Page 1

ALLIED Allied Announces Second - Quarter Results TORONTO , JULY 26 , 2021 Allied Properties Real Estate Investment Trust ( " Allied ” ) ( TSX : “ AP.UN " ) today announced results for its second quarter ended June 30 , 2021. “ Our operating and leasing momentum continued to accelerate in the second quarter , " said Michael Emory , President & CEO . “ FFO and AFFO per unit rose to record levels of 60.2 cents and 53.3 cents , respectively , consistent with our expectations . Average in - place net rent per occupied square foot rose again in the second quarter , coming in at $ 24.30 compared to $ 24.13 in the first quarter and $ 23.29 in the comparable quarter last year . Despite the pandemic , our space has become more productive economically over the past six quarters . " OPERATIONS Gross monthly rent due in the second quarter was $ 170 million . 1.2 % of the total amount due derives from parking use , 7.8 % from retail use , 16.4 % from urban - data - centre ( UDC ) use and 74.6 % from office use . Allied collected 97.2 % of the total amount due in the quarter and afforded deferrals aggregating $ 4.8 million , primarily to storefront retail users , at least $ 2.2 million of which is expected to be paid pursuant to the Canada Emergency Rent Subsidy ( CERS ) . Management continues the process of scaling down its pandemic - related deferral program through extensive case - by - case discussions with Allied's storefront retail users , most of which are exceptionally well located in downtown Toronto . Accordingly , Allied did not adjust the provision in the quarter , and Allied's total provision related to deferrals is $ 3 million . Allied has not yet utilized any portion of the provision . LEASING In the second half of 2020 and thus far in 2021 , Allied experienced accelerating leasing momentum in both its urban - workspace portfolio and UDC portfolio . Most notably , Allied leased 22,447 square feet of space at 250 Front Street West in the second quarter and 7,070 square feet at 151 Front Street West in July , bringing the leased area of the facilities to 85.9 % and 100 % , respectively , and the leased area of its UDC portfolio to 95.2 % . 1