Bank of America Announces $500 Million Offering of Junior Subordinated Notes

Allied Announces $400 Million Offering of Senior Unsecured Debentures

Toronto, ON, March 25, 2023 – Allied Properties Real Estate Investment Trust (TSX:APRE) today announced that it has launched a public offering of senior unsecured debentures in an aggregate principal amount of $400 million. The debentures will have a term of 5 years and will bear interest at a rate of 4.25% per annum.

The offering is being made through a syndicate of underwriters led by TD Securities Inc., CIBC Capital Markets, and RBC Dominion Securities Inc. The debentures will be issued at a price of 99.875% of the principal amount and will be subject to a 4.25% interest rate. The net proceeds from the offering will be used to repay outstanding debt and for general corporate purposes.

"We are pleased to offer this debenture financing to our investors," said Michael Turner, President and CEO of Allied. "This transaction will help us to further strengthen our balance sheet and provide us with the flexibility to pursue strategic opportunities as they arise."

The offering is expected to close on or about April 10, 2023, subject to certain conditions being met. The debentures will be listed on the Toronto Stock Exchange and will trade under the symbol APRE.DB.E.

This news release does not constitute an offer to sell or the solicitation of an offer to buy the debentures in any jurisdiction where the offering is not permitted. The debentures have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States or to a U.S. person absent registration or an applicable exemption from registration.