Ms. Cecilia Williams reports

ALLIED ANNOUNCES CLOSING OF $560 MILLION MARKETED PUBLIC OFFERING AND CONCURRENT PRIVATE PLACEMENT

Allied Properties Real Estate Investment Trust has closed its previously announced marketed public offering and concurrent private placement of units of Allied. Under the public offering and the private placement, Allied issued an aggregate of 56 million units at a price of $10 for gross proceeds of $560-million.

The public offering was conducted by a syndicate of underwriters led by Scotiabank, CIBC Capital Markets and RBC Capital Markets and included ATB Cormark Capital Markets, BMO Capital Markets and TD Securities Inc. The units issued under the public offering were offered in each of the provinces and territories in Canada, and were qualified by a prospectus supplement dated Feb. 12, 2026, to Allied's short form base shelf prospectus dated Dec. 16, 2025.

Pursuant to the private placement, Allied issued an aggregate of 16 million units to Alberta Investment Management Corp., on behalf of its clients. The units issued under the private placement were not qualified by a prospectus and are subject to the statutory resale restrictions under applicable securities legislation.

Allied intends to use the net proceeds of the public offering and the private placement to repay amounts outstanding under its operating line of credit, which was drawn down to repay Allied's $600-million aggregate principal amount of 1.726 per cent Series H senior unsecured debentures on Feb. 12, 2026.

About Allied Properties Real Estate Investment Trust

Allied is a leading owner-operator of distinctive urban workspace in Canada's major cities. Allied's mission is to provide knowledge-based organizations with workspace that is sustainable and conducive to human wellness, creativity, connectivity and diversity. Allied's vision is to make a continuous contribution to cities and culture that elevates and inspires the humanity in all people.

We seek Safe Harbor.