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Allied Properties Real Estate Investment Trust (T:AP.UN)

Business Focus: Office REITs

Sector:  Financials Industry:  Commercial REITs
See Regulatory Filings on SEDAR
Company Contact
Address: 134 Peter St Suite 1700
Tel: N/A
IR: See website
Key People
Gordon R. Cunningham
Independent Chairman of the Board of Trustees
Michael R. Emory
President, Chief Executive Officer, Trustee
Cecilia C. Williams
Executive Vice President and Chief Financial Officer
Thomas G. Burns
Chief Operating Officer, Executive Vice President
Hugh Fletcher Clark
Executive Vice President - Development
Tim Low
Senior Vice President - Leasing
Business Overview
Allied Properties Real Estate Investment Trust (Allied) is a closed-end real estate investment trust (REIT). The Trust is an owner, manager and developer of urban office properties. The Trust operates in seven urban markets in Canada: Toronto, Kitchener, Ottawa, Montreal, Calgary, Edmonton and Vancouver. The Trust may invest in interests in income producing office, retail and residential properties and Properties Under Development in Canada. The Trust specializes in an office format created through the adaptive re-use of light industrial structures in urban areas that has come to be known as Class I. Its properties include 32 Atlantic, 47 Jefferson, 64 Jefferson, 905 King W, The Castle, 141 Bathurst, 420 Wellington W, 468 King W, The Well, 193 Yonge and Dominion Square. Its tenant base includes companies from various sectors, including business service and professional, telecommunications and information technology, and educational and institutional.
Financial Overview
For the three months ended 31 March 2020, Allied Properties Real Estate Investment revenues increased 19% to C$139M. Net income increased 78% to C$254.9M. Revenues reflect Eastern Canada segment increase of 58% to C$48.8M, FFO per Share (Diluted) increase of 4% to C$0.58. Net income benefited from Net Operating Income (NOI)-Western Canad increase of 3% to C$9M, Fair value gain on investment properties increase of 100% to C$215.1M (income).
Employees: 305 as of Dec 31, 2019
Reporting Currency: Canadian Dollars
Enterprise value: $7,021M as of Mar 31, 2020
Annual revenue (TTM): $563.94M as of Mar 31, 2020
EBITDA (TTM): $273.03M as of Mar 31, 2020
Net annual income (TTM): $740.96M as of Mar 31, 2020
Free cash flow (TTM): $120.59M as of Mar 31, 2020
Net Debt Last Fiscal Year: $2,502M as of Mar 31, 2020
Shares outstanding: 123,112,749 as of Mar 31, 2020
TTM: Trailing Twelve Months
EBITDA: Earnings Before Interest, Taxes, Depreciation, & Amortization