The Globe and Mail reports in its Friday edition that a sizable writedown coupled with a soft earnings outlook sent units of Allied Properties, a once-beloved office landlord, back to 2009 prices. The Globe's Tim Kiladze writes that working from home and higher interest rates have investors pondering the future of office landlords. Allied, prominent in Toronto and Montreal, reported fourth-quarter earnings that included better rents on lease renewals, yet investors focused on management's expectation that earnings this year could be flat to down 5 per cent, which dented any hope for a quick rebound in office vacancies. Allied also reported a $510-million writedown on its property portfolio, which management attributed to a tough economic environment as higher interest rates bite. The real estate investment trust said it is taking a long time to fill unleased space as tenants turn over, and new tenants now take 12 to 18 months to find compared with the prepandemic level of three months to six months. Allied's units slumped $1.74 Thursday, falling to $17.78 -- down from around $60 reached in early 2020. Investors had been growing optimistic that central banks would start cutting rates over the next few quarters.