Allied Announces Closing of $345 Million Public Equity Offering

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES

OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA

TORONTO, Dec. 04, 2019 (GLOBE NEWSWIRE) -- Allied Properties Real Estate Investment Trust (“Allied”) (TSX:AP.UN) announced today that it has closed its previously announced offering of 6,555,000 units (inclusive of 855,000 units issued pursuant to the exercise in full of the underwriters’ over-allotment option) at a price of $52.70 per unit for gross proceeds of $345,448,500. The units were qualified by a prospectus supplement dated November 27, 2019 to a short form base shelf prospectus dated November 19, 2019 and were underwritten on a bought deal basis by a syndicate of underwriters led by Scotiabank, RBC Capital Markets and Goldman Sachs Canada Inc.

Allied intends to use the net proceeds of the offering to fund (i) its ongoing acquisition program, including three strategic in-fill acquisitions, comprised of one property in Montréal, one property in Toronto and one property in Calgary, (ii) its ongoing value-add program, which includes development costs and revenue-enhancing capital expenditures, and (iii) general trust expenditures.

The units have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the units in the United States or in any jurisdiction in which such offer, sale or solicitation would be unlawful.

About Allied

Allied is a leading owner, manager and developer of (i) distinctive urban workspace in Canada’s major cities and (ii) network-dense urban data centres in Toronto that form Canada’s hub for global connectivity. Allied’s business is providing knowledge-based organizations with distinctive urban environments for creativity and connectivity.

Cautionary Statements

This press release may contain forward-looking statements with respect to Allied and its intended use of proceeds of the offering. These statements generally can be identified by use of forward-looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or “continue” or the negative thereof or similar variations.  The actual results and performance of Allied discussed herein could differ materially from those expressed or implied by such statements.  Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations, including that the transactions contemplated herein are completed. Important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulations and the factors described under “Risk Factors” in Allied’s Annual Information Form, which is available at . These cautionary statements qualify all forward-looking statements attributable to Allied and persons acting on Allied’s behalf.  Unless otherwise stated, all forward-looking statements speak only as of the date of this press release and the parties have no obligation to update such statements.

For more information, please contact:

Michael Emory, President & CEO

(416) 977-0643

Cecilia C. Williams, Executive Vice President & CFO

(416) 977-9002