Mr. Michael Emory reports

ALLIED PROVIDES LEASING UPDATE

Allied Properties Real Estate Investment Trust today provided a leasing update. "The demand for urban office space in Canada's major cities, coupled with diminishing supply, created a greater sense of urgency on the part of prospective tenants and their representatives in recent months," said Michael Emory, founder and executive chair. "To date, we've leased more vacant space in Montreal and Vancouver and in the Allied Modern segment of our portfolio. Velocity is beginning to increase in Toronto and the Allied Heritage segment, but the pace has been slower than expected over the course of the year, with the result that we won't achieve targeted occupied and leased area of 90 per cent by year-end."

The following is a summary of Allied's larger-scale leasing achievements in Montreal and Vancouver in recent months.

Montreal

With the public areas now fully transformed at grade (see The Vision for 1001 Robert-Bourassa), 1001 Robert-Bourassa Boulevard is attracting large and sophisticated users. Most importantly, a large existing user has expanded twice, initially for 15,000 square feet and subsequently for 100,233 square feet, both commencing Oct. 1 of this year, bringing its total area to 246,729 square feet. The building is now 86 per cent leased.

Vancouver

Leasing the final four floors at 400 West Georgia is a priority for 2025. Allied has now finalized a long-term lease of 49,105 square feet (three of the four floors) with a global educational institution, subject only to routine regulatory approvals expected before the end of November. The building is now 96 per cent leased, and Allied expects the last floor to be leased by an existing user in the building.

Allied now owns M4 in its entirety and has finalized a lease expansion of 26,112 square feet with Netflix, bringing Netflix's space at the building to 136,544 square feet. The building is now 90 per cent leased.

Team building

The Allied team continues to evolve and strengthen. Recognizing his contribution to national operations over the past several years, J.P. Mackay has been appointed senior vice-president and chief operating officer. Recognizing his assumption of responsibility for leasing nationally, Gord Oughton has been appointed senior vice-president, national leasing. Both leaders report to Allied's president and chief executive officer.

"My confidence in Allied is based on our urban office portfolio and the unified national team that is the foundation of our operating platform," said Cecilia Williams, president and chief executive officer. "With J.P. and Gord taking on expanded leadership roles, we've enhanced our capacity to pursue our mission consistently across the country and to capitalize on strengthening office fundamentals in Canada's major cities."

About Allied Properties Real Estate Investment Trust

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