Allied Properties Real Estate Investment Trust Reports Q2 Earnings and Leasing Performance
Allied Properties Real Estate Investment Trust (AP-UN.TO) reported strong leasing performance in the second quarter, ending with an occupancy rate of 84.4% and a leased rate of 86.7%. The REIT completed over 522,000 square feet of new leases during Q2, contributing to a record pipeline of 1.7 million square feet. The company continued its balance-sheet repositioning by completing or securing C$321 million in asset dispositions and reducing net debt-to-EBITDA to 12 times. Management is focusing on higher-quality urban workspace assets while pursuing the sale of Toronto House and Calgary House. However, financial results were impacted by a decline in same-asset NOI (down 12.6% year-over-year) and a C$760 million fair-value reduction on investment properties. Despite these challenges, FFO per unit remained at C$0.24 and AFFO at C$0.17 as expected. Guidance for the remainder of the year is now leaning toward the lower end due to reduced interest income in Q3.
Topics: balance_sheet_management leasing_performance real_estate