Ms. Cecilia Williams reports

ALLIED ANNOUNCES CONVERSION TO AN OPEN-END TRUST

Allied Properties Real Estate Investment Trust has completed its conversion from a closed-end trust to an open-end trust.

Unitholders approved the conversion of Allied Properties to an open-end trust and certain amendments to the declaration of trust of Allied Properties 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 Properties received on June 1, 2023.

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

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.