Ms. Jennifer Tory reports

ALLIED FILES MANAGEMENT INFORMATION CIRCULAR AND ANNOUNCES CFO TRANSITION

Allied Properties Real Estate Investment Trust has mailed its management information circular for its coming annual meeting of unitholders scheduled for Tuesday, May 12, 2026, at 2 p.m. Eastern Time. The meeting will be held in a virtual meeting format only through live audio webcast on-line.

The circular is available on Allied's website and has been filed under Allied's SEDAR+ profile.

As disclosed in the circular, Allied is pleased to announce that the board of trustees has nominated Mario Barrafato for election as a trustee at the upcoming meeting. Mr. Barrafato is a strategic finance leader with 25 years of experience in the Canadian public REIT (real estate investment trust) sector. He most recently served as chief financial officer of Choice Properties Real Estate Investment Trust until March, 2025, and, prior to that, he held senior finance leadership roles with Dream Office REIT, Dream Industrial REIT and Dream Unlimited.

Current trustee Antonia Rossi is not standing for re-election at the meeting. "On behalf of the board, I would like to thank Toni for her dedicated service and contributions to Allied," said Jennifer Tory, lead trustee. "We are pleased to nominate Mario Barrafato for election to the board. His deep experience as a public company executive in real estate, coupled with his financial background, will be a valuable addition to the board."

As previously announced, executive chair Michael Emory's employment agreement will not be renewed on May 2, 2026, and he will not stand for re-election as a trustee at the meeting. "On behalf of Allied and the board of trustees," said Ms. Tory, lead trustee, "I want to recognize Michael for the vision and leadership that shaped Allied and for the enduring impact of his role as founder."

As a result, the board's size will be reduced to eight members, seven of whom are independent. Ms. Tory will assume the role of board chair. In addition to the board changes detailed above, Allied is announcing that chief financial officer Nanthini Mahalingam will be departing Allied. She will remain in her role until Oct. 30, 2026, to facilitate a transition to a new CFO. Allied has retained Egon Zehnder in connection with the CFO search. "I have worked with Nanthini for over nine years at Allied and I want to personally thank her for her contributions, dedication and commitment to a successful transition." said Cecilia Williams, Allied's president and chief executive officer. "On behalf of the board and management, we wish her success in her future endeavours."

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.