Allied Properties Real Estate Investment Trust Announces First-Quarter Results

Allied Properties REIT (TSX:AP.UN) today announced results for its first quarter
ended March 31, 2012. The results are summarized below and compared to the same
quarter in 2011:




(In thousands except for per                                                
 unit and % amounts)               Q1 2012    Q1 2011     Change    %Change 
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Net income                          21,919     12,835      9,084       70.8%
Same-asset NOI                      27,743     22,663      5,080       22.4%
Funds from operations ("FFO")       22,931     13,143      9,788       74.5%
FFO per unit (diluted)            $   0.44   $   0.31   $   0.13       41.9%
FFO pay-out ratio                     74.6%     109.1%     (34.5%)          
Adjusted FFO ("AFFO")               18,439     10,515      7,924       75.4%
AFFO per unit (diluted)           $   0.35   $   0.24   $   0.11       45.8%
AFFO pay-out ratio                    92.7%     136.4%     (43.7%)          
Debt ratio (% of fair value)          44.5%      42.0%       2.5%           
Interest coverage ratio              3.2:1      2.5:1      0.7:1            
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Allied's financial performance measures for the first quarter of 2012 were up
significantly from the comparable quarter in 2011, reflecting increased
occupancy, portfolio-wide rental growth and accretion from acquisitions
completed in the past 14 months.


Allied leased 1.2 million square feet of space in the first quarter. In doing
so, it extended its weighted average lease term to five years and reduced the
average annual amount of area maturing from 2012 to 2016 to 8.8% of its total
rental portfolio.


Allied finished the quarter with its rental portfolio 91.9% leased, 93.8% leased
if upgrade properties are excluded. During the quarter, it renewed or replaced
58.1% of its leases maturing over the course of the year, resulting in an
overall increase of 7.8% in net rental income per square foot from the affected
space.


"With a national urban office portfolio operating at a high level of occupancy,
we're well positioned for the remainder of the year," said Michael Emory,
President and CEO. "We expect our FFO and AFFO per unit to continue to grow and
our acquisition and value-creation activity to continue to accelerate. We also
believe that our conservative balance sheet, low debt ratio, moderate mortgage
maturity schedule and abundant liquidity will provide stability and facilitate
growth going forward."


FFO and AFFO are not financial measures defined by International Financial
Reporting Standards ("IFRS"). Please see Allied's MD&A for a description of
these measures and their reconciliation to net income and comprehensive income
under IFRS, as presented in Allied's condensed interim consolidated financial
statements for the quarter ended March 31, 2012. 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.


NOI is not a measure recognized under IFRS and does not have any standardized
meaning prescribed by IFRS. NOI is presented in this press release because
management of Allied believes that this non-IFRS measure is an important
financial performance indicator. NOI, as computed by Allied, may differ from
similar computations as reported by other similar organizations and,
accordingly, may not be comparable to NOI reported by such organizations.


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 a leading owner, manager and developer of urban office
environments that enrich experience and enhance profitability for business
tenants operating in Canada's major cities. 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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