Allied Properties arranges $450M debenture offering

Ms. Cecilia Williams reports ALLIED ANNOUNCES $450 MILLION GREEN BOND OFFERING Allied Properties Real Estate Investment Trust has agreed to offer, on a private placement basis in each of the provinces and territories of Canada, $450-million aggregate principal amount of Series N senior unsecured debentures that will bear interest at a rate of 4.667 per cent per annum and will mature on Sept. 25, 2031. The debentures will be issued under Allied's green financing framework, which is available on Allied's website. The debentures will be sold at par with a yield of 4.667 per cent per annum, and are being offered on an agency basis by a syndicate of agents co-led by RBC Capital Markets and Bank of Nova Scotia, and including ATB Capital Markets, CIBC Capital Markets, BMO Capital Markets and TD Securities. Scotiabank and RBC Capital Markets acted as sustainability structuring advisers. Subject to customary closing conditions, the offering is expected to close on Sept. 25, 2025. Allied intends to allocate the net proceeds of the offering toward the financing and/or refinancing of eligible green projects, in line with the framework. Before allocating the proceeds to these projects, Allied intends to utilize the funds for the full repayment of the construction loan on 108 East 5th Ave., Vancouver, the repayment of amounts drawn under its unsecured revolving operating facility with the balance, if any, to be applied toward the repayment of an unsecured term loan. Although Allied intends to allocate an amount equal to the net proceeds of the offering as described herein, it will not be an event of default under the Series N indenture if Allied fails to do so. The debentures are expected to be rated BBB with a negative trend by Morningstar DBRS. The debentures will rank equally with all other unsecured indebtedness of Allied that has not been subordinated. About Allied Properties Real Estate Investment Trust Allied is a leading owner-operator of distinctive urban workspace in Canada's major cities. Allied's mission is to provide knowledge-based organizations with workspace that is sustainable and conducive to human wellness, creativity, connectivity and diversity. Allied's vision is to make a continuous contribution to cities and culture that elevates and inspires the humanity in all people. We seek Safe Harbor.