Ms. Cecilia Williams reports

ALLIED ANNOUNCES VOTING RESULTS OF MEETING OF HOLDERS OF SERIES C DEBENTURES

Allied Properties Real Estate Investment Trust has released the results of a matter voted on at a meeting of the holders of 3.646 per cent Series C unsecured debentures due April 21, 2025, of Allied Properties held on June 1, 2023. The voting results are outlined below.

Debentureholders holding $163,048,000 aggregate principal amount of Series C debentures, representing 81.52 per cent of Allied Properties' total issued and outstanding Series C debentures as at the record date of May 1, 2023, were represented in person or by proxy at the meeting.

The extraordinary resolution approving certain amendments to the trust indenture governing each series of debentures of Allied Properties and authorizing Computershare Trust Company of Canada, as debenture trustee, to execute a supplemental indenture giving effect to the debenture amendments was approved by at least two-thirds of the votes cast by debentureholders who voted in respect of the extraordinary resolution present or represented by proxy at the meeting. The debenture amendments are described in Allied Properties' consent and proxy solicitation statement dated May 5, 2023, which is available at SEDAR. Management received proxies in respect of the extraordinary resolution.

             VOTING RESULTS

    Votes for             Votes against  

Number          %       Number         %  
     
130,523    80.05%       32,525    19.95%

About Allied Properties Real Estate Investment Trust

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