Allied's completion of M4, King Toronto pending

Ms. Cecilia Williams reports ALLIED PROVIDES DEVELOPMENT UPDATE Allied Properties Real Estate Investment Trust has provided an update with respect to the pending completion of the final two ground-up developments in its development pipeline: M4 of Main Alley campus, 108 East Fifth Ave. in Vancouver; and King Toronto, 489, 539 King St. West in Toronto. "Completing the large, multicity development pipeline we initiated in 2012 has materially enhanced our ability to serve knowledge-based organizations," said Michael Emory, founder and executive chair. "We now have a much broader base of high-quality office and retail tenants, an expanded range of workspace options (Allied Heritage, Allied Modern and Allied Flex) and greater concentration in stronger and larger mixed-use, amenity-rich urban neighbourhoods." M4 of Main Alley campus, 108 East Fifth Ave., Vancouver Mount Pleasant is a mixed-use, amenity-rich, urban neighbourhood in Vancouver. It has become a premier office node for knowledge-based organizations in downtown Vancouver over the past decade. Main Alley campus in the heart of Mount Pleasant was conceived and developed by Westbank and will consist of five buildings. M1 is a two-storey office building owned by Westbank and a partner and located at 2015 Main St. M2 is an eight-storey office building owned by San Francisco-based Spear Street and located at 114 East 4th Ave. M3 is a three-storey office building with data centre potential owned by Westbank and a partner and located at 111 East 5th Ave. M4 is a nine-storey office building with 204,000 square feet of gross leasable area to be fully owned by Allied by the end of the third quarter. M5 is a planned 25-storey mass timber rental tower on what is currently the surface parking lot of M1. Netflix is the principal tenant of M4 with 110,600 square feet of workspace currently being built out for active occupancy. M4 is 77 per cent leased. Allied expects to finalize a lease expansion agreement before closing that will bring M4 to 90 per cent leased, consistent with its overall outlook for leased area at the end of 2025. Rent from M4 is scheduled to commence in early 2026. King Toronto, 489, 539 King St. West, Toronto King West Village is a mixed-use, amenity-rich, urban neighbourhood in Toronto. It has been a premier and growing office node for knowledge-based organizations in downtown Toronto for the past two decades. King Toronto was conceived and developed by Allied and Westbank, and will consist of 440 residential condominium units over 16 storeys, 80,000 square feet of office space on the second and third storeys, and 120,000 square feet of retail space at and below grade. Allied and Westbank expect to complete the development by the end of 2026. Allied and Westbank have recently finalized a 20-year lease with Whole Foods Market for 28,291 square feet of retail space below grade and 4,587 square feet at grade. Whole Foods Market will enrich user experience at King Toronto and across King West Village as a whole. With a compelling anchor in place, Allied and Westbank are implementing a comprehensive and neighbourhood-specific leasing plan for the commercial component of King Toronto. The extensive loading, short-term storage and waste management facilities at King Toronto will be important to residential, office and retail users. Given the capacity, Allied and Westbank intend to make these facilities available to other retail users of Allied properties along King West. Allied also intends to make its extensive neighbourhood office amenities available to office users at King Toronto. Allied expects King Toronto to become a focal point of King West Village along with: (i) the Well to the southeast, the commercial component of which is owned and operated by Allied and RioCan; (ii) the property on the northwestern corner of King and Brant to be developed by Allied at a future date yet to be determined (currently operating as Allied Flex); and (iii) the property on the northwestern corner of King and Spadina to be developed by Allied at a future date yet to be determined (also currently operating as Allied Flex). In many important respects, King Toronto will complete the current evolution of the neighbourhood that began in 1996. Allied expects King West Village to continue to evolve positively as one of the most dynamic urban neighbourhoods in Canada, with all members of the community benefiting on a continuing basis from the continued evolution. 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.