Allied Announces Closing of $400 Million Offering of 3.117% Series F Senior Unsecured Debentures

Allied Announces Closing of $400 Million Offering of 3

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICATORONTO, Feb. 21, 2020 (GLOBE NEWSWIRE) – Allied Properties Real Estate Investment Trust (TSX:AP.UN)(“Allied”) announced today that it has closed its previously announced offering of $400 million aggregate principal amount of series F senior unsecured debentures (the “Debentures”). The Debentures bear interest at a rate of 3.117% per annum and mature on February 21, 2030. The Debentures were offered on an agency basis by a syndicate of agents led by Scotia Capital Inc., CIBC World Markets Inc. and TD Securities Inc. DBRS Limited and Moody’s Investors Service, Inc. provided Allied with credit ratings of “BBB” with a “Positive” trend and “Baa2”, respectively, relating to the Debentures. The Debentures were sold pursuant to a prospectus supplement dated February 6, 2020 to Allied’s base shelf prospectus dated November 19, 2019.Allied intends to use the net proceeds of the offering (i) to prepay approximately $200 million aggregate principal amount of unsecured term loan, (ii) to repay approximately $110 million drawn on its unsecured line of credit, (iii) to fund its development and value-add initiatives, and (iv) for general corporate purposes.About AlliedAllied is a leading owner, manager and developer of (i) distinctive urban workspace in Canada’s major cities and (ii) network-dense urban data centres in Toronto that form Canada’s hub for global connectivity. Allied’s business is providing knowledge-based organizations with distinctive urban environments for creativity and connectivity.Cautionary StatementsThis press release may contain forward-looking statements with respect to Allied, its operations, strategy, financial performance and condition. These statements generally can be identified by use of forward looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or “continue” or the negative thereof or similar variations. The actual results and performance of Allied discussed herein could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations, including that the transactions contemplated herein are completed. Important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulations and the factors described under “Risk Factors” in Allied’s Annual Information Form, which is available at www.sedar.com. These cautionary statements qualify all forward-looking statements attributable to Allied and persons acting on Allied’s behalf. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release and the parties have no obligation to update such statements.The Debentures have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the Debentures in the United States or in any jurisdiction in which such offer, sale or solicitation would be unlawful.For more information, please contact:Michael R. Emory, President & CEO
(416) 977-0643
memory@alliedreit.com
Cecilia C. Williams, Executive Vice President & CFO
(416) 977-9002
cwilliams@alliedreit.com

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