Allied Announces Conversion to an Open-End Trust

TORONTO, June 12, 2023 (GLOBE NEWSWIRE) -- Allied Properties Real Estate Investment Trust (“Allied”) (TSX:AP.UN) announced today that it has completed its conversion from a “closed-end” trust to an “open-end” trust.

Unitholders approved the conversion of Allied to an open-end trust and certain amendments to the declaration of trust of Allied (the “Declaration of Trust”) at a meeting of Unitholders held on May 2, 2023. The approval was conditional upon the receipt of a satisfactory advance income tax ruling from the Canada Revenue Agency, which Allied received on June 1, 2023.

The conversion of Allied to an open-end trust and the amendments to the Declaration of Trust are described in the management information circular of Allied dated March 21, 2023, which is available at .

ABOUT ALLIED

Allied is a leading operator of distinctive urban workspace in Canada’s major cities and network-dense UDC space in Toronto. Allied’s mission is to provide knowledge-based organizations with workspace and UDC space that is sustainable and conducive to human wellness, creativity, connectivity and diversity. Allied’s vision is to make a continuous contribution to cities and culture that elevates and inspires the humanity in all people.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Cecilia Williams

President & Chief Executive Officer

(416) 977-9002

Nanthini Mahalingam

Senior Vice President & Chief Financial Officer

(416) 977-9002