Allied Properties Real Estate Investment Trust Provides Leasing Update for QRC West in Toronto

Allied Properties REIT (TSX:AP.UN) today provided a leasing update for one of
its properties under development, QRC West, Phase I, which is located on the
northwest corner of Richmond and Peter Streets in the heart of Toronto's
Downtown West. This project involves the restoration of two existing Class I
buildings (134 Peter Street and 364 Richmond Street West) and the addition of a
new, LEED- certified component for a combined gross leasable area ("GLA") of
approximately 350,000 square feet. In late 2012, Allied leased approximately
50,000 square feet of GLA in the new component to Sapient Corporation and
initiated full construction. The delta-frame structural supports for the new
component are now complete, and the process of forming and pouring the new
floors is underway.


Allied has entered into a long-term lease transaction with a substantial tenant
for up to 70,000 square feet of GLA. The tenant will occupy four vertically
contiguous floors, the lowest being the fifth floor, which is the unique
interstitial space between the former roof of 134 Peter Street and the underside
of the new structure. The premises will serve as the tenant's Canadian head
office upon commencement of occupancy in 2015.


The new component of the project is now 50% leased. "We're encouraged by the
quantity and quality of demand for our properties under development generally
and for QRC West in particular," said Michael Emory, President and CEO of
Allied. "It bodes well for our value-creation activity going forward."


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.


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

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