Allied Properties Real Estate Investment Trust is a Canadian owner and operator of urban office properties, traded on the Toronto Stock Exchange under the ticker AP.UN and on the OTC Markets in the United States under APYRF. Founded in 2002 and completing its initial public offering in 2003, Allied was established by Michael Emory to consolidate and reposition heritage light-industrial buildings into office environments for knowledge-based tenants. The REIT operates exclusively in Canada across seven major cities. The company's portfolio spans approximately 14.2 million square feet of gross leasable area, organized into three workspace categories. Allied Heritage comprises brick-and-beam structures converted from light-industrial buildings constructed between the late 19th and early 20th centuries. Allied Modern includes purpose-built office towers developed within the last decade. Allied Flex consists of workspace in buildings on underutilized land designated for redevelopment within the next five to ten years. The company also operates a rental-residential portfolio (Allied Home) and amenity spaces (Allied Amenities). As of June 30, 2026, the portfolio was 84.4% occupied and 86.7% leased. The REIT completed 522,000 square feet of leasing during Q2 2026, with a leasing pipeline reaching 1.7 million square feet. The company employs approximately 350 people and is internally managed. For the year ended December 31, 2024, Allied reported rental revenue of CAD $592.0 million. The REIT is pursuing asset dispositions and deleveraging, having completed or secured approximately CAD $321 million in asset sales as of Q2 2026.