE FEET) 6,210,011 2,525,766 Le Nordeloc Lot E (127,450) Adelaide & Spadina (179,0
Slide 31: Intensification: Liberty Village Case Study
INTENSIFICATION TORONTO | LIBERTY VILLAGE CASE STUDY Potential for incremental ~1.2M SF of density across commercial and residential assets 919,772 1,508,656 64 Jefferson 262,065 41-53 Fraser 326,819 EXISTING GLA APPROVED INCREMENTAL PRO FORMA INCREMENTAL RESIDENTIAL GLA GLA COMMERCIAL GLA (~1,200 U
Slide 32: Capital Structure
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Slide 33: Debt Structure
DEBT STRUCTURE Allied has a well-structured debt stack, benefits from a low weighted average interest rate and 99.98% of its debt is at a fixed rate. UNSECURED ($MILLIONS) Q4 2025 INTEREST RATE LIQUIDIY ($MILLIONS) Q4 2025 LINE OF CREDIT (1) $51.0 Adjusted CORRA + 145 bps or Prime CASH $96.6 + 45 bp
Slide 34: Debt Maturity Schedule
DEBT MATURITY SCHEDULE Manageable and well-laddered debt maturity with no more than 20% of debt expiring in any given year $900 5.00% 4.67% $800 4.30% 4.15% 3.85% 3.86% 4.00% $700 $600 3.10% 3.00% INTEREST RATE $500 MILLIONS $400 2.00% 1.79% $300 $200 1.00% $100 $0 0.00% 2026 2027 2028 2029 2030 203
Slide 35: 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 72% $9.5 $9.4 $9.1 $8.8 70% 65% $8.8 $8.3 $8.4 $8.0 $7.8 57% $7.6 $7.5 60% BILLIONS 48% $6.5 $6.0 $6.3 50% 40% $5.6 $5.5 40% $4.9 $4.0 $4.2 $4.3 25% 30% $2.9 20% $2.0 $2.3 $1.6 10% $-
Slide 36: Financial Targets
FINANCIAL TARGETS Allied strives to achieve the following 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 unencumber
Slide 37: Sources of Capital
SOURCES OF CAPITAL Allied has various sources of capital, including the following: ASSET SALES DEBT EQUITY / Capital recycling continues to be a key Unsecured debt PARTNERSHIPS source of liquidity • Allied will seek to • Debentures • Strong private market demand opportunistically raise • Approximate
Slide 38: Market Highlights
ALLIED Market Highlights
Slide 39: 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 8.2 -78% from 2020 7.4 1.1% Real GDP Growth 5.1 Source: Conference Board of Canada 4.4 2.1 1.8 Q4 202
Slide 40: 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 3.2 -100% since 2020 1.0% Real GDP Growth 2.5 1.5 1.3 Source: Conference Board of Canada 0.
Slide 41: 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 6.5 -83% since 2020 1.8% Real GDP Growth 5.8 6.1 Source: Conference Board of Canada 3.7 3.2 1.0 Q4
Slide 42: 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 31.9% 30.7% -1.5% from 2021 30.4% 2% Real GDP Growth 28.2% 29.5% 27.7% Source: Conference Board of Canada Q4
Slide 43: Kitchener Market Highlights
KITCHENER MARKET HIGHLIGHTS VACANCY RATES DOWNTOWN CLASS A OCCUPANCY EXPANDING ECONOMY Source: CBRE 5.1% Population Growth in 2024 24.6% 22.1% 19.2% 20K Net new jobs in 2024 16.4% 1.7% Real GDP growth in 2024 Source: : Conference Board of Canada Q4 2022 Q4 2023 Q4 2024 Q4 2025 EXCEPTIONAL TECH PRESE
Slide 44: Environmental, Social & Governance (ESG)
Environmental, Social & Governance (ESG) 43
Slide 45: 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 46: ESG Highlights
ESG HIGHLIGHTS SET SCIENCE-BASED EMISSIONS RECEIVED GLOBAL RECOGNITION FOR ACHIEVED GREEN FINANCING REDUCTION TARGETS (1) ESG PERFORMANCE In February 2025 and September 2025, Allied Allied’s near- and long-term GHG emissions Allied was recognized in 2025 among issued green bonds under its Green Fina
Slide 47: 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 48: 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 49: 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 50: 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 51: Appendix
ALLIED Appendix 50
Slide 52: 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 53: Adjusted EBITDA
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 54: Adjusted Funds from Operations
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 55: Allied contact details
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 — Q4 2025 Earnings Presentation on 6ix