Allied Properties Updates Investors on December Distributions
Allied Properties Announces December Distributions
Allied Properties Real Estate Investment Trust (TSX: AP.UN) has recently made an important announcement regarding its monthly distributions. For December, Allied has declared a distribution of $0.15 per unit. This payout will be processed on January 15 for unitholders who are recorded as of December 31. This consistent approach shows Allied's commitment to its investors, as the distribution plan for 2025 has also been solidified at the same rate, amounting to an annualized $1.80 per unit.
Overview of Non-Core Property Sales
In addition to its distribution news, Allied Properties shared exciting updates regarding its non-core property sales that occurred throughout the year. The completion of four non-core properties sold for a total of $75 million, including three located in Montréal and another in Toronto, stands out as a significant achievement. Beyond this, Allied is poised to finalize additional property sales by the year's end, targeting three properties: TELUS Sky in Calgary, The Chambers in Ottawa, and 810 Saint-Antoine in Montréal, with the expected aggregate revenue reaching an impressive $156 million.
Surpassing Financial Goals
The expected total from these sales in 2024 is set to reach $231 million, significantly exceeding the initial goal of $200 million. This success reflects Allied's adept management and strategic decisions in handling its portfolio. Looking ahead, the target for the 2025 non-core property sales stands at approximately $170 million, allowing Allied to maintain a strong financial trajectory.
Commitment to Stakeholders and Long-Term Vision
Allied Properties is not just focused on immediate financial returns but is dedicated to enhancing its urban workspace offerings. The company aims to provide sustainable working environments conducive to creativity and well-being. Their mission reflects a desire to support knowledge-based organizations with spaces that foster diversity and connectivity, crucial in the increasingly remote and hybrid working landscape.
About Allied Properties
Allied is recognized as a leading owner-operator in Canada's major urban centers, focusing on creating distinctive workspaces. By aligning operational practices with broader city and cultural contributions, Allied strives to uplift the urban environment and enrich the lives of those working within these spaces.
For Further Information
If you have any inquiries or need additional details, please feel free to reach out to the following representatives:
Cecilia C. Williams
President & Chief Executive Officer
(416) 977-9002
cwilliams@alliedreit.com
Nanthini Mahalingam
Senior Vice President & Chief Financial Officer
(416) 977-9002
nmahalingam@alliedreit.com
Frequently Asked Questions
What is the distribution amount declared by Allied Properties for December?
The declared distribution amount for December is $0.15 per unit.
When will the distribution be paid to unitholders?
The distribution will be payable on January 15, 2025.
What was the total revenue from non-core property sales in 2024?
The total revenue from non-core property sales in 2024 is expected to be $231 million.
What are the targets for non-core property sales in 2025?
The target for non-core property sales in 2025 is approximately $170 million.
How does Allied Properties contribute to urban workspace?
Allied focuses on providing sustainable and creative workspaces that enhance well-being and support diverse organizations.
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