Allied Properties Real Estate Investment Trust Announces $100 Million Public Equity Offering

NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION TO THE UNITED
STATES


Allied Properties REIT (TSX:AP.UN) announced today that it has entered into an
agreement with a syndicate of underwriters led by Scotiabank to issue to the
public, on a bought-deal basis, 3,250,000 units from treasury at a price of
$30.80 per unit for gross proceeds of approximately $100 million. Allied has
also granted the underwriters an option to purchase up to an additional 487,500
units on the same terms and conditions, exercisable at any time, in whole or in
part, for a period of 30 days following the closing of the offering. The issue
will be offered in all provinces of Canada. The units being offered have not
been, and will not be, registered under the U.S. Securities Act of 1933 and
state securities laws. Closing of the offering is expected to occur on or about
December 4, 2012, and is subject to regulatory approvals. Allied intends to use
the net proceeds of the offering to fund income-enhancing capital projects now
underway, to fund anticipated future acquisitions, to retire mortgage
indebtedness as it comes due and for general trust purposes. 


"This offering will fund our anticipated capital requirements over the remainder
of this year and well into next," said Michael Emory, President & CEO. "In
addition, it will allow us to improve upon our very good debt, interest-coverage
and liquidity ratios, something that Management and the Board consider to be a
cornerstone of the overall financial management of Allied's business." 


This press release may contain forward-looking statements with respect to the
REIT, 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. The actual results and
performance of the REIT 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, including that the transactions contemplated herein are completed.
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 Annual Information Form of the REIT which is available at
www.sedar.com. These cautionary statements qualify all forward-looking
statements attributable to the REIT and persons acting on the REIT's behalf.
Unless otherwise stated, all forward-looking statements speak only as of the
date of this press release and the parties have no obligation to update such
statements.


Allied 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. For further information, please refer
to Allied's website at www.alliedreit.com.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Allied Properties REIT
Michael R. Emory
President and Chief Executive Officer
(416)977-9002
memory@alliedreit.com
www.alliedreit.com

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