Allied Properties Real Estate Investment Trust Announces Strong First-Quarter Results

Allied Properties REIT (TSX:AP.UN) today announced results for the first quarter
ended March 31, 2009. They are summarized below and compared to the prior
quarter and the same quarter in 2008:




(In thousands 
 except for per
 unit and 
 % amounts)        Q1 2009 Q4 2008  Change %Change  Q1 2008 Change %Change
----------------------------------------------------------------------------
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Net income           3,876   3,296     580    17.6%   2,945    931    31.6%
Net income 
 per unit (diluted) $ 0.12  $ 0.11   $0.01     9.1%  $ 0.11 $ 0.01     9.1%
Funds from 
 operations ("FFO") 13,929  13,023     906     7.0%  11,834  2,095    17.7%
FFO per 
 unit (diluted)     $ 0.44  $ 0.42   $0.02     4.8%  $ 0.42 $ 0.02     4.8%
FFO pay-out 
 ratio                73.9%   78.7%   (4.8%)           75.6%  (1.7%)
Adjusted FFO
 ("AFFO")           12,270  10,603   1,667    15.7%  11,698    572     4.9%
AFFO per                                                          
 unit (diluted)     $ 0.39  $ 0.34  $ 0.05    14.7%  $ 0.42 ($0.03)   (7.1%)
AFFO pay-out      
 ratio                83.9%   96.7% (12.8%)            76.5%   7.4%
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"Our portfolio performed very well in the first quarter," said Michael Emory,
President & CEO. "We expect this to continue over the remainder of the year, in
large part because of our exceptional market penetration, significantly lower
operating costs and highly sought-after building attributes."


Allied maintained a high level of leased area, finishing the quarter at 97.2%.
Despite de-levering its business in 2008, Allied increased its FFO and AFFO per
unit over the prior quarter and maintained FFO and AFFO pay-out ratios well
below the average for Canadian REITs.


Allied finished the quarter in a strong liquidity position, with a conservative
debt ratio of 49.3%. Aside from $13.5 million drawn on its $70 million line of
credit, Allied had no variable rate debt at the end of the quarter. On its
mortgage debt, Allied had a weighted-average interest rate of 5.6% and a very
good interest-coverage ratio. Finally, Allied had $5 million in mortgages
maturing in the remainder of 2009 (1% of its total mortgage debt), $7 million in
2010 (1%) and $15 million in 2011 (3%).


FFO and AFFO are not financial measures defined by Canadian GAAP. Please see
Allied's MD&A for a description of these measures and their reconciliation to
net income or cash flow from operations, as presented in Allied's consolidated
financial statements for the quarter ended March 31, 2009. These statements,
together with accompanying notes and MD&A, have been filed with SEDAR,
www.sedar.com, and are also available on Allied's web-site,
www.alliedpropertiesreit.com.


This press release may contain forward-looking statements with respect to
Allied, its operations, strategy, financial performance and condition. These
statements generally can be identified by use of forward looking words such as
"may", "will", "expect", "estimate", "anticipate", intends", "believe" or
"continue" or the negative thereof or similar variations. Allied's actual
results and performance discussed herein could differ materially from those
expressed or implied by such statements. Such statements are qualified in their
entirety by the inherent risks and uncertainties surrounding future
expectations. Important factors that could cause actual results to differ
materially from expectations include, among other things, general economic and
market factors, competition, changes in government regulations and the factors
described under "Risk Factors" in the Allied's Annual Information Form which is
available at www.sedar.com. The cautionary statements qualify all
forward-looking statements attributable to Allied and persons acting on its
behalf. Unless otherwise stated, all forward-looking statements speak only as of
the date of this press release, and Allied has no obligation to update such
statements.


Allied Properties REIT is the leading provider of Class I office space in
Canada, with portfolio assets in the urban areas of Toronto, Montreal, Winnipeg,
Quebec City and Kitchener. Its objectives are to provide stable and growing cash
distributions to unitholders and to maximize unitholder value through effective
management and accretive portfolio growth.

Allied Properties Real E... (TSX:AP.UN)
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