The Globe and Mail reports in its Thursday edition that Allied Properties units dropped by 28 per cent on Wednesday after the office property owner surprised investors with a $500-million share sale to pay down debt and missed its year-end target for building occupancy. The Globe's Andrew Willis and Tim Kiladze write that Allied units closed at $10.14 on Wednesday, down 82 per cent from their all-time high in 2020. Investors were startled by the share sale, as well as by changes that include a $1.4-billion portfolio writedown and plans to sell another $500-million in properties to fix the REIT's balance sheet. On a conference call Wednesday, Allied chief executive officer Cecilia Williams described the changes as an "action plan" that will improve the company's long-term growth prospects. Without them, she said, Allied faced the prospect of seeing its investment grade credit rating cut to junk status, which would increase borrowing costs. Allied, like many office building owners, has struggled because occupancy remains low relative to prepandemic levels. However, the REIT also amplified its problems by pursuing development opportunities over the past decade, such as the KING Toronto project in downtown Toronto.