Allied Properties Real Estate Investment Trust (APYRF) Q3 2025 Earnings Call Highlights: …

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• Leased Area: 882,000 square feet leased across rental and development portfolios.

• Occupancy Rate: Increased from 87.2% to 87.4%.

• Same-Asset NOI: Increased by 0.2% for the quarter.

• Lease Termination Fee: $2.1 million onetime fee.

• Liquidity: $903 million, up $168 million from the prior quarter.

• Series N Debenture Issuance: $450 million at a rate of 4.6%.

• Total Issuance for the Year: $1.3 billion, with $900 million under the green financing framework.

• Interest Rate Swap: Retained at a favorable rate of 3.5% on $250 million term loan.

• Leasing Activity: 512,000 square feet of new leasing, with an 81% conversion rate.

• Expansion Activity: 187,000 square feet, a 150% increase compared to the previous quarter.

Release Date: October 30, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

• Allied Properties Real Estate Investment Trust (APYRF) reported the highest level of leasing activity in the last five years, with 882,000 square feet leased across rental and development portfolios.

• The company has made significant progress in its development projects, with M4 in Vancouver now 90% leased and KING Toronto heading towards completion by the end of 2026.

• Allied Properties Real Estate Investment Trust (APYRF) has a strong liquidity position, with $903 million available, up $168 million from the prior quarter.

• The company successfully issued a Series N debenture for $450 million, which was five times oversubscribed, highlighting strong support from debt capital markets.

• Allied Properties Real Estate Investment Trust (APYRF) has a high conversion rate of 81% from tours to signed deals, indicating strong leasing momentum and demand for its properties.

• The company’s capital structure is under pressure due to a temporarily higher level of debt taken on to complete development projects, affecting quarterly results.

• Allied Properties Real Estate Investment Trust (APYRF) did not achieve its ambitious target of 90% occupied and leased area by the end of the year.

• Interest expenses were elevated due to the timing of dispositions, impacting financial results negatively.

• Occupancy was affected by nonrenewals, including a significant nonrenewal by Entertainment One, which consolidated space following an acquisition.

• The company is considering a potential distribution cut in 2026 to strengthen its balance sheet, indicating financial challenges.