Allied Properties Real Estate Investment Trust
Annual Report 2024

Annual Report 
December 31, 2024
02.04.25

Annual Report
December 31, 2024

MANAGEMENT’S DISCUSSION AND  
ANALYSIS OF RESULTS OF OPERATIONS  
AND FINANCIAL CONDITION AS AT  
DECEMBER 31, 2024 . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  5
SECTION I—Overview . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  6
Summary of Key Operating and Financial 
Performance Measures. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  7
Operating and Financial Highlights . .  .  .  .  .  .  .  .  .  .  .  .  9
Summary of Rental Properties. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 11
Business Overview and Strategy . .  .  .  .  .  .  .  .  .  .  .  .  .  . 12
Environmental, Social and Governance (“ESG”). .  . 14
Business Environment and Outlook. .  .  .  .  .  .  .  .  .  .  .  . 17
Non-GAAP Measures. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 17
Forward-Looking Statements. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  23
SECTION II—Operations. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  25
Net Income and Comprehensive Income. .  .  .  .  .  .  .  26
Net Operating Income. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  30
Same Asset NOI. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  33
Interest Expense . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  35
General and Administrative Expenses. .  .  .  .  .  .  .  .  .  37
Interest Income. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  39
Other Financial Performance Measures. .  .  .  .  .  .  .  .  40
Contents

SECTION III—Leasing . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  48
Status. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  49
User Retention. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 51
Activity. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 51
User Profile. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  53
Lease Maturity. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  54
SECTION IV—Historical Performance. .  .  .  .  .  .  .  .  57
SECTION V—Asset Profile . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 60
Rental Properties. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  65
Development Properties. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  69
Loans Receivable. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  72
SECTION VI—Liquidity and  
Capital Resources. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  73
Debt . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  74
Credit Ratings . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  82
Financial Covenants.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 83
Equity. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  85
Exchangeable LP Units . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  88
Distributions . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 90
Commitments. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  92
SECTION VII—Accounting Estimates  
and Assumptions. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  93
SECTION VIII—Disclosure Controls  
and Internal Controls. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  94
SECTION IX—Risks and Uncertainties. .  .  .  .  .  .  .  .  95
Operating Risks and Risk Management. .  .  .  .  .  .  .  .  96
Financial Risks and Risk Management. .  .  .  .  .  .  .  .  .  99
Other Risks. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  102
SECTION X—Property Table. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  107
CONSOLIDATED FINANCIAL  
STATEMENTS FOR THE YEARS 
ENDED DECEMBER 31, 2024 AND 2023. .  .  .  .  . 115
Management’s Statement of Responsibility  
for Financial Reporting. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 116
Independent Auditor’s Report . .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 117
Consolidated Balance Sheets. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 121
Consolidated Statements of Loss  
and Comprehensive Loss.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  122
Consolidated Statements of Equity. .  .  .  .  .  .  .  .  .  .  . 123
Consolidated Statements of Cash Flows. .  .  .  .  .  .  124
Notes to the Consolidated  
Financial Statements . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  126 

4
ALLIED 2024 ANNUAL REPORT

5
ALLIED 2024 ANNUAL REPORT
Management’s Discussion and 
Analysis of Results of Operations 
and Financial Condition as at 
December 31, 2024

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ALLIED 2024 ANNUAL REPORT
Section I
—Overview
Allied is an unincorporated open-end real estate investment trust created pursuant to the Declaration of 
Trust (“Declaration of Trust”) dated October 25, 2002, as most recently amended on June 12, 2023.  Allied is 
governed by the laws of Ontario.  Allied’s units (“Units”) are publicly traded on the Toronto Stock Exchange 
under the symbol “AP. UN”.  Additional information on Allied, including its annual information form, is 
available on SEDAR+ at www.sedarplus.ca.
This Management’s Discussion and Analysis (“MD&A”) of results of operations and financial condition relates 
to the year ended December 31, 2024.  Unless the context indicates otherwise, all references to “Allied”, 
“we”, “us” and “our” in this MD&A refer to Allied Properties Real Estate Investment Trust.  The Board of 
Trustees (the “Board”) of Allied, upon the recommendation of its Audit Committee, approved the contents 
of this MD&A.
This MD&A has been prepared with an effective date of February 4, 2025, and should be read in conjunction 
with the audited consolidated financial statements and notes thereto for the year ended December 31, 2024.  
Historical results and percentage relationships contained in this MD&A, including trends that might appear, 
should not be taken as indicative of future results, operations or performance.  Unless otherwise indicated, 
all amounts in this MD&A are in thousands of Canadian dollars.
This section includes certain terms that do not have a standardized meaning prescribed under IFRS® 
Accounting Standards as issued by the International Accounting Standards Board (“IFRS Accounting 
Standards”) and includes certain forward-looking statements within the meaning of applicable securities 
law.  Refer to Non-GAAP Measures and Forward-Looking Statements on pages 17 and 23, respectively.

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ALLIED 2024 ANNUAL REPORT
SUMMARY OF KEY OPERATING AND FINANCIAL PERFORMANCE MEASURES
The following table summarizes the key operating and financial performance measures for the periods listed 
below:
 
THREE MONTHS ENDED
YEAR ENDED
($000’s except per-square foot, 
per-unit and financial ratios)
DECEMBER 31, 
2024
DECEMBER 31, 
2023
DECEMBER 31, 
2024
DECEMBER 31, 
2023
DECEMBER 31, 
2022
Leased area (1)
87.2%
87. 3%
87.2%
87. 3%
90. 8%
Occupied area (1)
85.9%
86. 4%
85.9%
86. 4%
89. 6%
Average in-place net rent per 
occupied square foot (1)
25.41
24. 10
25.41
24. 10
23. 10
Retention rate (1)(2)
68.8%
60. 9%
69.3%
61. 2%
57. 9%
Rent increase on renewal (1)
2.0%
3. 6%
1.9%
6. 8%
5. 6%
Investment properties (3)
9,448,363
9,387,032
9,448,363
9,387,032
9,669,005
Unencumbered investment 
properties (4)
7,817,543
8,757,510
7,817,543
8,757,510
8,345,530
Total assets (3)
10,603,979
10,609,285
10,603,979
10,609,285
11,906,350
Cost of PUD as % of GBV (4)
10.1%
11. 6%
10.1%
11. 6%
12. 6%
NAV per unit (5)
41.25
45. 60
41.25
45. 60
50. 96
Debt (3)
4,403,375
3,659,611
4,403,375
3,659,611
4,211,185
Total indebtedness ratio (4)
41.7%
34. 7%
41.7%
34. 7%
35. 6%
Annualized Adjusted EBITDA (4)
393,404
410,488
389,239
416,019
403,119
Net debt as a multiple of  
Annualized Adjusted EBITDA (4)
10.8x
8. 2x
10.9x
8. 1x
10. 4x
Interest coverage ratio including 
interest capitalized and excluding 
financing prepayment costs -  
three months trailing (4)
2.3x
2. 9x
2.3x
2. 9x
2. 8x
Interest coverage ratio including 
interest capitalized and excluding 
financing prepayment costs -  
twelve months trailing (4)
2.4x
2. 5x
2.4x
2. 5x
3. 0x
Rental revenue (3)(6)
155,120
150,898
592,040
563,980
519,468
Property operating costs (3)(6)
(70,737)
(69,029)
(263,566)
(246,949)
(224,260)
Operating income (3)(6)
84,383
81,869
328,474
317,031
295,208
Net (loss) income and 
comprehensive (loss) income (3)
(257,652)
(499,340)
(342,530)
(420,716)
375,363
Net (loss) income and 
comprehensive (loss) income  
from continuing operations (3)
(257,652)
(499,340)
(342,530)
(545,707)
174,669
Net income from continuing 
operations excluding fair value 
adjustments, transaction costs, 
financing prepayment costs and 
impairment (7)
56,694
49,239
233,307
221,833
225,118
Adjusted EBITDA (4)
98,351
102,622
389,239
416,019
403,119

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ALLIED 2024 ANNUAL REPORT
 
THREE MONTHS ENDED
YEAR ENDED
($000’s except per-square foot, 
per-unit and financial ratios)
DECEMBER 31, 
2024
DECEMBER 31, 
2023
DECEMBER 31, 
2024
DECEMBER 31, 
2023
DECEMBER 31, 
2022
Same Asset NOI -  
rental portfolio (7)(9)
74,128
74,584
283,893
291,325
N/A
Same Asset NOI -  
total portfolio (4)(9)
82,446
81,287
328,638
321,500
N/A
FFO (4)
72,395
85,460
303,278
332,578
334,477
FFO per unit (diluted) (4)
0.518
0. 611
2.170
2. 380
2. 443
FFO pay-out ratio (4)(8)
86.9%
73. 6%
83.0%
75. 6%
71. 6%
All amounts below are excluding 
condominium-related items, 
financing prepayment costs, and 
the mark-to-market adjustment  
on unit-based compensation (4):
FFO
74,747
85,765
303,806
332,622
333,392
FFO per unit (diluted)
0.535
0. 614
2.174
2. 380
2. 435
FFO payout-ratio (8)
84.1%
73. 3%
82.8%
75. 6%
71. 8%
AFFO
66,626
78,611
273,434
304,225
297,579
AFFO per unit (diluted)
0.477
0. 562
1.956
2. 177
2. 174
AFFO payout-ratio (8)
94.4%
80. 0%
92.0%
82. 7%
80. 4%
(1)	 This metric excludes the assets held for sale based on the assets held for sale classification at the end of each period.
(2)	 The retention rate includes relocations and maturities during the period which were leased in the current period and prior year. The prior 
period comparative figures have been revised accordingly. Refer to User Retention on page 51 for further details.
(3)	 This measure is presented on an IFRS basis.
(4)	 This is a non-GAAP measure, as defined on page 17. These non-GAAP measures include the results of the continuing operations and the 
discontinued operations.
(5)	 Prior to Allied’s conversion to an open-end trust, net asset value per unit (“NAV per unit”) was calculated as total equity as at the 
corresponding period ended, divided by the actual number of Units and class B limited partnership units of Allied Properties Exchangeable 
Limited Partnership (“Exchangeable LP Units”) outstanding at period end. With Allied’s conversion to an open-end trust on June 12, 2023, 
NAV per unit is calculated as total equity plus the value of Exchangeable LP Units as at the corresponding period ended, divided by the actual 
number of Units and Exchangeable LP Units. The rationale for including the value of Exchangeable LP Units is because they are economically 
equivalent to Units, receive distributions equal to the distributions paid on the Units and are exchangeable, at the holder’s option, for Units.
(6)	 This metric includes only the results of the continuing operations.
(7)	 This is a non-GAAP measure, as defined on page 17. These non-GAAP measures include only the results of the continuing operations. 
(8)	 The payout ratios for the three months and year ended December 31, 2023, exclude the special cash distributions declared of $61,419 on Units, 
$5,668 on Exchangeable LP Units and the special Unit distribution declared of $639,780.
(9)	 The Same Asset NOI for the year ended December 31, 2022, is not applicable as the composition of properties is different from the years ended 
December 31, 2023 and 2024.

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ALLIED 2024 ANNUAL REPORT
Operating and  
Financial Highlights
Above all, Allied is an owner-operator of distinctive urban workspace in Canada’s major cities.  For Allied, 
neither acquisition activity nor development activity is an end in itself.  Rather, both are a means of 
providing knowledge-based organizations with distinctive urban workspace effectively and profitably.

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ALLIED 2024 ANNUAL REPORT
Q4 2024 Operating Results (1)
LEASED AREA
87.2%
AVERAGE IN-PLACE NET 
RENT PER OCCUPIED 
SQUARE FOOT
$25.41
2023: $24.10
 5.4%
from Q4 2023
RENT INCREASE ON 
RENEWAL
2.0%
WEIGHTED AVERAGE 
REMAINING LEASE TERM 
IN YEARS
5.6
OCCUPIED AREA
85.9%
Q4 2024 Financial Results
SAME ASSET NOI -  
RENTAL PORTFOLIO (2)
 0.6%
from Q4 2023
FFO PER UNIT (3)
$0.535
 12.9%
from Q4 2023
AFFO PER UNIT (3)
$0.477
 15.1%
from Q4 2023
Q4 2024 Balance Sheet
LIQUIDITY (4) 
$863.4M
$963.4M including accordion
UNENCUMBERED INVESTMENT PROPERTIES (3)
$7.8B
82.7% of investment properties on a proportionate basis (2)
NET DEBT AS A MULTIPLE OF ANNUALIZED  
ADJUSTED EBITDA (3)
10.8x
TOTAL INDEBTEDNESS 
RATIO (3)
41.7%
INTEREST COVERAGE 
RATIO (3)(5)
2.3x
ESG Results (6)
2024 GRESB SCORE 
FOR STANDING 
INVESTMENTS
84/100
Down from 85/100  
in 2023
2024 GRESB 
SCORE FOR 
DEVELOPMENT 
86/100
Down from 87/100  
in 2023
2023 ENERGY USE 
INTENSITY (EUI)
 7% 
from 2022
 19% 
from 2019 baseline
2023 
GREENHOUSE GAS 
INTENSITY (GHGI)
 7% 
from 2022
 17% 
from 2019 baseline
2023 WATER USE 
INTENSITY (WUI)
 2% 
from 2022
 30% 
from 2019 baseline
2023 WASTE 
DIVERSION
 8% 
from 2022
 10% 
from 2019 baseline
(1)	 These metrics are for the rental portfolio which exclude the assets held for sale and properties under development based on the classification 
at the end of each period.
(2)	 This is a non-GAAP measure, as defined on page 17. Same Asset NOI - rental portfolio includes only the results of continuing operations and 
excludes the assets held for sale.
(3)	 This is a non-GAAP measure, as defined on page 17. These non-GAAP measures include the results of the continuing operations and the 
discontinued operations. The FFO per unit and AFFO per unit exclude condominium-related items, financing prepayment costs, and the mark-
to-market adjustment on unit-based compensation on a diluted basis.
(4)	 Liquidity is the sum of cash and cash equivalents on a proportionate basis and the amount available on Allied’s unsecured revolving operating 
facility as at December 31, 2024.
(5)	 This interest coverage ratio including capitalized interest is for the three months trailing period.
(6)	 For more information, refer to Allied’s 2023 Environmental, Social and Governance Report published on June 10, 2024, available on  
www.alliedreit.com.

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ALLIED 2024 ANNUAL REPORT
(1)	 Source: cbre.ca, CBRE Office Figures reports.
(2)	 Excludes 572 suites in Allied’s rental-residential portfolio.
ALLIED LEASED
88. 5%
ALLIED OCCUPANCY
87. 2%
MARKET OCCUPANCY (1)
84. 6%
PROPERTIES
26
EMPLOYEES
78
MONTRÉAL
6.0M
SF
ALLIED LEASED
87. 8%
ALLIED OCCUPANCY
87. 1%
MARKET OCCUPANCY (1)
78. 6%
PROPERTIES
100
ANCILLARY PARKING 
FACILITIES
10
EMPLOYEES
220
TORONTO
5.2M
SF
KITCHENER
0.7M
SF
ALLIED LEASED
80. 9%
ALLIED OCCUPANCY
80. 9%
MARKET OCCUPANCY (1)
75. 1%
PROPERTIES
30
EMPLOYEES
29
CALGARY
1.2M
SF
ALLIED LEASED
87. 8%
ALLIED OCCUPANCY
83. 4%
MARKET OCCUPANCY (1) 
90. 8%
PROPERTIES
13
EMPLOYEES
21
VANCOUVER
1.3M
SF
SUMMARY OF RENTAL PROPERTIES 
ALLIED LEASED
80. 4%
ALLIED OCCUPANCY
79. 6%
MARKET OCCUPANCY (1)
59. 7%
PROPERTIES
6
ANCILLARY PARKING 
FACILITY
1
EMPLOYEES
3
186 Rental Properties 
valued at $8.6B
(Not including Properties Under Development valued at $0. 8B  
and Investment Properties Held for Sale valued at $0. 3B)
TOTAL RENTAL 
PORTFOLIO GLA (2) 
14.3M SF

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ALLIED 2024 ANNUAL REPORT
BUSINESS OVERVIEW AND STRATEGY
Allied is a leading owner-operator of distinctive urban workspace in Canada’s major cities.
DISTINCTIVE URBAN WORKSPACE 
Allied was known initially for its leading role in the emergence of Class I workspace in Toronto, a format 
created through the adaptive re-use of light industrial structures in the Downtown East and Downtown West 
submarkets.  This format typically features high ceilings, abundant natural light, exposed structural frames, 
interior brick and hardwood floors.  When restored and retrofitted to high standards, Class I workspace 
can satisfy the needs of the most demanding office and retail users.  When operated in a coordinated 
manner, this workspace becomes a vital part of the urban fabric and contributes meaningfully to a sense of 
community.  
Allied went public in 2003 for the express purpose of consolidating Class I workspace that was centrally 
located, distinctive and cost-effective.  The consolidation that ensued was continuous, enabling Allied to 
evolve into a leading owner-operator of distinctive urban workspace in Canada’s major cities.  
WORKSPACE INNOVATION 
Allied’s long and extensive experience continues to inform its approach to workspace innovation.  Office 
users today value light, air and an open-plan.  Abundant natural light and fresh air contribute enormously 
to human wellness and productivity.  An open-plan improves collaboration and creativity.  When people 
can move around and freely connect with one another, communication is improved, along with mutual 
understanding, and sparks of ingenuity occur.  
Technology has contributed to workspace innovation.  Light harvesting has made great strides, as has 
fresh air delivery.  Raised-floor systems have made aesthetic and practical contributions in recent years.  
Aesthetically, they declutter the workspace and obviate the need for drop-ceilings.  Practically, they improve 
air circulation by pressurizing the underfloor area and de-pressurizing the actual work environment.  All this 
can be delivered to workspace users in an environmentally sustainable manner.  
Workspace amenities have made an equivalent contribution to workspace innovation.  While achievable 
to an extent within a single building, amenity-richness is best achieved within a surrounding urban 
neighbourhood.  This in turn places a premium on clustering buildings within an amenity-rich urban 
neighbourhood.  Clustering also allows Allied to accommodate needs for expansion and contraction within 
the neighbourhood.  
Allied’s experience with Class I workspace also increased its sensitivity to design.  When people migrated to 
the suburbs in the 1950s, the sensitivity to design in the inner-cities seemed to diminish, if not disappear 
altogether.  Heritage properties were destroyed to make way for non-descript, inward-looking buildings, and 
synthetic materials seemed to cover everything everywhere.  Fortunately, design now matters, and design 
now pays.  The workspace Allied created at QRC West in Toronto is an excellent example.  Allied’s architects 
came up with a creative and beautiful way to build a new office tower above two fully-restored heritage 
buildings.  Although the design entailed additional cost, the ultimate economic and social return on the 
investment was exceptional.  The design paid off in every conceivable way.  

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ALLIED 2024 ANNUAL REPORT
Finally, Allied’s experience with Class I workspace put it at the forefront of creating workspace for the 
knowledge-based economy.  This led Allied to place ever-greater emphasis on the ongoing relationship 
between the user and provider of workspace.  Put differently, it led Allied to understand the need for a 
partnership-like relationship between itself and workspace users.
FOCUS AND DEFINITION 
From the outset, Allied adhered to a clear investment and operating focus.  It focused initially on the Class I 
format and continues to do so on a large scale in major urban centres in Canada.  More recently, Allied 
expanded its focus to include hybrid structures like QRC West and King Portland Centre in Toronto and 
425 Viger in Montréal, where heritage buildings were integrated with new structures in a way that resonated 
meaningfully with the knowledge-based organizations Allied serves.  Allied will continue to do so on a large 
scale in major urban centres in Canada.  
As Allied’s business grew and evolved, it was defined not by the specific workspace format Allied owns, 
operates and develops, but rather by the workspace users Allied serves.  If a particular format enables 
Allied to serve knowledge-based organizations better and more profitably, Allied will invest in it.  The Well 
in Toronto is a good example.  The workspace component is a high-rise tower for the most part with no 
heritage element at all.  However, because of its architecture, performance attributes and location within a 
vibrant and amenity-rich neighbourhood, it has attracted outstanding knowledge-based organizations.  
When Allied’s business is defined by the workspace users it serves, the actual format becomes less 
important and the specific building attributes and neighbourhood amenities take on paramount importance.  
Accordingly, if a conventional office tower can be transformed to provide the specific attributes and 
amenities favoured by knowledge-based organizations, it falls squarely within Allied’s investment and 
operating focus.  This expands Allied’s opportunity-set materially.  
Allied continues to experience steady demand for urban workspace, urban rental-residential space and 
urban amenity space, as well as strong and quantifiable engagement among users of space in the Allied 
portfolio generally.  Allied expects to continue the ongoing upgrade of its urban workspace portfolio and 
to accelerate the establishment of its urban rental-residential portfolio flowing from mixed-use urban 
development in which it has participated over the past decade.
VISION AND MISSION 
Allied’s vision statement is as follows: To make a continuous contribution to cities and culture that elevates 
and inspires the humanity in all people.  In isolation, this could be seen as somewhat extravagant and 
nebulous, but it is fully grounded and informed by Allied’s mission statement, which is as follows: To provide 
knowledge-based organizations with distinctive urban workspace in a manner that is sustainable and conducive 
to human wellness, creativity, connectivity and diversity.  Like all such statements, Allied’s vision and mission 
statements need elaboration.  

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ALLIED 2024 ANNUAL REPORT
From inception, Allied’s approach to workspace was both humanistic and technical.  Allied sees workspace 
from the vantage point of people who use it rather than people who invest in it.  Allied sees workspace 
as optimal light and air, a flexible and open floorplan and a collaborative rather than feudal relationship 
between owner and user.  Allied sees workspace as a product of aesthetic and technical design.  Finally, 
Allied sees workspace as part of a large, amenity-rich, urban ecosystem rather than as an instance of the 
monumental isolation that characterizes so many conventional office towers.  
ENVIRONMENTAL, SOCIAL AND GOVERNANCE (“ESG”)
Environmental, social and governance sensitivities are an integral part of Allied.  They flow from its evolution 
as an organization focused on the provision of distinctive urban workspace in Canada’s major cities.
Long before going public, Allied focused on the adaptive re-use of older structures built over a century 
ago for light-industrial purposes.  The goal at the time was not to minimize the impact on the environment.  
Rather, it was to meet what was rightly perceived to be a growing need on the part of users of workspace 
for environments that would assist them in attracting, motivating and retaining knowledge workers.  
Nevertheless, by re-cycling buildings rather than re-building them, Allied minimized the impact on the 
environment.  This evolved into greater sensitivity as to the environmental impact of its activity.  
Again, long before its initial public offering (“IPO”), Allied concentrated its properties in specific urban 
areas.  The goal at the time was not to make a social contribution.  Rather, it was to meet what was rightly 
perceived to be the need on the part of users of workspace to grow in amenity-rich, mixed-use urban 
communities.  Nevertheless, by aggregating buildings in this way, Allied became sensitized to the impact on 
the surrounding communities in which it operates.  Allied began to see its buildings as part of a larger urban 
ecosystem and to acknowledge its responsibility to the surrounding community as a whole.  
Finally, the launch of Allied’s IPO in 2003 increased its sensitivity to governance.  The sensitivities at the time 
were predominantly financial and operational, but as Allied evolved and attracted Unitholders globally, the 
sensitivity to a broader conception of governance increased.  Allied’s Board and Management began to see 
governance as something that could strengthen the business significantly.

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ALLIED 2024 ANNUAL REPORT
ESG OVERSIGHT & REPORTING
Allied’s Board and Management are committed to making its inherent approach to ESG more manifest, 
deliberate and measurable.  They have always believed that submitting to informed scrutiny will make 
Allied a better business, and formally submitting to ESG scrutiny is no exception in this regard.  The Board is 
responsible for the oversight of the ESG Strategy and ESG initiatives developed by Management.  The Board’s 
Governance, Compensation and Nomination Committee (the “GC&NC”) oversees and monitors Allied’s 
ESG performance and reviews Allied’s ESG Report, ESG Policy and other governance policies and practices 
annually.
On the recommendation of the GC&NC, the Board established four specific and measurable ESG goals, the 
performance in relation to which the GC&NC and the Board analyzes as part of its assessment of incentive 
bonus awards for all Allied employees.
In June 2024, Allied published its 2023 ESG Report in accordance with the Global Reporting Initiative (“GRI”) 
2021 Universal Standards, the Sustainability Accounting Standards Board (“SASB”) Real Estate Standard, the 
United Nations Sustainable Development Goals (“UN SDGs”) and the Task Force on Climate-related Financial 
Disclosures (“TCFD”) recommendations.
NET ZERO CARBON PATHWAY 
Allied has committed to set near- and long-term greenhouse gas (“GHG”) emissions reduction targets in line 
with the Science-Based Targets initiative (“SBTi”) and a 1. 5°C decarbonization pathway.  These targets will 
apply to both the rental and development portfolios.  Allied will submit its targets for validation by the SBTi 
in the first half of 2025 and will disclose them once they have been validated.

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ALLIED 2024 ANNUAL REPORT
ESG HIGHLIGHTS
Committed to Set 
Science-Based 
Emissions Reduction 
Targets
Allied has committed to set near- and 
long-term GHG emissions reduction 
targets, in line with the SBTi and a 
1. 5°C decarbonization pathway.
Outperformed 2024 
Targets (1)
Allied’s 2023 environmental 
performance metrics continued to 
exceed its 2024 reduction targets 
for Energy Use Intensity (EUI), 
Greenhouse Gas Intensity (GHGI)  
and Water Use Intensity (WUI).
Received global 
recognition for  
ESG performance
Allied was recently recognized in 
2025 as one of Sustainalytics’ ESG 
Top-Rated Companies.  
In its 2024 GRESB assessment, 
Allied achieved a score of 84 for its 
standing investments and a score 
of 86 for its developments.  Allied 
remains at or above the GRESB 
average for both scores, five points 
above the peer average for standing 
investments and two points below  
the peer average for developments.
Achieved Green 
Financing Performance 
Target
In December 2022, Allied obtained 
a $75 million sustainability-linked 
construction lending facility, at its 
share, for the development of 108 
East 5th Avenue in Vancouver.  On this 
construction lending facility, Allied 
has exceeded one of the sustainability 
performance targets for 2023, as 
more than 10% of individuals in its 
construction and construction-related 
labour identified themselves as equity 
deserving groups(2).  The second 
sustainability performance target, 
which is a green building certification, 
is to be assessed upon completion of 
the building.
Increased Portfolio 
Certification from  
27% to 41%
In 2023, Allied increased the 
percentage of its portfolio certified 
to LEED and/or BOMA BEST from 
27% in 2022 to 41% in 2023, with an 
aim to certify 70% of its portfolio by 
2028.
Advanced commitment 
to Equity, Diversity and 
Inclusion (“EDI”)
Allied completed its inaugural EDI 
Roadmap in 2023 and developed 
its second EDI Roadmap in 2024.  
Feedback from Allied’s User 
Experience Assessment indicated 
that 91% of users are satisfied with 
its commitment to EDI.
Supported over  
1,500 Artists
In 2023, Allied provided affordable 
workspace for over 1,500 artists in 
Calgary, Toronto and Montréal.
Outperformed Peers 
in User Experience 
Assessment Ratings 
Score 
Sustained focus on user experience 
has led to an increase in Allied’s Net 
Promoter Score (3) by 30% compared 
to 2023, achieving 150% higher than 
the industry average in 2024.  
Recognized as a 
Canadian “Best 
Employer” in 2023
Since 2020, Allied has engaged 
Kincentric to conduct a third-party 
employee engagement survey.  Allied 
was recognized as a “Best Employer” 
by Kincentric in 2020, 2021 and 2023.
(1)	 These metrics are based on Allied’s 2023 ESG Report, available on www.alliedreit.com.
(2)	 Equity deserving groups include Indigenous people, racialized communities, recent immigrants and refugees, disabled persons, members 
of the 2SLGBTQQIA+ community, veterans, youth aged 29 and under, and people who identify as having experienced barriers to economic 
opportunity and participation.
(3)	 Net Promoter Score is a widely-used metric to measure user satisfaction and loyalty.

17
ALLIED 2024 ANNUAL REPORT
BUSINESS ENVIRONMENT AND OUTLOOK
Utilization of, and demand for, Allied’s workspace continued to strengthen in the fourth quarter.  Allied is 
experiencing steady demand for urban workspace, urban rental-residential space and urban amenity space, 
as well as strong and quantifiable engagement among users of space in its portfolio generally.  Management 
expects this to underpin growth in same-asset NOI in 2025 of approximately 2%.  With the higher overall 
interest cost flowing from the 2024 acquisitions, Management expects FFO and AFFO per unit to contract in 
2025 by approximately 4%.
Allied’s specific operating goals for year-end 2025 are as follows:
(i)	
to have reached occupied and leased area of at least 90%;
(ii)	 to have sold lower-yielding, non-core properties, primarily in Montréal, Calgary, Edmonton and 
Vancouver, for at least $300 million and at or above IFRS value, with allocation of proceeds to debt 
repayment;
(iii)	 to have fully monetized its loan receivable secured by 150 West Georgia Street in Vancouver with 
allocation of proceeds to debt repayment; and
(iv)	 to have net debt as a multiple of annualized adjusted EBITDA below 10x, despite an expected temporary 
increase in the first quarter of 2025.
Allied has assembled the largest and most concentrated portfolio of economically-productive, underutilized 
urban land in Canada, one that affords extraordinary mixed-use intensification potential in major cities 
going forward.  Allied believes deeply in the continued success of Canadian cities and has the platform and 
the breadth of funding relationships necessary to drive value in the coming years and decades for the benefit 
of its constituents.
The foregoing sections contain non-GAAP measures and forward-looking statements.  Where it is not 
explicitly stated, the measures include the results of both continuing and discontinued operations.  
Management believes these combined results provide a more meaningful measure of financial performance 
for the periods presented.  Refer to Non-GAAP Measures and Forward-Looking Statements below.
NON-GAAP MEASURES
Readers are cautioned that certain terms used in the MD&A listed below, including any related per unit 
amounts, used by Management of Allied to measure, compare and explain the operating results and 
financial performance of Allied do not have any standardized meaning prescribed under IFRS and, 
therefore, should not be construed as alternatives to net income, cash flow from operating activities, or any 
other measure prescribed under IFRS.  These terms are defined in the following table and reconciliations 
to the most comparable IFRS measure are referenced, as applicable.  The following terms do not have a 
standardized meaning prescribed by IFRS and may not be comparable to similarly titled measures presented 
by other publicly traded entities.

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ALLIED 2024 ANNUAL REPORT
NON-GAAP MEASURE
DEFINITION
RECONCILIATION
Allied’s proportionate share 
or proportionate basis
All references to “proportionate share” or “proportionate basis” refer 
to a non-GAAP financial measure representing Allied’s proportionate 
share of equity accounted investments. Allied applies the equity method 
of accounting to its joint venture, the 7th Avenue Sky Partnership (the 
“TELUS Sky Partnership”), as prescribed under IFRS. Management 
presents the proportionate share of its interests in joint arrangements 
that are accounted for using the equity method as it is viewed as 
relevant in demonstrating Allied’s performance and is the basis of many 
of Allied’s key performance measures.
Section II -  
Operations,  
Section V -  
Asset Profile,  
Section VI -  
Liquidity and  
Capital Resources
Funds from Operations 
(“FFO”) 
FFO is a non-GAAP financial measure used by most Canadian real 
estate investment trusts based on a standardized definition established 
in REALPAC’s “Funds From Operations (FFO) & Adjusted Funds From 
Operations (AFFO) for IFRS” issued in January 2022. FFO is defined 
as net income and comprehensive income from continuing operations 
less certain adjustments, on a proportionate basis, including fair value 
changes in investment properties, investment properties held for 
sale, Exchangeable LP Units and derivative instruments, impairment, 
transaction costs, incremental leasing costs, net income and 
comprehensive income from discontinued operations, distributions 
on Exchangeable LP Units as they are puttable instruments classified 
as financial liabilities, amortization of improvement allowances and 
amortization of property, plant and equipment which relates to owner-
occupied property. FFO is reconciled to net income and comprehensive 
income from continuing operations, which is the most directly 
comparable IFRS measure. Management believes FFO is a key measure 
of operating performance.
Section II -  
Operations -  
Other Financial 
Performance Measures
FFO excluding condominium 
costs, financing prepayment 
costs and the mark-to-
market adjustment on unit-
based compensation
FFO excluding condominium-related items, financing prepayment 
costs and the mark-to-market adjustment on unit-based compensation 
starts with FFO and removes the effects of condominium revenue, 
condominium cost of sales, condominium marketing costs, financing 
prepayment costs and the mark-to-market adjustment on unit-based 
compensation. FFO excluding condominium-related items, financing 
prepayment costs and the mark-to-market adjustment on unit-based 
compensation is reconciled to net income and comprehensive income 
from continuing operations, which is the most directly comparable 
IFRS measure. Management believes this is a useful measure as these 
condominium and financing prepayment items are not indicative of 
recurring operating performance, and the mark-to-market adjustments 
of unit-based compensation can fluctuate widely with the market.
Section II -  
Operations -  
Other Financial 
Performance Measures 
Adjusted Funds from 
Operations (“AFFO”)
AFFO is a non-GAAP financial measure used by most Canadian real 
estate investment trusts based on a standardized definition established 
in REALPAC’s “Funds From Operations (FFO) & Adjusted Funds From 
Operations (AFFO) for IFRS” issued in January 2022. AFFO is defined as 
FFO less amortization of straight-line rent, regular leasing expenditures, 
regular and recoverable maintenance capital expenditures, and 
incremental leasing costs (related to regular leasing expenditures). 
AFFO is reconciled to net income and comprehensive income from 
continuing operations, which is the most directly comparable IFRS 
measure. Management considers AFFO to be a useful measure of 
recurring economic earnings and relevant in understanding Allied’s 
ability to service its debt, fund capital expenditures and provide 
distributions to Unitholders. 
Section II -  
Operations -  
Other Financial 
Performance Measures

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ALLIED 2024 ANNUAL REPORT
NON-GAAP MEASURE
DEFINITION
RECONCILIATION
AFFO excluding 
condominium-related items, 
financing prepayment costs 
and the mark-to-market 
adjustment on unit-based 
compensation
AFFO excluding condominium-related items, financing prepayment 
costs and the mark-to-market adjustment on unit-based compensation 
starts with AFFO and removes the effects of condominium revenue, 
condominium cost of sales, condominium marketing costs, financing 
prepayment costs and the mark-to-market adjustment on unit-based 
compensation. AFFO excluding condominium-related items, financing 
prepayment costs and the mark-to-market adjustment on unit-based 
compensation is reconciled to net income and comprehensive income 
from continuing operations, which is the most directly comparable 
IFRS measure. Management believes this is a useful measure as these 
condominium and financing prepayment items are not indicative of 
recurring economic earnings, and the mark-to-market adjustments of 
unit-based compensation can fluctuate widely with the market.
Section II -  
Operations -  
Other Financial 
Performance Measures
Net income from continuing 
operations excluding 
fair value adjustments, 
transaction costs, financing 
prepayment costs and 
impairment
Net income from continuing operations excluding fair value 
adjustments, transaction costs, financing prepayment costs and 
impairment is a non-GAAP financial measure that starts with net 
income from continuing operations and removes the effects of fair value 
gains or losses on investment properties and investment properties 
held for sale, Exchangeable LP Units, or derivative instruments, the 
mark-to-market adjustment on unit-based compensation, transaction 
costs, financing prepayment costs and impairment on an IFRS basis. 
Management considers this to be a useful measure of operating 
performance, as fair value adjustments can fluctuate widely with 
the market, and transaction costs, financing prepayment costs and 
impairment are non-recurring in nature.
Section II -  
Operations
Net Rental Income (“NRI”)
NRI is a non-GAAP financial measure defined as rental revenue from 
continuing operations less property operating costs from continuing 
operations on a proportionate basis. It excludes condominium revenue 
and condominium cost of sales. The most directly comparable IFRS 
measure is operating income. Management considers NRI to be a useful 
measure of the operating performance of its rental properties portfolio.
Section II -  
Operations -  
Net Operating Income 
Net Operating Income 
(“NOI”) from continuing 
operations
NOI from continuing operations is a non-GAAP financial measure 
defined as NRI excluding the impact of non-cash items such as 
amortization of improvement allowances and the amortization of 
straight-line rent from continuing operations on a proportionate basis. 
The most directly comparable IFRS measure to NOI from continuing 
operations is Operating Income. Management believes this is a useful 
measure as it demonstrates the cash generating operating performance 
of its income producing properties. 
Section II -  
Operations -  
Net Operating Income 
NOI from discontinued 
operations
NOI from discontinued operations is a non-GAAP financial measure 
defined as rental revenue from discontinued operations less property 
operating costs from discontinued operations on a proportionate 
basis, excluding the impact of non-cash items such as amortization of 
improvement allowances and the amortization of straight-line rent from 
discontinued operations on a proportionate basis. The most directly 
comparable IFRS measure to NOI from discontinued operations is 
Operating Income. Management believes this is a useful measure as it 
demonstrates the performance of its discontinued segment.
Section II -  
Operations -  
Net Operating Income

20
ALLIED 2024 ANNUAL REPORT
NON-GAAP MEASURE
DEFINITION
RECONCILIATION
Total NOI
Total NOI is a non-GAAP financial measure defined as the sum 
of NOI from continuing operations and NOI from discontinued 
operations. The most directly comparable IFRS measure to Total NOI 
is Operating Income. Management believes this is a useful measure as 
it demonstrates the cash generating operating performance of all its 
properties.
Section II -  
Operations -  
Net Operating Income
Same Asset NOI
Same Asset NOI is a non-GAAP measure defined as NOI for the 
properties that Allied owned and operated for the entire duration of 
both the current and comparative period on a proportionate basis. The 
most directly comparable IFRS measure to Same Asset NOI is Operating 
Income. Management believes this is a useful measure as NOI growth 
can be assessed on its portfolio excluding the impact of acquisition 
and disposition activities. Allied uses Same Asset NOI to evaluate the 
performance of its properties.
Section II -  
Operations -  
Same Asset NOI
Gross Book Value (“GBV”)
GBV is a non-GAAP measure defined as the total assets of Allied on a 
proportionate basis. The most directly comparable IFRS measure to 
GBV is total assets. Management believes GBV is a useful measure to 
assess the growth in Allied’s total portfolio of rental and development 
properties.
Section V -  
Asset Profile
Unencumbered investment 
properties
Unencumbered investment properties is a non-GAAP measure defined 
as the fair value of investment properties which are free and clear of 
any encumbrances. This is calculated on a proportionate basis. The 
most directly comparable IFRS measure to unencumbered investment 
properties is investment properties. 
Management believes unencumbered investment properties is a useful 
measure to assess the borrowing capacity of Allied.
N/A
Cost of Properties Under 
Development (“PUD”) as  
a percentage of GBV
Cost of PUD as a percentage of GBV is a non-GAAP measure defined 
as the book value of Allied’s properties under development, on a 
proportionate basis, divided by the GBV at period-end. Management 
believes this is a useful metric in assessing development risk. Allied has 
a limit of 15% as outlined in its Declaration of Trust.
Section V -  
Asset Profile

21
ALLIED 2024 ANNUAL REPORT
NON-GAAP MEASURE
DEFINITION
RECONCILIATION
Adjusted Earnings Before 
Interest, Taxes, Depreciation 
and Amortization 
(“Adjusted EBITDA”)
and
Annualized Adjusted EBITDA
Adjusted EBITDA is a non-GAAP measure calculated on a proportionate 
basis comprised of earnings before interest expense, income taxes, 
depreciation and amortization expense (including amortization of 
improvement allowances), impairment, gains and losses on disposal 
of investment properties and the fair value gains or losses associated 
with investment properties and investment properties held for 
sale, Exchangeable LP Units, financial instruments, and unit-based 
compensation.
Annualized Adjusted EBITDA is a non-GAAP measure calculated as the 
Adjusted EBITDA for the current period annualized. 
The most directly comparable IFRS measure to Adjusted EBITDA and 
Annualized Adjusted EBITDA is net income and comprehensive income. 
Management believes Adjusted EBITDA and Annualized Adjusted 
EBITDA are useful metrics to determine Allied’s ability to service its 
debt, finance capital expenditures and provide distributions to its 
Unitholders.
Section II -  
Operations -  
Other Financial 
Performance Measures 
Net debt
Net debt is a non-GAAP measure, calculated on a proportionate 
basis, as debt less cash, cash equivalents and a deposit Management 
considers to be cash equivalent. The most directly comparable IFRS 
measure to net debt is debt. Management considers net debt a useful 
measure for evaluating debt levels.
Section VI -  
Liquidity and  
Capital Resources -  
Debt
Net debt as a multiple of 
Annualized Adjusted EBITDA
Net debt as a multiple of Annualized Adjusted EBITDA is a non-GAAP 
measure of Allied’s financial leverage and is defined as net debt divided 
by Annualized Adjusted EBITDA. This measure indicates the number 
of years required for Allied’s Annualized Adjusted EBITDA to repay 
all outstanding debts, taking into consideration the cash on hand to 
decrease debt. Management considers this metric a useful measure for 
evaluating Allied’s ability to service its debt.
N/A
FFO and AFFO Payout-Ratios
and 
FFO and AFFO Payout-Ratios 
excluding condominium-
related items, financing 
prepayment costs and the 
mark-to-market adjustment 
on unit-based compensation
FFO and AFFO payout-ratios and FFO and AFFO payout-ratios excluding 
condominium-related items, financing prepayment costs and the 
mark-to-market adjustment on unit-based compensation are non-GAAP 
measures. 
These payout ratios are calculated by dividing the actual distributions 
declared (excluding any special distributions declared in cash or Units) 
by FFO, AFFO and FFO and AFFO excluding condominium-related items, 
financing prepayment costs and the mark-to-market adjustment on 
unit-based compensation in a given period. 
Management considers these metrics a useful way to evaluate Allied’s 
distribution paying capacity. 
N/A

22
ALLIED 2024 ANNUAL REPORT
NON-GAAP MEASURE
DEFINITION
RECONCILIATION
Interest Coverage Ratio
and
Interest Coverage Ratio 
including interest capitalized
and
Interest Coverage Ratio 
including interest capitalized 
and excluding financing 
prepayment costs
Interest coverage ratio, interest coverage ratio including interest 
capitalized, and interest coverage ratio including interest capitalized 
and excluding financing prepayment costs are non-GAAP measures 
calculated on a trailing three-month basis and twelve-month basis for 
the three months ended and the year ended, respectively. 
Interest coverage ratio is defined as Adjusted EBITDA divided by interest 
expense excluding the distributions on Exchangeable LP Units which are 
recognized as interest expense. 
Interest coverage ratio including interest capitalized is defined as 
Adjusted EBITDA divided by interest expense with interest capitalized 
included. 
Interest coverage ratio including interest capitalized and excluding 
financing prepayment costs is defined as Adjusted EBITDA divided 
by interest expense with interest capitalized included and financing 
prepayment costs excluded. The interest expense excludes the 
distributions on Exchangeable LP Units which are recognized as interest 
expense.
Management considers these metrics useful as they indicate Allied’s 
ability to meet its interest cost obligations.
N/A
Total Indebtedness Ratio
or 
Total Debt Ratio
Total indebtedness ratio or total debt ratio is a non-GAAP measure of 
Allied’s financial leverage, which is calculated on a proportionate basis 
by taking debt plus outstanding letters of credit divided by total assets. 
Management considers this metric useful as it indicates Allied’s ability 
to meet its debt obligations.
Section V -  
Asset Profile

23
ALLIED 2024 ANNUAL REPORT
FORWARD-LOOKING STATEMENTS
Certain information included in this MD&A contains forward-looking statements within the meaning of 
applicable securities laws, including, among other things, statements concerning Allied’s objectives and 
strategies to achieve those objectives, statements with respect to Management’s beliefs, plans, estimates 
and intentions and statements concerning anticipated future events, circumstances, expectations, 
results, operations or performance that are not historical facts, and the assumptions underlying any 
of the foregoing.  Forward-looking statements can be identified generally by the use of forward-looking 
terminology, such as “forecast”, “goals”, “outlook”, “may”, “will”, “expect”, “estimate”, “anticipate”, 
“intends”, “believe”, “assume”, “plans”, “continue” or similar expressions suggesting future outcomes or 
events.  In particular, certain statements in Section I – Overview, under the headings “Business Overview 
and Strategy”, “Focus and Definition”, “Vision and Mission”, “Environmental, Social and Governance” 
and “Business Environment and Outlook”, Section II - Operations, under the heading “Other Financial 
Performance Measures”, Section III - Leasing, under the headings “Status” and “Lease Maturity”,  
Section V - Asset Profile, under the headings “Rental Properties” and “Development Properties”, 
Section VI - Liquidity and Capital Resources and Section IX - Risks and Uncertainties, constitute forward-
looking information.  This MD&A includes, but is not limited to, forward-looking statements regarding: 
increases to Allied’s annual NOI due to development activities; Allied’s ability to fully support its current 
distribution commitment; expected sale of non-core properties in its portfolio; expected enhancements 
to the productivity of Allied’s national portfolio of urban income-producing properties; expected ongoing 
strengthening of Allied’s debt-metrics; expected capital expenditure and allocation; completion of 
construction and lease-up in connection with Properties Under Development (“PUDs”); the creation of 
future value; estimated gross leasable area (“GLA”), estimated NOI and growth from PUDs; estimated costs of 
PUDs; estimated gross proceeds from the sale of residential inventory; future economic occupancy; yield on 
cost of PUDs; anticipated rental rates; lease up of our intensification projects; anticipated available square 
feet (“SF”) of leasable area; targets for LEED and/or BOMA certification; our ability to achieve risk-adjusted 
returns on intensification; our expectations regarding the timing of development of potential incremental 
density; receipt of municipal approval for value-creation projects, including intensifications; Management’s 
expectations regarding future distributions; and completion of future financings and availability of capital.  
Such forward-looking statements reflect Management’s current beliefs and are based on information 
currently available to Management.

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ALLIED 2024 ANNUAL REPORT
The forward-looking statements in this MD&A are not guarantees of future results, operations or 
performance and are based on estimates and assumptions that are subject to risks and uncertainties, 
including those described in Section IX - Risks and Uncertainties, which could cause actual results, 
operations or performance to differ materially from the forward-looking statements in this MD&A.  Those 
risks and uncertainties include risks associated with joint arrangements and partnerships, financing and 
interest rates, access to capital, general economic conditions, development and construction, lease roll-over, 
user terminations and financial stability, competition for users and cybersecurity.  Material assumptions 
that were made in formulating the forward-looking statements in this MD&A include the following: that 
our current target markets remain stable, with no material increase in supply of directly-competitive office 
space; that there is continued demand for development office space; that acquisition capitalization rates 
remain reasonably constant; that the trend toward intensification within our target markets continues; and 
that the equity and debt markets provide us with access to capital at a reasonable cost to fund our future 
growth and potentially refinance our debt as it matures.  Although the forward-looking statements contained 
in this MD&A are based on what Management believes are reasonable assumptions, there can be no 
assurance that actual results, operations or performance will be consistent with these statements.
All forward-looking statements in this MD&A are qualified in their entirety by this forward-looking 
disclaimer.  Without limiting the generality of the foregoing, the discussion in Section I - Overview, 
Section II - Operations, Section III - Leasing, Section V - Asset Profile and Section VI - Liquidity and Capital 
Resources are qualified in their entirety by this forward-looking disclaimer.  These statements are made as 
of February 4, 2025, and, except as required by applicable law, Allied undertakes no obligation to update 
publicly or revise any such statements to reflect new information or the occurrence of future events or 
circumstances.

25
ALLIED 2024 ANNUAL REPORT
Section II
—Operations
Allied’s operating platform is built on its concentration of distinctive urban workspace, focused strategy and 
integrated team.

26
ALLIED 2024 ANNUAL REPORT
NET INCOME AND COMPREHENSIVE INCOME
The following table reconciles the consolidated statements of loss and comprehensive loss on an IFRS basis 
to a proportionate basis, which is a non-GAAP measure, for the three months and years ended December 31, 
2024, and December 31, 2023, as defined on page 17.
There is an additional table to reconcile net loss and comprehensive loss from continuing operations 
to net income from continuing operations excluding fair value adjustments, transaction costs, 
financing prepayment costs and impairment, a non-GAAP measure, for the three months and years 
ended December 31, 2024, and December 31, 2023, as defined on page 17.  
THREE MONTHS ENDED
DECEMBER 31, 2024
DECEMBER 31, 2023
IFRS  
BASIS
INVESTMENT 
IN JOINT 
VENTURE
PROPORTIONATE 
BASIS
IFRS  
BASIS
INVESTMENT 
IN JOINT 
VENTURE
PROPORTIONATE 
BASIS
Continuing operations
Rental revenue
$155,120
$2,064
$157,184
$150,898
$1,997
$152,895
Property operating costs
(70,737)
(1,246)
(71,983)
(69,029)
(1,094)
(70,123)
Operating income
$84,383
$818
$85,201
$81,869
$903
$82,772
Interest income
10,393
14
10,407
18,749
5
18,754
Interest expense
(31,743)
—
(31,743)
(30,265)
—
(30,265)
General and administrative 
expenses
(8,374)
—
(8,374)
(6,729)
—
(6,729)
Condominium marketing 
expenses
(17)
—
(17)
(89)
—
(89)
Amortization of other assets
(388)
(43)
(431)
(381)
—
(381)
Transaction costs
(1,586)
(80)
(1,666)
(167)
—
(167)
Net income (loss) from joint 
venture
105
(105)
—
(14,131)
14,131
—
Fair value loss on investment 
properties and investment 
properties held for sale
(346,035)
(604)
(346,639)
(494,571)
(15,039)
(509,610)
Fair value gain (loss) on 
Exchangeable LP Units
36,254
—
36,254
(26,571)
—
(26,571)
Fair value loss on derivative 
instruments
(644)
—
(644)
(27,054)
—
(27,054)
Net loss and comprehensive 
loss from continuing 
operations
$(257,652)
$—
$(257,652)
$(499,340)
$—
$(499,340)
Net loss and comprehensive 
loss from discontinued 
operations
$—
$—
$—
$—
$—
$—
Net loss and comprehensive 
loss
$(257,652)
$—
$(257,652)
$(499,340)
$—
$(499,340)

27
ALLIED 2024 ANNUAL REPORT
THREE MONTHS ENDED
DECEMBER 31,  
2024
DECEMBER 31,  
2023
Net loss and comprehensive loss from continuing operations
$(257,652)
$(499,340)
Fair value loss on investment properties and investment properties held for sale
346,035
494,571
Fair value (gain) loss on Exchangeable LP Units
(36,254)
26,571
Fair value loss on derivative instruments
644
27,054
Mark-to-market adjustment on unit-based compensation
1,834
216
Transaction costs
1,586
167
Financing prepayment costs
501
—
Impairment of residential inventory
—
—
Net income from continuing operations excluding fair value adjustments, 
transaction costs, financing prepayment costs and impairment
$56,694
$49,239
On an IFRS basis, operating income from continuing operations for the three months ended December 31, 
2024, increased by $2,514 or 3. 1%, primarily due to development completions at The Well and QRC West 
Phase II and contributions from 400 West Georgia and 19 Duncan, partially offset by non-renewals and 
dispositions.
On an IFRS basis, net loss and comprehensive loss from continuing operations for the three months ended 
December 31, 2024, decreased by $241,688 or 48. 4% from the comparable period in 2023, primarily due to a 
lower fair value loss on investment properties and investment properties held for sale of $148,536, a higher 
fair value gain on Exchangeable LP Units of $62,825, a lower fair value loss on derivative investments of 
$26,410 and higher operating income of $2,514.

28
ALLIED 2024 ANNUAL REPORT
YEAR ENDED
DECEMBER 31, 2024
DECEMBER 31, 2023
IFRS  
BASIS
INVESTMENT 
IN JOINT 
VENTURE
PROPORTIONATE 
BASIS
IFRS  
BASIS
INVESTMENT 
IN JOINT 
VENTURE
PROPORTIONATE 
BASIS
Continuing operations
Rental revenue
$592,040
$7,716
$599,756
$563,980
$8,452
$572,432
Property operating costs
(263,566)
(5,239)
(268,805)
(246,949)
(4,420)
(251,369)
Operating income
$328,474
$2,477
$330,951
$317,031
$4,032
$321,063
Interest income
45,069
40
45,109
53,605
23
53,628
Interest expense
(116,467)
—
(116,467)
(107,073)
—
(107,073)
General and administrative 
expenses
(24,333)
—
(24,333)
(23,577)
—
(23,577)
Condominium marketing 
expenses
(134)
—
(134)
(538)
—
(538)
Amortization of other assets
(1,538)
(204)
(1,742)
(1,499)
—
(1,499)
Transaction costs
(1,722)
(80)
(1,802)
(167)
—
(167)
Net income (loss) from  
joint venture
1,842
(1,842)
—
(15,622)
15,622
—
Fair value loss on investment 
properties and investment 
properties held for sale
(557,569)
(391)
(557,960)
(772,652)
(19,677)
(792,329)
Fair value gain on 
Exchangeable LP Units
35,782
—
35,782
28,696
—
28,696
Fair value loss on derivative 
instruments
(13,675)
—
(13,675)
(8,535)
—
(8,535)
Impairment of residential 
inventory
(38,259)
—
(38,259)
(15,376)
—
(15,376)
Net loss and comprehensive 
loss from continuing 
operations
$(342,530)
$—
$(342,530)
$(545,707)
$—
$(545,707)
Discontinued operations 
(UDC segment)
Rental revenue
$—
$—
$—
$54,539
$—
$54,539
Property operating costs
—
—
—
(20,718)
—
(20,718)
Operating income
$—
$—
$—
$33,821
$—
$33,821
Interest expense
—
—
—
(4,433)
—
(4,433)
Transaction costs
—
—
—
(13,246)
—
(13,246)
Fair value gain on investment 
properties held for sale
—
—
—
108,849
—
108,849
Net income and 
comprehensive income from 
discontinued operations
$—
$—
$—
$124,991
$—
$124,991
Net loss and comprehensive 
loss
$(342,530)
$—
$(342,530)
$(420,716)
$—
$(420,716)

29
ALLIED 2024 ANNUAL REPORT
YEAR ENDED
DECEMBER 31, 
2024
DECEMBER 31, 
2023
Net loss and comprehensive loss from continuing operations
$(342,530)
$(545,707)
Fair value loss on investment properties and investment properties held for sale
557,569
772,652
Fair value gain on Exchangeable LP Units
(35,782)
(28,696)
Fair value loss on derivative instruments
13,675
8,535
Mark-to-market adjustment on unit-based compensation
(107)
(494)
Transaction costs
1,722
167
Financing prepayment costs
501
—
Impairment of residential inventory
38,259
15,376
Net income from continuing operations excluding fair value adjustments,  
transaction costs, financing prepayment costs and impairment (1)
$233,307
$221,833
(1)	 This excludes the Urban Data Centre segment which was classified as a discontinued operation in Q4 2022 until its disposition in August 2023.
On an IFRS basis, operating income from continuing operations for the year ended December 31, 2024, 
increased by $11,443 or 3. 6%, primarily due to development completions at The Well and QRC West Phase II 
and contributions from 400 West Georgia and 19 Duncan, partially offset by non-renewals and dispositions.
On an IFRS basis, net loss and comprehensive loss from continuing operations for the year ended 
December 31, 2024, decreased by $203,177 or 37. 2% from the comparable period in 2023 primarily due 
to a lower fair value loss on investment properties and investment properties held for sale of $215,083, 
an increase in operating income from continuing operations of $11,443 and a higher fair value gain on 
Exchangeable LP Units of $7,086, partially offset by a higher impairment of residential inventory of $22,883 
and a higher fair value loss on derivative instruments of $5,140.
On an IFRS basis, for the year ended December 31, 2024, operating income from discontinued operations 
decreased by $33,821 and net income and comprehensive income from discontinued operations decreased 
by $124,991 from the comparable period in 2023, due to the disposition of the Urban Data Centre (“UDC”) 
portfolio in August 2023.  

30
ALLIED 2024 ANNUAL REPORT
NET OPERATING INCOME
Allied operated in seven urban markets in 2024 — Montréal, Ottawa, Toronto, Kitchener, Calgary, Edmonton 
and Vancouver.  On December 18, 2024, Allied disposed of its Ottawa properties.  For the purpose of 
analyzing NOI, Allied groups the cities by geographic location.  
Allied’s portfolio has grown through acquisitions and development activities that have positively contributed 
to the operating results for the three months and year ended December 31, 2024, as compared to the same 
period in the prior year.
The following table reconciles operating income to net operating income, a non-GAAP measure, as defined 
on page 17.
THREE MONTHS ENDED
YEAR ENDED
DECEMBER 31, 
2024
DECEMBER 31, 
2023
DECEMBER 31, 
2024
DECEMBER 31, 
2023
Operating income, IFRS basis
$84,383
$81,869
$328,474
$317,031
Add: investment in joint venture
818
903
2,477
4,032
Operating income, proportionate basis
$85,201
$82,772
$330,951
$321,063
Amortization of improvement allowances (1)(2)
9,300
7,698
37,753
31,790
Amortization of straight-line rent (1)(2)
(1,702)
(3,361)
(7,600)
(9,074)
NOI from continuing operations
$92,799
$87,109
$361,104
$343,779
NOI from discontinued operations
$—
$—
$—
$33,452
Total NOI
$92,799
$87,109
$361,104
$377,231
(1)	 Includes Allied’s proportionate share of the equity accounted investment of the following amounts for the three months and year 
ended December 31, 2024: amortization improvement allowances of $189 and $778, respectively (December 31, 2023 - $169 and $660, 
respectively), and amortization of straight-line rent of $(38) and $(190), respectively (December 31, 2023 - $(43) and $(190), respectively). 
(2)	 Excludes the Urban Data Centre segment which was classified as a discontinued operation starting in Q4 2022, until its disposition in August 
2023. For the three months and year ended December 31, 2023, the UDC segment’s amortization of improvement allowances was $nil and $326, 
respectively, and the amortization of straight-line rent was $nil and $(695), respectively.

31
ALLIED 2024 ANNUAL REPORT
The following tables set out the NOI by segment and space type for the three months and years 
ended December 31, 2024, and 2023.
THREE MONTHS ENDED 
CHANGE
SEGMENT
DECEMBER 31, 2024
DECEMBER 31, 2023
$
%
Montréal & Ottawa
$28,804
31.0%
$31,223
35. 8%
$(2,419)
(7. 7)%
Toronto & Kitchener
48,090
51.9
42,672
49. 0
5,418
12. 7
Calgary & Edmonton
4,209
4.5
4,894
5. 6
(685)
(14. 0)
Vancouver
11,696
12.6
8,320
9. 6
3,376
40. 6
NOI from continuing operations
$92,799
100.0%
$87,109
100. 0%
$5,690
6. 5%
NOI from discontinued operations
$—
—%
$—
—%
$—
—%
Total NOI
$92,799
100.0%
$87,109
100. 0%
$5,690
6. 5%
THREE MONTHS ENDED 
CHANGE
TYPE OF SPACE
DECEMBER 31, 2024
DECEMBER 31, 2023
$
%
Office
$75,288
81.1%
$70,944
81. 4%
$4,344
6. 1%
Retail
11,707
12.6
10,425
12. 0
1,282
12. 3
Parking
5,804
6.3
5,740
6. 6
64
1. 1
NOI from continuing operations
$92,799
100.0%
$87,109
100. 0%
$5,690
6. 5%
NOI from discontinued operations
$—
—%
$—
—%
$—
—%
Total NOI
$92,799
100.0%
$87,109
100. 0%
$5,690
6. 5%
The NOI from continuing operations for the three months ended December 31, 2024, increased by $5,690 
or 6. 5%.  This was primarily due to rent commencement from development completions at The Well and 
QRC West Phase II of $4,150 and contributions from 400 West Georgia and 19 Duncan of $6,064.  This was 
partially offset by non-renewals and dispositions.

32
ALLIED 2024 ANNUAL REPORT
YEAR ENDED
CHANGE
SEGMENT
DECEMBER 31, 2024
DECEMBER 31, 2023
$
%
Montréal & Ottawa
$117,227
32.5%
$120,640
32. 0%
$(3,413)
(2. 8)%
Toronto & Kitchener
184,401
51.1
168,070
44. 6
16,331
9. 7
Calgary & Edmonton
18,550
5.1
22,039
5. 8
(3,489)
(15. 8)
Vancouver
40,926
11.3
33,030
8. 7
7,896
23. 9
NOI from continuing operations
$361,104
100.0%
$343,779
91. 1%
$17,325
5. 0%
NOI from discontinued operations
$—
—%
$33,452
8. 9%
$(33,452)
(100. 0)%
Total NOI
$361,104
100.0%
$377,231
100. 0%
$(16,127)
(4. 3)%
YEAR ENDED
CHANGE
TYPE OF SPACE
DECEMBER 31, 2024
DECEMBER 31, 2023
$
%
Office
$294,148
81.4%
$283,884
75. 3%
$10,264
3. 6%
Retail
43,970
12.2
38,876
10. 3
5,094
13. 1
Parking
22,986
6.4
21,019
5. 5
1,967
9. 4
NOI from continuing operations
$361,104
100.0%
$343,779
91. 1%
$17,325
5. 0%
NOI from discontinued operations
$—
—%
$33,452
8. 9%
$(33,452)
(100. 0)%
Total NOI
$361,104
100.0%
$377,231
100. 0%
$(16,127)
(4. 3)%
The NOI from continuing operations for the year ended December 31, 2024, increased by $17,325 or 5. 0%.  
This was primarily due to rent commencement from development completions at The Well, QRC West 
Phase II, 19 Duncan, 700 Saint Hubert and Breithaupt Phase III of $25,863 and contributions from 400 
West Georgia of $10,998.  This was partially offset by non-renewals of $15,141 and dispositions of $4,457.  The 
decrease in NOI from discontinued operations for the year ended December 31, 2024, was related to the 
disposition of the UDC portfolio in August 2023.

33
ALLIED 2024 ANNUAL REPORT
SAME ASSET NOI
Same Asset NOI, a non-GAAP measure in the table below, refers to those investment properties that were 
owned by Allied from October 1, 2023, to December 31, 2024, as defined on page 17.  Same Asset NOI 
of the development portfolio for the three months ended December 31, 2024, consists of 19 Duncan, 185 
Spadina, KING Toronto, QRC West Phase II, 400 Atlantic, Boardwalk-Revillon Building, 342 Water Street, 
3575 Saint-Laurent, 365 Railway, 422-424 Wellington W, 108 East 5th Avenue, Kipling Square, and portions of 
The Well, 1001 Boulevard Robert-Bourassa, RCA Building - 1001 Lenoir Street, 469 King West, 375 Water, 700 
Saint-Hubert and 747 Square-Victoria.  
THREE MONTHS ENDED
CHANGE
DECEMBER 31, 
2024
DECEMBER 31, 
2023
$
%
Montréal
$26,006
$25,853
$153
0. 6%
Toronto & Kitchener
37,773
37,557
216
0. 6
Calgary
3,189
3,287
(98)
(3. 0)
Vancouver
7,160
7,887
(727)
(9. 2)
Rental portfolio - Same Asset NOI
$74,128
$74,584
$(456)
(0. 6)%
Assets held for sale - Same Asset NOI 
2,280
2,810
(530)
(18. 9)
Rental portfolio and assets held for sale - Same Asset NOI
$76,408
$77,394
$(986)
(1. 3)%
Development portfolio - Same Asset NOI (1)
6,038
3,893
2,145
55. 1
Total portfolio - Same Asset NOI
$82,446
$81,287
$1,159
1. 4%
Acquisitions (2)
5,326
—
5,326
Dispositions
1,322
3,426
(2,104)
Lease terminations
—
28
(28)
Development fees and corporate items
3,705
2,368
1,337
Total NOI
$92,799
$87,109
$5,690
6. 5%
(1)	 Includes Allied’s 50% interest in 19 Duncan.
(2)	 Includes 100% of 400 West Georgia, Allied’s incremental 50% interest in 19 Duncan, and Allied’s incremental 16.7% interest in the residential 
component of TELUS Sky acquired in 2024.
Same Asset NOI of the total portfolio increased by $1,159 or 1. 4% for the three months ended December 31, 
2024.  Same Asset NOI of the rental portfolio decreased by $456 or 0. 6% as a result of non-renewals in 
Calgary and Vancouver of $825, primarily at 1185 West Georgia and 948-950 Homer Street in Vancouver.  This 
was partially offset by rent growth and rent commencement in Kitchener of $524 and in Montréal of $153.
Same Asset NOI of the development portfolio increased by $2,145 or 55. 1%, primarily due to rent 
commencement at The Well, 19 Duncan and QRC West Phase II of $3,543.

34
ALLIED 2024 ANNUAL REPORT
Same Asset NOI, a non-GAAP measure in the table below, refers to those investment properties that were 
owned by Allied from January 1, 2023, to December 31, 2024.  Same Asset NOI of the development portfolio 
for the year ended December 31, 2024, consists of Breithaupt Phase III, 19 Duncan, 185 Spadina, KING 
Toronto, QRC West Phase II, 400 Atlantic, Boardwalk-Revillon Building, The Lougheed Building, 342 Water 
Street, 3575 Saint-Laurent, 365 Railway, 422-424 Wellington W, 108 East 5th Avenue, Kipling Square, 
700 Saint-Hubert, and portions of The Well, 1001 Boulevard Robert-Bourassa, RCA Building - 1001 Lenoir 
Street, 469 King West, 375 Water and 747 Square-Victoria.
YEAR ENDED
CHANGE
DECEMBER 31, 
2024
DECEMBER 31, 
2023
$
%
Montréal
$99,782
$99,884
$(102)
(0. 1)%
Toronto & Kitchener
139,591
143,768
(4,177)
(2. 9)
Calgary
14,731
15,734
(1,003)
(6. 4)
Vancouver
29,789
31,939
(2,150)
(6. 7)
Rental portfolio - Same Asset NOI
$283,893
$291,325
$(7,432)
(2. 6)%
Assets held for sale - Same Asset NOI
9,761
11,898
(2,137)
(18. 0)
Rental portfolio and assets held for sale - Same Asset NOI
$293,654
$303,223
$(9,569)
(3. 2)%
Development portfolio - Same Asset NOI (1)
34,984
18,277
16,707
91. 4
Total portfolio - Same Asset NOI 
$328,638
$321,500
$7,138
2. 2%
Acquisitions (2)
12,990
—
12,990
Dispositions
9,672
47,582
(37,910)
Lease terminations
28
221
(193)
Development fees and corporate items
9,776
7,928
1,848
Total NOI
$361,104
$377,231
$(16,127)
(4. 3)%
(1)	 Includes Allied’s 50% interest in 19 Duncan.
(2)	 Includes 100% of 400 West Georgia, Allied’s incremental 50% interest in 19 Duncan, and Allied’s 16.7% interest in the residential component of 
TELUS Sky acquired in 2024.
Same Asset NOI of the total portfolio increased by $7,138 or 2. 2% for the year ended December 31, 2024.  
Same Asset NOI of the rental portfolio decreased by $7,432 or 2. 6% primarily as a result of non-renewals 
at The Tannery in Kitchener, The Castle and 82 Peter in Toronto, OddFellows and Telephone Building in 
Calgary and 1185 West Georgia in Vancouver of $11,776.  This was partially offset by rent commencement at 
The Well in Toronto, 111 Boulevard Robert-Bourassa in Montréal and Vintage Towers in Calgary of $7,219.
Same Asset NOI of the development portfolio increased by $16,707 or 91. 4% primarily due to rent 
commencement at The Well, 19 Duncan and QRC West Phase II of $16,281.

35
ALLIED 2024 ANNUAL REPORT
INTEREST EXPENSE
Interest expense for the three months and years ended December 31, 2024 and 2023, are as follows: 
THREE MONTHS ENDED
CHANGE
DECEMBER 31, 
2024
DECEMBER 31, 
2023
$
%
Interest on debt:
Mortgages payable
$1,894
$953
$941
98. 7%
Construction loans payable
8,417
4,942
3,475
70. 3
Promissory note payable (1)
—
975
(975)
(100. 0)
Unsecured revolving operating facility
2,464
685
1,779
259. 7
Senior unsecured debentures
22,122
18,680
3,442
18. 4
Unsecured term loans
7,093
7,111
(18)
(0. 3)
Interest on lease liabilities
691
774
(83)
(10. 7)
Amortization, net (premium) discount on debt (1)
—
996
(996)
(100. 0)
Amortization, net financing costs
848
743
105
14. 1
Distributions on Exchangeable LP Units (2)
5,314
10,983
(5,669)
(51. 6)
$48,843
$46,842
$2,001
4. 3%
Interest capitalized to qualifying investment 
properties and residential inventory
(17,601)
(16,577)
(1,024)
(6. 2)
Interest expense excluding financing prepayment 
costs
$31,242
$30,265
$977
3. 2%
Financing prepayment costs (3)
501
—
501
100. 0
Interest expense, IFRS basis
$31,743
$30,265
$1,478
4. 9%
(1)	 On March 31, 2022, Allied acquired a portfolio of six properties from Choice Properties, which was partially settled with the issuance of a 
$200,000 promissory note. The promissory note had a contractual interest rate of 2.0% for 2023, and was fully repaid on December 29, 2023.
(2)	 The distributions declared on Exchangeable LP Units are recognized as interest expense upon Allied’s conversion to an open-end trust on June 
12, 2023. 
(3)	 For the three months ended December 31, 2024, financing prepayment costs include $501 for an accelerated amortization of deferred financing 
costs in connection with the disposition of a property (December 31, 2023 - $nil).
For the three months ended December 31, 2024, interest expense on an IFRS basis increased by $1,478 
or 4. 9% from the comparable period primarily due to higher construction loan interest of $3,475 mainly 
due to construction loans assumed on the acquisitions of 400 West Georgia and 19 Duncan and higher 
senior unsecured debentures interest of $3,442 due to the issuance of Series J debentures in September 
2024, partially offset by lower distributions on Exchangeable LP Units of $5,669 as there was a special cash 
distribution in December 2023.

36
ALLIED 2024 ANNUAL REPORT
For the three months ended December 31, 2024, capitalized interest increased by $1,024 or 6. 2% from 
the comparable period.  This increase is due to $1,701 of higher capitalization from the acquisition of an 
incremental 50% undivided interest in 19 Duncan which is partially under development, $1,325 from a 
higher weighted average interest rate and $362 from higher spending on qualifying investment properties, 
partially offset by lower capitalized interest of $2,364 from the completion of development projects.
 
YEAR ENDED
CHANGE
DECEMBER 31, 
2024
DECEMBER 31, 
2023
$
%
Interest on debt:
Mortgages payable
$4,864
$3,528
$1,336
37. 9%
Construction loans payable
32,853
16,675
16,178
97. 0
Promissory note payable (1)
—
3,967
(3,967)
(100. 0)
Unsecured revolving operating facility
13,127
23,841
(10,714)
(44. 9)
Senior unsecured debentures
78,300
74,710
3,590
4. 8
Unsecured term loans
28,175
28,007
168
0. 6
Interest on lease liabilities (2)
3,016
2,322
694
29. 9
Amortization, net discount (premium) on debt (1)
(231)
3,976
(4,207)
(105. 8)
Amortization, net financing costs
3,046
2,865
181
6. 3
Distributions on Exchangeable LP Units (3)
21,256
18,068
3,188
17. 6
$184,406
$177,959
$6,447
3. 6%
Interest capitalized to qualifying investment 
properties and residential inventory
(68,440)
(70,886)
2,446
3. 5
Interest expense excluding financing  
prepayment costs
$115,966
$107,073
$8,893
8. 3%
Financing prepayment costs (4)
501
—
501
100. 0
Interest expense, IFRS basis
$116,467
$107,073
$9,394
8. 8%
(1)	 On March 31, 2022, Allied acquired a portfolio of six properties from Choice Properties, which was partially settled with the issuance of a 
$200,000 promissory note. The promissory note had a contractual interest rate of 2.0% for 2023, and was fully repaid on December 29, 2023.
(2)	 Excludes interest on a lease liability from discontinued operations of $nil (December 31, 2023 - $4,433).
(3)	 The distributions declared on Exchangeable LP Units are recognized as interest expense upon Allied’s conversion to an open-end trust on 
June 12, 2023.
(4)	 For the year ended December 31, 2024, financing prepayment costs include $501 for an accelerated amortization of deferred financing costs in 
connection with the disposition of a property (December 31, 2023 - $nil).

37
ALLIED 2024 ANNUAL REPORT
For the year ended December 31, 2024, interest expense on an IFRS basis increased by $9,394 or 8. 8% 
primarily due to higher construction loan interest of $16,178 mainly due to construction loans assumed on 
the acquisitions of 400 West Georgia and 19 Duncan, higher senior unsecured debentures interest of $3,590 
due to the issuance of Series J debentures in September 2024 and $3,188 from distributions on Exchangeable 
LP Units, partially offset by lower interest expense of $10,714 from a lower balance on the unsecured 
revolving operating facility and lower promissory note interest expense of $8,174 due to full repayment in 
December 2023.
For the year ended December 31, 2024, capitalized interest decreased from the comparable period by 
$2,446.  The decrease is due to the completion of development projects of $12,060 and a lower weighted 
average interest rate of $1,418, partially offset by the acquisition of an incremental 50% undivided interest in 
19 Duncan in 2024 of $6,131 and higher spending on qualifying investment properties of $4,901.
In accordance with IAS 23 - Borrowing Costs, interest may be capitalized on properties in connection 
with activity required to get the assets ready for their intended use (refer to note 2 (g) in Allied’s audited 
consolidated financial statements for the year ended December 31, 2024, for further details).  This would 
include upgrade work as well as work completed in relation to a future development, such as obtaining 
zoning approval, completing site approval plans, and engineering and architectural drawings.  On 
completion of upgrade and development activity, the ability to capitalize interest expense ends, partially 
offsetting the financial impact of lease commencement.
GENERAL AND ADMINISTRATIVE EXPENSES
General and administrative expenses for the three months and years ended December 31, 2024 and 2023, 
are as follows:
THREE MONTHS ENDED
CHANGE
DECEMBER 31, 
2024
DECEMBER 31, 
2023
$
%
Salaries and benefits (1)
$7,608
$6,455
$1,153
17. 9%
Professional and trustees fees
1,639
1,120
519
46. 3
Office and general expenses
1,804
1,913
(109)
(5. 7)
$11,051
$9,488
$1,563
16. 5%
Capitalized to qualifying investment properties
(2,677)
(2,759)
82
3. 0
Total general and administrative expenses,  
IFRS basis
$8,374
$6,729
$1,645
24. 4%
(1) 	 For the three months ended December 31, 2024, salaries and benefits expenses includes a fair value loss of $1,834 (December 31, 2023 - $216) 
on unit-based compensation plans. The mark-to-market adjustment on unit-based compensation is added back in the calculation of FFO as 
defined in REALPAC’s “Funds From Operations (FFO) & Adjusted Funds From Operations (AFFO) for IFRS” issued in January 2022.

38
ALLIED 2024 ANNUAL REPORT
For the three months ended December 31, 2024, general and administrative expenses increased by $1,645 
or 24. 4% from the comparable period.  This was primarily due to the change in the fair value adjustment of 
$1,618 on unit-based compensation plans.  The fair value adjustment is added back in the calculation of FFO 
defined in REALPAC’s “Funds From Operations (FFO) & Adjusted Funds From Operations (AFFO) for IFRS” 
issued in January 2022.
YEAR ENDED
CHANGE
DECEMBER 31, 
2024
DECEMBER 31, 
2023
$
%
Salaries and benefits (1)
$21,372
$21,197
$175
0. 8%
Professional and trustees fees
6,783
6,749
34
0. 5
Office and general expenses
6,583
6,897
(314)
(4. 6)
$34,738
$34,843
$(105)
(0. 3)%
Capitalized to qualifying investment properties
(10,405)
(11,266)
861
7. 6
Total general and administrative expenses,  
IFRS basis
$24,333
$23,577
$756
3. 2%
(1)	 For the year ended December 31, 2024, salaries and benefits expenses includes a fair value recovery of $107 (December 31, 2023 - $494) on unit-
based compensation plans. The mark-to-market adjustment on unit-based compensation is added back in the calculation of FFO as defined in 
REALPAC’s “Funds From Operations (FFO) & Adjusted Funds From Operations (AFFO) for IFRS” issued in January 2022.
For the year ended December 31, 2024, general and administrative expenses increased by $756 or 3. 2% 
from the comparable period primarily to lower capitalization to qualifying investment properties of $861 
primarily due to the directly attributable employee costs related to the disposition of the UDC portfolio 
in 2023.

39
ALLIED 2024 ANNUAL REPORT
INTEREST INCOME
Interest income for the three months and years ended December 31, 2024, and 2023, are as follows:
THREE MONTHS ENDED
CHANGE
DECEMBER 31, 
2024
DECEMBER 31, 
2023
$
%
Interest on loans receivable
$8,686
$10,544
$(1,858)
(17. 6)%
Guarantee fees
665
910
(245)
(26. 9)
Interest on cash, cash equivalents and deposit
1,042
7,295
(6,253)
(85. 7)
Interest income, IFRS basis
$10,393
$18,749
$(8,356)
(44. 6)%
For the three months ended December 31, 2024, interest income decreased by $8,356 or 44. 6% from the 
comparable period primarily due to $6,253 of lower interest income earned on cash received from the 
disposition of the UDC portfolio and $6,168 of lower interest income earned on loans receivable due to the 
full settlement of the 400 West Georgia and 19 Duncan loans receivable, partially offset by $4,310 from a 
higher balance of loans receivable related to other development projects.  
 
YEAR ENDED
CHANGE
DECEMBER 31, 
2024
DECEMBER 31, 
2023
$
%
Interest on loans receivable
$36,771
$38,362
$(1,591)
(4. 1)%
Guarantee fees
3,023
3,487
(464)
(13. 3)
Interest on cash, cash equivalents and deposit
5,275
11,756
(6,481)
(55. 1)
Interest income, IFRS basis
$45,069
$53,605
$(8,536)
(15. 9)%
For the year ended December 31, 2024, interest income decreased by $8,536 or 15. 9% from the comparable 
period primarily due to $17,005 of lower interest income earned on loans receivable due to the full 
settlement of the 400 West Georgia and 19 Duncan loans receivable and $6,481 of lower interest income 
earned on cash received from the disposition of the UDC portfolio, partially offset by $15,414 from a higher 
balance of loans receivable related to other development projects.  
 

40
ALLIED 2024 ANNUAL REPORT
OTHER FINANCIAL PERFORMANCE MEASURES 
FFO AND FFO EXCLUDING CONDOMINIUM-RELATED ITEMS, FINANCING PREPAYMENT COSTS, AND  
THE MARK-TO-MARKET ADJUSTMENT ON UNIT-BASED COMPENSATION
Allied’s calculation of FFO, a non-GAAP measure, is in compliance with REALPAC’s standardized definition 
in REALPAC’s “Funds From Operations (FFO) & Adjusted Funds From Operations (AFFO) for IFRS” issued 
in January 2022.  FFO excluding condominium-related items, financing prepayment costs, and the mark-
to-market adjustment on unit-based compensation, a non-GAAP measure, starts with the standardized 
definition of FFO and removes the effects of condominium revenue, condominium cost of sales, 
condominium marketing costs, financing prepayment costs, and the mark-to-market adjustment on unit-
based compensation, as defined on page 17.
For the three months ended December 31, 2024, FFO per unit excluding condominium-related items, 
financing prepayment costs, and the mark-to-market adjustment on unit-based compensation totalled 
$0. 535.  This is a decrease of $0. 079 or 12. 9% over the comparable period in the prior year.  The 400 West 
Georgia and 19 Duncan acquisitions decreased FFO by $0. 034 for the three months ended December 31, 
2024, due to the settlement of a loan receivable, resulting in lower interest income of $6,168 and higher 
interest expense from the construction loans assumed of $4,028, partially offset by the contributions to 
operating income of $5,423.  The remaining decrease of $0. 045 was primarily due to $3,431 of higher interest 
expense from the issuance of Series J unsecured debentures and $6,253 of lower interest income earned on 
cash received from the disposition of the UDC portfolio, partially offset by $4,310 of higher interest income 
earned on higher loan receivables balances.
For the year ended December 31, 2024, FFO per unit excluding condominium-related items, financing 
prepayment costs, and the mark-to-market adjustment on unit-based compensation totalled $2. 174.  This is 
a decrease of $0. 206 or 8. 7% over the comparable period in the prior year.  The 400 West Georgia and 19 
Duncan acquisitions decreased FFO by $0. 113 for the year ended December 31, 2024, due to the settlement 
of loans receivables, resulting in lower interest income of $17,005 and higher interest expense from the 
construction loans assumed of $12,115, partially offset by contributions to operating income of $13,362.  The 
remaining decrease of $0. 093 was primarily due to lower operating income of $33,821 from the disposition 
of the UDC portfolio in August 2023 and $6,481 of lower interest income earned on cash received from the 
disposition of the UDC portfolio, partially offset by $15,414 of higher interest income earned on higher loan 
receivables balances, $8,929 of lower interest expense due to a lower balance on the unsecured revolving 
operating facility and $3,963 of higher operating income.
To ensure sufficient cash is retained to meet capital improvement and leasing objectives, Allied strives to 
maintain an appropriate FFO pay-out ratio excluding condominium-related items, financing prepayment 
costs, and the mark-to-market adjustment on unit-based compensation, a non-GAAP measure, as defined on 
page 17.  For the year ended December 31, 2024, the FFO pay-out ratio excluding condominium-related 
items, financing prepayment costs, and the mark-to-market adjustment on unit-based compensation was 
82. 8%.  

41
ALLIED 2024 ANNUAL REPORT
AFFO EXCLUDING CONDOMINIUM-RELATED ITEMS, FINANCING PREPAYMENT COSTS, AND THE  
MARK-TO-MARKET ADJUSTMENT ON UNIT-BASED COMPENSATION 
Allied’s calculation of AFFO, a non-GAAP measure, is in compliance with REALPAC’s standardized definition 
in REALPAC’s “Funds From Operations (FFO) & Adjusted Funds From Operations (AFFO) for IFRS” issued 
in January 2022.  AFFO excluding condominium-related items, financing prepayment costs, and the mark-
to-market adjustment on unit-based compensation, a non-GAAP measure, starts with the standardized 
definition of AFFO and removes the effects of condominium revenue, condominium cost of sales, 
condominium marketing costs, financing prepayment costs, and the mark-to-market adjustment on unit-
based compensation, as defined on page 17.
For the three months ended December 31, 2024, AFFO per unit excluding condominium-related items, 
financing prepayment costs, and the mark-to-market adjustment on unit-based compensation totalled 
$0. 477.  This represents a decrease of $0. 085 or 15. 1% over the comparable period in the prior year.  The 
400 West Georgia and 19 Duncan transactions decreased AFFO by $0. 035 for the three months ended 
December 31, 2024.  The remaining decrease was primarily due to the changes in FFO discussed above, 
higher regular leasing expenditures of $1,792 and higher maintenance capital expenditures of $598, partially 
offset by lower amortization of straight-line rent of $1,654.
For the year ended December 31, 2024, AFFO per unit excluding condominium-related items, financing 
prepayment costs, and the mark-to-market adjustment on unit-based compensation totalled $1. 956.  This 
represents a decrease of $0. 221 or 10. 2% over the comparable period in the prior year.  The 400 West 
Georgia and 19 Duncan transactions decreased AFFO by $0. 116 for the year ended December 31, 2024.  The 
remaining decrease was primarily due to the changes in FFO discussed above, and higher regular leasing 
expenditures of $3,573, partially offset by lower amortization of straight-line rent of $2,169.
To ensure sufficient cash is retained to meet capital improvement and leasing objectives, Allied strives to 
maintain an appropriate AFFO pay-out ratio excluding condominium-related items, financing prepayment 
costs, and the mark-to-market adjustment on unit-based compensation, a non-GAAP measure, as defined on 
page 17.  For the year ended December 31, 2024, the AFFO pay-out ratio excluding condominium-related 
items, financing prepayment costs, and the mark-to-market adjustment on unit-based compensation was 
92. 0%.  
Consistent with the practice of most Canadian public real estate entities, Allied does not provide formal 
guidance.  It has in recent years provided an outlook with respect to three non-GAAP metrics, FFO per Unit, 
AFFO per Unit and Same Asset NOI.  Prior to completing the portfolio-optimization transactions at 400 
West Georgia and 19 Duncan, Management’s outlook for 2024 recognized the possibility of these metrics 
contracting by up to 5% from the prior year.  Excluding these transactions, FFO per Unit, AFFO per Unit and 
Same-Asset NOI for the year ended December 31, 2024, contracted by 3. 9%, 4. 8% and 2. 6%, respectively, 
which is less than the 5% initially contemplated.

42
ALLIED 2024 ANNUAL REPORT
RECONCILIATION OF FFO AND AFFO
The following tables reconcile Allied’s net loss and comprehensive loss from continuing operations to FFO, 
FFO excluding condominium-related items, financing prepayment costs, and the mark-to-market adjustment 
on unit-based compensation, AFFO, and AFFO excluding condominium-related items, financing prepayment 
costs, and the mark-to-market adjustment on unit-based compensation, which are on a non-GAAP basis, for 
the three months and years ended December 31, 2024, and 2023, as defined on page 17.
THREE MONTHS ENDED
DECEMBER 31, 
2024
DECEMBER 31,  
2023
CHANGE
Net loss and comprehensive loss from continuing operations
$(257,652)
$(499,340)
$241,688
Net loss and comprehensive loss from discontinued operations
—
—
—
Adjustment to fair value of investment properties and 
investment properties held for sale
346,035
494,571
(148,536)
Adjustment to fair value of Exchangeable LP Units
(36,254)
26,571
(62,825)
Adjustment to fair value of derivative instruments
644
27,054
(26,410)
Transaction costs
1,586
167
1,419
Incremental leasing costs
2,640
2,302
338
Amortization of improvement allowances
9,111
7,529
1,582
Amortization of property, plant and equipment (1)
98
103
(5)
Distributions on Exchangeable LP Units
5,314
10,983
(5,669)
Adjustments relating to joint venture:
Adjustment to fair value on investment properties
604
15,039
(14,435)
Amortization of improvement allowances
189
169
20
Transaction costs
80
—
80
Interest expense (2)
—
312
(312)
FFO
$72,395
$85,460
$(13,065)
Condominium marketing costs
17
89
(72)
Financing prepayment costs
501
—
501
Mark-to-market adjustment on unit-based compensation
1,834
216
1,618
FFO excluding condominium-related items, financing 
prepayment costs, and the mark-to-market adjustment  
on unit-based compensation
$74,747
$85,765
$(11,018)
FFO
$72,395
$85,460
$(13,065)
Amortization of straight-line rent
(1,664)
(3,318)
1,654
Regular leasing expenditures (3)
(3,357)
(1,565)
(1,792)
Regular and recoverable maintenance capital expenditures
(1,214)
(616)
(598)
Incremental leasing costs (related to regular leasing 
expenditures)
(1,847)
(1,612)
(235)
Adjustment relating to joint venture:
Amortization of straight-line rent
(38)
(43)
5
Regular leasing expenditures
(1)
—
(1)

43
ALLIED 2024 ANNUAL REPORT
THREE MONTHS ENDED
DECEMBER 31, 
2024
DECEMBER 31,  
2023
CHANGE
AFFO
$64,274
$78,306
$(14,032)
Condominium marketing costs
17
89
(72)
Financing prepayment costs
501
—
501
Mark-to-market adjustment on unit-based compensation
1,834
216
1,618
AFFO excluding condominium-related items, financing 
prepayment costs, and the mark-to-market adjustment  
on unit-based compensation 
$66,626
$78,611
$(11,985)
Weighted average number of units (4)
Basic
139,765,128
139,765,128
—
Diluted
139,765,128
139,765,128
—
Per unit - basic and diluted
FFO
$0.518
$0. 611
$(0. 093)
FFO excluding condominium-related items, financing  
prepayment costs, and the mark-to-market adjustment  
on unit-based compensation
$0.535
$0. 614
$(0. 079)
AFFO
$0.460
$0. 560
$(0. 100)
AFFO excluding condominium-related items, financing 
prepayment costs, and the mark-to-market adjustment  
on unit-based compensation 
$0.477
$0. 562
$(0. 085)
Pay-out Ratio
FFO 
86.9%
73. 6%
13. 3%
FFO excluding condominium-related items, financing  
prepayment costs, and the mark-to-market adjustment  
on unit-based compensation
84.1%
73. 3%
10. 8%
AFFO
97.9%
80. 3%
17. 6%
AFFO excluding condominium-related items, financing 
prepayment costs, and the mark-to-market adjustment  
on unit-based compensation 
94.4%
80. 0%
14. 4%
(1)	 Property, plant and equipment relates to owner-occupied property.
(2)	 This amount represents interest expense on Allied’s joint venture investment in TELUS Sky and is not capitalized under IFRS, but is allowed 
as an adjustment under REALPAC’s definition of FFO in “Funds From Operations (FFO) & Adjusted Funds From Operations (AFFO) for IFRS” 
issued in January 2022.
(3)	 Refer to Capital Expenditures on page 46 for a description of regular leasing expenditures.
(4)	 The weighted average number of units includes Units and Exchangeable LP Units. The Exchangeable LP Units were reclassified from non-
controlling interests in equity to liabilities in the consolidated financial statements on Allied’s conversion to an open-end trust on June 12, 
2023.

44
ALLIED 2024 ANNUAL REPORT
YEAR ENDED
DECEMBER 31, 
2024
DECEMBER 31,  
2023
CHANGE
Net loss and comprehensive loss from continuing operations 
$(342,530)
$(545,707)
$203,177
Net income and comprehensive income from discontinued 
operations
—
124,991
(124,991)
Adjustment to fair value of investment properties and  
investment properties held for sale
557,569
663,803
(106,234)
Adjustment to fair value of Exchangeable LP Units
(35,782)
(28,696)
(7,086)
Adjustment to fair value of derivative instruments
13,675
8,535
5,140
Impairment of residential inventory
38,259
15,376
22,883
Transaction costs
1,722
13,413
(11,691)
Incremental leasing costs
10,487
9,184
1,303
Amortization of improvement allowances
36,975
31,456
5,519
Amortization of property, plant and equipment (1)
398
405
(7)
Distributions on Exchangeable LP Units
21,256
18,068
3,188
Adjustments relating to joint venture:
Adjustment to fair value on investment properties
391
19,677
(19,286)
Amortization of improvement allowances
778
660
118
Transaction costs
80
—
80
Interest expense (2)
—
1,413
(1,413)
FFO
$303,278
$332,578
$(29,300)
Condominium marketing costs
134
538
(404)
Financing prepayment costs
501
—
501
Mark-to-market adjustment on unit-based compensation
(107)
(494)
387
FFO excluding condominium-related items, financing 
prepayment costs, and the mark-to-market adjustment  
on unit-based compensation
$303,806
$332,622
$(28,816)
FFO
$303,278
$332,578
$(29,300)
Amortization of straight-line rent
(7,410)
(9,579)
2,169
Regular leasing expenditures (3)
(10,760)
(7,187)
(3,573)
Regular and recoverable maintenance capital expenditures
(4,664)
(5,011)
347
Incremental leasing costs (related to regular leasing 
expenditures)
(7,340)
(6,430)
(910)
Adjustment relating to joint venture:
Amortization of straight-line rent
(190)
(190)
—
Regular leasing expenditures
(8)
—
(8)
AFFO
$272,906
$304,181
$(31,275)
Condominium marketing costs
134
538
(404)
Financing prepayment costs
501
—
501
Mark-to-market adjustment on unit-based compensation
(107)
(494)
387
AFFO excluding condominium-related items, financing 
prepayment costs, and the mark-to-market adjustment  
on unit-based compensation
$273,434
$304,225
$(30,791)

45
ALLIED 2024 ANNUAL REPORT
YEAR ENDED
DECEMBER 31, 
2024
DECEMBER 31,  
2023
CHANGE
Weighted average number of units (4)
Basic
139,765,128
139,765,128
—
Diluted
139,765,128
139,765,128
—
Per unit - basic and diluted
FFO 
$2.170
$2. 380
$(0. 210)
FFO excluding condominium-related items, financing  
prepayment costs, and the mark-to-market adjustment  
on unit-based compensation
$2.174
$2. 380
$(0. 206)
AFFO
$1.953
$2. 176
$(0. 223)
AFFO excluding condominium-related items, financing 
prepayment costs, and the mark-to-market adjustment  
on unit-based compensation
$1.956
$2. 177
$(0. 221)
Pay-out Ratio
FFO 
83.0%
75. 6%
7. 4%
FFO excluding condominium-related items, financing  
prepayment costs, and the mark-to-market adjustment  
on unit-based compensation
82.8%
75. 6%
7. 2%
AFFO
92.2%
82. 7%
9. 5%
AFFO excluding condominium-related items, financing 
prepayment costs, and the mark-to-market adjustment  
on unit-based compensation
92.0%
82. 7%
9. 3%
(1)	 Property, plant and equipment relates to owner-occupied property.
(2) 	 This amount represents interest expense on Allied’s joint venture investment in TELUS Sky and is not capitalized under IFRS, but is allowed 
as an adjustment under REALPAC’s definition of FFO in “Funds From Operations (FFO) & Adjusted Funds From Operations (AFFO) for IFRS” 
issued in January 2022.
(3)	 Refer to Capital Expenditures on page 46 for a description of regular leasing expenditures.
(4)	 The weighted average number of units includes Units and Exchangeable LP Units. The Exchangeable LP Units were reclassified from non-
controlling interests in equity to liabilities in the consolidated financial statements on Allied’s conversion to an open-end trust on June 12, 
2023.

46
ALLIED 2024 ANNUAL REPORT
CAPITAL EXPENDITURES
Our portfolio requires ongoing maintenance capital expenditures and leasing expenditures.  
Regular maintenance capital expenditures are costs incurred to maintain and sustain the existing property 
infrastructure, including structural repairs.  Recoverable maintenance capital expenditures are typically 
not structural in nature, but allow the building to operate more efficiently, such as investing in building 
automation systems and HVAC systems.  These improvements provide a direct benefit to users and can 
be recovered over the useful life of the asset according to the lease.  Both regular maintenance capital 
expenditures and recoverable maintenance capital expenditures are deducted in the calculation of AFFO.
Regular leasing expenditures are leasing costs incurred to maintain the existing revenues of a property 
and are deducted in the calculation of AFFO.  These costs are considered operational, and typically include 
improvement allowances, landlord’s work and leasing commissions required to replace or renew users at 
existing rates or market rates.
Revenue-enhancing capital is invested to improve the revenue generating ability of the properties.  This 
includes investments to change the use of space, increase gross leasable area, or materially improve the 
aesthetics or efficiency of a property.  Development costs are investments to generate new revenue streams 
and/or to increase the productivity of a property.  These consist of pre-development costs, carrying costs, 
direct construction costs, leasing costs, improvement allowances, borrowing costs, and costs of internal staff 
directly attributable to the projects under development.
THREE MONTHS ENDED
YEAR ENDED
DECEMBER 31, 
2024
DECEMBER 31, 
2023
DECEMBER 31, 
2024
DECEMBER 31, 
2023
Revenue-enhancing capital and development costs
$80,202
$145,546
$270,842
$434,793
Regular and recoverable maintenance capital expenditures
1,214
616
4,664
5,011
Total capital expenditures
$81,416
$146,162
$275,506
$439,804
Revenue-enhancing and development leasing expenditures
$10,334
$21,700
$82,751
$81,108
Regular leasing expenditures
3,357
1,565
10,760
7,187
Total improvement allowances and leasing commissions
$13,691
$23,265
$93,511
$88,295

47
ALLIED 2024 ANNUAL REPORT
ADJUSTED EBITDA
The following table reconciles Allied’s net loss and comprehensive loss to Adjusted EBITDA, a non-GAAP 
measure, for the three months and years ended December 31, 2024, and December 31, 2023, as defined on 
page 17.
THREE MONTHS ENDED
YEAR ENDED
DECEMBER 31, 
2024
DECEMBER 31, 
2023
DECEMBER 31, 
2024
DECEMBER 31,  
2023
Net loss and comprehensive loss for the period
$(257,652)
$(499,340)
$(342,530)
$(420,716)
Interest expense
31,743
30,265
116,467
111,506
Amortization of other assets
431
381
1,742
1,499
Amortization of improvement allowances
9,300
7,698
37,753
32,116
Impairment of residential inventory
—
—
38,259
15,376
Transaction costs
1,666
167
1,802
13,413
Fair value loss on investment properties and investment 
properties held for sale (1)
346,639
509,610
557,960
683,480
Fair value (gain) loss on Exchangeable LP Units
(36,254)
26,571
(35,782)
(28,696)
Fair value loss on derivative instruments
644
27,054
13,675
8,535
Mark-to-market adjustment on unit-based compensation
1,834
216
(107)
(494)
Adjusted EBITDA (2)
$98,351
$102,622
$389,239
$416,019
(1)	 Includes Allied’s proportionate share of the equity accounted investment’s fair value loss on investment properties of $604 and $391 for the 
three months and year ended December 31, 2024, respectively (December 31, 2023 - $15,039 and $19,677, respectively).
(2)	 The Adjusted EBITDA for the year ended December 31, 2023, includes the Urban Data Centre segment which was classified as a discontinued 
operation until its disposition in August 2023.

48
ALLIED 2024 ANNUAL REPORT
Section III
—Leasing
Allied strives to maintain high levels of occupancy and leased area.  At December 31, 2024, Allied’s rental 
portfolio was 87. 2% leased.

49
ALLIED 2024 ANNUAL REPORT
STATUS
Leasing status for the rental portfolio as at December 31, 2024, is summarized below:
GLA
AS A % OF TOTAL GLA
Leased area (occupied & committed) - December 31, 2023 (1)
13,047,835
87. 3%
Vacancy committed for future leases
(121,756)
Occupancy - December 31, 2023 (1)
12,926,079
86. 4%
Previously committed vacant space now occupied
109,435
New leases and expansions on vacant space
436,451
New vacancies during the year
(658,852)
Suite additions, remeasurements and removals
3,182
Occupancy before transfers from/(to) PUD and investment 
properties held for sale
12,816,295
85. 7%
Occupancy related to acquired properties
358,693
Occupancy related to transfers from/(to) PUD and investment 
properties held for sale
(870,450)
Occupancy - December 31, 2024 (1)
12,304,538
85.9%
Vacancy committed for future leases
173,988
Leased area (occupied & committed) - December 31, 2024 (1)
12,478,526
87.2%
(1)	 Excludes properties under development, investment properties held for sale, and residential GLA.
Of the 14,316,773 square feet total GLA in Allied’s rental portfolio, 12,304,538 square feet were occupied on 
December 31, 2024.  Another 173,988 square feet were subject to contractual lease commitments with users 
whose leases commence subsequent to December 31, 2024, bringing the leased area to 12,478,526 square 
feet, which represents 87. 2% of Allied’s total rental portfolio GLA.  
The table below outlines the timing of the contractual lease commitments by commencement of occupancy:
FIXTURING COMMENCEMENT 
(OCCUPANCY)
Q1 2025
Q2 2025
Q3 2025
Q4 2025
THEREAFTER
TOTAL
Lease commitments - GLA
125,223
33,872
—
14,893
—
173,988
% of lease commitments
71. 9%
19. 5%
—%
8. 6%
—%
100. 0%

50
ALLIED 2024 ANNUAL REPORT
In most instances, occupancy commences with a fixturing period prior to rent commencement.  During the 
fixturing period, straight-line rent revenue is recognized.  Thereafter, base and additional rent are paid by 
the user and recognized as rental revenue.  In cases where interest and realty taxes were being capitalized 
prior to occupancy (in accordance with IFRS), capitalization ends on occupancy.  During occupancy, rental 
revenue is recognized and interest and realty taxes are expensed.
In some instances, particularly in ground-up developments, there may be fixturing periods outside of the 
term of the lease while base building work is being completed.  In this case, capitalization is taking place so 
revenue is not recognized.
The table below outlines the timing of the contractual lease commitments by commencement of rent 
payment:
RENT COMMENCEMENT 
(ECONOMIC OCCUPANCY)
Q1 2025
Q2 2025
Q3 2025
Q4 2025
THEREAFTER
TOTAL
Lease commitments - GLA
61,000
35,620
14,705
54,152
8,511
173,988
% of lease commitments
35. 1%
20. 5%
8. 5%
31. 0%
4. 9%
100. 0%
Allied monitors the level of sub-lease space being marketed in its rental portfolio, below is a summary:
DECEMBER 31,  
2024
SEPTEMBER 30, 
2024
JUNE 30,  
2024
MARCH 31,  
2024
Toronto
373,436
403,547
483,890
532,177
Montréal
398,618
385,676
207,493
138,306
Calgary
23,299
19,805
20,967
76,589
Vancouver
19,754
34,787
28,356
27,153
Total square feet
815,107
843,815
740,706
774,225
% of total GLA
5.7%
5. 8%
5. 0%
5. 3%

51
ALLIED 2024 ANNUAL REPORT
USER RETENTION
Allied endeavours to renew leases in advance of expiry or retain users by accommodating them within 
its portfolio based on their business needs.  The retention rate is calculated as the renewed, replaced, 
or relocated area within our portfolio over the total expiring area for the period.  Where the amount of 
relocated space is different from the area expired, the lesser of the two is utilized.  Including relocations and 
early renewals in the prior year related to the maturities in the three months and year ended December 31, 
2024, Allied leased 68. 8%, and 69. 3% respectively of the expiring GLA which is summarized in the 
following table:
MATURITIES 
DURING THE 
YEAR
THREE MONTHS ENDED DECEMBER 31, 2024
YEAR ENDED DECEMBER 31, 2024
LEASABLE SF
LEASED SF
% LEASED
LEASABLE SF
LEASED SF
% LEASED
Leased in prior year (1)
—
—
—%
231,164
231,164
100. 0%
Leased in current year
439,295
270,196
61. 5%
1,510,198
861,030
57. 0%
Relocations within 
Allied’s portfolio
—
32,000
—%
—
115,017
—%
Retention Rate
439,295
302,196
68.8%
1,741,362
1,207,211
69.3%
(1)	 In the prior year, these leases were reported as maturities in future years.
ACTIVITY
Allied places a high value on user retention and when retention is neither possible nor desirable, Allied 
strives to introduce high-quality new users to its portfolio.
Leasing activity in connection with the rental portfolio for the year ended December 31, 2024, is 
summarized in the following table:
LEASABLE SF
LEASED SF BY 
DECEMBER 31
% LEASED BY 
DECEMBER 31
UNLEASED SF AT 
DECEMBER 31
Total GLA as at December 31, 2023
14,954,282
Leased area as at December 31, 2023
13,047,835
Unleased area as at December 31, 2023
1,906,447
Area expiring on December 31, 2023, and 
vacant on January 1, 2024
146,492
Vacancy related to transfers from/(to) PUD 
and investment properties held for sale, 
including re-measurement
(116,989)
Unleased area on January 1, 2024 (1)
1,935,950
614,964
31. 8%
1,320,986
Maturities during the year ended  
December 31, 2024 (2)
1,510,198
861,030
57. 0%
649,168
Maturities in future years
641,374
Total
3,446,148
2,117,368
1,970,154
(1)	 The unleased area on January 1, 2024, including re-measurement, consists of Allied’s rental properties owned as at December 31, 2024.
(2)	 Some maturities occurred on December 31, 2024, and are included in Allied’s leased area.

52
ALLIED 2024 ANNUAL REPORT
The leasing activity in the rental portfolio for the three months and year ended December 31, 2024, is 
summarized in the following table:
THREE MONTHS ENDED  
DECEMBER 31, 2024
YEAR ENDED  
DECEMBER 31, 2024
NEW LEASES
RENEWALS
TOTAL
NEW LEASES
RENEWALS
TOTAL
Tours
255
1,083
Net leased square feet
187,633
340,345
527,978
901,427
1,215,941
2,117,368
Number of transactions
55
69
124
217
268
485
Lease term (in years)
4. 4
3. 8
4. 0
5. 5
3. 4
4. 3
The rental rates achieved for leases that were renewed in the rental portfolio for the three months and year 
ended December 31, 2024, are summarized in the following table:
THREE MONTHS ENDED  
DECEMBER 31, 2024
YEAR ENDED  
DECEMBER 31, 2024
LEASING SPREAD 
ON RENEWALS
EXPIRING 
RATE
RENEWAL 
RATE
SPREAD
SQUARE 
FEET
EXPIRING 
RATE
RENEWAL 
RATE
SPREAD
SQUARE 
FEET
Ending-to-Starting Base Rent
Total Portfolio
$19. 78
$20. 17
2. 0%
340,345
$21. 29
$21. 70
1. 9%
1,215,941
Average-to-Average Base Rent
Total Portfolio
$19. 24
$20. 37
5. 9%
340,345
$20. 41
$22. 06
8. 1%
1,215,941
Leasing activity resulted in an increase of 2. 0% and 1. 9% in ending-to-starting and 5. 9% and 8. 1% in average-
to-average net rent per square foot from maturing leases upon renewal for the three months and year 
ended December 31, 2024, respectively, illustrating Allied’s ability to generate rent growth upon renewal.
YEAR ENDED DECEMBER 31, 2024
LEASE RENEWAL RATE
ABOVE IN-PLACE  
RENTS
AT IN-PLACE  
RENTS
BELOW IN-PLACE  
RENTS
% of total leased SF
38. 6%
48. 4%
13. 0%
Maturing leases - weighted average rent
$21. 07
$20. 38
$25. 32
Renewing leases - weighted average rent
$24. 91
$20. 38
$17. 12

53
ALLIED 2024 ANNUAL REPORT
USER PROFILE
Allied’s user-mix on the basis of percentage of rental revenue for the year ended December 31, 2024, is 
summarized in the following table:
CATEGORY
% OF RENTAL REVENUE (1)  
DECEMBER 31, 2024
Business services and professional
37. 3%
Telecommunications and information technology
17. 9
Media and entertainment
13. 3
Retail
10. 7
Financial services
6. 4
Government
5. 2
Life sciences
3. 5
Parking and other
3. 2
Educational and institutional
2. 5
100.0%
(1)	 The rental revenue is on a proportionate basis, which is a non-GAAP measure, as defined on page 17.
Information on the top-10 users by rental revenue for the year ended December 31, 2024, is summarized in 
the following table:
USER
% OF RENTAL 
REVENUE (1)
WEIGHTED AVERAGE 
REMAINING LEASE 
TERM (YEARS)
% OF TOTAL  
RENTAL GLA
CREDIT RATING 
DBRS/S&P/
MOODY’S
Google Canada Corporation (2)
3. 3%
7. 6
3. 3%
-/AA+/Aa2
Ubisoft Divertissements Inc.
2. 9
7. 5
3. 8
Not Rated
Shopify Inc.
2. 9
9. 5
1. 9
Not Rated
Societe Quebecoise des Infrastructures
1. 7
3. 5
1. 7
AAL/AA-/Aa2
Deloitte Management Services LP
1. 7
10. 7
1. 4
Not Rated
TMG MacManus Canada Inc.
1. 7
6. 0
1. 6
Not Rated
Morgan Stanley Services Canada Corp.
1. 6
5. 7
1. 6
AH/A-/A1
Unity Technologies Canada Company
1. 2
6. 0
1. 1
Not Rated
National Bank of Canada
1. 2
2. 2
1. 2
AA/A+/Aa2
Thomson Reuters Canada Limited
1. 1
8. 6
1. 0
BBBH/BBB+/
Baa1
19.3%
6.9
18.6%
(1)	 The rental revenue is on a proportionate basis, which is a non-GAAP measure, as defined on page 17.
(2)	 The credit rating for this user is for the parent company.

54
ALLIED 2024 ANNUAL REPORT
LEASE MATURITY 
As at December 31, 2024, 87. 2% of the GLA in Allied’s rental portfolio was leased and its weighted average 
term to maturity was 5. 6 years.  The estimated weighted average market net rental rate is based on 
Management’s estimates of today’s market rental rates and is supported by independent appraisals of 
certain properties.  There can be no assurance that Management’s current estimates are accurate or that they 
will not change with the passage of time.
The following contains information on the urban workspace leases that mature through 2029 and the 
corresponding estimated weighted average market rental rate as at December 31, 2024.  Where the renewal 
rate on maturity is contractually predetermined, it is reflected below as the market rental rate.  
TOTAL RENTAL 
PORTFOLIO
SQUARE  
FEET
% OF TOTAL 
GLA
WEIGHTED AVERAGE  
IN-PLACE RENTAL RATE
ESTIMATED WEIGHTED 
AVERAGE MARKET  
RENTAL RATE
December 31, 2025
1,295,209
9. 0%
$24. 29
$26. 49
December 31, 2026
1,433,765
10. 0%
$23. 67
$25. 08
December 31, 2027
1,461,590
10. 2%
$22. 75
$25. 80
December 31, 2028
975,840
6. 8%
$25. 12
$26. 72
December 31, 2029
1,152,449
8. 0%
$24. 83
$25. 95

55
ALLIED 2024 ANNUAL REPORT
The following tables contain information on lease maturities by city:
MONTRÉAL 
SQUARE  
FEET
% OF 
SEGMENT  
GLA
WEIGHTED AVERAGE  
IN-PLACE RENTAL RATE
ESTIMATED WEIGHTED 
AVERAGE MARKET  
RENTAL RATE
December 31, 2025
287,672
4. 8%
$17. 87
$19. 88
December 31, 2026
535,206
9. 0%
$18. 51
$19. 19
December 31, 2027
702,487
11. 8%
$16. 62
$22. 02
December 31, 2028
362,112
6. 1%
$18. 45
$18. 99
December 31, 2029
424,515
7. 1%
$19. 82
$19. 93
TORONTO & 
KITCHENER
SQUARE  
FEET
% OF 
SEGMENT  
GLA
WEIGHTED AVERAGE  
IN-PLACE RENTAL RATE
ESTIMATED WEIGHTED 
AVERAGE MARKET  
RENTAL RATE
December 31, 2025
747,371
12. 6%
$26. 48
$30. 28
December 31, 2026
484,926
8. 2%
$25. 73
$28. 41
December 31, 2027
523,458
8. 8%
$31. 04
$32. 62
December 31, 2028
381,592
6. 4%
$32. 64
$35. 40
December 31, 2029
505,982
8. 5%
$30. 65
$32. 79
CALGARY
SQUARE  
FEET
% OF 
SEGMENT  
GLA
WEIGHTED AVERAGE  
IN-PLACE RENTAL RATE
ESTIMATED WEIGHTED 
AVERAGE MARKET  
RENTAL RATE
December 31, 2025
167,365
14. 2%
$17. 36
$13. 17
December 31, 2026
169,956
14. 5%
$13. 61
$12. 58
December 31, 2027
131,996
11. 2%
$12. 49
$10. 92
December 31, 2028
142,841
12. 1%
$11. 83
$13. 02
December 31, 2029
114,350
9. 7%
$9. 53
$10. 05
VANCOUVER
SQUARE  
FEET
% OF 
SEGMENT  
GLA
WEIGHTED AVERAGE  
IN-PLACE RENTAL RATE
ESTIMATED WEIGHTED 
AVERAGE MARKET  
RENTAL RATE
December 31, 2025
92,801
7. 4%
$39. 03
$40. 42
December 31, 2026
243,677
19. 5%
$37. 95
$40. 14
December 31, 2027
103,649
8. 3%
$35. 49
$35. 86
December 31, 2028
89,295
7. 1%
$41. 28
$42. 92
December 31, 2029
107,602
8. 6%
$33. 47
$34. 44

56
ALLIED 2024 ANNUAL REPORT

57
ALLIED 2024 ANNUAL REPORT
Section IV
—Historical Performance
The following sets out summary information and financial results for the eight most recently completed 
fiscal quarters.

58
ALLIED 2024 ANNUAL REPORT
Q4 2024
Q3 2024
Q2 2024
Q1 2024
Q4 2023
Q3 2023
Q2 2023
Q1 2023
Rental revenue (1)(2)
$155,120
$146,593
$146,750
$143,577
$150,898
$138,455
$136,137
$138,490
Property operating costs (1)(2)
(70,737)
(63,364)
(64,359)
(65,106)
(69,029)
(58,558)
(58,037)
(61,325)
Operating income (1)(2)
$84,383
$83,229
$82,391
$78,471
$81,869
$79,897
$78,100
$77,165
Net (loss) income and 
comprehensive (loss) income (1)
$(257,652)
$(94,177)
$28,062
$(18,763) $(499,340)
$(33,958)
$126,265
$(13,683)
per unit (basic and diluted) (1)
$(1. 84)
$(0. 67)
$0. 20
$(0. 13)
$(3. 57)
$(0. 24)
$0. 90
$(0. 10)
Net (loss) income attributable  
to Unitholders (1)
$(257,652)
$(94,177)
$28,062
$(18,763) $(499,340)
$(33,958)
$124,032
$(16,447)
per unit (basic and diluted) (1)
$(1. 84)
$(0. 67)
$0. 20
$(0. 13)
$(3. 57)
$(0. 24)
$0. 89
$(0. 12)
Net (loss) income from  
continuing operations (1)(2)
$(257,652)
$(94,177)
$28,062
$(18,763) $(499,340)
$(25,746)
$11,081
$(31,702)
per unit (basic and diluted) (1)(2)
$(1. 84)
$(0. 67)
$0. 20
$(0. 13)
$(3. 57)
$(0. 18)
$0. 08
$(0. 23)
Net (loss) income from  
continuing operations  
attributable to Unitholders (1)(2)
$(257,652)
$(94,177)
$28,062
$(18,763) $(499,340)
$(25,746)
$8,848
$(34,466)
per unit (basic and diluted) (1)(2)
$(1. 84)
$(0. 67)
$0. 20
$(0. 13)
$(3. 57)
$(0. 18)
$0. 06
$(0. 25)
Weighted average units  
(diluted) (3)
139,765,128 139,765,128 139,765,128 139,765,128 139,765,128 139,765,128 139,765,128 139,765,128
Distributions (1)(4)
$62,894
$62,895
$62,894
$62,894
$62,895
$62,895
$62,894
$62,894
FFO (5)
$72,395
$77,645
$72,089
$81,149
$85,460
$83,719
$82,224
$81,175
FFO per unit (diluted) (5)
$0. 518
$0. 556
$0. 516
$0. 581
$0. 611
$0. 599
$0. 588
$0. 581
FFO pay-out ratio (5)
86. 9%
81. 0%
87. 2%
77. 5%
73. 6%
75. 1%
76. 5%
77. 5%
All amounts below are excluding 
condominium-related items, 
financing prepayment costs and 
the mark-to-market adjustment  
on unit-based compensation (6)
FFO (5)
$74,747
$74,782
$73,483
$80,794
$85,765
$83,556
$82,216
$81,085
FFO per unit (diluted) (5)
$0. 535
$0. 535
$0. 526
$0. 578
$0. 614
$0. 598
$0. 588
$0. 580
FFO payout-ratio (5)
84. 1%
84. 1%
85. 6%
77. 8%
73. 3%
75. 3%
76. 5%
77. 6%
AFFO (5)
$66,626
$65,142
$66,612
$75,054
$78,611
$76,174
$74,958
$74,482
AFFO per unit (diluted) (5)
$0. 477
$0. 466
$0. 477
$0. 537
$0. 562
$0. 545
$0. 536
$0. 533
AFFO payout-ratio (5)
94. 4%
96. 6%
94. 4%
83. 8%
80. 0%
82. 6%
83. 9%
84. 4%
NAV per unit (7)
$41. 25
$43. 76
$44. 43
$44. 84
$45. 60
$49. 83
$50. 80
$50. 41
Net debt as a multiple of 
annualized adjusted EBITDA (5)
10. 8x
10. 7x
10. 9x
9. 4x
8. 2x
7. 9x
10. 5x
10. 5x
Total indebtedness ratio (5)
41. 7%
39. 7%
39. 1%
35. 9%
34. 7%
34. 2%
36. 9%
36. 5%
Total rental GLA
14,317
14,504
14,869
14,636
14,954
14,759
14,479
14,423
Leased rental GLA
12,479
12,642
12,947
12,728
13,048
12,934
12,690
12,809
Leased area %
87. 2%
87. 2%
87. 1%
87. 0%
87. 3%
87. 6%
87. 6%
88. 8%

59
ALLIED 2024 ANNUAL REPORT
(1)	 This measure is presented on an IFRS basis.
(2)	 Excludes the results of the UDC segment which was classified as a discontinued operation in Q4 2022 until its disposition in August 2023.
(3)	 This includes the weighted average number of Units and Exchangeable LP Units.
(4)	 Includes distributions on Units and Exchangeable LP Units. The distributions in Q4 2023 exclude the special cash distributions declared of 
$61,419 on Units and $5,668 on Exchangeable LP Units, and the special Unit distribution declared of $639,780.
(5)	 This is a non-GAAP measure, as defined on page 17. These non-GAAP measures include the results of the continuing operations and the 
discontinued operations.
(6)	 In the fourth quarter of 2024, Allied incurred $501 of financing prepayment costs for an accelerated amortization of deferred financing costs 
in connection with the disposition of a property.
(7)	 Prior to Allied’s conversion to an open-end trust, net asset value per unit (“NAV per unit”) was calculated as total equity as at the 
corresponding period ended, divided by the actual number of Units and Exchangeable LP Units outstanding at period end. On Allied’s 
conversion to an open-end trust on June 12, 2023, NAV per unit was calculated as total equity plus the value of Exchangeable LP Units as at 
the corresponding period ended, divided by the actual number of Units and Exchangeable LP Units. The rationale for including the value of 
Exchangeable LP Units is because they are economically equivalent to Units, receive distributions equal to the distributions paid on the Units 
and are exchangeable, at the holder’s option, for Units.
Allied’s quarterly results for the past eight quarters are impacted by occupancy, the economic productivity 
of the portfolio, acquisitions, dispositions, the magnitude and timing of development expenditures and 
project completions, interest rate fluctuations and changes in the fair values of investment properties and 
investment properties held for sale, derivative instruments, and Exchangeable LP Units.

60
ALLIED 2024 ANNUAL REPORT
Section V
—Asset Profile
Allied is an owner-operator of distinctive urban workspace in six major cities across Canada.  Its urban 
portfolios are concentrated in mixed-use, amenity-rich neighbourhoods.
The following table reconciles the consolidated balance sheets on an IFRS basis to a proportionate basis,  
a non-GAAP measure, as at December 31, 2024, and December 31, 2023, as defined on page 17.

61
ALLIED 2024 ANNUAL REPORT
DECEMBER 31, 2024
DECEMBER 31, 2023
IFRS  
BASIS
INVESTMENT 
IN JOINT 
VENTURE (1)
PROPORTIONATE 
BASIS
IFRS  
BASIS
INVESTMENT 
IN JOINT 
VENTURE
PROPORTIONATE 
BASIS
Assets
Non-current assets
Investment properties
$9,448,363
$—
$9,448,363
$9,387,032
$102,200
$9,489,232
Residential inventory
221,004
—
221,004
209,783
—
209,783
Investment in joint venture
—
—
—
8,866
(8,866)
—
Loans and notes receivable
191,045
—
191,045
321,371
—
321,371
Other assets
36,642
—
36,642
48,528
1,382
49,910
$9,897,054
$—
$9,897,054
$9,975,580
$94,716
$10,070,296
Current assets
Cash and cash equivalents
73,918
—
73,918
211,069
1,054
212,123
Loan receivable from joint 
venture
—
—
—
93,291
(93,291)
—
Loans and notes receivable
235,532
—
235,532
188,382
—
188,382
Accounts receivable, prepaid 
expenses and deposits
137,645
—
137,645
140,963
851
141,814
Investment properties  
held for sale
259,830
—
259,830
—
—
—
$706,925
$—
$706,925
$633,705
$(91,386)
$542,319
Total assets
$10,603,979
$—
$10,603,979
$10,609,285
$3,330
$10,612,615
Liabilities
Non-current liabilities
Debt
$3,418,246
$—
$3,418,246
$3,510,366
$—
$3,510,366
Lease liabilities
8,384
—
8,384
50,639
—
50,639
Other liabilities
52,297
—
52,297
48,784
—
48,784
$3,478,927
$—
$3,478,927
$3,609,789
$—
$3,609,789
Current liabilities
Exchangeable LP Units
202,527
—
202,527
238,309
—
238,309
Debt
985,129
—
985,129
149,245
—
149,245
Accounts payable and other 
liabilities
367,731
—
367,731
476,863
3,330
480,193
Lease liability held for sale
7,021
—
7,021
—
—
—
$1,562,408
$—
$1,562,408
$864,417
$3,330
$867,747
Total liabilities
$5,041,335
$—
$5,041,335
$4,474,206
$3,330
$4,477,536
Equity
Unitholders’ equity
$5,562,644
$—
$5,562,644
$6,135,079
$—
$6,135,079
Non-controlling interests
—
—
—
—
—
—
Total equity
$5,562,644
$—
$5,562,644
$6,135,079
$—
$6,135,079
Total liabilities and equity
$10,603,979
$—
$10,603,979
$10,609,285
$3,330
$10,612,615
(1)	 On December 19, 2024, the TELUS Sky Partnership (in which Allied owns a one-third interest) sold the residential and commercial components 
of TELUS Sky. Accordingly, the TELUS Sky Partnership no longer owns any interest in TELUS Sky after this disposition. See the Acquisitions 
and Dispositions section in Section V - Asset Profile.

62
ALLIED 2024 ANNUAL REPORT
As at December 31, 2024, Allied’s portfolio of 208 investment properties consists of 186 rental properties 
(eight of which are partially under development), eight development properties, and 14 investment 
properties held for sale on a proportionate basis, as defined on page 17.  Allied’s portfolio of investment 
properties and investment properties held for sale has a fair value of $9,708,193 as at December 31, 2024.
Changes to the carrying amounts of investment properties and investment properties held for sale on a 
proportionate basis, a non-GAAP measure, are summarized in the following table, as defined on page 17.
THREE MONTHS ENDED DECEMBER 31, 2024
YEAR ENDED DECEMBER 31, 2024
RENTAL 
PROPERTIES
PROPERTIES 
UNDER 
DEVELOPMENT
TOTAL
RENTAL 
PROPERTIES
PROPERTIES 
UNDER 
DEVELOPMENT
TOTAL
Balance, beginning of period
$9,145,148
$939,490
$10,084,638
$8,471,072
$1,018,160
$9,489,232
Additions:
Acquisitions
79,769
7,612
87,381
491,764
201,524
693,288
Improvement allowances (1)
3,378
4,513
7,891
30,987
42,368
73,355
Leasing commissions (1)
4,901
899
5,800
13,044
7,112
20,156
Capital expenditures (1)
34,921
46,495
81,416
75,910
199,596
275,506
Dispositions
(204,739)
—
(204,739)
(255,989)
—
(255,989)
Transfers from PUD
147,944
(147,944)
—
592,006
(592,006)
—
Transfers to PUD
(44,950)
44,950
—
(123,000)
123,000
—
Transfers (to) from  
other assets
43
—
43
758
—
758
Amortization of straight-
line rent and improvement 
allowances (1)
(7,412)
(186)
(7,598)
(29,157)
(996)
(30,153)
Fair value loss on investment 
properties and investment 
properties held for sale (1)
(297,549)
(49,090)
(346,639)
(405,941)
(152,019)
(557,960)
Balance, end of period 
$8,861,454
$846,739
$9,708,193
$8,861,454
$846,739
$9,708,193
Investment properties 
$8,601,624
$846,739
$9,448,363
$8,601,624
$846,739
$9,448,363
Investment properties  
held for sale
259,830
—
259,830
259,830
—
259,830
Investment properties  
and investment properties 
held for sale
$8,861,454
$846,739
$9,708,193
$8,861,454
$846,739
$9,708,193
(1)	 Includes Allied’s proportionate share of the equity accounted investment of the following amounts for the three months and year ended 
December 31, 2024: improvement allowances of nil and $108, respectively; leasing commissions of $nil and $20, respectively; capital 
expenditures of $2,255 and $2,551, respectively; amortization of straight-line rent and improvement allowances of $(151) and $(588), 
respectively; and a fair value gain (loss) on investment properties of $(604) and $391, respectively.

63
ALLIED 2024 ANNUAL REPORT
As at December 31, 2024, Allied had 14 investment properties held for sale.  There were no investment 
properties held for sale as at December 31, 2023.  The increase of $259,830 for the year ended December 31, 
2024, is due to the classification of 14 properties as investment properties held for sale.
For the three months ended December 31, 2024, Allied recognized a fair value loss on investment properties 
and investment properties held for sale of $346,639 on a proportionate basis.  This was mainly due to the 
expansion of capitalization rates and adjustments to cash flow assumptions.
For the year ended December 31, 2024, Allied recognized a fair value loss on investment properties 
and investment properties held for sale of $557,960 on a proportionate basis.  This was mainly due to 
the expansion of capitalization rates, adjustments to cash flow assumptions and cost increases in the 
development portfolio.
For the three months ended December 31, 2024, Allied capitalized $17,601 of borrowing costs to its capital 
expenditures on a proportionate basis, $13,095 of which related to development activity, $2,182 to upgrade 
activity and $2,324 to qualifying residential inventory.
For the year ended December 31, 2024, Allied capitalized $68,440 of borrowing costs to its capital 
expenditures on a proportionate basis, $48,945 of which related to development activity, $9,637 to upgrade 
activity in the rental portfolio and $9,858 to qualifying residential inventory.  
The appraised fair value of investment properties and investment properties held for sale is most commonly 
determined using the following methodologies: 
Discounted cash flow method (“DCF method”) - Under this approach, discount rates are applied to the 
projected annual operating cash flows, generally over a minimum ten-year period, including a terminal 
value of the properties based on a capitalization rate applied to the estimated NOI, a non-GAAP measure, in 
the terminal year.
Comparable sales method - This approach compares a subject property’s characteristics with those of 
comparable properties which have recently sold.  The process uses one of several techniques to adjust 
the price of the comparable transactions according to the presence, absence, or degree of characteristics 
which influence value.  These characteristics include the cost of construction incurred at a property under 
development.
Direct capitalization method - Under this approach, capitalization rates are applied to the estimated stabilized 
NOI of the properties.  Estimated stabilized NOI is based on projected rental revenue and property operating 
costs, and external evidence such as current market rents for similar properties, and is further adjusted for 
estimated vacancy loss and capital reserves.

64
ALLIED 2024 ANNUAL REPORT
Allied determines the fair value of its investment property portfolio every quarter and at year-end with 
the support of a third-party appraiser.  The fair value of each investment property is determined based on 
various factors, including rental income from current leases, assumptions about rental income and cash 
outflows related to future leases reflecting market conditions, and recent market transactions.
Allied’s valuation of its investment properties and investment properties held for sale considers both asset-
specific and market-specific factors, as well as observable transactions for similar assets.  The determination 
of fair value requires the use of estimates, which are determined with the support of a third-party appraiser 
and compared with market data, third-party reports, and research, as well as observable market conditions.
In valuing the investment properties as at December 31, 2024, the value derived using the DCF method was 
compared to the value that would have been calculated by applying a capitalization rate to stabilized NOI.  
This is done to assess the reasonability of the value obtained under the DCF method.  The resulting urban 
workspace portfolio weighted average capitalization rate was 4. 90%, detailed in the table below:
OVERALL 
CAPITALIZATION  
RATE
DECEMBER 31, 2024
DECEMBER 31, 2023
RANGE %
WEIGHTED 
AVERAGE %
FAIR  
VALUE $ (1) 
RANGE %
WEIGHTED 
AVERAGE %
FAIR  
VALUE $ (1)
Montréal & Ottawa (2)
4.75% - 7.50%
5.30%
$2,333,875
4. 50% - 7. 00%
5. 08%
$2,550,767
Toronto & Kitchener 
4.00% - 6.00%
4.72%
4,632,053
4. 00% - 6. 00%
4. 66%
4,663,539
Calgary 
6.75% - 7.75%
7.33%
183,632
6. 75% - 7. 75%
7. 19%
246,946
Vancouver
4.00% - 5.25%
4.32%
1,170,000
4. 00% - 4. 50%
4. 18%
906,880
Urban workspace (3)
4.00% - 7.75%
4.90%
$8,319,560
4. 00% - 7. 75%
4. 81%
$8,368,132
(1)	 Presented on a proportionate basis, which is a non-GAAP measure, as defined on page 17.
(2)	 Allied sold its Ottawa properties on December 18, 2024.
(3)	 Urban workspace excludes the rental-residential portfolio of $282,064 and the properties under development of $846,739 as at December 31, 
2024 (December 31, 2023 - $102,940 and $1,018,160, respectively).

65
ALLIED 2024 ANNUAL REPORT
RENTAL PROPERTIES
Allied’s rental portfolio was built by consolidating the ownership of urban office properties.  Scale within 
each city of focus proved to be important as Allied grew.  It enabled Allied to provide users with greater 
expansion flexibility, more parking and better human and digital connectivity than its direct competitors.  
Scale across the country also proved to be important.  It enabled Allied to serve national and global users 
better, to expand its growth opportunities and to achieve meaningful geographic diversification.  Allied has 
evolved into a leading owner-operator of urban workspace in Canada’s major cities.
ACQUISITIONS AND DISPOSITIONS
During the year ended December 31, 2024, Allied completed the following property acquisitions.
PROPERTY
ACQUISITION DATE
INTEREST 
ACQUIRED
ACQUISITION 
COST
OFFICE  
GLA
RETAIL  
GLA
RESIDENTIAL 
GLA
TOTAL  
GLA
PARKING 
STALLS
400 West Georgia, 
Vancouver (1)
April 1, 2024
90%
$357,525
306,762
5,892
—
312,654
163
19 Duncan,  
Toronto (1)(2)
April 1, 2024
45%
248,382
67,153
1,607
129,600
198,360
131
TELUS Sky 
(residential 
component),  
Calgary (1)(3)
December 19, 2024
50%
78,390
—
—
121,071
121,071
176
400 West Georgia, 
Vancouver (1)
December 20, 2024
10%
37,436
34,084
654
—
34,738
—
19 Duncan,  
Toronto (1)(2)
December 20, 2024
5%
23,122
7,462
178
14,400
22,040
—
Total, IFRS basis
$744,855
415,461
8,331
265,071
688,863
470
Existing 1/3 
share of TELUS 
Sky (residential 
component),  
Calgary (3)
(51,567)
Total, Proportionate 
basis
$693,288
(1)	 The GLA is at Allied’s ownership acquired on the acquisition date. The parking spaces are at 100% ownership.
(2)	 19 Duncan was previously known as Adelaide & Duncan. Allied acquired an incremental 45% interest and 5% interest in 19 Duncan on April 1, 
2024 and December 20, 2024, respectively, increasing Allied’s total ownership in 19 Duncan to 100%.
(3)	 Allied’s one-third interest in the TELUS Sky Partnership was recognized as an investment in joint venture through an equity accounted 
investment prior to December 19, 2024. The total investment property value of $78,390 consists of $51,567 which represents Allied’s existing 
one-third interest and $26,823 as the incremental one-sixth (approximately 16.7%) interest acquired.

66
ALLIED 2024 ANNUAL REPORT
On April 1, 2024, the purchase price, including acquisition costs, for 400 West Georgia and 19 Duncan of 
$605,907 was satisfied by construction loans assumed totalling $327,735, the assumption of other liabilities 
of $29,262 related to completing the 19 Duncan development, working capital of $2,510, the settlement 
of a loan receivable due from the seller of $197,339, and net cash consideration of $49,061, including land 
transfer taxes.
On December 19, 2024, the reorganization of the ownership of TELUS Sky was completed, resulting in a 
decrease of the TELUS Sky Partnership’s ownership in the commercial and residential components of TELUS 
Sky from 100% to zero and a 16. 7% increase in Allied’s ownership in the residential component of TELUS Sky 
to 50% through a newly created co-ownership structure with Westbank, which is accounted for as a joint 
operation.  Refer to notes 4 and 8 in Allied’s audited consolidated financial statements for the year ended 
December 31, 2024, for further details.
On December 20, 2024, the purchase price, including acquisition costs, for 400 West Georgia and 19 Duncan 
of $60,558 was satisfied by construction loans assumed totalling $37,358, the assumption of other liabilities 
of $2,308 relating to completing the 19 Duncan development, working capital of $749, the partial settlement 
of a loan receivable due from the seller of $18,866 and net cash consideration of $1,277 primarily for land 
transfer taxes.  This acquisition increased Allied’s ownership in each of 400 West Georgia and 19 Duncan to 
100%.
During the year ended December 31, 2024, Allied completed the following dispositions of investment 
properties:
PROPERTY
DISPOSITION DATE
PROPERTY TYPE
GROSS PROCEEDS
85 Saint-Paul W, Montréal
August 26, 2024
Office
$16,250
480 Saint-Laurent, Montréal
August 26, 2024
Office, retail
16,250
4446 Saint-Laurent, Montréal
September 26, 2024
Office, retail
18,750
College & Manning - 547-549 College, Toronto
November 29, 2024
Residential, retail
24,000
The Chambers - 40 Elgin & 46 Elgin, Ottawa
December 18, 2024
Office, retail
86,511
810 Saint Antoine, Montréal (1)
December 19, 2024
Office
41,895
Total dispositions, IFRS basis
$203,656
TELUS Sky (commercial component)
52,333
Total dispositions, Proportionate basis
$255,989
(1)	 The consideration includes a density bonus of $4,895 to be received, conditional on the building density achieved by the purchaser. Any 
changes in the actual amount of the density bonus will be recognized in other income or impairment loss in the consolidated statements of loss 
and comprehensive loss.
The gross proceeds were equivalent to the fair value of these investment properties at the time of 
disposition, therefore, there was no gain or loss recorded on closing.

67
ALLIED 2024 ANNUAL REPORT
RENTAL PROPERTIES UNDERGOING INTENSIFICATION APPROVAL
One way Allied creates value is by intensifying the use of underutilized land.  The land beneath the buildings 
in Toronto is significantly underutilized in relation to the existing zoning potential.  This is also true of some 
of Allied’s buildings in Kitchener, Montréal, Calgary, and Vancouver.  These opportunities are becoming more 
compelling as the urban areas of Canada’s major cities intensify.  Since Allied has captured the underutilized 
land value at a low cost, it can achieve attractive risk-adjusted returns on intensification.  
Allied began tracking the intensification potential inherent in the Toronto portfolio in the fourth quarter of 
2007.  At the time, the 46 properties in Toronto comprised 2. 4 million square feet of GLA and were situated 
on 780,000 square feet (17. 8 acres) of underutilized land immediately east and west of the Downtown Core.  
The 102 properties (excluding those held for sale) in Toronto now comprise 5. 2 million square feet of current 
rental portfolio GLA and are situated on 34. 1 acres of underutilized land immediately east and west of the 
Downtown Core.  With achievable rezoning, the underlying land in our Toronto portfolio could permit up to 
11. 3 million square feet of GLA, 6. 1 million square feet more than currently is in place.
Allied entered the Montréal market in April of 2005.  The 27 properties (excluding those held for sale) in 
Montréal now comprise 6. 0 million square feet of current rental portfolio GLA.  As they are much larger 
buildings on average than those comprising the Toronto portfolio, the 35. 1 acres of land on which they sit 
(immediately south, east and northeast of the Downtown Core) are more fully utilized than the land in the 
Toronto portfolio.  Nevertheless, the underlying land in the Montréal portfolio could permit up to 8. 5 million 
square feet of GLA, 2. 5 million square feet more than currently is in place.
There is similar potential inherent in the rest of Allied’s portfolio, which is quantified in the chart below.  
Across Canada on a portfolio-wide basis, there are 1. 7 million square feet currently in PUD and 9. 8 million 
square feet of potential incremental density, totalling 11. 5 million square feet as at December 31, 2024.  Of the 
9. 8 million square feet of potential incremental density, 5. 6 million square feet is reflected in the appraised 
fair values, mainly at properties where zoning approvals are in place.  The remaining 4. 2 million square feet 
is not reflected in the appraised fair values.

68
ALLIED 2024 ANNUAL REPORT
The below details the potential incremental density by city:
CITY
CURRENT 
RENTAL 
CURRENT PUD 
(ESTIMATED ON 
COMPLETION)
POTENTIAL DENSITY 
FROM ZONING 
COMPLETED OR  
IN PROGRESS
ADDITIONAL 
POTENTIAL 
DENSITY
TOTAL 
POTENTIAL GLA 
Toronto (1)
5,214,719
364,144
3,290,524
2,386,729
11,256,116
Kitchener
709,015
—
—
333,184
1,042,199
Montréal
5,966,206
759,580
1,068,557
665,720
8,460,063
Calgary
1,175,943
48,502
—
1,515,925
2,740,370
Edmonton
—
294,710
—
—
294,710
Vancouver
1,250,890
238,321
—
509,297
1,998,508
Total
14,316,773
1,705,257
4,359,081
5,410,855
25,791,966
(1)	 The GLA estimated on completion for properties under development in Toronto excludes 688,866 square feet of GLA at The Well, 152,800 
square feet of commercial GLA at 19 Duncan and 152,689 square feet of residential GLA that has been transferred to the rental portfolio at 19 
Duncan.
The timing of development for the 9. 8 million square feet of potential incremental density is impossible to 
predict with precision.  One factor is our self-imposed limitation on development activity.  The focus will be 
on the Toronto portfolio.  The chart below provides a reasonable estimate of when the potential could begin 
to be realized:

69
ALLIED 2024 ANNUAL REPORT
DEVELOPMENT PROPERTIES
Development is another way to create value and a particularly effective one for Allied, given the strategic 
positioning of its portfolio in the urban areas of Canada’s major cities.  Urban intensification is the single 
most important trend in relation to Allied’s business.  Not only does it anchor Allied’s investment and 
operating focus, it provides the context within which Allied creates value for its Unitholders.
The completion of projects currently under development is an important component of Allied’s 
growth.  The expectation is largely contingent upon completing the development projects in the manner 
contemplated.  The most important factor affecting completion will be successful lease-up of space in the 
development portfolio.  The material assumption is that there continues to be demand for leasing office 
space.  Allied will not commence material development of its urban office portfolio unless it has significant 
pre-leased commitments to mitigate risk.  Pursuant to the Declaration of Trust, the cost of Properties 
Under Development cannot exceed 15% of GBV.  At December 31, 2024, the cost of the Properties Under 
Development was 10. 1% of GBV (December 31, 2023 - 11. 6%).  This self-imposed limitation is intended to align 
the magnitude of Allied’s development activity with the overall size of the business.
Properties Under Development consist of properties purchased with the intention of being developed or 
redeveloped before being operated and properties transferred from the rental portfolio once activities 
changing the condition or state of the property, such as the de-leasing process, commence.  There are two 
main types of properties under development: ground-up developments and redevelopments.  Ground-up 
developments involve construction of significant amounts of new leasable area.  Redevelopments involve 
transformation of existing leasable area to enhance revenue-producing capabilities.
Allied has the following eight Properties Under Development and eight rental properties partially under 
development.  Five of the projects are ground-up developments and 11 are redevelopments.

70
ALLIED 2024 ANNUAL REPORT
The following table sets out the Properties Under Development as at December 31, 2024, as well as 
Management’s estimates with respect to the financial outcome on completion.  Estimated NOI from 
development completion is based on stabilized occupancy and, in the first year, its impact is moderated  
by the discontinuation of capitalized costs.
ESTIMATED
PROPERTY 
NAME
OWNERSHIP
TRANSFER 
TO RENTAL 
PORTFOLIO
OFFICE  
GLA
RETAIL  
GLA
RESIDENTIAL 
GLA
ANNUAL  
NOI
TOTAL  
COST
YIELD  
ON COST
COST TO 
COMPLETE
% OF OFFICE 
LEASED
Ground-up 
developments
The Well,  
Toronto (1)(2)(3)
50%
Q3 2022 to 
Q2 2025
584,000
160,000
—
$37,500 - 
43,250
$831,000
4. 5% - 
5. 2%
$5,922
98%
19 Duncan,  
Toronto - original 
50% interest (3)(4)
50%
Q4 2023 to 
Q2 2025
74,615
1,785
144,000
10,500 - 
11,500
240,007
4. 4% - 
4. 8%
19,725
100%
108 East 5th 
Avenue,  
Vancouver (1)
50%
Q1 2026
102,000
—
—
4,350 - 
4,600
108,884
4. 0% - 
4. 2%
15,257
77%
KING Toronto, 
Toronto (1)(5)(6)
50%
Q2 2026
40,000
60,000
—
5,000 - 
6,000
173,250
2. 9% - 
3. 7%
58,067
—%
365 Railway, 
Vancouver
100%
TBD
60,000
—
—
TBD
TBD
TBD
TBD
—%
Redevelopments
100%
Up to 
Q4 2026
1,100,206
152,605
—
23,615 - 
27,740
564,785
4. 2% - 
4. 9%
39,798
23%
Subtotal
1,960,821
374,390
144,000
$80,965 - 
$93,090+
19 Duncan,  
Toronto - 
incremental  
50% interest 
acquired (3)(4)(7)
50%
74,615
1,785
144,000
10,500 - 
11,500
240,007
100%
Total
$91,465 - 
$104,590+
(1)	 These properties are co-owned, reflected in the table above at Allied’s ownership percentage.
(2)	 The estimated costs are net of the actual gross proceeds from the sale of the The Well Air Rights of $111,758 (at Allied’s share). The transfer of 
The Well to the rental portfolio is occurring in phases.
(3)	 A portion of the property has been transferred to the rental portfolio. The estimated GLA on completion includes both the rental and 
development portions.
(4)	 The project is anticipated to be completed in two phases. The commercial phase of the property was completed in Q1 2024. The residential 
phase is scheduled for completion in Q2 2025. 
(5)	 Allied entered into a joint arrangement with Westbank to develop KING Toronto. As part of the arrangement, Allied sold a 50% undivided 
interest to Westbank. KING Toronto is comprised of the following properties: 489 King W, 495 King W, 499 King W, 511-529 King W, 533 King W, 
and 539 King W. The estimated gross proceeds from the sale of the residential inventory is in the range of $297,500 - $307,000. The estimated 
total cost includes the commercial and residential components and is net of the estimated gross proceeds from the sale of the residential 
inventory of $297,500. The residential component is being developed and sold as condominium units, totalling 440 units. As at December 31, 
2024, 405 units or 92% have been pre-sold, subject to customary closing conditions. Management expects the condominium sales to close in the 
first half of 2026.
(6)	 During the year ended December 31, 2024, Allied recorded an impairment of $38,259 on KING Toronto. Residential inventory carrying value is 
calculated as the estimated gross proceeds less estimated costs to complete. The impairment during the year ended December 31, 2024, reflects 
higher estimated costs to complete and lower estimated gross proceeds.
(7)	 On April 1, 2024, and December 20, 2024, Allied purchased an incremental 45% and 5% undivided interest in 19 Duncan, respectively, 
increasing its ownership to 100%. The purchase price of this incremental ownership interest includes the accrued corresponding costs to 
complete. 

71
ALLIED 2024 ANNUAL REPORT
The following are the redevelopment projects: 
ESTIMATED GLA (SF)
PROPERTY NAME
OFFICE
RETAIL
400 Atlantic, Montréal (1)
27,151
292
Boardwalk-Revillon Building, Edmonton
237,369
57,341
185 Spadina, Toronto
55,213
—
342 Water, Vancouver
18,434
3,206
375 Water, Vancouver (1)
51,780
2,901
1001 Boulevard Robert-Bourassa, Montréal (1)
273,850
22,643
RCA Building, Montréal (1)
170,223
35,233
3575 Saint Laurent, Montréal
165,555
18,898
Kipling Square, Calgary (2)
48,502
—
469 King W, Toronto (1)(2)
18,485
—
747 Square-Victoria, Montréal (1)
33,644
12,091
Total
1,100,206
152,605
(1)	 The GLA represents the portion of the property that is under development.
(2)	 Planning for conversion from office to retail use is underway to optimize the use of this property.
The initial cost of Properties Under Development includes the acquisition cost of the property, direct 
development costs, operating costs, realty taxes and borrowing costs directly attributable to the 
development.  Borrowing costs, operating costs and realty taxes associated with direct expenditures on 
Properties Under Development are capitalized.  The amount of capitalized borrowing costs is determined 
first by reference to borrowings specific to the project, where relevant, and otherwise by applying a 
weighted average cost of borrowings to eligible expenditures after adjusting for borrowings associated with 
other specific developments.
Transfer to the rental portfolio occurs when the property is capable of operating in the manner intended by 
Management.  Generally this occurs upon completion of construction and receipt of all necessary occupancy 
and other permits.  In some instances, particularly in ground-up developments like The Well, base building 
work is underway during the fixturing period.  In this case, transfer to the rental portfolio occurs when 
the base building work is complete.  Estimated annual NOI is based on 100% economic occupancy.  The 
most important factor affecting estimated annual NOI is the successful lease-up of vacant space in the 
development properties at current levels of net rent per square foot.  The material assumption is that the 
office leasing market in the relevant markets remains stable.  Estimated total cost includes acquisition cost, 
estimated total construction, financing costs and realty taxes.  The material assumption made in formulating 
the estimated total cost is that construction and financing costs remain stable for the remainder of the 
development period.  Estimated yield on cost is the estimated annual NOI as a percentage of the estimated 
total cost.  Estimated cost to complete is the difference between the estimated total cost and the costs 
incurred to date.

72
ALLIED 2024 ANNUAL REPORT
LOANS RECEIVABLE
The table below summarizes the loans receivable as at December 31, 2024, and December 31, 2023.
MATURITY DATE
DECEMBER 31,  
2024
DECEMBER 31,  
2023
19 Duncan
N/A
$—
$21,173
400 West Georgia
N/A
—
188,355
KING Toronto (1)
December 31, 2026
181,123
112,161
Breithaupt Phase III (2)
N/A
9,913
9,913
150 West Georgia
December 9, 2025
221,281
178,095
Total loans receivable
$412,317
$509,697
(1)	 The facility matures at the earlier of December 31, 2026, or the closing of the condominium units. 
(2)	 The loan is repayable in installments upon rent commencement subsequent to repayment of the construction loan, which will be repaid with 
expected proceeds from permanent financing when it matures on March 31, 2025.
On April 1, 2024, the 400 West Georgia loan was fully settled when Allied acquired a 90% ownership interest 
in 400 West Georgia and an incremental 45% ownership interest in 19 Duncan.  
On September 6, 2024, the KING Toronto loan was amended to add an additional credit facility in an 
aggregate principal amount not to exceed $35,000, plus interest.  Interest accrues to this additional facility  
at a rate of prime plus 8. 00% per annum and is payable monthly starting January 1, 2025.
In the fourth quarter of 2024, the 19 Duncan loan was amended to add an additional credit facility in an 
aggregate principal amount not to exceed $10,000 (the “Additional Duncan Facility”).  During the fourth 
quarter of 2024, $5,265 was drawn under the Additional Duncan Facility, bringing the total outstanding loan 
balance to $26,438.  Of this balance, $18,866 was used to settle the acquisition of an incremental 5% interest 
in 19 Duncan and an incremental 10% interest in 400 West Georgia on December 20, 2024.  The remaining 
balance of $7,572 was converted to a note receivable due from Westbank on June 30, 2025.  
Allied has assessed the expected credit losses on an individual loan basis.  Allied assesses the risk of expected 
credit losses, including considering the status of corporate guarantees and/or registered mortgage charges 
and assignment of leases, outcome of credit checks on borrowers, results of monitoring the financial and 
operating performance of borrowers, construction and leasing status on the development projects, timing 
of rent commencement on leases, and status of scheduled principal and interest payments.  The expected 
credit losses estimated by Management considering the factors described above is $nil as at December 31, 
2024 (December 31, 2023 - $nil).

73
ALLIED 2024 ANNUAL REPORT
Section VI
—Liquidity and Capital Resources
Allied’s liquidity and capital resources are used to fund capital investments including development activity 
and leasing costs, interest expense and distributions to Unitholders.  The primary source of liquidity is net 
operating income generated from rental properties, which is dependent on rental and occupancy rates and 
the structure of lease agreements, among other variables.
Allied has financed its operations through the use of equity, Exchangeable LP Units, mortgage debt secured 
by rental properties, construction loans, an unsecured revolving operating facility, senior unsecured 
debentures, unsecured term loans and capital recycling.  Conservative financial management has been 
consistently applied through the use of long term, fixed rate, debt financing.  Allied’s objective is to maximize 
financial flexibility while continuing to strengthen the balance sheet.  As at December 31, 2024, 82. 7% of 
investment properties on a proportionate basis were unencumbered.  
Allied has various sources of liquidity, including cash and cash equivalents and the unused portion of its 
unsecured revolving operating facility.

74
ALLIED 2024 ANNUAL REPORT
DEBT
The following illustrates the calculation of debt (net of transaction costs) on an IFRS basis and net debt, 
a non-GAAP measure, as defined on page 17, as at December 31, 2024, and December 31, 2023.  As at 
December 31, 2024, 94. 3% of Allied’s debt is at a fixed rate (December 31, 2023 - 92. 7%).
DECEMBER 31,  
2024
DECEMBER 31,  
2023
Mortgages payable
$437,536
$111,875
Construction loans payable
473,866
307,013
Unsecured revolving operating facility
—
—
Senior unsecured debentures
2,842,388
2,591,569
Unsecured term loans
649,585
649,154
Debt, IFRS and proportionate basis 
$4,403,375
$3,659,611
Less: cash, cash equivalents and deposit (1)
152,518
288,595
Net debt
$4,250,857
$3,371,016
(1)	 Includes cash and cash equivalents attributable to the TELUS Sky Partnership totalling $nil as at December 31, 2024 (December 31, 2023 - 
$1,054).
The publication of CDOR ceased effective June 28, 2024, and has been replaced by the Canadian Overnight 
Repo Rate Average (“CORRA”).  As a result, in 2024, Allied amended the benchmark rates in its debt and 
swap agreements from CDOR to CORRA, as applicable, including a credit spread adjustment for the basis 
difference between CDOR and CORRA.  The economic impact to Allied is immaterial.
The respective financing costs recognized are amortized using the effective interest method and recorded to 
interest expense.  
On October 3, 2024, Allied entered into a swap agreement with a financial institution to fix the rate on a 
notional amount of variable-rate debt of $175,000 to exchange the floating CORRA-based interest payments 
for fixed interest payments at a total fixed rate of 4. 927%.  The swap is effective October 31, 2024, and 
matures on October 31, 2026.  Allied will first apply this swap to the unsecured revolving operating facility, 
and if the swap exceeds the balance of the unsecured revolving operating facility at any point in time, Allied 
may apply the swap to other variable-rate debt outstanding at that time.

75
ALLIED 2024 ANNUAL REPORT
The table below summarizes the scheduled principal maturity and weighted average contractual interest 
rates for Allied’s mortgages payable, unsecured debentures and unsecured term loans.  
MORTGAGES 
PAYABLE
INTEREST RATE 
OF MATURING 
MORTGAGES
SENIOR 
UNSECURED 
DEBENTURES
INTEREST  
RATE
UNSECURED 
TERM LOANS
INTEREST  
RATE
TOTAL
CONSOLIDATED 
INTEREST RATE OF 
MATURING DEBT
2025
$11,164
—%
$200,000
3. 64%
$400,000
4. 87%
$611,164
4. 46%
2026
27,116
3. 59
600,000
1. 73
250,000
3. 50
877,116
2. 28
2027
56,040
4. 76
300,000
3. 11
—
—
356,040
3. 35
2028
20,589
4. 04
550,000
4. 22
—
—
570,589
4. 22
2029
97,637
4. 79
300,000
3. 39
—
—
397,637
3. 72
2030
228,949
5. 20
400,000
3. 12
—
—
628,949
3. 86
2031
—
—
—
—
—
—
—
—
2032
—
—
500,000
3. 10
—
—
500,000
3. 10
2033
—
—
—
—
—
—
—
—
2034
—
—
—
—
—
—
—
—
$441,495
4. 81%
$2,850,000
3. 10%
$650,000
4. 34%
$3,941,495
3. 48%

76
ALLIED 2024 ANNUAL REPORT
The chart below summarizes the maturities of principal for Allied’s debt (excluding construction loans 
and the unsecured revolving operating facility), which has a weighted average term of 3. 3 years, as at 
December 31, 2024: 
The table below summarizes the weighted average effective interest rate as at December 31, 2024:
MORTGAGES 
PAYABLE
SENIOR 
UNSECURED 
DEBENTURES
UNSECURED 
TERM LOANS
TOTAL
Weighted average effective interest rate  
as at December 31, 2024
4. 81%
3. 10%
4. 34%
3. 50%
$11.2
$27.1
$56.0
$400.0
$250.0
$20.6
$97.6
$228.9
$200.0
$600.0
$300.0
$550.0
$300.0
$400.0
$500.0
4.46%
2.28%
3.35%
4.22%
3.72%
3.86%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
$1,000
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
Interest rate
Amount (in millions of $)
Year
MORTGAGES
UNSECURED TERM LOANS
UNSECURED DEBENTURES
CONSOLIDATED W/A CONTRACTUAL INTEREST RATE
3.10%

77
ALLIED 2024 ANNUAL REPORT
MORTGAGES PAYABLE
As at December 31, 2024, mortgages payable, net of financing costs, total $437,536.  The weighted average 
contractual interest rate of mortgages payable is 4. 81% as at December 31, 2024 (December 31, 2023 - 3. 38%).  
There were no variable rate mortgages payable as at December 31, 2024, and December 31, 2023.  The 
weighted average term of the mortgage debt is 4. 7 years (December 31, 2023 - 3. 3 years).  The mortgages 
are secured by a first registered charge over specific investment properties and first general assignments of 
leases, insurance and registered chattel mortgages.
The following table contains information on the remaining contractual mortgage maturities:
PRINCIPAL 
REPAYMENTS
BALANCE DUE  
AT MATURITY
DECEMBER 31,  
2024
DECEMBER 31,  
2023
2025
$11,164
$—
$11,164
2026
6,673
20,443
27,116
2027
6,040
50,000
56,040
2028
6,132
14,457
20,589
2029
6,139
91,498
97,637
2030
6,358
222,591
228,949
Mortgages, principal
$42,506
$398,989
$441,495
$112,677
Net premium on assumed mortgages
—
233
Net financing costs
(3,959)
(1,035)
$437,536
$111,875
For the year ended December 31, 2024, Allied received proceeds on new mortgages, net of financing costs, 
of $389,928, at a weighted average rate of 5. 04% and a weighted average term to maturity of 4. 9 years.  

78
ALLIED 2024 ANNUAL REPORT
CONSTRUCTION LOANS PAYABLE
As at December 31, 2024, and December 31, 2023, Allied’s obligations relating to construction loans are as 
follows:
OWNERSHIP
DATE OF 
MATURITY
DECEMBER 31,  
2024
DECEMBER 31,  
2023
19 Duncan (1)
100%
August 11, 2025
$257,667
$110,046
Breithaupt Phase III
50%
March 31, 2025
57,572
58,005
KING Toronto
50%
July 31, 2026
99,900
99,900
108 East 5th Avenue
50%
December 6, 2025
58,727
39,062
400 West Georgia (2)
100%
N/A
—
—
$473,866
$307,013
(1)	 Allied acquired an incremental 45% interest and 5% interest in 19 Duncan on April 1, 2024, and December 20, 2024, respectively, increasing 
Allied’s total ownership in 19 Duncan to 100%.
(2)	 Allied acquired a 90% interest and an incremental 10% interest in 400 West Georgia on April 1, 2024, and December 20, 2024, respectively, 
increasing Allied’s total ownership in 400 West Georgia to 100%. Allied fully repaid the 400 West Georgia construction loan on December 20, 
2024.
Allied and Westbank had a $295,000 construction lending facility for the 19 Duncan joint arrangement from 
a syndicate of Canadian banks, in which Allied’s 50% share was $147,500 until March 31, 2024.  On April 1 
and December 20, 2024, Allied’s share increased to $280,250 and $295,000, as a result of its incremental 
45% and 5% ownership, respectively.  Accordingly, Allied assumed an additional $103,487 drawn on the 
construction lending facility on April 1, 2024 and $12,442 on December 20, 2024.  The loan bears interest at 
bank prime plus 35 basis points or CORRA plus 135 basis points with a standby fee of 25 basis points and a 
letter of credit fee of 100 basis points.  The 19 Duncan joint arrangement had entered into a swap agreement 
to fix approximately 75% of the construction loan up to $209,572 at 2. 86%, which matured on March 31, 
2023.  Allied had provided a joint and several guarantee of the entire facility and earned a related guarantee 
fee on up to $147,500 and $14,750 of the facility until March 31, 2024, and December 19, 2024, respectively.
Allied and Perimeter have a $138,000 construction loan for the Breithaupt Phase III joint arrangement from 
a financial institution, in which Allied’s 50% share is $69,000.  On December 4, 2024, a $3,600 repayment 
($1,800 at Allied’s share) was made on the facility.  As a result the facility limit was decreased from $138,000 
to $134,400, in which Allied’s 50% share is $67,200.  The loan bears interest at bank prime plus 25 basis 
points or CORRA plus 145 basis points with a standby fee of 20 basis points and a letter of credit fee of 100 
basis points.  Allied is providing a joint and several guarantee of the entire facility and is earning a related 
guarantee fee on up to $67,200 of the facility.

79
ALLIED 2024 ANNUAL REPORT
Allied and Westbank have a $465,000 green construction lending facility for the KING Toronto joint 
arrangement from a syndicate of Canadian banks, in which Allied’s 50% share is $232,500.  Up to $120,000 
of the deposits paid by the purchasers of the KING Toronto condominium units can be released to the KING 
Toronto joint arrangement to fund the construction of the condominium units (“Purchaser Deposits”).  As 
at December 31, 2024, $92,402 of the Purchaser Deposits were released.  When the release of the Purchaser 
Deposits exceeds $80,000, the facility limit is reduced.  As such, on November 6, 2023, the facility limit was 
decreased from $465,000 to $452,598, in which Allied’s 50% share is $226,299.  On September 27, 2024, the 
maturity date for the construction lending facility was extended from December 17, 2024, to July 31, 2026.  
The loan bears interest at bank prime plus 45 basis points or CORRA plus 145 basis points with a standby 
fee of 25 basis points and a letter of credit fee of 100 basis points.  Allied is providing a joint and several 
guarantee of the entire facility and is earning a related guarantee fee on up to $226,299 of the facility.
Allied and Westbank have a $150,000 construction lending facility for the 108 East 5th Avenue joint 
arrangement from a syndicate of Canadian banks, in which Allied’s 50% share is $75,000.  The loan 
bears interest at prime plus 35 basis points or CORRA plus 135 basis points with a standby fee of 27 basis 
points and a letter of credit fee of 100 basis points.  These interest rates and the standby fee (other than 
the letter of credit fee) are subject to variability based on the achievement of two distinct sustainability 
performance targets.  For each sustainability performance target achieved, the interest rate and standby 
fee would decrease by 0. 025% per annum and 0. 005% per annum, respectively.  In addition, if certain 
sustainability minimums are not achieved, the interest rate and standby fee would increase by 0. 025% 
per annum and 0. 005% per annum, respectively.  Depending on the applicable sustainability performance 
target or sustainability minimum, the settlement of these interest rate variations and the standby fee 
occurs either annually or at the earlier of December 6, 2025, and the date the construction lending facility 
is fully repaid.  Allied exceeded one of the sustainability performance targets for 2023, resulting in a 
0. 025% reduction in the interest rate and a 0. 005% reduction in the standby fee in each year.  The second 
sustainability performance target, which is a green building certification, is to be assessed upon completion 
of the building.  Allied has provided a joint and several guarantee of the entire facility and is earning a 
related guarantee fee on up to $75,000 of the facility.  On January 13, 2023, the 108 East 5th Avenue joint 
arrangement entered into a swap agreement to fix approximately 75% of the construction loan up to $110,175 
at 4. 90%.
On April 1, 2024, Allied and Westbank had a $250,000 construction lending facility for the 400 West Georgia 
joint arrangement from a syndicate of Canadian banks, of which Allied’s share was $225,000.  Allied assumed 
$224,248 of the construction lending facility and immediately following the acquisition, Allied repaid 
$44,164 of its share of the construction lending facility.  Concurrently, the construction lending facility limit 
decreased from $250,000 to $205,000.  On December 20, 2024, the incremental 10% acquisition resulted 
in Allied assuming the remainder of the construction lending facility of $24,916, and immediately following 
the transactions, Allied fully repaid the construction lending facility.  The loan bore interest at bank prime 
plus 40 basis points or CORRA plus 160 basis points.  Allied had provided a joint and several guarantee of the 
entire facility.

80
ALLIED 2024 ANNUAL REPORT
UNSECURED REVOLVING OPERATING FACILITY
As at December 31, 2024, and December 31, 2023, Allied’s obligation under the unsecured revolving 
operating facility (the “Unsecured Facility”) is as follows:
DECEMBER 31, 2024
MATURITY  
DATE
CONTRACTUAL 
INTEREST RATES 
ON DRAWINGS
STANDBY  
FEE
FACILITY 
LIMIT (1)
DRAWINGS
LETTERS  
OF CREDIT
AMOUNT  
AVAILABLE
January 26, 2027
Prime + 0. 70% or 
CORRA + 1. 70% (2)
0. 34%
$800,000
$—
$(10,506)
$789,494
(1)	 This Unsecured Facility contains a $100,000 accordion feature, allowing Allied to increase the amount available under the facility to 
$900,000.
(2)	 The interest rates on drawings for this facility are subject to certain conditions being met. In the event that these conditions are not met, the 
spread above Prime or CORRA and the standby fee would change. On June 11, 2024, the spread, standby fee, and letter of credit fee increased 
for the Unsecured Facility.
DECEMBER 31, 2023
MATURITY  
DATE
CONTRACTUAL 
INTEREST RATES 
ON DRAWINGS
STANDBY  
FEE
FACILITY 
LIMIT (1)
DRAWINGS
LETTERS  
OF CREDIT
AMOUNT  
AVAILABLE
January 30, 2025
Prime + 0. 45% or 
Bankers’ acceptance 
+ 1. 45% (2)
0. 29%
$800,000
$—
$(14,906)
$785,094
(1)	 This Unsecured Facility contained a $100,000 accordion feature, allowing Allied to increase the amount available under the facility to 
$900,000.
(2)	 The interest rates on drawings for this facility were subject to certain conditions being met. In the event that these conditions were not met,  
the spread above Prime or Bankers’ acceptance would change. 
On March 31, 2023, Allied amended the Unsecured Facility to increase the limit by $100,000 to $700,000 
and on June 26, 2023, Allied amended the Unsecured Facility to increase the limit by $100,000 to $800,000.  
On January 26, 2024, Allied updated the Unsecured Facility of $800,000 to include a syndicate of lenders, 
and extend the maturity date to January 26, 2027.

81
ALLIED 2024 ANNUAL REPORT
SENIOR UNSECURED DEBENTURES
As at December 31, 2024, and December 31, 2023, Allied’s obligations under the senior unsecured 
debentures are as follows:
SERIES
CONTRACTUAL 
INTEREST RATE
DATE OF  
MATURITY
INTEREST  
PAYMENT DATE
DECEMBER 31,  
2024
DECEMBER 31,  
2023
Series C
3. 636%
April 21, 2025
April 21 and October 21
$200,000
$200,000
Series D
3. 394%
August 15, 2029
February 15 and August 15
300,000
300,000
Series E
3. 113%
April 8, 2027
April 8 and October 8
300,000
300,000
Series F
3. 117%
February 21, 2030
February 21 and August 21
400,000
400,000
Series G
3. 131%
May 15, 2028
May 15 and November 15
300,000
300,000
Series H
1. 726%
February 12, 2026
February 12 and August 12
600,000
600,000
Series I
3. 095%
February 6, 2032
February 6 and August 6
500,000
500,000
Series J
5. 534%
September 26, 2028
March 26 and September 26
250,000
—
Unsecured debentures, principal
$2,850,000
$2,600,000
Net financing costs
(7,612)
(8,431)
$2,842,388
$2,591,569
The Series C, D, E, F, G, H, I and J senior unsecured debentures are collectively referred to as the 
“Unsecured Debentures”.  
On September 26, 2024, Allied issued $250,000 of 5. 534% Series J unsecured debentures (the “Series J 
Debentures”) on a private placement basis due September 26, 2028, with semi-annual interest payments due 
on March 26 and September 26 each year commencing on March 26, 2025.  Debt financing costs of $1,258 
were incurred and recorded against the principal owing.
Proceeds from the Series J Debentures were used to repay short-term, variable rate debt.

82
ALLIED 2024 ANNUAL REPORT
UNSECURED TERM LOANS
As at December 31, 2024, and December 31, 2023, Allied’s obligations under the unsecured term loans are as 
follows: 
CONTRACTUAL 
INTEREST RATE
DATE OF 
MATURITY
FREQUENCY OF 
INTEREST PAYMENT
DECEMBER 31,  
2024
DECEMBER 31,  
2023
Unsecured term loan
3. 496%
January 14, 2026
Monthly
$250,000
$250,000
Unsecured term loan
4. 865%
October 22, 2025
Monthly 
400,000
400,000
Unsecured term loans, principal
$650,000
$650,000
Net financing costs
(415)
(846)
$649,585
$649,154
The two unsecured term loans are collectively referred to as “Unsecured Term Loans”.
On February 3, 2023, Allied extended the maturity date on its $250,000 unsecured term loan from January 
14, 2024, to January 14, 2026, by exercising two one-year extension options.  Debt financing costs of $300 
were incurred for these extensions.  Allied can extend this loan further through one-year extension options 
until January 14, 2031.  Allied has a swap agreement until January 14, 2031, which has a current rate of 
3. 496%.
Allied also has a swap agreement on its $400,000 unsecured term loan to fix the rate at 4. 865% until 
October 22, 2025.
CREDIT RATINGS
Allied’s credit ratings as at December 31, 2024, are summarized below: 
RATING AGENCY
LONG-TERM  
CREDIT RATING
TREND
Issuer Rating & Unsecured Debentures
DBRS Limited
BBB
Negative
DBRS Limited (“DBRS”) provides issuer ratings and credit ratings of debt securities for commercial issuers 
that indicate the risk associated with a borrower’s capabilities to fulfill its obligations.  The minimum DBRS 
investment grade rating is “BBB (low),” with the highest rating being “AAA. ”
On August 16, 2024, DBRS confirmed Allied’s issuer rating and senior unsecured debentures ratings at BBB 
and changed the trend from stable to negative.
The above-mentioned ratings assigned to Allied and the Unsecured Debentures are not recommendations 
to buy, sell or hold any securities of Allied.  Allied has paid customary rating fees to DBRS in connection 
with the above-mentioned ratings.  There can be no assurance that any rating will remain in effect for any 
given period of time or that a rating will not be lowered, withdrawn or revised by the rating agency if in its 
judgment circumstances so warrant.

83
ALLIED 2024 ANNUAL REPORT
FINANCIAL COVENANTS
The Unsecured Facility, Unsecured Term Loans, construction loans payable and Unsecured Debentures 
contain numerous financial covenants.  Failure to comply with the covenants could result in a default, which, 
if not waived or cured, could result in adverse financial consequences.  Effective June 2023, the agreements 
governing the Unsecured Facility, Unsecured Term Loans, construction loans payable and Unsecured 
Debentures were amended to exclude the value of the Exchangeable LP Units recognized as a liability and 
the distribution on the Exchangeable LP Units recognized as an interest expense from the calculation of 
certain covenants.  Effective December 2023, waivers were obtained related to the agreements governing 
the Unsecured Facility, construction loans payable and Unsecured Term Loans to exclude the special cash 
distribution and the special Unit distribution from the calculation of the distribution payout ratio.  The 
related covenants are as follows:
UNSECURED FACILITY AND UNSECURED TERM LOANS
The following outlines the covenants as defined in the agreements governing the Unsecured Facility and 
Unsecured Term Loans.  The covenants are calculated, as required in these agreements, on a proportionate 
basis as defined on page 17.
COVENANT (1)
THRESHOLD
DECEMBER 31,  
2024
DECEMBER 31,  
2023
Indebtedness ratio
Below 60%
41.7%
34. 7%
Secured indebtedness ratio
Below 45%
8.7%
4. 0%
Debt service coverage ratio (2)
Consolidated adjusted EBITDA to be more than 
1. 5 times debt service payments
2.3x
2. 5x
Equity maintenance
At least $1,250,000 plus 75% of future equity 
issuances ($2,819,658)
$5,562,644
$6,135,079
Unencumbered property assets 
value ratio
Unencumbered property assets to be more than 
1. 4 times total unsecured debt
2.3x
2. 7x
Distribution payout ratio
Maintain distributions below 100% of FFO for 
eight consecutive quarters
79.1%
73. 7%
(1)	 Includes results from continuing operations, discontinued operations and assets classified as held for sale. 
(2)	 The debt service coverage ratio for the year ended December 31, 2024, includes financing prepayment costs of $501 for the accelerated 
amortization of deferred financing costs in connection with the disposition of a property (December 31, 2023 - $nil). Excluding these financing 
prepayment costs, the debt service coverage ratio as at December 31, 2024, would be 2.3x (December 31, 2023 - 2.5x).

84
ALLIED 2024 ANNUAL REPORT
The following outlines the covenants which are part of the update to the Unsecured Facility on January 26, 
2024.  The covenants are calculated, as required by this agreement, on a proportionate basis as defined on 
page 17.
COVENANT (1)
THRESHOLD
DECEMBER 31,  
2024
DECEMBER 31,  
2023
Equity maintenance
At least $2,800,000 plus 75% of future equity 
issuances ($2,800,000)
$5,562,644
N/A
Restricted payment payout ratio
Maintain restricted payments below 100% of FFO 
for four consecutive quarters
82.8%
N/A
(1)	 Includes results from continuing operations, discontinued operations and assets classified as held for sale. 
SENIOR UNSECURED DEBENTURES
The following outlines the requirements of covenants specified in the trust indenture with respect to the 
Unsecured Debentures.  The covenants are calculated on a proportionate basis, which is in line with the trust 
indenture, as defined on page 17.
COVENANT (1)
THRESHOLD
DECEMBER 31,  
2024
DECEMBER 31,  
2023
Pro forma interest coverage 
ratio
Maintain a 12-month rolling consolidated 
pro forma EBITDA of at least 1. 65 times pro forma 
interest expense
2.2x
3. 0x
Pro forma asset coverage test
Maintain net consolidated indebtedness below 
65% of net aggregate assets on a pro forma basis
41.9%
34. 8%
Equity maintenance
Maintain Unitholders’ equity above $300,000
$5,562,644
$6,135,079
Pro forma unencumbered net 
aggregate adjusted asset ratio
Maintain pro forma unencumbered net aggregate 
adjusted assets above 1. 4 times consolidated 
unsecured indebtedness
2.5x
3. 0x
(1)	 Includes results from continuing operations and assets classified as held for sale. The equity maintenance ratio also includes results from 
discontinued operations.
As at December 31, 2024, Allied was in compliance with the terms and covenants of the agreements 
governing the Unsecured Facility, the Unsecured Term Loans, the Unsecured Debentures and construction 
loans payable.
A number of other financial ratios are also monitored by Allied, such as net debt as a multiple of annualized 
adjusted EBITDA and interest coverage ratio - including interest capitalized.  These ratios are presented in 
Section I—Overview.

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ALLIED 2024 ANNUAL REPORT
EQUITY
UNITS (AUTHORIZED - UNLIMITED)
Each Unit represents a single vote at any meeting of holders of Units and Special Voting Units (as 
defined below) and entitles the holders of Units and Special Voting Units to receive a pro rata share of all 
distributions, in accordance with the conditions provided for in the Declaration of Trust.
The following represents the number of Units issued and outstanding, and the related carrying value of 
equity, for the years ended December 31, 2024, and December 31, 2023.
NUMBER ISSUED AND 
OUTSTANDING
AMOUNT
Balance at January 1, 2023
127,955,983
$3,909,378
Restricted Unit Plan (net of forfeitures) 
—
(2,250)
Distribution in Units (1)
31,703,663
639,780
Consolidation of Units (1)
(31,703,663)
—
Balance at December 31, 2023
127,955,983
$4,546,908
Restricted Unit Plan (net of forfeitures)
—
(1,712)
Balance at December 31, 2024
127,955,983
$4,545,196
(1)	 This represents the special Unit distribution. See Note 16 of the audited consolidated financial statements for the year ended December 31, 
2024.
Allied does not hold any of its own Units, nor does Allied reserve any Units for issue under options and 
contracts.
As at February 4, 2025, 127,955,983 Units and 1,712,971 options to purchase Units were issued and 
outstanding.
The weighted average number of Units and Exchangeable LP Units for the purpose of calculating basic and 
diluted income per unit is as follows:
THREE MONTHS ENDED
YEAR ENDED
DECEMBER 31,  
2024
DECEMBER 31,  
2023
DECEMBER 31,  
2024
DECEMBER 31,  
2023
Units
127,955,983
127,955,983
127,955,983
127,955,983
Exchangeable LP Units
11,809,145
11,809,145
11,809,145
11,809,145
Total units - basic and fully diluted
139,765,128
139,765,128
139,765,128
139,765,128

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ALLIED 2024 ANNUAL REPORT
NORMAL COURSE ISSUER BID
On February 22, 2024, Allied received approval from the Toronto Stock Exchange (“TSX”) for the renewal of 
its normal course issuer bid (“NCIB”), which entitles Allied to purchase up to 12,629,698 of its outstanding 
Units, representing approximately 10% of its public float as at February 12, 2024.  The NCIB commenced 
February 26, 2024, and will expire on February 25, 2025, or such earlier date as Allied completes its 
purchases pursuant to the NCIB.  All purchases under the NCIB will be made on the open market through 
the facilities of the TSX or alternate trading systems in Canada at market prices prevailing at the time of 
purchase.  Any Units that are repurchased will either be cancelled or delivered to participants under Allied’s 
Restricted Unit Plan or to employees pursuant to Allied’s employee programs.  
During the year ended December 31, 2024, Allied purchased 99,443 Units for $1,712 at a weighted average 
price of $17. 22 of which 98,183 Units were purchased for delivery to participants under Allied’s Restricted 
Unit Plan and 1,260 Units were purchased for certain employee rewards outside of Allied’s Restricted 
Unit Plan.  
COMPENSATION PLANS
Allied adopted a unit option plan (the “Unit Option Plan”) providing for the issuance, from time to time, at 
the discretion of the Board, of options to purchase Units for cash.  Participation in the Unit Option Plan is 
restricted to certain employees of Allied.  The Unit Option Plan complies with the requirements of the TSX.  
The exercise price of any option granted will not be less than the closing market price of the Units on the 
day preceding the date of grant.  The term of the options do not exceed ten years.  Options granted prior to 
February 22, 2017, vest evenly over three years; options granted subsequently vest evenly over four years 
from the date of grant.  All options are settled in Units.  Effective December 2021, no further options will be 
granted under the Unit Option Plan.
At December 31, 2024, Allied had granted options to purchase up to 1,712,971 Units outstanding, of which 
1,640,098 had vested.  At December 31, 2023, Allied had granted options to purchase 1,712,971 Units 
outstanding, of which 1,437,023 had vested.  
For the year ended December 31, 2024, Allied recorded a unit-based compensation expense of $104 
(December 31, 2023 - $389) in general and administrative expense in the consolidated statements of loss  
and comprehensive loss related to the Unit Option Plan.

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ALLIED 2024 ANNUAL REPORT
In March 2010, Allied adopted a restricted unit plan (the “Restricted Unit Plan”), whereby restricted Units 
(“Restricted Units”) are granted to certain key employees and trustees, at the discretion of the Board.  The 
Restricted Units are purchased in the open market.  Employees and trustees who are granted Restricted 
Units have the right to vote and to receive distributions from the date of the grant.  Generally, the Restricted 
Units granted to employees vest as to one-third on each of the three anniversaries following the date of 
the grant.  Restricted Units granted to non-management trustees are fully vested.  Whether vested or not, 
without the specific authority of the Governance and Compensation Committee, the Restricted Units may 
not be sold, mortgaged or otherwise disposed of for a period of six years following the date of the grant, 
except that in the case of a non-management trustee, the release date will be automatically accelerated to 
the date such person ceases to hold office as a trustee of Allied.  The Restricted Unit Plan contains provisions 
providing for the vesting or forfeiture of unvested Restricted Units within specified time periods in the event 
the employee’s employment is terminated, and authorizes the Chief Executive Officer, in their discretion, 
to accelerate the release date and vesting of Restricted Units in certain circumstances where an employee’s 
employment is terminated.  At December 31, 2024, Allied had 310,435 Restricted Units outstanding 
(December 31, 2023 – 294,254).
For the year ended December 31, 2024, Allied recorded a unit-based compensation expense of $2,024 
(December 31, 2023 - $2,421) in general and administrative expense in the consolidated statements of loss 
and comprehensive loss related to the Restricted Unit Plan.
In December 2021, Allied adopted a cash settled performance and restricted trust unit plan (the “PTU/RTU 
Plan”) whereby performance trust units and/or restricted trust units (together, “Plan Units”) are granted 
to certain employees at the discretion of the Board.  Plan Units are subject to such vesting, settlement, 
performance criteria and adjustment factors as are established by the Board at the time of the grant and 
accumulate distribution equivalents in the form of additional Plan Units.  The PTU/RTU Plan contains 
provisions providing for the vesting or forfeiture of unvested Plan Units within specified time periods in 
the event the employee’s employment is terminated, and authorizes the Chief Executive Officer, in their 
discretion, to amend the vesting and settlement of Plan Units in certain circumstances where an employee’s 
employment is terminated.  The following is a summary of the activity of Allied’s PTU/RTU Plan: 
YEAR ENDED
DECEMBER 31,  
2024
DECEMBER 31,  
2023
Plan Units, beginning of year
371,277
179,193
Granted
252,773
170,461
Settled
(113,861)
(7,274)
Forfeited
(35,587)
—
Distributions equivalents
63,112
28,897
Plan Units, end of year
537,714
371,277

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ALLIED 2024 ANNUAL REPORT
For the year ended December 31, 2024, Allied recorded a unit-based compensation expense of $2,850 
(December 31, 2023 - $1,327), including the mark-to-market adjustment, in general and administrative 
expense in the consolidated statements of loss and comprehensive loss.  During the year ended December 31, 
2024, 113,861 Plan Units vested (December 31, 2023 - 7,274 Plan Units vested) and settled in cash resulting in a 
decrease of $2,264 (December 31, 2023 - $127) to the unit-based compensation liabilities.
On March 28, 2024, Allied entered into a cash-settled total return swap with a financial institution for 
750,000 Units to manage its cash flow exposure under the unit-based compensation plans.  From the 
effective date of April 15, 2024, Allied pays monthly interest based on the notional value of the Units subject 
to the TRS, and receives the equivalent of monthly distributions on the Units, which are both recognized 
in general and administrative expenses in the consolidated statements of loss and comprehensive loss.  
Settlement of the TRS occurs in whole or in part.  Upon settlement, Allied receives any appreciation, or 
remits any depreciation, in the notional value of the Units calculated in accordance with the TRS.  For the 
year ended December 31, 2024, Allied recorded a unit-based compensation recovery of $44 (December 31, 
2023 - $nil), including the mark-to-market expense of $305 (December 31, 2023 - $nil).  
EXCHANGEABLE LP UNITS
EXCHANGEABLE LP UNITS (AUTHORIZED - UNLIMITED)
The Exchangeable LP Units issued by Allied Properties Exchangeable Limited Partnership (the 
“Partnership”) are economically equivalent to Units, receive distributions equal to the distributions paid on 
the Units and are exchangeable, on a one-for-one basis, at the holder’s option, for Units.  All Exchangeable 
LP Units are held, directly or indirectly, by Choice Properties.
The 11,809,145 Exchangeable LP Units issued on March 31, 2022, in connection with the acquisition of six 
properties from Choice Properties contain lock-up and standstill restrictions.  On each of June 30, 2023, 
September 30, 2023, and December 31, 2023, the lock-up expired on 2,952,286 Exchangeable LP Units.  
On March 31, 2024, the lock-up expired on 2,952,287 Exchangeable LP Units.  Therefore, there are no 
Exchangeable LP Units with lock-up and standstill restrictions after March 31, 2024.  
Each Exchangeable LP Unit is accompanied by one special voting unit of Allied (“Special Voting Unit”) which 
provides the holder thereof with the right to one vote at all meetings of holders of Units and Special Voting 
Units.

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ALLIED 2024 ANNUAL REPORT
The following represents the number of Exchangeable LP Units issued and outstanding, and the related 
carrying value, for the year ended December 31, 2024, and the year ended December 31, 2023.
NUMBER ISSUED AND 
OUTSTANDING
AMOUNT
Balance at January 1, 2023
11,809,145
$541,672
Distributions
—
(8,857)
Retained Earnings
—
4,997
Reclassification of Exchangeable LP Units
—
(270,807)
Fair value gain on Exchangeable LP Units
—
(28,696)
Balance at December 31, 2023
11,809,145
$238,309
Fair value loss on Exchangeable LP Units
—
(35,782)
Balance at December 31, 2024
11,809,145
$202,527
Prior to Allied’s conversion to an open-end trust, the Exchangeable LP Units were presented within non-
controlling interests in the consolidated balance sheets.  In addition, net income and other comprehensive 
income was attributable to unitholders and to non-controlling interests, with the latter equivalent to the 
amount allocated to the Partnership for income tax purposes.  On Allied’s conversion to an open-end trust 
on June 12, 2023, the Exchangeable LP Units were reclassified to financial liabilities in the consolidated 
balance sheets as they can be exchanged for Units which are puttable instruments.  Allied recognized in 
equity the difference between the carrying value of the equity instrument and the fair value of the financial 
liabilities at the date of reclassification.  Subsequent to the conversion, at the end of each period, the 
Exchangeable LP Units are measured at fair value through profit or loss.  The fair value of the Exchangeable 
LP Units is determined by using the quoted trading price of Units, as the Exchangeable LP Units are 
exchangeable into Units at the option of the holder.  

90
ALLIED 2024 ANNUAL REPORT
DISTRIBUTIONS
Since inception, Allied has been focused on increasing distributions to its Unitholders on a regular and 
prudent basis.  During the first 12 months of operations, Allied made regular monthly distributions of $1. 10 
per Unit on an annualized basis.  The distribution increases since then are set out in the table below:
MARCH  
2004
MARCH  
2005
MARCH  
2006
MARCH  
2007
MARCH  
2008
DECEMBER  
2012
DECEMBER  
2013
DECEMBER  
2014
Annualized increase per Unit
$0. 04
$0. 04
$0. 04
$0. 04
$0. 06
$0. 04
$0. 05
$0. 05
% increase
3. 6%
3. 5%
3. 4%
3. 3%
4. 8%
3. 0%
3. 7%
3. 5%
Annualized distribution per Unit
$1. 14
$1. 18
$1. 22
$1. 26
$1. 32
$1. 36
$1. 41
$1. 46
DECEMBER  
2015
DECEMBER  
2016
DECEMBER  
2017
DECEMBER  
2018
JANUARY  
2020
JANUARY  
2021
JANUARY  
2022
JANUARY  
2023
Annualized increase per Unit
$0. 04
$0. 03
$0. 03
$0. 04
$0. 05
$0. 05
$0. 05
$0. 05
% increase
2. 7%
2. 0%
2. 0%
2. 6%
3. 1%
3. 0%
2. 9%
2. 9%
Annualized distribution per Unit
$1. 50
$1. 53
$1. 56
$1. 60
$1. 65
$1. 70
$1. 75
$1. 80
Allied’s current distribution plan is to maintain monthly distributions of $1. 80 per unit on an annualized 
basis.  
On December 15, 2023, Allied declared a special distribution of $5. 48 per Unit, comprised of $0. 48 per Unit 
payable in cash and $5. 00 per Unit payable by the issuance of Units of Allied to Unitholders of record as at 
December 29, 2023 (the “Special Distribution”).  The Special Distribution was made primarily to distribute to 
Unitholders a portion of the capital gain realized by Allied during the year ended December 31, 2023, from 
the sale of the UDC Portfolio.  
On December 29, 2023, 31,703,663 Units were distributed at a price of $20. 18 per Unit, for an aggregate 
value of $639,780.  Immediately following the Special Distribution of Units, the outstanding Units of Allied 
were consolidated such that each Unitholder held, after the consolidation, the same number of Units as held 
immediately prior to the Special Distribution.  
On each date that a distribution is declared by Allied on the Units, a distribution in an equal amount per 
unit is declared by the Partnership on the Exchangeable LP Units.  A holder of Exchangeable LP Units may 
elect to defer receipt of all or a portion of distributions declared by the Partnership until the first business 
day following the end of the fiscal year.  If the holder elects to defer, the Partnership will loan the holder 
an amount equal to the deferred distribution without interest, and the loan will be due and payable on the 
first business day following the end of the fiscal year during which the loan was advanced.  The distributions 
declared by the Partnership on the Exchangeable LP Units from January 1, 2024, to December 31, 2024, 
was $21,256, for which Choice Properties elected to receive a loan in lieu of all of the distributions.  A note 
receivable of $26,925 was outstanding from Choice Properties as of December 31, 2024, of which $21,256 
was for cash advances made during the year ended December 31, 2024 in respect of monthly distributions, 
and $5,669 was for the special cash distribution declared in December 2023 and advanced in January 2024.  

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ALLIED 2024 ANNUAL REPORT
Since there is a legally enforceable right and an intention by Allied and Choice Properties to settle the note 
receivable from Choice Properties and the distributions payable to Choice Properties on a net basis on the 
first business day following the end of the fiscal year, these financial instruments are offset on the balance 
sheet.  On January 2, 2025, $26,925 of the note receivable due from Choice Properties as at December 31, 
2024, was settled on a net basis against the distributions payable to Choice Properties.
SOURCES OF DISTRIBUTIONS
For the three months and year ended December 31, 2024, Allied declared $62,894 and $251,577 in 
distributions respectively (December 31, 2023 - $62,895 and $251,578, respectively), including distributions 
to holders of the Exchangeable LP Units of $10,628 and $21,256, respectively (December 31, 2023 - $16,297 
and $26,925, respectively).
THREE MONTHS ENDED
YEAR ENDED
DECEMBER 31,  
2024
DECEMBER 31,  
2023
DECEMBER 31,  
2024
DECEMBER 31,  
2023
Distributions declared (1)
$62,894
$62,895
$251,577
$251,578
Net loss and comprehensive loss
$(257,652)
$(499,340)
$(342,530)
$(420,716)
Cash provided by operating activities (2)
$63,076
$133,427
$147,837
$320,886
AFFO excluding condominium-related 
items, financing prepayment costs and the 
mark-to-market adjustment on unit-based 
compensation (3)
$66,626
$78,611
$273,434
$304,225
AFFO excluding condominium-related 
items, financing prepayment costs and the 
mark-to-market adjustment on unit-based 
compensation payout ratio (3)
94.4%
80. 0%
92.0%
82. 7%
Deficit of net loss over distributions declared
$(320,546)
$(562,235)
$(594,107)
$(672,294)
Excess (deficit) of cash flows provided by 
operating activities over distributions declared
$182
$70,532
$(103,740)
$69,308
Excess of cash provided by AFFO excluding 
condominium-related items, financing 
prepayment costs and the mark-to-market 
adjustment on unit-based compensation over 
distributions declared
$3,732
$15,716
$21,857
$52,647
(1)	 Distributions declared for the three months and year ended December 31, 2023, exclude the Special Distribution of $67,087.
(2)	 The cash flows provided by operating activities for the year ended December 31, 2024, include decreases in other non-cash operating items 
related to properties under development and additions to residential inventory.
(3)	 This is a non-GAAP measure, as defined on page 17.

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ALLIED 2024 ANNUAL REPORT
In determining the amount of distributions to be made, Allied’s Board considers many factors, including 
provisions in its Declaration of Trust, macroeconomic and industry specific environments, the overall 
financial condition of Allied, future capital requirements, debt covenants, and taxable income.  In 
accordance with Allied’s distribution policy, Management and the Board regularly review Allied’s rate of 
distributions to ensure an appropriate level of cash and non-cash distributions.  Management anticipates 
that distributions declared will, in the foreseeable future, continue to vary from net income as net income 
includes fair value adjustments and other non-cash items.  While cash flows from operating activities are 
generally sufficient to cover distribution requirements, timing of expenses and seasonal fluctuations in non-
cash working capital may result in a shortfall.  These seasonal or short-term fluctuations will be funded, if 
necessary, by the Unsecured Facility.  As such, the cash distributions are not an economic return of capital, 
but a distribution of sustainable cash flow from operations.  Based on current facts and assumptions, 
Management does not anticipate cash distributions will be reduced or suspended in the foreseeable future.
The rate of distribution as at December 31, 2024, amounts to $1. 80 per Unit per annum (December 31, 2023 - 
$1. 80 per Unit per annum excluding the special Unit distribution).  See Note 16 of the audited consolidated 
financial statements for the year ended December 31, 2024.
COMMITMENTS
Allied has entered into commitments relating to development and upgrade activity.  At December 31, 2024, 
Allied had future commitments of $131,338 (December 31, 2023 - $168,477, includes $406 held within equity 
accounted investments).
The above does not include Allied’s lease liability commitments, which are disclosed in note 13 of the 
audited consolidated financial statements for the year ended December 31, 2024.

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ALLIED 2024 ANNUAL REPORT
Section VII
—Accounting Estimates and Assumptions
CRITICAL ACCOUNTING ESTIMATES AND ASSUMPTIONS
The preparation of the consolidated financial statements requires management to make judgments and 
estimates in applying Allied’s accounting policies that affect the reported amounts and disclosures made in 
the consolidated financial statements and accompanying notes.
Critical accounting estimates and assumptions are discussed in Allied’s audited consolidated financial 
statements for the year ended December 31, 2024, and the notes contained therein.
MATERIAL ACCOUNTING POLICY INFORMATION
Accounting policies and any respective changes are discussed in Allied’s audited consolidated financial 
statements for the year ended December 31, 2024, and the notes contained therein.

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ALLIED 2024 ANNUAL REPORT
Section VIII
—Disclosure Controls and Internal Controls
Management maintains appropriate information systems, procedures and controls to provide reasonable 
assurance that information that is publicly disclosed is complete, reliable and timely.  The Chief Executive 
Officer (the “CEO”) and Chief Financial Officer (the “CFO”) evaluated, or caused to be evaluated under their 
direct supervision, the design and operating effectiveness of disclosure controls and procedures (as defined 
in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings (“NI 52-109”)) 
at December 31, 2024, and based on that evaluation, have concluded that such disclosure controls and 
procedures were appropriately designed and were operating effectively.
Management is responsible for establishing adequate internal controls over financial reporting to provide 
reasonable assurance regarding the reliability of financial reporting and the preparation of financial 
statements for external purposes in accordance with IFRS.  The CEO and CFO evaluated, or caused to 
be evaluated under their direct supervision, the effectiveness of Allied’s internal controls over financial 
reporting (as defined in NI 52-109) at December 31, 2024, using the COSO Internal Control - Integrated 
Framework (2013), published by the Committee of Sponsoring Organizations of the Treadway Commission.  
Based on that assessment, the CEO and the CFO determined that internal controls over financial reporting 
were appropriately designed and were operating effectively.
No changes were made in the design of internal controls over financial reporting during the period ended 
December 31, 2024, that have materially affected, or are reasonably likely to materially affect, Allied’s 
internal controls over financial reporting.  
It should be noted that a control system, no matter how well conceived and operated, can provide only 
reasonable, not absolute, assurance that the objectives of the control system are met.  Because of the 
inherent limitations in all control systems, no evaluation of controls can provide absolute assurance of 
control issues, including whether instances of fraud, if any, have been detected.  These inherent limitations 
include, among other items: (i) that Management’s assumptions and judgments could ultimately prove to be 
incorrect under varying conditions and circumstances; (ii) the impact of any undetected errors; and (iii) that 
controls may be circumvented by the unauthorized acts of individuals, by collusion of two or more people, 
or by Management override.

95
ALLIED 2024 ANNUAL REPORT
Section IX
—Risks and Uncertainties
There are certain risk factors inherent in the investment and ownership of real estate.  Real estate 
investments are capital intensive, and success from real estate investments depends upon maintaining 
occupancy levels and rental income flows to generate acceptable returns.  These success factors are 
dependent on general economic conditions and local real estate markets, demand for leased premises and 
competition from other available properties.  
Allied’s portfolio is focused on a particular asset class in six metropolitan real estate markets in Canada.  
This focus enables Management to capitalize on certain economies of scale and competitive advantages that 
would not otherwise be available.
The following discussion of risks is not exhaustive but is designed to highlight the key risks that may affect 
Allied’s business, operations and financial condition or future performance.

96
ALLIED 2024 ANNUAL REPORT
OPERATING RISKS AND RISK MANAGEMENT
JOINT ARRANGEMENTS AND PARTNERSHIPS
Allied has entered into various joint arrangements and partnerships with different entities.  Allied may own 
less than a controlling interest, may not be in a position to exercise sole decision-making authority regarding 
the properties owned through joint arrangements and may not fully manage those properties.  Investments 
in joint arrangements may, under certain circumstances, involve risks not present when a third party is 
not involved, including: (i) counter-party risk; (ii) the possibility that joint arrangement partners may have 
business interests or goals that are inconsistent with Allied’s business interests or goals; and (iii) the need 
to obtain the joint arrangement partner’s consent with respect to certain major decisions relating to these 
assets, such as decisions relating to the sale of the assets, timing and amount of distributions of cash from 
such properties to Allied and its joint arrangement partners, and capital expenditures.  In addition, the 
sale or transfer of interests in certain of the joint arrangements and partnerships may be subject to rights 
of first refusal and certain of the joint arrangement agreements may provide for buy-sell, put or similar 
arrangements.  If these joint arrangements or partnerships do not perform as expected or default on 
financial obligations, Allied has an associated risk.  
DEVELOPMENT AND CONSTRUCTION RISK
As an owner of Properties Under Development, Allied is subject to development risks, such as risks 
associated with the pricing and availability of labour and materials, construction delays, cost over-runs, 
challenges in securing municipal approvals and potential delays in occupancy and/or rent commencement.  
In connection with all Properties Under Development, Allied incurs development costs prior to (and in 
anticipation of) achieving a stabilized level of rental revenue.  Allied manages these risks through fixed-
price contracts, where possible, by commencing municipal approval processes at an early stage and by not 
commencing construction until a satisfactory level of pre-leasing is achieved for ground-up developments.  
Overall, these risks are managed through Allied’s Declaration of Trust, which states that the cost of 
development cannot exceed 15% of GBV.
LEASE ROLL-OVER RISK
Allied is subject to lease roll-over risk.  Lease roll-over risk arises from the possibility that Allied may 
experience difficulty renewing or replacing users occupying space covered by leases that mature.  Allied 
strives to stagger its lease maturity schedule so that it is not faced with a disproportionately large level of 
lease maturities in a given year.  For Allied’s current lease maturity schedule, refer to page 54.  
In evaluating lease roll-over risk, it is informative to determine Allied’s sensitivity to a decline in occupancy.  
As at December 31, 2024, Allied had total GLA in the rental portfolio of 14,316,773 square feet, of which 87. 2% 
is leased.  The weighted average annual rental revenue is approximately $48. 06 per square foot, therefore 
for every full-year decline of 100 basis points in occupancy, Allied’s annual rental revenue would decline by 
approximately $5,998.  The decline in rental revenue would be more pronounced if the decline in occupancy 
involved space leased above the average rental rate per square foot and less pronounced if the decline in 
occupancy involved space leased below the average rental rate per square foot.  

97
ALLIED 2024 ANNUAL REPORT
USER TERMINATIONS AND FINANCIAL STABILITY
Allied’s distributable income would be adversely affected if a significant number of users were to become 
unable to meet their obligations under their leases resulting in early termination and a significant amount of 
available space in its properties were not able to be re-leased on economically favourable lease terms.  Upon 
the termination of any lease, there can be no assurance that the user will be replaced.  The terms of any 
subsequent lease may be less favourable to Allied than the existing lease.  In the event of default by a user, 
delays or limitations in enforcing rights as lessor may be experienced and substantial costs in protecting 
Allied’s investment may be incurred.  Furthermore, at any time, a user of any of Allied’s properties may seek 
the protection of bankruptcy, insolvency or similar laws that could result in the rejection and termination 
of such user’s lease and thereby cause a reduction in the cash flow available to Allied.  Allied conducts due 
diligence on the quality and financial viability of users and seeks to obtain large security deposits when 
warranted.  The ability to rent unleased space in the properties in which Allied will have an interest will be 
affected by many factors.  Costs may be incurred in making improvements or repairs to property required 
by a new user.  The failure to lease space on a timely basis or at all would likely have an adverse effect on 
Allied’s financial condition.
COMPETITION
The real estate business is competitive.  Numerous other developers, managers and owners of office 
properties compete with Allied in seeking users.  Some of the properties of Allied’s competitors are better 
located or less levered than Allied’s properties and any property in which Allied subsequently acquires an 
interest.  Some of Allied’s competitors are better capitalized and stronger financially and hence better able 
to withstand an economic downturn.  The existence of competing developers and owners and competition 
for Allied’s users could have an adverse effect on Allied’s ability to lease space in its properties and on the 
rents charged or concessions granted, and could adversely affect Allied’s revenues and its ability to meet its 
debt obligations.  An increase in the availability of investment funds and an increase in interest in immovable 
property investments may tend to increase competition for immovable property investments, thereby 
increasing purchase prices and reducing the yield on them.  Competition for acquisitions of real properties 
is intense, and some competitors may have the ability or inclination to acquire properties at a higher price 
or on terms less favourable than those that Allied is prepared to accept.  Allied mitigates these risks through 
the strategic positioning of its portfolio in amenity-rich urban areas of Canada’s major cities, its focus on 
operations and targeted broker outreach.  
REAL ESTATE RISK
Allied is subject to the conventional risks associated with the ownership of real estate.
Certain significant expenditures, including property taxes, maintenance costs, mortgage payments, 
insurance costs and related charges must be made by Allied throughout the period of its ownership of 
the properties regardless of whether the property is producing sufficient income to cover such expenses.  
In order to provide desirable rentable space over the long term, Allied must maintain or, in some cases, 
improve each property’s condition to meet market demand.  Maintaining and improving a rental property 
can entail significant costs that Allied may not be able to pass on to users.  

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Real property investments tend to be relatively illiquid, with the degree of liquidity generally fluctuating in 
relation to demand for and the perceived desirability of such investments.  Such illiquidity may tend to limit 
Allied’s ability to vary its portfolio promptly in response to changing economic or investment conditions.  If 
Allied were to dispose of real property investments, the proceeds to Allied might be significantly less than 
the aggregate carrying value of its properties.
Allied strives to mitigate these risks through a robust preventative maintenance program, contractual rent 
escalation mechanisms and by focusing intently on execution.
RENTAL RESIDENTIAL
Allied expects to grow its urban rental-residential portfolio over time, which includes residential 
condominiums and rental-residential units.  The demand for residential condominiums is cyclical and 
is affected by changes in general economic conditions, employment levels, availability of financing for 
purchasers, interest rates, demographic trends, housing supply and housing demand.  As a landlord of 
rental-residential units, Allied is subject to risks, including, but not limited to, fluctuations in occupancy 
levels, individual credit risk, heightened reputation risk tenant privacy concerns, potential changes to rent 
control regulations and housing policy, increases in operating costs including the costs of utilities and the 
imposition of new taxes or increased property taxes.
RELIANCE ON KEY PERSONNEL
The management of Allied depends on the services of certain key personnel, particularly its Chief Executive 
Officer, Cecilia Williams, and its Chief Financial Officer, Nanthini Mahalingam.  The unexpected loss of 
services from key personnel or a limitation in their availability could have an adverse effect on the business, 
financial condition and results of operations of Allied, specifically if there is not adequate succession 
plans in place for these personnel.  Allied’s ability to retain its senior management team or attract suitable 
replacements in the event of a departure is dependent on, among other things, the competitive nature of the 
employment market.  Allied engages in ongoing succession planning for its key personnel and other senior 
management and periodically conducts broader reviews of its management structure and succession plans.  
Allied does not have key-personnel insurance on any of its key employees.
UNEXPECTED COSTS OR LIABILITIES RELATED TO ACQUISITIONS
A risk associated with acquisitions is that there may be an undisclosed or unknown liability relating to 
the acquired property, and Allied may not be indemnified for some or all of these liabilities.  Following an 
acquisition, Allied may discover that it has acquired undisclosed liabilities, which may be material.  The due 
diligence procedures performed by Management are designed to address this risk.  Allied performs what it 
believes to be an appropriate level of investigation in connection with its acquisition of properties and seeks 
through contract to ensure that risks lie with the appropriate party.

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ALLIED 2024 ANNUAL REPORT
FINANCIAL RISKS AND RISK MANAGEMENT
FINANCING AND INTEREST RATE RISK; ACCESS TO CAPITAL
Allied is subject to risk associated with debt financing.  Allied’s financing may include indebtedness with 
interest rates based on variable lending rates that will result in fluctuations in Allied’s cost of borrowing.  
The availability of debt to re-finance existing and maturing loans and the cost of servicing such debt will 
influence Allied’s success.  In order to minimize risk associated with debt financing, Allied strives to re-
finance maturing loans with long-term fixed-rate debt and to stagger the maturities over time.  For Allied’s 
current debt-maturity schedule, refer to page 76.
Interest rates on debt for mortgages payable, Unsecured Debentures and Unsecured Term Loans are 
between 1. 73% and 5. 53% with a weighted average contractual interest rate of 3. 48%.  The weighted average 
term of our debt (excluding construction loans and the Unsecured Facility) is 3. 3 years.  Refer to note 12(b) 
and (d) of the consolidated financial statements for further details.
Allied is additionally subject to risk associated with equity financing.  The ability to access the equity capital 
markets at appropriate points in time and at an acceptable cost will influence Allied’s success.  In order to 
minimize the risk associated with equity financing, Allied engages in extensive investor relations activity 
with retail and institutional investors globally and strives to fix the cost of equity in conjunction with a clear 
use of proceeds.
The real estate industry is highly capital intensive.  Allied will require access to capital to maintain its 
properties, to complete development and intensification projects, as well as to fund its growth strategy and 
significant capital expenditures from time to time.  There is no assurance that capital will be available when 
needed or on favourable terms.  Allied’s access to capital and cost of capital will be subject to a number of 
factors, including general market conditions; the market’s perception of Allied’s growth potential; Allied’s 
current and expected future earnings; Allied’s cash flow and cash distributions; and the market price of 
Allied’s Units.  If Allied is unable to obtain sources of capital, it may not be able to acquire or develop assets, 
or pursue the development or intensification of properties when strategic opportunities arise.
AVAILABILITY OF CASH FLOW AND DISTRIBUTIONS
There can be no assurance that Allied will maintain or increase its distribution levels in the future.  
Distributions are made at the discretion of the trustees based on many factors, including provisions of the 
Declaration of Trust, macroeconomic and industry specific environments, the overall financial condition of 
Allied, future capital requirements, debt covenants, and taxable income.  Distributable income may exceed 
actual cash available to Allied from time to time because of items such as principal repayments of debt, user 
inducements, leasing commissions and capital expenditures, if any.  Allied may be required to use part of its 
debt capacity or reduce distributions in order to accommodate such items.  The market value of the Units 
may be negatively impacted if Allied is unable to maintain its distribution levels in the future.

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ALLIED 2024 ANNUAL REPORT
CREDIT RISK
Allied is subject to credit risk arising from the possibility that users may not be able to fulfill their lease 
obligations.  Allied strives to mitigate this risk by maintaining a diversified user-mix and limiting exposure to 
any single user.  Allied’s exposure to its top-10 users is 19. 3% of rental revenue.
As Allied has provided loans, advances and notes receivable to facilitate property development, further 
credit risks arise in the event that borrowers default on the repayment of the amounts owed to Allied.  
Allied’s loans, advances and notes receivable will typically be subordinate to prior ranking mortgage or 
charges, where there is also a construction loan facility.  As at December 31, 2024, Allied had $412,317 in 
loans receivable and $14,260 outstanding in notes receivable, the majority of which is loaned to affiliates of 
a single private company.  In the event of a large commercial real estate market correction, the fair market 
value of an underlying property may be unable to support the loan value.  Allied mitigates this risk by 
obtaining corporate guarantees and/or registered mortgage charges and assignment of leases, performing 
credit checks on potential borrowers, monitoring the financial and operating performance of borrowers, 
construction and leasing status on the development projects, timing of rent commencement on leases, and 
status of scheduled principal and interest payments.
UNIT PRICE RISK
Unit price risk arises from the unit-based compensation liabilities, Exchangeable LP Units, and total return 
swap derivative liabilities or assets which are recorded at fair value at each quarter-end date.  Allied’s unit-
based compensation liabilities and Exchangeable LP Units negatively impact net income and comprehensive 
income when the Unit price rises and positively impact net income and comprehensive income when the 
Unit price declines.  Allied’s total return swap derivative liabilities or assets positively impact net income and 
comprehensive income when the Unit price rises and negatively impact net income and comprehensive 
income when the Unit price declines.
POTENTIAL VOLATILITY OF UNIT PRICES
Allied is an unincorporated trust and its Units are listed on the TSX.  A publicly-traded real estate investment 
trust will not necessarily trade at values determined solely by reference to the underlying value of its real 
estate assets.  The prices at which the Units will trade cannot be predicted and could be subject to significant 
fluctuations in response to variations in quarterly operating results, distributions, and other factors beyond 
the control of Allied such as changes or uncertainty regarding global economic conditions, including but 
not limited to those caused by the occurrence of a natural disaster, a public health emergency or other 
force majeure event.  The annual yield on the Units as compared to the annual yield on other financial 
instruments may also influence the price of the Units in the public trading markets.  In addition, securities 
markets may experience significant price and volume fluctuations from time to time that are unrelated or 
disproportionate to the operating performance of particular issuers.  These broad fluctuations may adversely 
affect the market price of the Units.

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ALLIED 2024 ANNUAL REPORT
DILUTION
Allied may, in its sole discretion, issue additional Units, or securities convertible or exchangeable into Units, 
from time to time, and the voting power and/or economic interest of Unitholders may be diluted thereby.  
Allied cannot predict the size or nature of future sales or issuances of securities, or the effect, if any, that 
such future sales and issuances will have on the market price of the Units.
MORTGAGES
Approximately 42. 7% of the principal amount of the mortgages have terms of five years or less.  Variations 
in interest rates and principal repayments required under the mortgages and Allied’s Unsecured Facility, 
on renewal or otherwise, could result in significant changes in the amount required to be applied to 
debt service and, as a result, reduce the amount of cash available for distribution to Unitholders.  Certain 
covenants in the mortgages and credit facilities may also limit payments by Allied to its Unitholders.  If Allied 
becomes unable to pay its debt service charges or otherwise commits an event of default, the rights of its 
lenders will rank senior to any rights of Unitholders.
FINANCIAL LEVERAGE
Allied’s degree of financial leverage could have important consequences to Unitholders, including: (i) Allied’s 
ability to obtain additional financing in the future for operating costs, capital expenditures, acquisitions, 
development or other general business purposes, (ii) a larger portion of Allied’s cash flows being used 
towards the payment of its indebtedness, which reduces the amount of funds available for distributions 
to Unitholders, and (iii) making Allied more vulnerable to a downturn in the business or the economy in 
general.  Under the Declaration of Trust, the maximum amount that Allied can leverage is 60% of the GBV, 
excluding convertible debentures (or 65% of the GBV, including any outstanding convertible debentures).  
There are also similar financial leverage covenants in the agreements governing the Senior Unsecured 
Debentures, Unsecured Facility, and Unsecured Term Loans.  To reduce this risk, Allied actively monitors its 
indebtedness ratio to ensure it is within acceptable levels.  Any of these risks could have an adverse effect on 
Allied’s financial condition, results of operations, cash flows, the market price of the Units, distributions to 
Unitholders and its ability to satisfy principal and interest obligations on its outstanding debt.
CAPITALIZATION RATES
The fair market property valuation process is dependent on several inputs, including the discount rates and 
terminal capitalization rates.  Risks associated with Allied’s property valuation model include fluctuations in 
these rates which can significantly impact the value of Allied’s investment properties, which in turn, could 
impact financial covenants in the agreements governing the Senior Unsecured Debentures, Unsecured 
Facility, Unsecured Term Loans and various mortgages.
CREDIT RATING RISK
There can be no assurance that any credit rating assigned to Allied or the Unsecured Debentures by a rating 
agency will remain in effect for any given period of time or that the rating will not be lowered, withdrawn 
or revised by the rating agency if, in its judgment, circumstances so warrant.  In addition, Allied may incur 
additional indebtedness in the future, which could impact current and future credit ratings.  Any lowering, 

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ALLIED 2024 ANNUAL REPORT
withdrawal or revision of a credit rating could materially adversely affect the market value of Allied’s 
outstanding securities and Allied’s access to and cost of financing.
OTHER RISKS
GENERAL ECONOMIC CONDITIONS
Allied may be affected by changes in general economic conditions (such as inflation and the availability 
and cost of credit), local real estate markets (such as an oversupply of space or a reduction in demand for 
real estate in the area), government regulations, competition from other available premises, including new 
developments, and various other factors.  Property valuations may be impacted by inflation and interest rate 
risk.  The global economy may face increasing uncertainty due to acts of nature, including an outbreak of a 
pandemic or other health crisis, trade protectionism and disruptions, disputes and political events around 
the world, which could potentially impact Canadian trade and the Canadian economy at large.  This could 
have an impact on the markets in which Allied operates and in turn could have an adverse effect on Allied.
CYBERSECURITY RISK
The efficient operation of Allied’s business is dependent on computer hardware and software systems.  
Information systems are vulnerable to cybersecurity incidents.  A cybersecurity incident is considered to be 
any material adverse event that threatens the confidentiality, integrity or availability of Allied’s information 
resources.  A cybersecurity incident is an intentional attack or an unintentional event including, but not 
limited to, malicious software, attempts to gain unauthorized access to data or information systems, and 
other electronic security breaches that could lead to disruptions in critical systems, unauthorized release 
of confidential or otherwise protected information and corruption of data.  Allied’s primary risks that 
could directly result from the occurrence of a cyber incident include operational interruption, damage to 
its reputation, damage to its business relationships with users, the disclosure of confidential information 
including personally identifiable information, potential liability to third parties, loss of revenue, additional 
regulatory scrutiny and fines, as well as litigation and other costs and expenses.  Allied undertakes regular 
internal and external assessments of its information security posture, including annual third-party 
penetration testing and ongoing third-party assessment of Allied’s information technology footprint.  Allied 
has adopted the NIST Cybersecurity Framework as a guiding framework for its portfolio.  For information 
stored with or processed by third parties, Allied undertakes due diligence prior to working with them 
and uses contractual means to ensure compliance to standards set by Allied.  Allied’s employees complete 
information security training every four months and an external Information Technology General Controls 
audit is completed annually.  Additionally, Allied monitors and assesses risks surrounding collection, usage, 
storage, protection, and retention/destruction practices of personal data.  Allied also maintains information 
security risk insurance coverage.  Since inception, Allied has not experienced an unauthorized intrusion or 
infiltration of its systems that has resulted in a data breach.  These measures, as well as Allied’s increased 
awareness of a risk of a cyber incident, do not guarantee that its financial results will not be negatively 
impacted by such an incident.

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ALLIED 2024 ANNUAL REPORT
TAXATION RISK AND CHANGES IN LEGISLATION
Allied is a mutual fund trust as defined in the Tax Act.  The Tax Act contains restrictions relating to the 
activities and the investments permitted by a mutual fund trust and, if Allied failed to adhere to these 
restrictions, adverse tax consequences would arise.
On June 22, 2007, specified investment flow through trusts or partnerships (“SIFT”) rules were introduced 
and changed the manner in which certain trusts are taxed.  Certain distributions from a SIFT would not 
be deductible in computing the SIFT’s taxable income and therefore the distributions would be subject 
to trust entity level tax, at the general tax rate applicable to Canadian corporations.  Trusts that meet the 
REIT exemption are not subject to SIFT rules.  The determination as to whether Allied qualifies for the REIT 
exemption in a particular taxation year can only be made with certainty at the end of that taxation year.  
Asset tests need to be met at all times in the taxation year and revenue tests need to be met for the taxation 
year.  While there is uncertainty surrounding the interpretation of the relevant provisions of the REIT 
exemption and application of SIFT rules, Allied expects that it will qualify for the REIT exemption.
In the event that the SIFT rules apply to Allied, the impact to Unitholders will depend on the status of 
the holder and, in part, on the amount of income distributed which would not be deductible by Allied 
in computing its income in a particular year and what portions of Allied’s distributions constitute “non-
portfolio earnings”, other income and return of capital.  
There can be no assurance that income tax laws (or the judicial interpretation thereof or the administrative 
and/or assessing practices of the Canada Revenue Agency) and/or the treatment of mutual fund trusts will 
not be changed in a manner which adversely affects Unitholders.  Allied will endeavour to ensure that the 
Units continue to be qualified investments for registered retirement savings plans, deferred profit sharing 
plans, registered retirement income funds, registered education savings plans, registered disability savings 
plans and tax-free savings accounts.  Units will cease to be qualified investments for registered retirement 
savings plans, deferred profit sharing plans, registered retirement income funds, registered education 
savings plans, registered disability savings plans and tax-free savings accounts if the Units were no longer 
listed on a stock exchange that, for the purposes of the Tax Act, is a designated stock exchange (which 
includes the TSX) and Allied no longer qualified as a mutual fund trust or as a registered investment.  The 
Tax Act imposes penalties for the acquisition or holding of non-qualified investments.

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ALLIED 2024 ANNUAL REPORT
ENVIRONMENTAL AND CLIMATE CHANGE RISK
As an owner of real estate, Allied is subject to various federal, provincial and municipal laws relating 
to environmental matters.  Allied will make the necessary capital and operating expenditures to ensure 
compliance with environmental laws and regulations.  
Such laws provide that Allied could be liable for the costs of removal of certain hazardous substances, 
remediation of certain hazardous locations or other environmental impacts.  The failure to remove or 
remediate such substances, locations or environmental impacts, if any, could adversely affect Allied’s 
ability to sell such real estate or to borrow using such real estate as collateral and could potentially also 
result in claims against Allied.  Allied is not aware of any material non-compliance with environmental laws 
at any of the properties.  Allied is also not aware of any pending or threatened investigations or actions by 
environmental regulatory authorities in connection with any of the properties or any pending or threatened 
claims relating to environmental conditions at the properties.
Climate change could pose significant environmental, social and business risks.  If environmental laws and 
regulations change, Allied could be subject to more stringent environmental laws and regulations in the 
future.  Compliance with more stringent environmental laws and regulations could have an adverse effect on 
Allied’s business, financial condition or results of operation.  It is Allied’s operating policy to obtain a Phase 
I environmental assessment conducted by an independent and experienced environmental consultant 
prior to acquiring a property.  Phase I environmental assessments have been performed in respect of all 
properties.  Allied is committed to evaluating potential impacts to its business on an ongoing basis and to 
making investments to mitigate potential identified impacts.
Physical risks from climate change that may result in damage to Allied’s properties may include natural 
disasters and severe weather, such as floods and rising temperatures.  The extent of Allied’s casualty losses 
and loss in operating income in connection with such events is a function of the severity of the event and 
the total amount of exposure in the affected area.  Allied is also exposed to risks associated with inclement 
winter weather, including increased need for maintenance and repair of its buildings.  In addition, the 
physical impacts from climate change, including changing weather patterns, could have effects on Allied’s 
business by increasing the cost of property insurance, and/or energy at its properties.  As a result, the 
consequences of natural disasters, severe weather and climate change could increase Allied’s costs and 
reduce Allied’s cash flow.  Allied is evaluating all of its assets to understand how the physical risks from 
climate change could impact the portfolio and is taking a proactive and precautionary approach to mitigate 
potential impacts.

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ALLIED 2024 ANNUAL REPORT
PANDEMICS AND OTHER PUBLIC HEALTH CRISES
Pandemics and other public health crises can result in significant economic disruptions, slowdowns and 
increased volatility in financial markets, which could have adverse consequences on Allied including, 
but not limited to, business continuity interruptions, disruptions and costs of development activities, 
unfavorable market conditions, and threats to the health and safety of employees.  Such occurrences could 
also potentially affect the market price for the equity securities of Allied, its current credit rating, total 
return and distributions.  Allied’s users may also face business challenges as a result of a pandemic or other 
public health crisis that may adversely affect their business and their ability to pay rent in full, on a timely 
basis or at all.  Such events could materially adversely affect Allied’s operations, reputation and financial 
condition, including the fair value of Allied’s properties.  
GENERAL UNINSURED LOSSES
Allied carries comprehensive general liability, fire, flood, extended coverage and rental loss insurance with 
policy specifications, limits and deductibles customarily carried for similar properties.  There are, however, 
certain types of risks, generally of a catastrophic nature, such as wars or environmental contamination, 
which are either uninsurable or not insurable on an economically viable basis.  Allied will have insurance 
for earthquake risks, subject to certain policy limits, deductibles and self-insurance arrangements, and 
will continue to carry such insurance if it is economical to do so.  Should an uninsured or underinsured 
loss occur, Allied could lose its investment in, and anticipated profits and cash flows from, one or more of 
its properties, but Allied would continue to be obliged to repay any recourse mortgage indebtedness on 
such properties.

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ALLIED 2024 ANNUAL REPORT
ABSENCE OF SHAREHOLDER RIGHTS
Unitholders do not have all of the statutory rights normally associated with ownership of shares of a 
company.  On May 12, 2016, Allied amended the Declaration of Trust to include certain rights, remedies 
and procedures in favour of Unitholders consistent, to the extent possible, with those available to 
shareholders of a corporation pursuant to the Canada Business Corporations Act, as further described in 
Allied’s Management Information Circular dated April 11, 2016.  The rights granted in the Declaration of 
Trust are granted as contractual rights afforded to Unitholders (rather than as statutory rights).  Similar to 
other existing rights contained in Allied’s Declaration of Trust (i. e. , the take-over bid provisions and conflict 
of interest provisions), making these rights and remedies and certain procedures available by contract is 
structurally different from the manner in which the equivalent rights and remedies or procedures (including 
the procedure for enforcing such remedies) are made available to shareholders of a corporation, who 
benefit from those rights and remedies or procedures by the corporate statute that governs the corporation, 
such as the Canada Business Corporations Act.  As such, there is no certainty how these rights, remedies or 
procedures may be treated by the courts in the non-corporate context or that a Unitholder will be able to 
enforce the rights and remedies in the manner contemplated by the amendments.  Furthermore, how the 
courts will treat these rights, remedies and procedures will be in the discretion of the court, and the courts 
may choose to not accept jurisdiction to consider any claim contemplated in the provisions.
The Units are not “deposits” within the meaning of the Canada Deposit Insurance Corporation Act and are not 
insured under the provisions of that Act or any other legislation.  Furthermore, Allied is not a trust company 
and, accordingly, it is not registered under any trust and loan company legislation as it does not carry on or 
intend to carry on the business of a trust company.
UNITHOLDER LIABILITY
On December 16, 2004, the Province of Ontario proclaimed the Trust Beneficiaries Liability Act (Ontario) 
in force.  This legislation provides that beneficiaries of Ontario based income trusts are not liable, as 
beneficiaries, for any act, default, obligation or liability of the income trust.  Unitholders of Allied will have 
the benefit of this legislation with respect to liabilities arising on or after December 16, 2004.  This legislation 
has not been subject to interpretation by courts in the Province of Ontario or elsewhere.

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Section X
—Property Table

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ALLIED 2024 ANNUAL REPORT
DECEMBER 31, 2024 
PROPERTIES
Office GLA
Retail GLA
Total GLA
% Total GLA
Total Vacant  
& Unleased
Total Leased
Leased %
28 Atlantic
10,065
—
10,065
—
10,065
100. 0%
32 Atlantic
50,434
—
50,434
—
50,434
100. 0%
47 Jefferson
6,884
—
6,884
—
6,884
100. 0%
64 Jefferson
78,820
—
78,820
—
78,820
100. 0%
College & Manning -  
559 College (1)
24,627
2,634
27,261
—
27,261
100. 0%
College & Palmerston -  
491 College (1)
8,863
3,717
12,580
—
12,580
100. 0%
The Castle - 135 Liberty
55,593
—
55,593
11,111
44,482
80. 0%
The Castle - 41 Fraser
14,857
—
14,857
—
14,857
100. 0%
The Castle - 47 Fraser
7,468
3,480
10,948
—
10,948
100. 0%
The Castle - 49 Fraser
17,472
—
17,472
3,493
13,979
80. 0%
The Castle - 53 Fraser
78,797
—
78,797
48,740
30,057
38. 1%
The Castle - 8 Pardee
—
2,681
2,681
—
2,681
100. 0%
King West
353,880
12,512
366,392
2.6%
63,344
303,048
82.7%
12 Brant
—
11,936
11,936
—
11,936
100. 0%
141 Bathurst
10,101
—
10,101
—
10,101
100. 0%
241 Spadina
24,827
6,046
30,873
6,162
24,711
80. 0%
379 Adelaide W
36,923
3,045
39,968
—
39,968
100. 0%
383 Adelaide W
4,515
—
4,515
—
4,515
100. 0%
387 Adelaide W
6,500
—
6,500
6,500
—
—%
420 Wellington W
31,339
3,030
34,369
—
34,369
100. 0%
425 Adelaide W
70,863
3,809
74,672
917
73,755
98. 8%
425-439 King W
66,486
23,214
89,700
6,599
83,101
92. 6%
432 Wellington W
—
8,997
8,997
—
8,997
100. 0%
422-424 Wellington W
—
15,316
15,316
—
15,316
100. 0%
441-443 King W
6,377
2,904
9,281
—
9,281
100. 0%
445-455 King W
31,523
16,304
47,827
15,648
32,179
67. 3%
460 King W
10,144
4,285
14,429
5,523
8,906
61. 7%
461 King W
38,716
35,833
74,549
—
74,549
100. 0%
468 King W
55,154
—
55,154
18,768
36,386
66. 0%
469 King W (5)
42,659
12,273
54,932
14,431
40,501
73. 7%
478 King W
—
8,701
8,701
—
8,701
100. 0%
485 King W
12,339
—
12,339
—
12,339
100. 0%
500 King W
44,130
21,598
65,728
30,417
35,311
53. 7%
522 King W
28,850
21,863
50,713
14,401
36,312
71. 6%
540 King W
—
5,935
5,935
—
5,935
100. 0%
544 King W
16,340
—
16,340
—
16,340
100. 0%
552-560 King W
6,784
17,395
24,179
—
24,179
100. 0%
555 Richmond W
296,048
1,850
297,898
48,042
249,856
83. 9%
579 Richmond W
26,818
—
26,818
—
26,818
100. 0%

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ALLIED 2024 ANNUAL REPORT
DECEMBER 31, 2024 
PROPERTIES
Office GLA
Retail GLA
Total GLA
% Total GLA
Total Vacant  
& Unleased
Total Leased
Leased %
64 Spadina
—
5,297
5,297
—
5,297
100. 0%
80-82 Spadina
60,048
16,009
76,057
—
76,057
100. 0%
96 Spadina
77,913
8,240
86,153
19,556
66,597
77. 3%
King Portland Centre -  
602-606 King W (1)
19,208
6,364
25,572
—
25,572
100. 0%
King Portland Centre -  
620 King W (1)
127,658
9,170
136,828
—
136,828
100. 0%
King Portland Centre -  
642 King W (1)
7,370
5,365
12,735
7,007
5,728
45. 0%
The Well - 8 Spadina (1)(5)
403,907
5,935
409,842
—
409,842
100. 0%
The Well - 452 Front W (1)
64,245
—
64,245
—
64,245
100. 0%
The Well - 460 Front W (1)(5)
31,003
—
31,003
—
31,003
100. 0%
The Well - 482 Front W (1)
44,954
—
44,954
—
44,954
100. 0%
The Well - 486 Front W (1)(5)
—
126,964
126,964
2,008
124,956
98. 4%
The Well - Wellington 
Market (1)
—
11,858
11,858
1,850
10,008
84. 4%
King West Central
1,703,742
419,536
2,123,278
14.8%
197,829
1,925,449
90.7%
117 & 119 John
—
7,562
7,562
—
7,562
100. 0%
19 Duncan 
149,230
3,570
152,800
—
152,800
100. 0%
121 John 
2,591
855
3,446
—
3,446
100. 0%
125 John
2,171
798
2,969
—
2,969
100. 0%
179 John
70,897
—
70,897
3,782
67,115
94. 7%
180 John
45,631
—
45,631
—
45,631
100. 0%
217 Richmond W
31,200
21,670
52,870
2,898
49,972
94. 5%
257 Adelaide W
37,927
—
37,927
18,325
19,602
51. 7%
312 Adelaide W
66,781
1,227
68,008
2,294
65,714
96. 6%
331-333 Adelaide W
19,058
3,725
22,783
—
22,783
100. 0%
358-360 Adelaide W
50,786
—
50,786
28,911
21,875
43. 1%
388 King W
12,170
19,040
31,210
10,122
21,088
67. 6%
82 Peter
38,583
6,846
45,429
30,937
14,492
31. 9%
99 Spadina
51,141
—
51,141
13,387
37,754
73. 8%
QRC West - 134 Peter
298,782
8,213
306,995
8,848
298,147
97. 1%
QRC West -  
375-381 Queen W
79,488
16,407
95,895
—
95,895
100. 0%
QRC West -  
364 Richmond W
37,696
—
37,696
—
37,696
100. 0%
Union Centre
41,787
—
41,787
4,952
36,835
88. 1%
Entertainment District
1,035,919
89,913
1,125,832
7.9%
124,456
1,001,376
88.9%

110
ALLIED 2024 ANNUAL REPORT
DECEMBER 31, 2024 
PROPERTIES
Office GLA
Retail GLA
Total GLA
% Total GLA
Total Vacant  
& Unleased
Total Leased
Leased %
110 Yonge (2)
78,297
2,376
80,673
13,107
67,566
83. 8%
175 Bloor E (3)
296,409
9,165
305,574
92,314
213,260
69. 8%
193 Yonge
34,349
16,898
51,247
—
51,247
100. 0%
525 University
199,115
9,469
208,584
17,988
190,596
91. 4%
Downtown
608,170
37,908
646,078
4.5%
123,409
522,669
80.9%
35-39 Front E
34,818
13,822
48,640
—
48,640
100. 0%
36-40 Wellington E
15,494
5,938
21,432
—
21,432
100. 0%
41-45 Front E
20,353
14,239
34,592
—
34,592
100. 0%
45-55 Colborne
30,621
13,288
43,909
5,264
38,645
88. 0%
47 Front E
7,651
4,337
11,988
—
11,988
100. 0%
49 Front E
9,482
10,435
19,917
—
19,917
100. 0%
50 Wellington E
22,112
12,454
34,566
8,579
25,987
75. 2%
54 Esplanade
—
9,038
9,038
—
9,038
100. 0%
56 Esplanade
59,270
22,137
81,407
26,581
54,826
67. 3%
60 Adelaide E
106,082
4,608
110,690
8,720
101,970
92. 1%
65 Front E
14,452
5,999
20,451
8,505
11,946
58. 4%
70 Esplanade
19,590
6,109
25,699
7,517
18,182
70. 7%
St. Lawrence Market
339,925
122,404
462,329
3.2%
65,166
397,163
85.9%
135-137 George
2,399
—
2,399
—
2,399
100. 0%
133 George
1,617
—
1,617
—
1,617
100. 0%
139-141 George
2,190
—
2,190
2,190
—
—%
204-214 King E
115,086
13,837
128,923
36,045
92,878
72. 0%
230 Richmond E
73,542
—
73,542
—
73,542
100. 0%
252-264 Adelaide E
39,413
2,582
41,995
7,535
34,460
82. 1%
70 Richmond E
28,463
—
28,463
5,307
23,156
81. 4%
QRC East - 111 Queen E
190,949
20,732
211,681
11,581
200,100
94. 5%
Queen Richmond
453,659
37,151
490,810
3.4%
62,658
428,152
87.2%
Toronto
4,495,295
719,424
5,214,719
36.4%
636,862
4,577,857
87.8%
195 Joseph
26,462
—
26,462
—
26,462
100. 0%
20 Breithaupt (4)
147,029
—
147,029
—
147,029
100. 0%
25 Breithaupt (4)
46,845
—
46,845
—
46,845
100. 0%
51 Breithaupt (4)
66,283
—
66,283
1,547
64,736
97. 7%
72 Victoria
90,024
—
90,024
2,330
87,694
97. 4%
The Tannery -  
151 Charles W
306,562
25,810
332,372
135,204
197,168
59. 3%
Kitchener
683,205
25,810
709,015
5.0%
139,081
569,934
80.4%
Toronto & Kitchener
5,178,500
745,234
5,923,734
41.4%
775,943
5,147,791
86.9%

111
ALLIED 2024 ANNUAL REPORT
DECEMBER 31, 2024 
PROPERTIES
Office GLA
Retail GLA
Total GLA
% Total GLA
Total Vacant  
& Unleased
Total Leased
Leased %
1001 Boulevard Robert-
Bourassa (5)
686,157
9,742
695,899
—
695,899
100. 0%
1010 Sherbrooke W
328,982
1,665
330,647
40,503
290,144
87. 8%
400 Atlantic (5)
58,406
5,795
64,201
—
64,201
100. 0%
425 Viger
307,201
9,160
316,361
—
316,361
100. 0%
451-481 Saint-Catherine W
21,044
9,983
31,027
8,823
22,204
71. 6%
5445 de Gaspé
483,699
886
484,585
—
484,585
100. 0%
5455 de Gaspé
466,853
22,562
489,415
30,365
459,050
93. 8%
5505 Saint-Laurent
243,788
2,221
246,009
2,221
243,788
99. 1%
6300 Parc
184,777
3,933
188,710
21,343
167,367
88. 7%
La Cité - 645 Wellington
128,693
7,421
136,114
6,117
129,997
95. 5%
700 Saint Antoine
107,320
17,957
125,277
17,500
107,777
86. 0%
700 Saint-Hubert
143,849
—
143,849
43,906
99,943
69. 5%
La Cité - 740 Saint-Maurice
68,703
—
68,703
—
68,703
100. 0%
747 Square-Victoria (5)
498,919
25,963
524,882
51,444
473,438
90. 2%
La Cité - 111 Boulevard 
Robert-Bourassa
359,039
12,571
371,610
193,343
178,267
48. 0%
La Cité - 50 Queen
26,996
—
26,996
10,136
16,860
62. 5%
La Cité - 700 Wellington
135,232
—
135,232
20,912
114,320
84. 5%
La Cité - 75 Queen
253,311
2,513
255,824
75,008
180,816
70. 7%
La Cité - 80 Queen
69,247
—
69,247
2,312
66,935
96. 7%
La Cité - 87 Prince
99,089
1,040
100,129
4,345
95,784
95. 7%
El Pro Lofts - 644 Courcelle
145,126
8,940
154,066
47,806
106,260
69. 0%
Le Nordelec -  
1301-1303 Montmorency
7,550
—
7,550
—
7,550
100. 0%
Le Nordelec -  
1655 Richardson
32,893
—
32,893
—
32,893
100. 0%
Le Nordelec -  
1751 Richardson
788,806
39,010
827,816
108,245
719,571
86. 9%
RCA Building -  
1001 Lenoir (5)
137,645
1,519
139,164
—
139,164
100. 0%
Montréal
5,783,325
182,881
5,966,206
41.7%
684,329
5,281,877
88.5%
613 11th SW
—
4,288
4,288
—
4,288
100. 0%
617 11th SW
3,230
6,306
9,536
3,088
6,448
67. 6%
Alberta Block -  
805 1st SW
9,094
22,037
31,131
3,163
27,968
89. 8%
Alberta Hotel -  
808 1st SW
27,808
20,424
48,232
2,326
45,906
95. 2%
Atrium on Eleventh -  
625 11th SE
34,390
1,373
35,763
4,204
31,559
88. 2%
Biscuit Block -  
438 11th SE
51,298
—
51,298
5,988
45,310
88. 3%
Burns Building -  
237 8th SE
67,360
7,423
74,783
25,805
48,978
65. 5%

112
ALLIED 2024 ANNUAL REPORT
DECEMBER 31, 2024 
PROPERTIES
Office GLA
Retail GLA
Total GLA
% Total GLA
Total Vacant  
& Unleased
Total Leased
Leased %
Cooper Block -  
809 10th SW
35,256
—
35,256
21,058
14,198
40. 3%
Customs House -  
134 11th SE
77,097
—
77,097
—
77,097
100. 0%
Demcor Condo -  
221 10th SE
14,253
—
14,253
—
14,253
100. 0%
Demcor Tower -  
239 10th SE
25,342
—
25,342
9,346
15,996
63. 1%
Five Roses Building -  
731-739 10th SW
—
20,808
20,808
—
20,808
100. 0%
Glenbow - 802 11th SW
—
7,319
7,319
—
7,319
100. 0%
Glenbow - 822 11th SW
14,155
3,501
17,656
3,501
14,155
80. 2%
Glenbow Annex - 816 11th 
SW
—
9,021
9,021
—
9,021
100. 0%
Glenbow Cornerblock -  
838 11th SW
10,998
11,212
22,210
1,146
21,064
94. 8%
Glenbow Ellison -  
812 11th SW
13,344
—
13,344
—
13,344
100. 0%
Leeson Lineham Building - 
209 8th SW
27,821
5,420
33,241
5,411
27,830
83. 7%
LocalMotive - 1240 20th SE
57,536
—
57,536
—
57,536
100. 0%
Odd Fellows - 100 6th SW
33,487
—
33,487
—
33,487
100. 0%
Pilkington Building -  
402 11th SE
40,018
—
40,018
—
40,018
100. 0%
Roberts Block -  
603-605 11th SW
23,618
27,499
51,117
11,922
39,195
76. 7%
Sherwin Block -  
738 11th SW
18,319
8,176
26,495
—
26,495
100. 0%
Telephone Building -  
119 6th SW
63,064
—
63,064
46,205
16,859
26. 7%
Theatre Grand -  
608 1st Street SW
—
34,100
34,100
—
34,100
100. 0%
The Lougheed Building - 
604 1st Street SW
87,778
—
87,778
74,284
13,494
15. 4%
Vintage Towers -  
322-326 11th SW
188,620
23,717
212,337
5,062
207,275
97. 6%
Woodstone Building -  
1207-1215 13th SE
32,428
—
32,428
—
32,428
100. 0%
Young Block - 129 8th SW
4,841
2,164
7,005
2,414
4,591
65. 5%
Calgary
961,155
214,788
1,175,943
8.2%
224,923
951,020
80.9%
1040 Hamilton
36,278
9,162
45,440
1,215
44,225
97. 3%
1050 Homer
38,302
4,797
43,099
—
43,099
100. 0%
1185 West Georgia
161,676
4,869
166,545
44,474
122,071
73. 3%
1286 Homer
21,004
4,609
25,613
10,531
15,082
58. 9%
1508 West Broadway
81,809
64,271
146,080
2,376
143,704
98. 4%
151-155 West Hastings
38,512
—
38,512
—
38,512
100. 0%

113
ALLIED 2024 ANNUAL REPORT
DECEMBER 31, 2024 
PROPERTIES
Office GLA
Retail GLA
Total GLA
% Total GLA
Total Vacant  
& Unleased
Total Leased
Leased %
2233 Columbia
21,591
6,852
28,443
—
28,443
100. 0%
375 Water (5)
98,303
24,114
122,417
—
122,417
100. 0%
840 Cambie
89,377
—
89,377
—
89,377
100. 0%
948-950 Homer
23,245
21,758
45,003
—
45,003
100. 0%
Dominion Building -  
207 West Hastings
62,238
12,646
74,884
9,874
65,010
86. 8%
Sun Tower -  
128 West Pender
76,392
1,693
78,085
20,810
57,275
73. 3%
400 West Georgia
340,846
6,546
347,392
63,772
283,620
81. 6%
Vancouver
1,089,573
161,317
1,250,890
8.7%
153,052
1,097,838
87.8%
Total Rental Portfolio
13,012,553
1,304,220
14,316,773
100.0%
1,838,247
12,478,526
87.2%
Note that the table above does not include ancillary residential properties, which total 12, and are included in the property count. The table above 
also excludes properties under development and investment properties held for sale. For joint arrangements, the information reflected in the table 
above is at Allied’s ownership interest.
(1)	 RioCan/Allied Joint Arrangement.
(2)	 Sutter Hill/Allied Joint Arrangement.
(3)	 OPTrust/Allied Joint Arrangement.
(4) 	 Perimeter/Allied Joint Arrangement.
(5)	 A portion of the property is under development. Only the portion of GLA that is in the rental portfolio is included in the property table.
RESIDENTIAL UNITS
PROPERTY
SUITES  
UNDER 
DEVELOPMENT
SUITES IN 
RENTAL 
PORTFOLIO
TOTAL  
NUMBER  
OF SUITES
LEASED AT  
DECEMBER 31, 
2024
LEASED AT  
DECEMBER 31, 
2023
TELUS Sky (Calgary House) (1)
—
326
326
91.8%
79. 8%
19 Duncan (Toronto House) (2)
218
246
464
15.7%
—%
218
572
790
(1)  	
The number of suites is at 100% ownership. 
(2)  	 Of the 246 suites in the rental portfolio, 95 suites are rent ready, of which 35 suites are leased.

114
ALLIED 2024 ANNUAL REPORT
PROPERTIES UNDER DEVELOPMENT
ESTIMATED GLA ON COMPLETION 
(SF)
The Well, Toronto (1)(2)
744,000
400 Atlantic, Montréal (2)
27,443
Boardwalk-Revillon Building, Edmonton
294,710
185 Spadina, Toronto
55,213
342 Water, Vancouver 
21,640
375 Water, Vancouver (2)
54,681
19 Duncan, Toronto (1)(2)(3)
440,800
1001 Boulevard Robert-Bourassa, Montréal (2)
296,493
RCA Building, Montréal (2)
205,456
KING Toronto, Toronto (1)(4)
100,000
108 East 5th Avenue, Vancouver (1)
102,000
3575 Saint-Laurent, Montréal
184,453
365 Railway, Vancouver
60,000
Kipling Square, Calgary
48,502
469 King St W, Toronto (2)
18,485
747 Square-Victoria, Montréal (2)
45,735
Total Development Portfolio
2,699,611
(1)	 These properties are co-owned, reflected in the table above at Allied’s ownership interest.
(2)	 The GLA represents the portion under development. The exceptions are The Well and 19 Duncan, which are ground-up developments, so the 
GLA includes the portion under development and in the rental portfolio.
(3)	 On April 1, 2024 and December 20, 2024, Allied purchased an incremental 45% and 5% undivided interest, respectively, in 19 Duncan, 
increasing Allied’s total ownership in 19 Duncan to 100%.
(4)	 KING Toronto is comprised of the following properties: 489 King W, 495 King W, 499 King W, 511-529 King W, 533 King W, and 539 King W.
ANCILLARY PARKING FACILITIES
NUMBER OF SPACES
305 Joseph, Kitchener (1)
354
15 Brant, Toronto
208
78 Spadina, Toronto
39
7-9 Morrison, Toronto
25
105 George, Toronto
15
301 Markham, Toronto
47
388 Richmond, Toronto
121
464 King, Toronto
12
478 King, Toronto
131
560 King, Toronto
171
650 King, Toronto
71
Total Parking
1,194
(1)	 Perimeter/Allied Joint Arrangement. Reflected in the table above at Allied’s 50% ownership interest.

115
ALLIED 2024 ANNUAL REPORT
Consolidated Financial Statements
For the Years Ended  
December 31, 2024 and 2023

116
ALLIED 2024 ANNUAL REPORT
Cecilia C.  Williams, CPA, CA
President and Chief Executive Officer
Nanthini Mahalingam, CPA
Senior Vice President and Chief Financial Officer
Management’s Statement of 
Responsibility for Financial 
Reporting
The accompanying consolidated financial statements, management’s discussion and analysis of results 
of operations and financial condition and the annual report are the responsibility of the Management 
of Allied Properties Real Estate Investment Trust (“Allied”).  The consolidated financial statements have 
been prepared in accordance with IFRS® Accounting Standards as issued by the International Accounting 
Standards Board and where appropriate, include amounts which are based on judgments, estimates and 
assumptions of Management.
Management has developed and maintains a system of accounting and reporting which provides for the 
necessary internal controls to ensure that transactions are properly authorized and recorded, assets are 
safeguarded against unauthorized use or disposition, and liabilities are recognized.
The Board of Trustees (the “Board”) is responsible for ensuring that Management fulfills its responsibility 
for financial reporting and is ultimately responsible for reviewing and approving the consolidated 
financial statements.  The Board carries out this responsibility principally through its Audit Committee 
(the “Committee”), which is comprised entirely of independent trustees.  The Committee reviews the 
consolidated financial statements with both Management and the independent auditors.  The Committee 
reports its findings to the Board, which approves the consolidated financial statements before they are 
submitted to the Unitholders of Allied.
Deloitte LLP (the “Auditors”), the independent auditors of Allied, have audited the consolidated financial 
statements of Allied in accordance with Canadian generally accepted auditing standards to enable them to 
express to the Unitholders their opinion on the consolidated financial statements.  The Auditors have direct 
and full access to, and meet periodically with the Committee, both with and without Management present.

117
ALLIED 2024 ANNUAL REPORT
Independent Auditor’s Report
TO THE UNITHOLDERS AND THE BOARD OF TRUSTEES 
ALLIED PROPERTIES REAL ESTATE INVESTMENT TRUST
OPINION
We have audited the consolidated financial statements of Allied Properties Real Estate Investment Trust 
(the “Trust”), which comprise the consolidated balance sheets as at December 31, 2024 and 2023, and the 
consolidated statements of loss and comprehensive loss, equity, and cash flows for the years then ended, 
and notes to the consolidated financial statements, including material accounting policy information 
(collectively referred to as the “financial statements”).
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial 
position of the Trust as at December 31, 2024 and 2023, and its financial performance and its cash flows 
for the years then ended in accordance with IFRS Accounting Standards as issued by the International 
Accounting Standards Board (“IASB”).
BASIS FOR OPINION
We conducted our audit in accordance with Canadian generally accepted auditing standards (“Canadian 
GAAS”).  Our responsibilities under those standards are further described in the Auditor’s Responsibilities for 
the Audit of the Financial Statements section of our report.  We are independent of the Trust in accordance 
with the ethical requirements that are relevant to our audit of the financial statements in Canada, and we 
have fulfilled our other ethical responsibilities in accordance with these requirements.  We believe that the 
audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
KEY AUDIT MATTER
A key audit matter is a matter that, in our professional judgment, was of most significance in our audit of the 
consolidated financial statements for the year ended December 31, 2024.  This matter was addressed in the 
context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, 
and we do not provide a separate opinion on this matter.

118
ALLIED 2024 ANNUAL REPORT
FAIR VALUE OF INVESTMENT PROPERTIES AND INVESTMENT PROPERTIES HELD FOR SALE —  
REFER TO NOTES 2(D), 3, AND 5 OF THE FINANCIAL STATEMENTS
KEY AUDIT MATTER DESCRIPTION
Investment properties and Investment properties held for sale (collectively, “Investment properties”) 
are accounted for using the fair value model.  The Trust predominantly uses the discounted cash flow 
(“DCF”) method to estimate fair value and uses the comparable sales method primarily for properties 
under development.  The critical assumptions relating to the Trust’s estimates of fair values of investment 
properties include discount rates, terminal capitalization rates, and anticipated cash flow assumptions 
relating to occupancy and rental rates.
While there are several assumptions that are required to determine the fair value of all investment 
properties using the DCF method, the critical assumptions with the highest degree of subjectivity and 
impact on fair values are the anticipated rental rates, discount rates, and terminal capitalization rates.  
Auditing these critical assumptions required a high degree of auditor judgment as the estimations made by 
management contain significant measurement uncertainty.  This resulted in an increased extent of audit 
effort, including the need to involve fair value specialists.
HOW THE KEY AUDIT MATTER WAS ADDRESSED IN THE AUDIT
Our audit procedures related to the anticipated rental rates, discount rates and terminal capitalization rates 
used to determine the fair value of the investment properties included the following, among others:
—	
Evaluated the reasonableness of management’s forecast of anticipated rental rates by considering in-
place leases, recently executed market leases and market survey reports.
—	
With the assistance of fair value specialists, evaluated the reasonableness of management’s forecast of 
anticipated rental rates, discount rates and terminal capitalization rates by considering recent market 
transactions and industry surveys.
OTHER INFORMATION
Management is responsible for the other information.  The other information comprises: 
—	
Management’s Discussion and Analysis of Results of Operations and Financial Condition
—	
The information, other than the financial statements and our auditor’s report thereon, in the Annual 
Report.
Our opinion on the financial statements does not cover the other information and we do not and will not 
express any form of assurance conclusion thereon.  In connection with our audit of the financial statements, 
our responsibility is to read the other information identified above and, in doing so, consider whether the 
other information is materially inconsistent with the financial statements or our knowledge obtained in the 
audit, or otherwise appears to be materially misstated.
We obtained Management’s Discussion and Analysis of Results of Operations and Financial Condition and 
the Annual Report prior to the date of this auditor’s report.  If, based on the work we have performed on 
this other information, we conclude that there is a material misstatement of this other information, we are 
required to report that fact in this auditor’s report.  We have nothing to report in this regard.

119
ALLIED 2024 ANNUAL REPORT
RESPONSIBILITIES OF MANAGEMENT AND THOSE CHARGED WITH GOVERNANCE FOR THE 
FINANCIAL STATEMENTS
Management is responsible for the preparation and fair presentation of the financial statements in 
accordance with IFRS Accounting Standards as issued by the IASB, and for such internal control as 
management determines is necessary to enable the preparation of financial statements that are free from 
material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Trust’s ability to continue 
as a going concern, disclosing, as applicable, matters related to going concern and using the going concern 
basis of accounting unless management either intends to liquidate the Trust or to cease operations, or has 
no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Trust’s financial reporting process.
AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free 
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our 
opinion.  Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted 
in accordance with Canadian GAAS will always detect a material misstatement when it exists.  Misstatements 
can arise from fraud or error and are considered material if, individually or in the aggregate, they could 
reasonably be expected to influence the economic decisions of users taken on the basis of these financial 
statements.
As part of an audit in accordance with Canadian GAAS, we exercise professional judgment and maintain 
professional skepticism throughout the audit.  We also:
—	
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud 
or error, design and perform audit procedures responsive to those risks, and obtain audit evidence 
that is sufficient and appropriate to provide a basis for our opinion.  The risk of not detecting a material 
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve 
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
—	
Obtain an understanding of internal control relevant to the audit in order to design audit procedures 
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the 
effectiveness of the Trust’s internal control.
—	
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting 
estimates and related disclosures made by management.
—	
Conclude on the appropriateness of management’s use of the going concern basis of accounting and, 
based on the audit evidence obtained, whether a material uncertainty exists related to events or 
conditions that may cast significant doubt on the Trust’s ability to continue as a going concern.  If we 
conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report 

120
ALLIED 2024 ANNUAL REPORT
to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify 
our opinion.  Our conclusions are based on the audit evidence obtained up to the date of our auditor’s 
report.  However, future events or conditions may cause the Trust to cease to continue as a going 
concern.
—	
Evaluate the overall presentation, structure and content of the financial statements, including the 
disclosures, and whether the financial statements represent the underlying transactions and events in 
a manner that achieves fair presentation.
—	
Obtain sufficient appropriate audit evidence regarding the financial information of the entities 
or business activities within the Trust to express an opinion on the financial statements.  We are 
responsible for the direction, supervision and performance of the group audit.  We remain solely 
responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope 
and timing of the audit and significant audit findings, including any significant deficiencies in internal 
control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant 
ethical requirements regarding independence, and to communicate with them all relationships and other 
matters that may reasonably be thought to bear on our independence, and where applicable, related 
safeguards.
From the matters communicated with those charged with governance, we determine those matters that 
were of most significance in the audit of the consolidated financial statements of the current period and are 
therefore the key audit matters.  We describe these matters in our auditor’s report unless law or regulation 
precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that 
a matter should not be communicated in our report because the adverse consequences of doing so would 
reasonably be expected to outweigh the public interest benefits of such communication.
The engagement partner on the audit resulting in this independent auditor’s report is Craig Irwin.
/s/ Deloitte LLP
CHARTERED PROFESSIONAL ACCOUNTANTS 
LICENSED PUBLIC ACCOUNTANTS
TORONTO, ONTARIO 
FEBRUARY 4, 2025

121
ALLIED 2024 ANNUAL REPORT
ALLIED PROPERTIES REAL ESTATE INVESTMENT TRUST
CONSOLIDATED BALANCE SHEETS
AS AT DECEMBER 31, 2024 AND DECEMBER 31, 2023
(in thousands of Canadian dollars)
NOTES
DECEMBER 31, 2024
DECEMBER 31, 2023
Assets
Non-current assets
Investment properties
5
$9,448,363
$9,387,032
Residential inventory
7
221,004
209,783
Investment in joint venture
8
—
8,866
Loans and notes receivable
9
191,045
321,371
Other assets
10
36,642
48,528
$9,897,054
$9,975,580
Current assets
Cash and cash equivalents
21
73,918
211,069
Loan receivable from joint venture
8
—
93,291
Loans and notes receivable
9
235,532
188,382
Accounts receivable, prepaid expenses and deposits
11
137,645
140,963
Investment properties held for sale
5
259,830
—
$706,925
$633,705
Total assets
$10,603,979
$10,609,285
Liabilities
Non-current liabilities
Debt
12
$3,418,246
$3,510,366
Lease liabilities
13
8,384
50,639
Other liabilities
14
52,297
48,784
$3,478,927
$3,609,789
Current liabilities
Exchangeable LP Units
17
202,527
238,309
Debt
12
985,129
149,245
Accounts payable and other liabilities
14
367,731
476,863
Lease liability held for sale
13
7,021
—
$1,562,408
$864,417
Total liabilities
$5,041,335
$4,474,206
Equity
Unitholders’ equity
16
$5,562,644
$6,135,079
Non-controlling interests
16
—
—
Total equity
$5,562,644
$6,135,079
Total liabilities and equity
$10,603,979
$10,609,285
Commitments and Contingencies (note 27)
The accompanying notes are an integral part of these consolidated financial statements.
Stephen L.  Sender 
Trustee
Michael R.  Emory 
Trustee

122
ALLIED 2024 ANNUAL REPORT
ALLIED PROPERTIES REAL ESTATE INVESTMENT TRUST 
CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
YEAR ENDED
(in thousands of Canadian dollars)
NOTES
DECEMBER 31, 2024
DECEMBER 31, 2023
Rental revenue
19, 23
$592,040
$563,980
Property operating costs
23
(263,566)
(246,949)
Operating income
$328,474
$317,031
Interest income
45,069
53,605
Interest expense
12 (f)
(116,467)
(107,073)
General and administrative expenses
20, 26 (c)
(24,333)
(23,577)
Condominium marketing expenses
(134)
(538)
Amortization of other assets
10
(1,538)
(1,499)
Transaction costs
4
(1,722)
(167)
Net income (loss) from joint venture
8
1,842
(15,622)
Fair value loss on investment properties and investment  
properties held for sale
5, 6
(557,569)
(772,652)
Fair value gain on Exchangeable LP Units
17, 26 (c)
35,782
28,696
Fair value loss on derivative instruments
26 (e)
(13,675)
(8,535)
Impairment of residential inventory
7
(38,259)
(15,376)
Net loss and comprehensive loss from continuing operations
$(342,530)
$(545,707)
Net income and comprehensive income from discontinued 
operations
6
$—
$124,991
Net loss and comprehensive loss
$(342,530)
$(420,716)
Net loss and comprehensive loss attributable to:
Unitholders’ equity
$(342,530)
$(425,713)
Non-controlling interests
—
4,997
$(342,530)
$(420,716)
The accompanying notes are an integral part of these consolidated financial statements.

123
ALLIED 2024 ANNUAL REPORT
ALLIED PROPERTIES REAL ESTATE INVESTMENT TRUST
CONSOLIDATED STATEMENTS OF EQUITY
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
ATTRIBUTABLE TO UNITHOLDERS
ATTRIBUTABLE TO  
NON-CONTROLLING INTERESTS
(in thousands 
of Canadian 
dollars)
NOTES
UNITS
RETAINED 
EARNINGS
CONTRIB-
UTED 
SURPLUS
UNIT- 
HOLDERS’ 
EQUITY
EX-
CHANGEA-
BLE  
LP UNITS
RETAINED 
EARNINGS 
(DEFICIT)
EXCHANGE-
ABLE  
LP UNITS’ 
EQUITY
TOTAL 
EQUITY
Balance at  
January 1, 2023
16
$3,909,378 $2,636,944
$34,844
$6,581,166
$550,660
$(8,988)
$541,672
$7,122,838
Net (loss) 
income and 
comprehensive 
(loss) income
—
(425,713)
—
(425,713)
—
4,997
4,997
(420,716)
Distributions
16
—
(291,740)
—
(291,740)
—
(8,857)
(8,857)
(300,597)
Distribution in 
units
16
639,780
(639,780)
—
—
—
—
—
—
Contributed 
surplus – Unit 
Option Plan
18 (a)
—
—
389
389
—
—
—
389
Restricted Unit 
Plan (net of 
forfeitures)
16, 18 
(b)
(2,250)
—
2,420
170
—
—
—
170
Reclassification 
of Exchangeable 
LP Units
2 (l)
—
270,807
—
270,807
(550,660)
12,848
(537,812)
(267,005)
Balance at  
December 31, 
2023
$4,546,908
$1,550,518
$37,653
$6,135,079
$—
$—
$—
$6,135,079
ATTRIBUTABLE TO UNITHOLDERS
ATTRIBUTABLE TO  
NON-CONTROLLING INTERESTS
NOTES
UNITS
RETAINED 
EARNINGS
CONTRIB-
UTED 
SURPLUS
UNIT- 
HOLDERS’ 
EQUITY
EX-
CHANGEA-
BLE  
LP UNITS
RETAINED 
EARNINGS
EXCHANGE-
ABLE  
LP UNITS’ 
EQUITY
TOTAL 
EQUITY
Balance at  
January 1, 2024
16
$4,546,908
$1,550,518
$37,653
$6,135,079
$—
$—
$—
$6,135,079
Net loss and 
comprehensive 
loss
—
(342,530)
—
(342,530)
—
—
—
(342,530)
Distributions
16
—
(230,321)
—
(230,321)
—
—
—
(230,321)
Contributed 
surplus – Unit 
Option Plan
18 (a)
—
—
104
104
—
—
—
104
Restricted Unit 
Plan (net of 
forfeitures)
16, 18 
(b)
(1,712)
—
2,024
312
—
—
—
312
Balance at  
December 31, 
2024
$4,545,196
$977,667
$39,781
$5,562,644
$—
$—
$—
$5,562,644
The accompanying notes are an integral part of these consolidated financial statements.

124
ALLIED 2024 ANNUAL REPORT
ALLIED PROPERTIES REAL ESTATE INVESTMENT TRUST
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
YEAR ENDED
(in thousands of Canadian dollars)
NOTES
DECEMBER 31, 
2024
DECEMBER 31, 
2023
Operating activities
Net loss for the year
$(342,530)
$(420,716)
Fair value loss on investment properties and investment properties 
held for sale
5
557,569
663,803
Fair value gain on Exchangeable LP Units
17, 26 (c)
(35,782)
(28,696)
Fair value loss on derivative instruments
26 (e)
13,675
8,535
Impairment of residential inventory
7
38,259
15,376
Interest expense (net of the impact of capitalization)
12 (f)
116,467
111,506
Interest paid (net of the impact of capitalization)
5, 7, 13, 17, 21
(110,271)
(97,379)
Interest income
(45,069)
(53,605)
Interest received
28,615
41,201
Net (income) loss from joint venture
8
(1,842)
15,622
Amortization of other assets
10
1,538
1,499
Amortization of improvement allowances
5
36,975
31,456
Amortization of straight-line rent
5
(7,410)
(9,579)
Amortization of (premium) discount on debt
12 (f)
(231)
3,976
Amortization of net financing costs
12 (f)
3,547
2,865
Unit-based compensation expense
18, 26 (c)
5,283
4,137
Settlement of unit-based compensation liabilities
18 (c)
(2,264)
(127)
Additions to residential inventory
7
(49,480)
(37,887)
Change in other non-cash operating items
9, 11, 14, 21
(59,212)
68,899
Cash provided by operating activities
$147,837
$320,886
Financing activities
Proceeds from new mortgage payable
12 (a)
393,000
15,034
Repayment of mortgages payable
12 (a)
(49,332)
(15,347)
Proceeds from senior unsecured debentures (net of financing costs)
12 (d)
248,742
—
Principal payments of lease liabilities
13
(277)
(212)
Distributions paid on Units
16
(291,740)
(229,783)
Restricted Unit Plan (net of forfeitures)
16, 18 (b)
(1,712)
(2,250)
Repayment of promissory note payable
12 (c)
—
(200,000)
Proceeds from Unsecured Revolving Operating Facility
12 (c)
465,000
310,000
Repayments of Unsecured Revolving Operating Facility
12 (c)
(465,000)
(750,000)
Proceeds from construction loans
12 (b)
52,723
83,288
Repayment of construction loan
12 (b)
(250,964)
—
Financing costs
12 (a), (d), (e)
(3,963)
(1,390)
Cash provided by (used in) financing activities
$96,477
$(790,660)

125
ALLIED 2024 ANNUAL REPORT
YEAR ENDED
(in thousands of Canadian dollars)
NOTES
DECEMBER 31, 
2024
DECEMBER 31, 
2023
Investing activities
Acquisition of investment properties
4, 21
(50,338)
—
Additions to investment properties (including capitalized interest)
5, 12 (f)
(272,955)
(438,957)
Net proceeds on disposition of investment properties and investment 
properties held for sale
4
144,366
1,277,055
Net distributions from equity accounted investments
8
10,708
2,597
Loans receivable issued to third-parties
9 (a), 21
(105,032)
(70,398)
Loans receivable from joint venture repaid
8
14,981
—
Notes receivable (advanced) repaid
9 (b)
(1,929)
24
Advances on note receivable from holder of Exchangeable LP Units
12 (f), 17
(26,925)
(21,207)
Additions to equipment and other assets
10
(958)
(1,836)
Leasing commissions
5
(20,136)
(16,580)
Improvement allowances
5
(73,247)
(70,845)
Cash (used in) provided by investing activities
$(381,465)
$659,853
(Decrease) increase in cash and cash equivalents
(137,151)
190,079
Cash and cash equivalents, beginning of year
211,069
20,990
Cash and cash equivalents, end of year
$73,918
$211,069
Note 21 contains supplemental cash flow information.
The accompanying notes are an integral part of these consolidated financial statements.

126
ALLIED 2024 ANNUAL REPORT
ALLIED PROPERTIES REAL ESTATE INVESTMENT TRUST 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023 
(in thousands of Canadian dollars, except per unit and unit amounts)
1.	
NATURE OF OPERATIONS
Allied Properties Real Estate Investment Trust (“Allied”) is a Canadian unincorporated open-end real 
estate investment trust created pursuant to the Declaration of Trust dated October 25, 2002, as most 
recently amended June 12, 2023.  Allied is governed by the laws of the Province of Ontario and began 
operations on February 19, 2003.  The units of Allied (“Units”) are traded on the Toronto Stock Exchange 
(“TSX”) and are traded under the symbol “AP. UN”.
The subsidiaries of Allied include Allied Properties Management Trust, Allied Properties Management 
Limited Partnership, Allied Properties Management GP Limited, Allied Properties Exchangeable Limited 
Partnership (the “Partnership”), and Allied Properties Exchangeable GP Inc.  (the “General Partner”).  
On March 31, 2022, Allied acquired a portfolio of six properties from Choice Properties Real Estate 
Investment Trust (“Choice Properties”), which was partially settled with the issuance of 11,809,145 class 
B exchangeable limited partnership units of the Partnership (“Exchangeable LP Units”).  Allied owns 
100% of the shares of the General Partner and 100% of the class A LP Units of the Partnership.  
Allied is domiciled in Ontario, Canada.  The address of Allied’s registered office and its principal place of 
business is 134 Peter Street, Suite 1700, Toronto, Ontario, M5V 2H2.
2.	
MATERIAL ACCOUNTING POLICY INFORMATION
The consolidated financial statements are presented in Canadian dollars.  
(a)	 Statement of compliance
The consolidated financial statements of Allied for the years ended December 31, 2024 and 2023, are 
prepared in accordance with IFRS® Accounting Standards as issued by the International Accounting 
Standards Board (“IFRS Accounting Standards”).  The policies set out below were consistently applied to 
all the years presented unless otherwise noted.
The preparation of financial statements in accordance with IFRS Accounting Standards requires the use 
of certain critical accounting judgments, estimates and assumptions that affect the amounts reported.  
Allied’s basis for applying judgments, estimates and assumptions to its accounting policies are described 
in note 2 and 3 below.
The consolidated financial statements for the years ended December 31, 2024 and 2023, were approved 
and authorized for issue by the Board of Trustees (the “Board”) on February 4, 2025.

127
ALLIED 2024 ANNUAL REPORT
(b)	 Basis of presentation 
The consolidated financial statements have been prepared on a historical cost basis except for the 
following items that were measured at fair value:
—	
investment properties as described in note 2 (d) and note 5;
—	
investment properties held for sale and lease liability held for sale as described in note 2 (s);
—	
Exchangeable LP Units which are exchangeable for Units at the option of the holder as described in 
note 17;
—	
interest rate swaps as described in note 2 (i); 
—	
total return swap as described in note 2 (i); and
—	
unit-based compensation liabilities as described in note 18 (c).
The consolidated financial statements are presented in Canadian dollars, which is Allied’s functional 
currency, and all amounts are rounded to the nearest thousand, unless otherwise indicated.
The preparation of these consolidated financial statements requires Allied to make estimates and 
assumptions that affect the reported amounts of assets and liabilities at the date of the financial 
statements and reported amounts of revenue and expenses.  Actual outcomes could differ from these 
estimates.  These consolidated financial statements include estimates, which, by their nature, are 
uncertain.  The impact of such estimates is pervasive throughout the consolidated financial statements, 
and may require accounting adjustments based on future occurrences.  Revisions to accounting 
estimates are recognized in the period in which the estimate is revised and the revision affects both 
current and future periods.  Significant estimates and assumptions include the fair values assigned to 
investment properties and investment properties held for sale, the impairment of residential inventory, 
interest rate derivative contracts, unit-based compensation liabilities, and allowances for expected 
credit losses.
(c)	 Basis of consolidation
The consolidated financial statements comprise the financial statements of Allied and its subsidiaries.
Subsidiaries are all entities over which Allied has control, where control is defined as the power to 
direct the relevant activities of an entity so as to obtain benefit from its activities.  Control exists when a 
parent company is exposed to, or has rights to, variable returns from the subsidiaries and has the ability 
to affect those returns through its power.
Subsidiaries are consolidated from the date control is transferred to Allied, and are de-consolidated 
from the date control ceases.  Intercompany transactions between subsidiaries are eliminated on 
consolidation.  Accounting policies of subsidiaries have been changed where necessary to ensure 
consistency with the policies adopted by Allied.  All subsidiaries have a reporting date of December 31.

128
ALLIED 2024 ANNUAL REPORT
(d)	 Investment properties
At the time of acquisition of a property, Allied applies judgment when determining if the acquisition is 
an asset acquisition or a business combination.
Allied classifies its acquisitions as asset acquisitions when it acquires a property or a portfolio of 
properties and it has not acquired an operating platform.
Investment properties include rental properties and properties under development that are owned by 
Allied, or leased by Allied as a lessee, to earn rental revenue and/or for capital appreciation.  Investment 
properties are accounted for using the fair value model.  Rental income and operating expenses from 
investment properties are reported within ‘total revenue’ and ‘total operating expenses’ respectively.
Where Allied has completed an acquisition of an asset, Allied uses the asset purchase model whereby 
the initial cost of an investment property is comprised of its purchase price and any directly attributable 
expenditures.  Directly attributable expenditures include transaction costs such as due diligence costs, 
appraisal fees, environmental fees, legal fees, land transfer taxes, and brokerage fees.
At the time of the disposition of a property, Allied recognizes any directly attributable expenditures that 
are non-reimbursable as an expense in the Consolidated Statements of Loss and Comprehensive Loss.  
Directly attributable expenditures include transaction costs such as due diligence costs, appraisal fees, 
environmental fees, legal fees, and brokerage fees.
Investment properties are externally appraised quarterly and are reported in the Consolidated Balance 
Sheets at their fair values.  Allied’s determination of fair value is supported by valuations prepared by a 
nationally recognized and qualified third-party professional appraiser with sufficient experience with 
respect to both the geographic location and the nature of the investment property and supported by 
market evidence.  Any gain or loss resulting from a change in the fair value of an investment property is 
immediately recognized in the Consolidated Statements of Loss and Comprehensive Loss.  The fair value 
of each investment property is based upon, among other things, rental income from current leases and 
assumptions about rental income from future leases reflecting market conditions at the balance sheet 
date, less future estimated non-recoverable capital cash outflows in respect of such properties.
The independent professional appraiser engaged by Allied predominantly uses the discounted cash flow 
method to determine fair value, whereby the income and expenses are projected over the anticipated 
term of the investment and combined with a terminal value, all of which is discounted using an 
appropriate discount rate.  Properties under development are measured using both a comparable sales 
method and a discounted cash flow method, net of costs to complete, as of the balance sheet date.  For 
further details on methods used, refer to note 5.  Valuations of investment properties are most sensitive 
to changes in discount rates and capitalization rates.
Allied has applied judgment based on the costs incurred to enhance the service potential of the 
property in determining whether certain costs are additions to the carrying amount of investment 
properties or will be expensed.

129
ALLIED 2024 ANNUAL REPORT
Allied has applied judgment when reporting its properties under development.  The cost of properties 
under development includes the acquisition cost of the property, direct development costs, operating 
costs, realty taxes and borrowing costs attributable to the development.  See 2 (g) below for further 
information regarding Allied’s accounting for borrowing costs.
(e)	 Joint arrangements
Investments in joint arrangements are classified as either joint operations or joint ventures depending 
on the contractual rights and obligations of each investor.  Joint control is the contractually agreed 
sharing of control of an arrangement, which exists only when decisions about the relevant activities 
require unanimous consent of the parties sharing control.
Joint operation
A joint operation is a joint arrangement whereby the parties that have joint control have rights to the 
assets and obligations for the liabilities relating to the arrangement.  A joint operation usually results 
from direct interests in the assets and liabilities of an investee.  None of the parties involved have 
unilateral control of a joint operation.  Allied accounts for its joint arrangements as joint operations 
wherein it records its share of the assets, liabilities, revenue and expenses of the joint operations.
Joint venture
A joint venture is a joint arrangement whereby the parties that have joint control have rights to the net 
assets relating to the arrangement, and usually results from the establishment of a separate legal entity.  
Allied accounts for its joint ventures using the equity method.  The share of results of income (loss) of 
the joint venture is reflected in the Consolidated Statements of Loss and Comprehensive Loss.
Under the equity method, an investment in a joint venture is recognized initially in the Consolidated 
Balance Sheets at cost and adjusted thereafter to recognize Allied’s share of the profit or loss and other 
comprehensive income of the joint venture in accordance with Allied’s accounting policies.  When 
Allied’s share of losses of a joint venture exceeds Allied’s interest in that joint venture (which includes 
any long-term interests that, in substance, form part of Allied’s net investment in the joint venture), 
Allied continues recognizing its share of further losses to the extent that Allied has incurred legal or 
constructive obligations or made payments on behalf of the joint venture.
When Allied transacts with a joint venture, profits and losses resulting from the transactions with the 
joint venture are recognized in Allied’s consolidated financial statements only to the extent of interests 
in the joint venture that are not related to Allied.

130
ALLIED 2024 ANNUAL REPORT
(f)	 Revenue recognition
Allied has retained substantially all of the risks and benefits of ownership of its investment properties 
and as such accounts for its leases with tenants as operating leases.
Revenue includes rents from tenants under leases, property tax and operating cost recoveries, 
percentage participation rents, lease cancellation fees, parking income and other income.  Rents from 
tenants may include free rent periods and rental increases over the term of the lease and are recognized 
in revenue on a straight-line basis over the term of the lease.  Typically, in ground-up developments, 
when there are fixturing periods outside of the term of the lease, revenue is not recognized during 
these fixturing periods.  The difference between revenue recognized and the cash received is included in 
investment properties as straight-line rent receivable.
Lease incentives provided to tenants (referred to as tenant improvements) are deferred and amortized 
on a straight-line basis against revenue over the term of the lease.  Recoveries from tenants are 
recognized as revenue in the period in which the applicable costs are incurred.  Percentage participation 
rents are recognized after the minimum sales level has been achieved with each lease, where applicable.  
Lease cancellation fees are recognized as revenue once an agreement is completed with the tenant 
to terminate the lease and the collectability is reasonably assured.  Other income is recognized upon 
provision of goods or services when collectability is reasonably assured.
Contracts with customers for residential condominium units generally include one distinct performance 
obligation.  Revenue is measured at the transaction price agreed under the contract, and is recognized at 
the point in time in which control over the property has been transferred.  Customer deposits received 
are held in trust and restricted for use.
(g)	 Borrowing costs
Borrowing costs directly attributable to acquiring or constructing a qualifying investment property 
are capitalized.  Capitalization commences when the activities necessary to prepare an asset for 
development or redevelopment begin, and ceases once the asset is substantially complete, or is 
suspended if the development of the asset is suspended.  The amount of borrowing costs capitalized 
is determined first by reference to borrowings specific to the project, where relevant, and otherwise 
by applying a weighted average cost of borrowings to eligible expenditures after adjusting for 
borrowings associated with other specific developments.  Where borrowings are associated with 
specific developments, the amount capitalized is the gross costs incurred on those borrowings.  The 
capitalization of borrowing costs is suspended if there are prolonged periods when development 
activity is interrupted.
(h)	 Other assets
Computer and office equipment and owner occupied property are included in other assets and are 
stated at cost less accumulated amortization and accumulated impairment losses.  Cost includes 
expenditures that are directly attributable to the acquisition of the asset.

131
ALLIED 2024 ANNUAL REPORT
For the assets that are amortized, Allied records amortization expense on a straight-line basis over the 
assets’ estimated useful life.  This is generally three to seven years for computer and office equipment, 
and will vary for owner occupied property depending on the property.  The assets’ residual values and 
useful lives are reviewed annually or if expectations differ from previous estimates, and adjusted if 
appropriate.
When events and circumstances indicate an asset may be impaired, the carrying amount is written 
down immediately to its recoverable amount (defined as the higher of an asset’s fair value less costs to 
sell and its value in use).
(i)	
Financial instruments
Cash and cash equivalents include cash on hand, balances with banks and short-term deposits with 
maturities of six months or less.
Mortgages payable consists of the legal liabilities owing pursuant to loans secured by mortgages and 
premiums and discounts recognized on loans assumed on acquisition of properties, netted against 
the transaction costs, and the effective interest method of amortization is applied to the premiums, 
discounts and transaction costs.
The following table describes Allied’s classification and measurement of its financial assets and 
liabilities:
ASSET/LIABILITY
CLASSIFICATION/MEASUREMENT
Loans and notes receivable
Amortized cost
Cash and cash equivalents
Amortized cost
Accounts receivable
Amortized cost
Exchangeable LP Units
Fair value
Debt
Amortized cost
Accounts payable and other liabilities
Amortized cost
Unit-based compensation liabilities
Fair value
Interest rate swaps
Fair value
Total return swap
Fair value
Allied designated its accounts receivable, loans and notes receivable, and cash and cash equivalents as 
loans and receivables; its debt and accounts payable and other liabilities as other financial liabilities.  All 
derivatives, including embedded derivatives, are classified at fair value through profit or loss and are 
recorded on the Consolidated Balance Sheets at fair value.
At the end of each reporting period, Allied will reassess categorization between levels in the hierarchy 
to determine whether transfers have occurred.  The reassessment is based on the lowest level input that 
is significant to the fair value measurement in its entirety.

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ALLIED 2024 ANNUAL REPORT
Financial assets
Financial assets are classified as amortized cost or fair value through profit or loss.  Financial assets are 
initially measured at fair value.  Transaction costs that are directly attributable to the acquisition or 
issuance of financial assets, with the exception of those classified as at fair value through profit or loss, 
are accounted for as part of the respective asset’s carrying value at inception and amortized over the 
expected life of the financial instrument using the effective interest method.  Transaction costs directly 
attributable to the acquisition or issuance of financial assets classified as at fair value through profit or 
loss are recognized immediately in net income.
Impairment of financial assets
Allied assesses, on a continual basis, whether a financial asset that is measured at amortized cost is 
impaired under an expected credit loss (“ECL”) model.  For user trade receivables within the scope of 
IFRS 16, Allied applies the simplified approach permitted by IFRS 9, which requires expected lifetime 
losses to be recognized under the initial recognition of its receivables.  To measure the expected credit 
losses for its accounts receivable, Allied established a provision matrix, that applies loss factors to 
contractual payments by aging categories, and incorporates forward-looking factors that are specific to 
the tenant, historical credit loss experience, and the economic environment, where applicable.  
For loans and notes receivable, Allied applies an ECL approach as required under IFRS 9, which reflects 
the present value of all cash shortfalls related to default events either (i) over the following twelve 
months or (ii) over the expected life of a financial instrument depending on the credit deterioration 
from inception.  The ECL reflects an unbiased, probability-weighted outcome which considers multiple 
scenarios based on reasonable and supportable forecasts.  Allied assesses whether there has been 
a significant increase in credit risk since initial recognition of a financial instrument and its ECL 
measurement at each reporting date.  Increases or decreases in the ECL are recognized as impairment 
gains or losses within interest (expense) income in net income (loss) and comprehensive income (loss).  
Allied’s financial assets measured at amortized cost are presented net of the ECL in the Consolidated 
Balance Sheets.
Financial liabilities
Financial liabilities are classified and measured as disclosed in the table above.  Financial liabilities are 
initially recognized at fair value net of any transaction costs directly attributable to the issuance of the 
instrument and subsequently carried at amortized cost using the effective interest method, except for 
financial liabilities held for trading or designated at fair value through profit or loss, that are carried 
subsequently at fair value with gains or losses recognized in profit or loss.
From time to time, Allied uses derivative financial instruments to manage risks from fluctuations in 
interest rates.  All derivative instruments, including embedded derivatives that must be separately 
accounted for, are valued at their respective fair values unless they are effective cash flow hedging 
instruments.

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ALLIED 2024 ANNUAL REPORT
On the date a derivative contract is entered into, Allied assesses whether or not to designate the 
derivative as either a hedge of the fair value of a recognized asset or liability (a “fair-value hedge”) or a 
hedge of the variability of cash flows to be received or paid related to a recognized asset or liability or a 
forecasted transaction (a “cash-flow hedge”).  Allied does not hold any fair-value or cash-flow hedges.
Allied has entered into interest rate derivative contracts to limit its exposure to fluctuations in the 
interest rates on variable rate mortgages, unsecured term loans and construction loans.  Gains or losses 
arising from the change in fair values of the interest rate derivative contracts are recognized in the 
Consolidated Statements of Loss and Comprehensive Loss.
Allied has entered into a cash-settled Total Return Swap (“TRS”) to manage its cash flow exposure under 
the unit-based compensation plans.  The TRS is carried at fair value and is reported as an asset when it 
has a positive fair value and as a liability when it has a negative fair value.  Gains or losses arising from 
the change in fair values of the TRS, interest expense incurred and distributions earned on the TRS, 
are recognized in general and administrative expenses in the Consolidated Statements of Loss and 
Comprehensive Loss.  
Allied measures its Exchangeable LP Units at fair value through profit or loss (note 2(l)).
Allied measures its debt, finance lease obligations, and accounts payable and other liabilities, at 
amortized cost using the effective interest method.  All interest-related charges are reported in the 
Consolidated Statements of Loss and Comprehensive Loss and are included within ‘Interest expense’, 
except for those interest-related charges capitalized to qualifying properties under development, rental 
properties or residential inventory.
(j)	 Unitholders’ equity
Unitholders’ equity includes all current and prior period retained income.  Distributions payable to 
Unitholders are included in ‘Distributions payable on Units’ when the distributions have been approved 
and declared prior to the reporting date, but have yet to be paid.
(k)	 Units
Units represent the initial value of Units that have been issued.  Any transaction costs associated with the 
issuing of Units are deducted from Unit proceeds.
On the conversion of Allied to an open-end trust on June 12, 2023, the Units of Allied are redeemable 
at the option of the holder in accordance with the Declaration of Trust, and, therefore, are considered 
puttable instruments in accordance with IAS 32, “Financial Instruments - Presentation” (“IAS 32”).  
Puttable instruments are required to be accounted for as financial liabilities, except where certain 
conditions are met in accordance with IAS 32, in which case, the puttable instruments may be 
presented as equity.
The attributes of the Units meet the exemption conditions set out in IAS 32, and are, therefore, 
presented as equity in the consolidated financial statements.

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ALLIED 2024 ANNUAL REPORT
(l)	
Exchangeable Limited Partnership Units
The Exchangeable LP Units may, at the request of the holder, be exchanged on a one-for-one basis 
for Units of Allied.  The Exchangeable LP Units are entitled to distributions from the Partnership in 
an amount equal to distributions declared by Allied on the Units.  The Exchangeable LP Units provide 
the holder the indirect economic benefits and exposures to the underlying performance of Allied and 
accordingly to the variability of the distributions of Allied, whereas Allied’s unitholders have direct 
access to the economic benefits and exposures of Allied through direct ownership interest in Allied.  
Prior to Allied’s conversion to an open-end trust, the Exchangeable LP Units were presented within 
non-controlling interests in the Consolidated Balance Sheets.  In addition, net income and other 
comprehensive income was attributable to unitholders and to non-controlling interests, with the latter 
equivalent to the amount allocated to the Partnership for income tax purposes.  
On Allied’s conversion to an open-end trust on June 12, 2023, the Exchangeable LP Units were 
reclassified to financial liabilities in the Consolidated Balance Sheets as they can be exchanged for 
Units which are puttable instruments.  Allied recognized in equity the difference between the carrying 
value of the equity instrument and the fair value of the financial liabilities at the date of reclassification.  
Subsequent to the conversion, at the end of each period, the Exchangeable LP Units are measured at 
fair value through profit or loss.  The fair value of the Exchangeable LP Units is determined by using the 
quoted trading price of Units, as the Exchangeable LP Units are exchangeable into Units at the option of 
the holder.
Distributions payable to holders of Exchangeable LP Units are included in ‘Accounts payable and 
other liabilities’ when the distributions have been approved and declared prior to the reporting date, 
but have yet to be paid.  Prior to Allied’s conversion to an open-end trust, the distributions paid on 
Exchangeable LP Units were recognized as reductions to equity that is attributable to non-controlling 
interests.  On Allied’s conversion to an open-end trust on June 12, 2023, the distributions paid on 
Exchangeable LP Units are recognized as interest expense on the Consolidated Statements of Loss and 
Comprehensive Loss.
(m)	 Short-term employee benefits
Allied does not provide pension plan benefits.  Short-term employee benefits are expensed as a period 
expense.
(n)	 Unit-based compensation plans
Equity-settled unit-based payments to employees and trustees are measured at the fair value of the 
equity instruments at the grant date.
The fair value determined at the grant date of the equity-settled unit-based payments is expensed on 
a straight-line basis over the period during which the employee becomes unconditionally entitled 
to equity instruments, based on Allied’s estimate of equity instruments that will eventually vest.  At 
the end of each reporting period, Allied revises its estimate of the number of equity instruments that 
are expected to vest.  Allied utilizes the Black-Scholes Model for the valuation of unit options with no 
performance criteria, see note 18 for assumptions used.

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ALLIED 2024 ANNUAL REPORT
Unit options granted under the Unit Option Plan and Restricted Units granted under the Restricted 
Unit Plan are subject to vesting conditions and disposition restrictions, in order to provide a long 
term compensation incentive.  The Unit Options and Restricted Units are subject to forfeiture until the 
participant has held their position with Allied for a specified period of time.  Full vesting of Restricted 
Units and Unit Options may not occur until the participant has remained employed by Allied for three 
and four years, respectively from the date of grant.  Upon forfeiture of Unit Options and Restricted Units 
by an employee or trustee of Allied, the expense related to any unvested, forfeited Unit Options and 
Restricted Units recognized up to and including the date of the forfeiture is reversed.
(o)	 Cash-settled unit-based compensation plans
Under the Performance and Restricted Trust Unit Plan (the “PTU/RTU Plan”), performance trust units 
and/or restricted trust units (together, “Plan Units”) are granted which entitle certain key employees 
to receive the fair value of the Plan Units in cash as a lump sum payment at the end of the applicable 
vesting period, which is usually three years in length.  The PTU/RTU Plan provides for the accumulation 
of additional Plan Units in the form of distribution equivalents during the vesting period.
The Plan Units are recognized as an expense, on a straight-line basis over the period that the employees 
render service, in general and administrative expenses with a corresponding amount recorded to 
unit-based compensation liabilities.  The unit-based compensation liabilities are measured based on 
the market value of the underlying units.  During the periods in which the unit-based compensation 
liabilities are outstanding, the liabilities are adjusted for changes in the market value of the underlying 
units, with such positive or negative adjustments recognized in general and administrative expenses 
in the period in which they occur.  For the performance trust units’ liabilities, performance market 
conditions are also considered and the performance trust unit liabilities are adjusted accordingly.  Upon 
forfeiture of Plan Units by an employee, the liability representing the cumulative expense recognized to 
date is reversed with a corresponding reversal of expense.
(p)	 Provisions
Provisions are recognized when there is a present legal or constructive obligation as a result of past 
events, it is probable that an outflow of resources will be required to settle the obligation, and the 
amount can be reliably estimated.  Provisions are not recognized for future operating losses.  Allied does 
not have any provisions as of the date of this report.
(q)	 Residential inventories
Residential inventories are assets that are developed by Allied for sale in the ordinary course of business 
and are recorded at the lower of cost and estimated net realizable value.  Impairment is reviewed at 
each reporting date, with any losses recognized in net income when the carrying value of the inventory 
exceeds its net realizable value.  The net realizable value is defined as the entity-specific future selling 
price less estimated costs of completion and selling costs.
The cost of residential inventory includes any costs that are directly attributable to bring the projects 
to a state of active development, which includes borrowing costs.  Borrowing costs related to residential 
inventories are accounted for under IAS 23, Borrowing Costs.

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ALLIED 2024 ANNUAL REPORT
(r)	 Leases
Allied recognizes a right-of-use (“ROU”) asset and a lease obligation at the lease commencement date, 
in accordance with IFRS 16, Leases.  Allied accounts for its ROU assets that do not meet the definition of 
investment property as fixed assets.  The ROU asset is initially measured at cost and, subsequently, at 
cost less any accumulated depreciation and impairment and adjusted for certain remeasurements of the 
lease obligation.  When a ROU asset meets the definition of investment property, it is initially measured 
at cost and subsequently measured at fair value (note 2(d)).  Land held as part of the operating leases 
(“Ground Leases”) which meets the definition of investment property is classified as ROU assets within 
investment properties.  Management office leases and leases for equipment components embedded as 
part of service contracts which do not meet the definitions of investment property are recognized as 
ROU assets within other real estate assets.  Refer below to the various lease types identified and their 
respective financial statement classification.
TYPE OF LEASE
ROU ASSET CLASSIFICATION
ROU LIABILITY CLASSIFICATION
Ground leases
Investment properties
Lease liability
Management office
Other assets
Lease liability
Other
Other assets
Lease liability
The lease liability is initially measured at the present value of the lease payments at the commencement 
date, discounted by using the interest rate implicit in the lease, or, if that rate cannot be readily 
determined, at Allied’s incremental borrowing rate.  The lease obligation is subsequently measured by 
increasing the carrying amount to reflect interest on the lease liability and by reducing the carrying 
amount to reflect the lease payments made.  The lease liability is remeasured when there is a change in 
the future lease payments arising from a change in an index or rate, a change in estimate of the amount 
expected to be payable under the residual value guarantee or, as appropriate, change in the assessment 
of whether a purchase or extension option is reasonably certain to be exercised or a termination option 
is reasonably certain not to be exercised.
Allied has applied judgment to determine the lease term for some lease contracts in which it is a lessee 
that include renewal or termination options.  The assessment of whether Allied is reasonably certain to 
exercise such options impacts the lease term which in turn, affects the amount of lease obligations and 
right-of-use assets recognized.  Allied also applies judgment in determining the discount rate used to 
present value the lease obligations.

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ALLIED 2024 ANNUAL REPORT
(s)	 Assets and liabilities held for sale and discontinued operations
Non-current assets and groups of assets and liabilities which comprise disposal groups are presented 
as assets held for sale on the Consolidated Balance Sheets when the asset or disposal group is available 
for immediate sale in its present condition and the sale is highly probable.  A sale is highly probable 
when management is committed to a plan to sell the asset, the non-current asset or disposal group is 
being actively marketed at a sale price that is reasonable in relation to its current fair value, the sale 
is expected to be completed within one year from the date of classification, and it is unlikely there 
will be significant changes to the plan or that the plan will be withdrawn.  Non-current assets and 
disposal groups held for sale that are not investment properties are recorded at the lower of carrying 
amount and fair value less costs to sell on the Consolidated Balance Sheets.  Otherwise, the non-current 
assets and disposal groups held for sale are recorded at fair value.  Any gain or loss arising from the 
change in measurement basis as a result of reclassification is recognized in net income at the time of 
reclassification.  Investment properties that are held for sale are recorded at fair value determined in 
accordance with IFRS 13, “Fair Value Measurement”.  
When a component of an entity has been disposed of and it represents a separate major line of business 
or geographical area of operations, or is classified as held for sale and is part of a single coordinated 
plan to dispose of such a line of business or area of operations, the related results of operations and 
gain or loss on reclassification or disposition are presented separately as discontinued operations on 
the Consolidated Statements of Loss and Comprehensive Loss.  The non-current assets and groups of 
assets and liabilities which comprise disposal groups classified as held for sale are not revised in the 
Consolidated Balance Sheets for prior periods to reflect the classification for the latest period presented.  
However, the revenue, expenses, fair value gain or loss, and any other components making up the net 
income and comprehensive income of the discontinued operations are revised for the comparative 
period in the Consolidated Statements of Loss and Comprehensive Loss.
(t)	 Accounting standards effective in the year
In January 2020, the International Accounting Standards Board (“IASB”) issued an amendment to IAS 
1, “Presentation of Financial Statements” to clarify its requirements for the presentation of liabilities 
in the statement of financial position.  The limited scope amendment affected only the presentation 
of liabilities in the statement of financial position and not the amount or timing of its recognition.  The 
amendment clarified that the classification of liabilities as current or non-current is based on rights 
that are in existence at the end of the reporting period and specified that classification is unaffected 
by expectations about whether an entity will exercise its right to defer settlement of a liability.  It 
also introduced a definition of ‘settlement’ to make clear that settlement refers to the transfer to the 
counterparty of cash, equity instruments, other assets or services.  On October 31, 2022, the IASB 
issued Non-Current Liabilities with Covenants (Amendments to IAS 1).  These amendments specify that 
covenants to be complied with after the reporting date do not affect the classification of debt as current 
or non-current at the reporting date.  The amendments became effective for January 1, 2024.  Allied 
adopted IAS 1 amendments and the amendments did not have any material impact on its financial 
disclosures.

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ALLIED 2024 ANNUAL REPORT
(u)	 Accounting standards issued but not yet effective in the year
In April 2024, the IASB issued IFRS 18, “Presentation and Disclosure in Financial Statements,” which 
sets out the overall requirements for presentation and disclosures in the financial statements.  The 
new standard will replace IAS 1.  Although much of the substance of IAS 1 will carry over into the new 
standard, the new standard will:
—	
Require presentation of separate categories of income and expense for operating, investing, and 
financing activities with prescribed subtotals for each new category;
—	
Require disclosure and reconciliation, within a single financial statement note, of management-
defined performance measures that are reported outside of the financial statements; and
—	
Enhance the requirements for aggregation and disaggregation of financial statement amounts.
The new standard is effective for annual reporting periods beginning on or after January 1, 2027, with 
earlier adoption permitted.  Allied is currently assessing the impact of the new standard.
3.	
CRITICAL ACCOUNTING ESTIMATES AND ASSUMPTIONS
The preparation of the consolidated financial statements requires Management to make judgments and 
estimates in applying Allied’s accounting policies that affect the reported amounts and disclosures made 
in the consolidated financial statements and accompanying notes.
Within the context of these consolidated financial statements, a judgment is a decision made by 
management in respect of the application of an accounting policy, a recognized or unrecognized 
financial statement amount and/or note disclosure, following an analysis of relevant information that 
may include estimates and assumptions.  Estimates and assumptions are used mainly in determining 
the measurement of balances recognized or disclosed in the consolidated financial statements and are 
based on a set of underlying data that may include management’s historical experience, knowledge 
of current events and conditions and other factors that are believed to be reasonable under the 
circumstances.  Management continually evaluates the estimates and judgments it uses.
The following are the accounting policies subject to judgments and key sources of estimation 
uncertainty that Allied believes could have the most significant impact on the amounts recognized in 
the consolidated financial statements.  Allied’s material accounting policy information are disclosed in 
note 2.  

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ALLIED 2024 ANNUAL REPORT
Investment properties
Judgments Made in Relation to Accounting Policies Applied - Judgment is applied in determining whether 
certain costs are additions to the carrying value of investment properties, identifying the point at which 
substantial completion of a development property occurs, and identifying the directly attributable 
borrowing costs to be included in the carrying value of the development property.  Allied also applies 
judgment in determining whether the properties it acquires are considered to be asset acquisitions or 
business combinations.  Allied has determined through the appropriate analysis that all the properties it 
has acquired to date to be asset acquisitions.
Key Sources of Estimation - The fair value of investment properties and investment properties held for 
sale is dependent on available comparable transactions, future cash flows over the holding period and 
discount rates and capitalization rates applicable to those assets.  For further details, see note 5.  The 
review of anticipated cash flows involves assumptions relating to occupancy, rental rates and residual 
value.  In addition to reviewing anticipated cash flows, management assesses changes in the business 
climate and other factors which may affect the ultimate value of the property.  These assumptions may 
or may not ultimately be realized.
Residential Inventory
Key Sources of Estimation - The carrying value of residential inventory and the assessment for 
impairment of residential inventory are calculated as the estimated gross proceeds from the sale less 
estimated costs to complete.  For further details, see note 7.
Joint arrangements
Judgments Made in Relation to Accounting Policies Applied - Judgment is applied in determining whether 
Allied has joint control and whether the arrangements are joint operations or joint ventures.  In 
making this assessment management applies judgment to determine Allied’s rights and obligations 
in the arrangement based on factors such as the structure, legal form and contractual terms of the 
arrangement.
Income taxes
Judgments Made in Relation to Accounting Policies Applied - Allied qualifies as a mutual fund trust (“MFT”) 
and a REIT as defined in the Income Tax Act (Canada).  Allied is not liable to pay entity level Canadian 
income taxes provided that its taxable income is fully distributed to Unitholders each year and if it 
meets the prescribed rules under the Income Tax Act (Canada) to be a REIT and MFT.  This results in no 
current or deferred income tax being recognized in the financial statements.
Allied applies judgment in determining whether it will continue to qualify as a REIT and in assessing its 
interpretation and application to its assets and revenue.  While there are uncertainties in interpretation 
and application of these rules, Allied believes it meets the REIT and MFT rules.
Allied expects to continue to qualify as a REIT under the Income Tax Act (Canada), however, should it 
no longer qualify, it would be subject to entity level tax and would be required to recognize current and 
deferred income taxes.

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ALLIED 2024 ANNUAL REPORT
4.	
ACQUISITIONS AND DISPOSITIONS
Acquisitions
During the year ended December 31, 2024, Allied completed the following property acquisitions:
PROPERTY
ACQUISITION  
DATE
PROPERTY  
TYPE
INVESTMENT  
PROPERTY
INTEREST  
ACQUIRED
400 West Georgia, Vancouver (1)
April 1, 2024
Office, retail
$357,525
90%
19 Duncan, Toronto (2)
April 1, 2024
Office, residential, 
retail
248,382
45%
TELUS Sky (residential component), 
Calgary (1)(3)
December 19, 2024
Residential
78,390
50%
400 West Georgia, Vancouver (1)
December 20, 2024
Office, retail
37,436
10%
19 Duncan, Toronto (2)
December 20, 2024
Office, residential, 
retail
23,122
5%
 
$744,855
(1)	 Allied acquired a 90% interest in 400 West Georgia on April 1, 2024, and an incremental 10% interest on December 20, 2024, increasing 
Allied’s total ownership in 400 West Georgia to 100%.
(2)	 19 Duncan was previously known as Adelaide & Duncan. Allied acquired an incremental 45% interest and 5% interest in 19 Duncan on April 1, 
2024 and December 20, 2024, respectively, increasing Allied’s total ownership in 19 Duncan to 100%.
(3)	 Allied’s one-third interest in the TELUS Sky Partnership was recognized as an investment in joint venture through an equity accounted 
investment prior to December 19, 2024. The total investment property value of $78,390 consists of $51,567 which represents Allied’s existing 
one-third interest and $26,823 as the incremental one-sixth (approximately 16.7%) interest acquired.
On April 1, 2024, the purchase price, including acquisition costs, for 400 West Georgia and 19 Duncan 
of $605,907 was satisfied by construction loans assumed totalling $327,735 (note 12), the assumption of 
other liabilities of $29,262 related to completing the 19 Duncan development, working capital of $2,510, 
the settlement of a loan receivable due from the seller of $197,339 (note 9), and net cash consideration 
of $49,061, including land transfer taxes.
On July 2, 2013, Allied, Westbank, and TELUS entered into a partnership known as 7th Avenue Sky 
Partnership (the “TELUS Sky Partnership”), whereby each holds a one-third interest.  The TELUS 
Sky Partnership was created with the specific purpose of acquiring the entire beneficial interest 
in the properties located at 100-114 7th Avenue SW, Calgary (“TELUS Sky”), and participating in its 
construction, development and management.  On December 17, 2024, the TELUS Sky Partnership 
subdivided TELUS Sky to create separate parcels of land for the residential and commercial 
components.  On December 19, 2024, the TELUS Sky Partnership sold the commercial component to 
TELUS and a 50% undivided interest in the residential component to each of Allied and Westbank.  
This resulted in a 16. 7% increase in Allied’s ownership in the residential component of TELUS Sky to 
50% through a newly created co-ownership structure, which is proportionately consolidated.  The total 
purchase price, including acquisition costs, for the 50% interest in the residential component of TELUS 
Sky of $78,390 was satisfied by working capital of $80 and partial settlement of the loan receivable 
from joint venture of $78,310 (note 8).  As a result of the aforementioned transaction, the TELUS Sky 
Partnership no longer owns any interest in the residential and commercial components of TELUS Sky.

141
ALLIED 2024 ANNUAL REPORT
On December 20, 2024, the purchase price, including acquisition costs, for 400 West Georgia and 
19 Duncan of $60,558 was satisfied by construction loans assumed totalling $37,358 (note 12), the 
assumption of other liabilities of $2,308 relating to completing the 19 Duncan development, working 
capital of $749, the partial settlement of a loan receivable due from the seller of $18,866 (note 9a) and 
net cash consideration of $1,277 primarily for land transfer taxes.  This acquisition increased Allied’s 
ownership in each of 400 West Georgia and 19 Duncan to 100%.
During the year ended December 31, 2023, Allied did not acquire any properties.
Dispositions
During the year ended December 31, 2024, Allied completed the following dispositions of investment 
properties:
PROPERTY
DISPOSITION DATE
PROPERTY TYPE
GROSS PROCEEDS
85 Saint-Paul W, Montréal
August 26, 2024
Office
$16,250
480 Saint-Laurent, Montréal
August 26, 2024
Office, retail
16,250
4446 Saint-Laurent, Montréal
September 26, 2024
Office, retail
18,750
College & Manning - 547-549 College, Toronto
November 29, 2024
Residential, retail
24,000
The Chambers - 40 Elgin & 46 Elgin, Ottawa
December 18, 2024
Office, retail
86,511
810 Saint Antoine, Montréal (1)
December 19, 2024
Office
41,895
Total gross proceeds
$203,656
Net working capital adjustments (1)
7,207
Mortgage transfer (note 12b)
14,850
Lease liability transfer (note 13)
35,511
Selling costs
1,722
Net cash consideration received
 
$144,366
(1)	 The consideration includes a density bonus of $4,895 to be received, conditional on the building density achieved by the purchaser. Any 
changes in the actual amount of the density bonus will be recognized in other income or impairment loss in the Consolidated Statements of 
Loss and Comprehensive Loss.
The gross proceeds were equivalent to the fair value of these investment properties at the time of 
disposition, therefore, there was no gain or loss recorded on closing.
On August 16, 2023, Allied closed on the disposition of the Urban Data Centre (“UDC”) portfolio to KDDI 
Canada Inc. , a wholly owned subsidiary of KDDI Corporation (“KDDI”) for total gross cash proceeds of 
$1,350,000, which represented the fair value of these investment properties at the time of disposition 
net of the lease liability at 250 Front Street W.  Therefore, there was no gain or loss recorded on closing.  
The UDC portfolio included 151 Front Street W, 905 King Street W and 250 Front Street W and the lease 
liability at 250 Front Street W.  Allied incurred net working capital adjustments of $79,380 and selling 
costs of $13,246, resulting in total net cash consideration of $1,257,374.  

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ALLIED 2024 ANNUAL REPORT
On December 15, 2023, Allied closed on the disposition of 8 Place du Commerce in Montréal, at a selling 
price of $20,000, which represented the fair value of the investment property at the time of disposition, 
accordingly there was no gain or loss recorded on closing.  In addition, Allied incurred net working 
capital adjustments of $152 and selling costs of $167, resulting in total net cash consideration of $19,681.
5.	
INVESTMENT PROPERTIES AND INVESTMENT PROPERTIES HELD FOR SALE
Changes to the carrying amounts of investment properties and investment properties held for sale are 
summarized as follows:
YEAR ENDED DECEMBER 31, 2024
YEAR ENDED DECEMBER 31, 2023
RENTAL 
PROPERTIES
PROPERTIES 
UNDER 
DEVELOPMENT 
(“PUD”)
TOTAL
RENTAL 
PROPERTIES
PROPERTIES 
UNDER 
DEVELOPMENT 
(“PUD”)
TOTAL
Balance, beginning of year
$8,368,872
$1,018,160
$9,387,032
$9,494,395
$1,529,440
$11,023,835
Additions:
Acquisitions (1)
543,331
201,524
744,855
—
—
—
Improvement allowances
30,879
42,368
73,247
61,424
9,421
70,845
Leasing commissions
13,024
7,112
20,136
16,253
327
16,580
Capital expenditures
73,359
199,596
272,955
210,902
228,055
438,957
Dispositions
(203,656)
—
(203,656)
(1,477,000)
—
(1,477,000)
Transfers from PUD
592,006
(592,006)
—
688,540
(688,540)
—
Transfers to PUD
(123,000)
123,000
—
(89,320)
89,320
—
Transfers from (to) other 
assets
758
—
758
(505)
—
(505)
Amortization of straight-
line rent and improvement 
allowances
(28,569)
(996)
(29,565)
(25,016)
3,139
(21,877)
Fair value loss on investment 
properties and investment 
properties held for sale (2)
(405,550)
(152,019)
(557,569)
(510,801)
(153,002)
(663,803)
Balance, end of year
$8,861,454
$846,739
$9,708,193
$8,368,872
$1,018,160
$9,387,032
Investment properties
$8,601,624
$846,739
$9,448,363
$8,368,872
$1,018,160
$9,387,032
Investment properties held 
for sale
259,830
—
259,830
—
—
—
$8,861,454
$846,739
$9,708,193
$8,368,872
$1,018,160
$9,387,032
(1)	 Includes $51,567 of the residential portion of TELUS Sky, which Allied recognized as an investment in joint venture through an equity 
accounted investment prior to December 19, 2024. Subsequently, this portion is recognized as an investment property since the TELUS Sky 
Partnership sold the residential component of TELUS Sky to Allied and Westbank (notes 4 and 8).
(2)	 For the year ended December 31, 2023, this includes a fair value gain on investment properties held for sale for discontinued operations of 
$108,849 (note 6). Allied completed the sale of these properties on August 16, 2023.

143
ALLIED 2024 ANNUAL REPORT
As at December 31, 2024, Allied had 14 properties classified as investment properties held for sale 
totalling $259,830.  As at December 31, 2023, Allied did not classify any investment properties as held 
for sale.
For the year ended December 31, 2024, Allied capitalized $58,582 (December 31, 2023 - $61,671) of 
borrowing costs to qualifying investment properties.
Included in the investment properties and investment properties held for sale amounts noted in 
the table above are right-of-use assets with a fair value of $47,420 (December 31, 2023 - $138,760) 
representing the fair value of Allied’s interest in two lease liabilities and one lease liability held for 
sale with corresponding lease liabilities.  The leases’ maturities range from 19. 8 years to 77. 5 years 
(December 31, 2023 - 20. 8 years to 78. 5 years).  In addition, Allied has a prepaid land leasehold interest 
on a property with a fair value of $166,400 (December 31, 2023 - $173,240) and a maturity of 71. 6 years 
(December 31, 2023 - 72. 6 years).
Valuation methodology
The appraised fair value of investment properties and investment properties held for sale is most 
commonly determined using the following methodologies: 
(i)	
Discounted cash flow method - Under this approach, discount rates are applied to the projected 
annual operating cash flows, generally over a minimum ten-year period, including a terminal value 
of the properties based on a capitalization rate applied to the estimated net operating income 
(“NOI”), a non-GAAP measure, in the terminal year.
(ii)	 Comparable sales method - This approach compares a subject property’s characteristics with those 
of comparable properties which have recently sold.  The process uses one of several techniques 
to adjust the price of the comparable transactions according to the presence, absence, or degree 
of characteristics which influence value.  These characteristics include the cost of construction 
incurred at a property under development.
(iii)	 Direct capitalization method - Under this approach, capitalization rates are applied to the estimated 
stabilized NOI of the properties.  Estimated stabilized NOI is based on projected rental revenue and 
property operating costs, and external evidence such as current market rents for similar properties, 
and is further adjusted for estimated vacancy loss and capital reserves.
Allied determines the fair value of its investment property portfolio every quarter and at year-end with 
the support of a third-party appraiser.  The fair value of each investment property is determined based 
on various factors, including rental income from current leases, assumptions about rental income and 
cash outflows related to future leases reflecting market conditions, and recent market transactions.
Allied’s valuation of its investment properties and investment properties held for sale considers both 
asset-specific and market-specific factors, as well as observable transactions for similar assets.  The 
determination of fair value requires the use of estimates, which are determined with the support of 
a third-party appraiser and compared with market data, third-party reports, and research, as well as 
observable market conditions.

144
ALLIED 2024 ANNUAL REPORT
Significant inputs
There are significant unobservable inputs used in determining the fair value of each investment 
property and investment property held for sale.  Accordingly, the fair value measurements of all 
investment properties and investment properties held for sale are categorized within the fair value 
hierarchy, and the inputs used in the valuations of these investment properties are classified under 
Level 3 of the fair value hierarchy, reflecting Management’s best estimate of what market participants 
would use in pricing the asset at the measurement date.  Discount rates and terminal capitalization 
rates, which are significant unobservable inputs, are inherently uncertain and may be impacted by 
various factors, including movements in interest rates in the geographies, markets where the assets 
are located, and may vary with different classes of buildings.  Changes in estimates of discount rates 
and terminal capitalization rates across different geographies, markets, and building classes often 
occur independently of each other and do not necessarily move in the same direction or with the same 
magnitude.  Fair values are most sensitive to changes in discount rates and terminal capitalization rates.  
Generally, an increase in either discount rates or terminal capitalization rates will result in a decrease in 
the fair value.  Below are the rates used in the modeling process for valuations of investment properties 
and investment properties held for sale.
WEIGHTED AVERAGE
DECEMBER 31,  
2024
DECEMBER 31,  
2023
Discount rate
6.09%
5. 98%
Terminal capitalization rate
5.27%
5. 18%
Overall capitalization rate
4.88%
4. 82%
The analysis below shows the estimated impact on fair values of possible changes in discount rates or 
terminal capitalization rates, assuming no changes in NOI and other assumptions: 
CHANGE IN DISCOUNT RATE OF
-0.50%
-0.25%
+0.25%
+0.50%
Increase (decrease) in fair value
Investment properties and investment properties 
held for sale
$406,722
$200,523
$(195,022)
$(384,711)
CHANGE IN TERMINAL CAPITALIZATION 
RATE OF
-0.50%
-0.25%
+0.25%
+0.50%
Increase (decrease) in fair value
Investment properties and investment properties 
held for sale
$588,820
$278,975
$(252,577)
$(482,391)

145
ALLIED 2024 ANNUAL REPORT
6.	
DISCONTINUED OPERATIONS
Allied completed the sale of the properties in the Urban Data Centre segment on August 16, 2023 
(note 4).  The Urban Data Centre segment was classified as discontinued operations in the fourth quarter 
of 2022 and the disposal group comprised of three investment properties and a related lease liability.  
The three investment properties were 151 Front Street W, 905 King Street W and 250 Front Street W and 
the lease liability was at 250 Front Street W.
The following table summarizes the results from discontinued operations:
YEAR ENDED
DECEMBER 31,  
2024
DECEMBER 31,  
2023
Rental revenue
$—
$54,539
Property operating costs
—
(20,718)
Operating income 
$—
$33,821
Interest expense
—
(4,433)
Fair value gain on investment properties held for sale
—
108,849
Transaction costs
—
(13,246)
Net income from discontinued operations
$—
$124,991
The following table summarizes the cash flows of the discontinued operations:
YEAR ENDED
DECEMBER 31,  
2024
DECEMBER 31,  
2023
Cash provided by:
Operating activities
$—
$15,598
Financing activities
—
—
Investing activities
—
1,307,854
$—
$1,323,452

146
ALLIED 2024 ANNUAL REPORT
7.	
RESIDENTIAL INVENTORY
Residential inventory is as follows: 
DECEMBER 31,  
2024
DECEMBER 31,  
2023
KING Toronto
$221,004
$209,783
The changes in the aggregate carrying value of Allied’s residential inventory are as follows:
DECEMBER 31,  
2024
DECEMBER 31,  
2023
Balance, beginning of year
$209,783
$187,272
Development expenditures
49,480
37,887
Impairment
(38,259)
(15,376)
Balance, end of year
$221,004
$209,783
Residential inventory consists of assets that are developed by Allied for sale in the ordinary course of 
business.  Allied may transfer an investment property to residential inventory based on a change in use, 
as evidenced by the commencement of development activities with the intention to sell.  Alternatively, a 
transfer from residential inventory to investment property would be evidenced by the commencement 
of leasing activity.  
On November 30, 2018, Allied entered into a joint arrangement with Westbank to develop KING 
Toronto.  KING Toronto is a mixed-use property comprised of office, retail and residential uses.  As part 
of the arrangement Allied sold a 50% undivided interest to Westbank.  The residential component will be 
developed and sold as condominium units, totalling 440 units.  
For the year ended December 31, 2024, Allied capitalized $9,858 (December 31, 2023 - $9,215) of 
borrowing costs to qualifying residential inventory.
During the year ended December 31, 2024, Allied recorded an impairment of $38,259 (December 31, 
2023 - $15,376) on KING Toronto.  Residential inventory carrying value is calculated as the estimated 
gross proceeds less estimated costs to complete.  The impairment during the years ended December 31, 
2024, and 2023, reflect higher estimated costs to complete.  In addition, the impairment during the year 
ended December 31, 2024, also reflects lower estimated gross proceeds.

147
ALLIED 2024 ANNUAL REPORT
8.	
INVESTMENT IN JOINT VENTURE AND LOAN RECEIVABLE
Investment in joint venture and the associated loan receivable is comprised of the following:
DECEMBER 31,  
2024
DECEMBER 31,  
2023
Investment in joint venture
$—
$8,866
Loan receivable from joint venture
—
93,291
$—
$102,157
Current
$—
$93,291
Non-current
—
8,866
$—
$102,157
On December 19, 2024, the TELUS Sky Partnership (in which Allied holds a one-third interest) sold the 
commercial component of TELUS Sky to TELUS and sold a 50% undivided interest in the residential 
component of TELUS Sky to each of Allied and Westbank (note 4).  This resulted in a decrease in the 
TELUS Sky Partnership’s ownership in the commercial and residential components of TELUS Sky 
from 100% to zero.  The TELUS Sky Partnership sold the commercial component of TELUS Sky at a 
selling price of $157,000 ($52,333 at Allied’s share) and the residential component of TELUS Sky at a 
selling price of $154,700 ($51,567 at Allied’s share), which represented the fair value of the investment 
properties at the time of disposition.  Accordingly, there was no gain or loss recorded on closing.  In 
addition, the TELUS Sky Partnership incurred net working capital adjustments of $3,678 ($1,226 at 
Allied’s share), resulting in total net cash consideration of $308,022 ($102,674 at Allied’s share).
On October 31, 2019, Allied advanced a construction loan to the TELUS Sky Partnership, with the loan 
having a maximum limit of $114,000.  The loan bears interest at bank prime plus 75 basis points or 
CORRA plus 175 basis points.  On July 14, 2023, the TELUS Sky Partnership amended the construction 
loan agreement to extend the maturity date from July 15, 2023, to July 12, 2024, and repaid $19,996 
of the construction loan.  As a result, the construction loan’s maximum limit was reduced to $94,000 
and the loan receivable outstanding after the repayment was $93,291.  Allied was providing a joint and 
several guarantee up to the amount of $94,000 to support the TELUS Sky Partnership’s facility.  On June 
26, 2024, the TELUS Sky Partnership extended the maturity date from July 12, 2024, to October 1, 2024, 
and amended the benchmark rate from CDOR to CORRA (note 12).  On September 17, 2024, the TELUS 
Sky Partnership extended the maturity date from October 1, 2024, to December 2, 2024.  On November 
28, 2024, the TELUS Sky Partnership extended the maturity date from December 2, 2024 to January 
13, 2025.  On December 19, 2024, $78,310 of the construction loan was settled as consideration for the 
acquisition of the 50% undivided interest in the residential component of TELUS Sky (note 4), and the 
remaining $14,981 was repaid to Allied in cash.

148
ALLIED 2024 ANNUAL REPORT
Prior to the reorganization of ownership in TELUS Sky on December 19, 2024, Allied accounted for 
its interests in TELUS Sky, inclusive of both the residential and commercial components, through an 
equity accounted investment, of which Allied had a one-third interest.  Following the reorganization, 
Allied accounts for its 50% interest in the residential component of TELUS Sky through a co-ownership 
structure, which is accounted for as a joint operation (note 22), whereby Allied accounts for its share of 
the assets, liabilities, revenues, and expenses of TELUS Sky.  The financial information below represents 
the TELUS Sky Partnership at 100% and at Allied’s one-third interest.
DECEMBER 31,  
2024
DECEMBER 31,  
2023
Current assets (including cash and cash equivalents)
$—
$5,715
Non-current assets
—
310,746
Current liabilities
—
(289,863)
Net assets of the TELUS Sky Partnership at 100%
$—
$26,598
Net assets of the TELUS Sky Partnership at Allied’s share
$—
$8,866
YEAR ENDED
DECEMBER 31,  
2024
DECEMBER 31,  
2023
Revenue
$23,148
$25,356
Expenses
(15,717)
(13,260)
Interest income
120
69
Amortization of other assets
(612)
—
Transaction costs
(240)
—
Fair value loss
(1,173)
(59,031)
Net income (loss) and comprehensive income (loss) of the  
TELUS Sky Partnership at 100%
$5,526
$(46,866)
Net income (loss) and comprehensive income (loss) of the  
TELUS Sky Partnership at Allied’s share
$1,842
$(15,622)
DECEMBER 31,  
2024
DECEMBER 31,  
2023
Investment in joint venture, beginning of year
$8,866
$7,089
Net income (loss)
1,842
(15,622)
Contributions
3,690
24,482
Distributions (1)
(14,398)
(7,083)
Investment in joint venture, end of year
$—
$8,866
(1)	 For the year ended December 31, 2024, the distributions include a net distribution of $9,383, comprised of the total net cash consideration of 
$308,022 ($102,674 at Allied’s share) from the sale of the commercial and residential components of TELUS Sky by the TELUS Sky Partnership, 
less the TELUS Sky Partnership’s repayment of its construction loan of $279,873 ($93,291 at Allied’s share).

149
ALLIED 2024 ANNUAL REPORT
9.	
LOANS AND NOTES RECEIVABLE 
Loans and notes receivable are as follows:
DECEMBER 31,  
2024
DECEMBER 31,  
2023
Loans receivable (a)
$412,317
$509,697
Notes and other receivables (b)
14,260
56
$426,577
$509,753
Current
$235,532
$188,382
Non-current
191,045
321,371
 $426,577
$509,753
(a)	 The balance of loans receivable is comprised of:
MATURITY DATE
DECEMBER 31,  
2024
DECEMBER 31,  
2023
19 Duncan
N/A
$—
$21,173
400 West Georgia
N/A
—
188,355
KING Toronto (1)
December 31, 2026
181,123
112,161
Breithaupt Phase III (2)
N/A
9,913
9,913
150 West Georgia
December 9, 2025
221,281
178,095
Total loans receivable
$412,317
$509,697
(1)	 The facility matures at the earlier of December 31, 2026, or the closing of the condominium units. 
(2)	 The loan is repayable in installments upon rent commencement subsequent to repayment of the construction loan, which matures on  
March 31, 2025.
	
Allied had a joint arrangement with Westbank whereby Allied advanced a loan (the “Original 
Duncan Facility”) of $21,173 to Westbank for its purchase of a 50% undivided interest in 19 Duncan.  
Interest accrued to the Original Duncan Facility was payable monthly at a rate of 7. 75% per annum 
up to September 6, 2024.  Thereafter, interest accrued and was payable monthly at the greater of (i) 
prime plus 3. 00% per annum and (ii) 7. 75% per annum.  In the fourth quarter of 2024, the loan was 
further amended to add an additional credit facility in an aggregate principal amount not to exceed 
$10,000 (the “Additional Duncan Facility”).  Interest accrued to the Additional Duncan Facility 
and was payable monthly at a rate of prime plus 10. 00% per annum.  The facility was secured by 
a charge on this property and two other properties (subordinated to the construction lenders) 
and assignment of rents and leases.  During the fourth quarter of 2024, $5,265 was drawn under 
the Additional Duncan Facility, bringing the total outstanding loan balance to $26,438.  Of this 
balance, $18,866 was used to settle the acquisition of an incremental 5% interest in 19 Duncan and 
an incremental 10% interest in 400 West Georgia on December 20, 2024 (note 4).  The remaining 
balance of $7,572 was converted to a note receivable due from Westbank on June 30, 2025 (note 9b).

150
ALLIED 2024 ANNUAL REPORT
	
Allied had an arrangement with Westbank to provide a credit facility of up to $175,000, plus 
interest, for the land acquisition and the pre-development costs of 400 West Georgia in Vancouver.  
The facility was secured by Westbank’s covenant and a charge on the property (subordinated to the 
construction lender).  Interest accrued to the credit facility monthly at the greater of (i) 6. 75% per 
annum; and (ii) prime plus 3. 00% per annum.  The loan receivable for 400 West Georgia was fully 
settled on April 1, 2024, when Allied acquired an ownership interest in 400 West Georgia and an 
incremental 45% ownership interest in 19 Duncan (note 4).
	
Allied has a joint arrangement with Westbank to develop KING Toronto.  As part of the arrangement, 
Allied advanced a loan (the “Original KING Toronto Facility”), in the principal amount of $73,414, 
plus interest, to Westbank for its purchase of a 50% undivided interest in the property.  Interest 
accrued to the Original KING Toronto Facility at a rate of 7. 00% per annum for the period up to and 
including November 30, 2023.  Thereafter, interest accrued to the Original KING Toronto Facility at 
the greater of (i) 7. 00% per annum; and (ii) prime plus 3. 00% per annum.  During the fourth quarter 
of 2023, and on September 6, 2024, the loan was further amended to add an additional credit 
facility in an aggregate principal amount not to exceed $40,000, plus interest and $35,000, plus 
interest, respectively (the “Additional KING Toronto Facility”).  Interest accrues to the Additional 
KING Toronto Facility at a rate of prime plus 8. 00% per annum and is payable monthly starting 
January 1, 2025.
	
Allied has a joint arrangement with Perimeter to develop Breithaupt Phase III.  As part of the 
arrangement, Allied advanced a loan to provide for 50% of the pre-development costs.  The facility 
is secured by a charge on the property (subordinated to the construction lender).  Interest accrues 
at a rate of 7. 00% per annum.
	
Allied has an arrangement with Westbank to provide a credit facility of up to $185,000, plus 
interest, for Westbank’s acquisition of the land and the pre-development costs of 150 West Georgia 
in Vancouver.  The facility is secured by a first mortgage on the property for a fixed term.  Interest 
accrues to the credit facility monthly at a rate of 7. 00% per annum.
	
Allied has assessed the expected credit losses on an individual loan basis.  Allied assesses the risk of 
expected credit losses, including considering the status of corporate guarantees and/or registered 
mortgage charges and assignment of leases, outcome of credit checks on borrowers, results of 
monitoring the financial and operating performance of borrowers, construction and leasing status 
on the development projects, timing of rent commencement on leases, and status of scheduled 
principal and interest payments.  The expected credit losses estimated by Management considering 
the factors described above is $nil as at December 31, 2024 (December 31, 2023 - $nil).
(b)	 As at December 31, 2024, the balance of notes and other notes receivables is mainly a note 
receivable due from Westbank that is non-interest bearing up to March 31, 2025, and thereafter, 
interest accrues and is payable on any prepayment or on the maturity date of June 30, 2025, at a 
rate of prime plus 10. 00% per annum.  As at December 31, 2023, the balance of notes and other 
receivables is made up of individually insignificant notes receivable.

151
ALLIED 2024 ANNUAL REPORT
10.	 OTHER ASSETS
Other assets consist of the following: 
DECEMBER 31,  
2024
DECEMBER 31,  
2023
Equipment and other assets (1)
$3,885
$4,065
Property, plant and equipment (2)
19,441
20,597
Interest rate swap derivative assets
13,316
23,866
$36,642
$48,528
Current
$—
$—
Non-current
$36,642
$48,528
$36,642
$48,528
(1)	 During the year ended December 31, 2024, Allied recorded amortization of equipment and other assets of $1,138 (December 31, 2023 - $1,094).
(2)	 Property, plant and equipment relates to owner-occupied property. During the year ended December 31, 2024, Allied recorded amortization of 
owner-occupied property of $400 (December 31, 2023 - $405).
11.	
ACCOUNTS RECEIVABLE, PREPAID EXPENSES AND DEPOSITS
Accounts receivable, prepaid expenses and deposits consist of the following: 
DECEMBER 31,  
2024
DECEMBER 31,  
2023
User trade receivables - net of allowance (a)
$16,111
$17,067
Other user receivables (b)
9,472
8,197
Miscellaneous receivables (c)
19,060
24,218
Prepaid expenses and deposits (d)
93,002
91,481
$137,645
$140,963
(a)	 User trade receivables
User trade receivables include minimum rent, additional rent recoveries, parking, ancillary revenue and 
applicable sales taxes.
An allowance is maintained for expected credit losses resulting from the inability of users to meet 
obligations under lease agreements.  Allied actively reviews receivables on a continuous basis and 
determines the potentially uncollectible accounts on a per-user basis giving consideration to their credit 
risk, payment history and future expectations of likely default events, and records an impairment based 
on expected credit losses as required.

152
ALLIED 2024 ANNUAL REPORT
The change in the allowance for expected credit loss is reconciled as follows:
YEAR ENDED
DECEMBER 31,  
2024
DECEMBER 31,  
2023
Allowance for expected credit loss, beginning of year
$11,722
$11,336
Additional provision recorded during the year
3,254
3,063
Reversal of previous provisions
(1,630)
(1,632)
Receivables written off during the year
(1,777)
(1,045)
Allowance for expected credit loss, end of year
$11,569
$11,722
(b)	 Other user receivables
Other user receivables pertain to unbilled operating costs such as common area maintenance and 
property tax recoveries and chargebacks.
(c)	 Miscellaneous receivables 
Miscellaneous receivables consist primarily of HST receivables from the government, interest rate swap 
receivables due from financial institutions, management fees and interest income due from external 
parties.  As at December 31, 2024, there are no credit risk indicators that the debtors will not meet their 
payment obligations.
(d)	 Prepaid expenses and deposits
Prepaid expenses and deposits primarily relate to prepaid realty taxes, naming rights, insurance, 
software and a deposit on disposition.

153
ALLIED 2024 ANNUAL REPORT
12.	 DEBT
Debt consists of the following items, net of financing costs:
DECEMBER 31,  
2024
DECEMBER 31,  
2023
Mortgages payable (a)
$437,536
$111,875
Construction loans payable (b)
473,866
307,013
Unsecured revolving operating facility (c)
—
—
Senior unsecured debentures (d)
2,842,388
2,591,569
Unsecured term loans (e)
649,585
649,154
$4,403,375
$3,659,611
Current
$985,129
$149,245
Non-current
3,418,246
3,510,366
$4,403,375
$3,659,611
The publication of CDOR ceased effective June 28, 2024, and has been replaced by the Canadian 
Overnight Repo Rate Average (“CORRA”).  As a result, in 2024, Allied amended the benchmark rates in 
its debt and swap agreements from CDOR to CORRA, as applicable, including a credit spread adjustment 
for the basis difference between CDOR and CORRA.  The economic impact to Allied is immaterial.
The respective financing costs recognized are amortized using the effective interest method and 
recorded to interest expense (note 12 (f)).  
On October 3, 2024, Allied entered into a swap agreement with a financial institution to fix the rate 
on a notional amount of variable-rate debt of $175,000 to exchange the floating CORRA-based interest 
payments for fixed interest payments at a total fixed rate of 4. 927%.  The swap is effective October 31, 
2024, and matures on October 31, 2026.  Allied will first apply this swap to the unsecured revolving 
operating facility, and if the swap exceeds the balance of the unsecured revolving operating facility at 
any point in time, Allied may apply the swap to other variable-rate debt outstanding at that time.
(a)	 Mortgages payable
Mortgages payable with a fixed rate have a weighted average contractual interest rate of 4. 81% as at 
December 31, 2024 (December 31, 2023 - 3. 38%).  There were no variable rate mortgages payable as at 
December 31, 2024 and December 31, 2023.  The mortgages are secured by a first registered charge over 
specific investment properties and first general assignments of leases, insurance and registered chattel 
mortgages.

154
ALLIED 2024 ANNUAL REPORT
As at December 31, 2024, and December 31, 2023, Allied’s obligations under mortgages are as follows:
PRINCIPAL 
REPAYMENTS
BALANCE DUE  
AT MATURITY
DECEMBER 31,  
2024
DECEMBER 31,  
2023
2025
$11,164
$—
$11,164
2026
6,673
20,443
27,116
2027
6,040
50,000
56,040
2028
6,132
14,457
20,589
2029
6,139
91,498
97,637
2030
6,358
222,591
228,949
Mortgages, principal
$42,506
$398,989
$441,495
$112,677
Net premium on assumed mortgages
—
233
Net financing costs
(3,959)
(1,035)
$437,536
$111,875
(b)	 Construction loans payable
As at December 31, 2024, and December 31, 2023, Allied’s obligations relating to construction loans are 
as follows:
OWNERSHIP
DATE OF 
MATURITY
DECEMBER 31,  
2024
DECEMBER 31,  
2023
19 Duncan (1)
100%
August 11, 2025
$257,667
$110,046
Breithaupt Phase III
50%
March 31, 2025
57,572
58,005
KING Toronto
50%
July 31, 2026
99,900
99,900
108 East 5th Avenue
50%
December 6, 2025
58,727
39,062
400 West Georgia (2)
100%
N/A
—
—
$473,866
$307,013
(1)	 Allied acquired an incremental 45% interest and 5% interest in 19 Duncan on April 1, 2024 and December 20, 2024, respectively, increasing 
Allied’s total ownership in 19 Duncan to 100%.
(2)	 Allied acquired a 90% interest and an incremental 10% interest in 400 West Georgia on April 1, 2024 and December 20, 2024, respectively, 
increasing Allied’s total ownership in 400 West Georgia to 100%. Allied fully repaid the 400 West Georgia construction loan on December 20, 
2024.
Allied and Westbank had a $295,000 construction lending facility for the 19 Duncan joint arrangement 
from a syndicate of Canadian banks, in which Allied’s 50% share was $147,500 until March 31, 2024.  
On April 1 and December 20, 2024, Allied’s share increased to $280,250 and $295,000, as a result of its 
incremental 45% and 5% ownership, respectively (note 4).  Accordingly, Allied assumed an additional 
$103,487 drawn on the construction lending facility on April 1, 2024 and $12,442 on December 20, 2024.  
The loan bears interest at bank prime plus 35 basis points or CORRA plus 135 basis points with a standby 
fee of 25 basis points and a letter of credit fee of 100 basis points.  The 19 Duncan joint arrangement 
had entered into a swap agreement to fix approximately 75% of the construction loan up to $209,572 
at 2. 86%, which matured on March 31, 2023.  Allied had provided a joint and several guarantee of the 
entire facility and earned a related guarantee fee on up to $147,500 and $14,750 of the facility until 
March 31, 2024, and December 19, 2024, respectively.

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ALLIED 2024 ANNUAL REPORT
Allied and Perimeter have a $138,000 construction loan for the Breithaupt Phase III joint arrangement 
from a financial institution, in which Allied’s 50% share is $69,000.  On December 4, 2024, a $3,600 
repayment ($1,800 at Allied’s share) was made on the facility.  As a result the facility limit was decreased 
from $138,000 to $134,400, in which Allied’s 50% share is $67,200.  The loan bears interest at bank 
prime plus 25 basis points or CORRA plus 145 basis points with a standby fee of 20 basis points and 
a letter of credit fee of 100 basis points.  Allied is providing a joint and several guarantee of the entire 
facility and is earning a related guarantee fee on up to $67,200 of the facility.
Allied and Westbank have a $465,000 green construction lending facility for the KING Toronto joint 
arrangement from a syndicate of Canadian banks, in which Allied’s 50% share is $232,500.  Up to 
$120,000 of the deposits paid by the purchasers of the KING Toronto condominium units can be 
released to the KING Toronto joint arrangement to fund the construction of the condominium units 
(“Purchaser Deposits”).  As at December 31, 2024, $92,402 of the Purchaser Deposits were released.  
When the release of the Purchaser Deposits exceeds $80,000, the facility limit is reduced.  As such, on 
November 6, 2023, the facility limit was decreased from $465,000 to $452,598, in which Allied’s 50% 
share is $226,299.  On September 27, 2024, the maturity date for the construction lending facility was 
extended from December 17, 2024, to July 31, 2026.  The loan bears interest at bank prime plus 45 basis 
points or CORRA plus 145 basis points with a standby fee of 25 basis points and a letter of credit fee of 
100 basis points.  Allied is providing a joint and several guarantee of the entire facility and is earning a 
related guarantee fee on up to $226,299 of the facility.
Allied and Westbank have a $150,000 construction lending facility for the 108 East 5th Avenue joint 
arrangement from a syndicate of Canadian banks, in which Allied’s 50% share is $75,000.  The loan 
bears interest at prime plus 35 basis points or CORRA plus 135 basis points with a standby fee of 27 basis 
points and a letter of credit fee of 100 basis points.  These interest rates and the standby fee (other than 
the letter of credit fee) are subject to variability based on the achievement of two distinct sustainability 
performance targets.  For each sustainability performance target achieved, the interest rate and 
standby fee would decrease by 0. 025% per annum and 0. 005% per annum, respectively.  In addition, if 
certain sustainability minimums are not achieved, the interest rate and standby fee would increase by 
0. 025% per annum and 0. 005% per annum, respectively.  Depending on the applicable sustainability 
performance target or sustainability minimum, the settlement of these interest rate variations and the 
standby fee occurs either annually or at the earlier of December 6, 2025, and the date the construction 
lending facility is fully repaid.  Allied exceeded one of the sustainability performance targets for 2023, 
resulting in a 0. 025% reduction in the interest rate and a 0. 005% reduction in the standby fee in each 
year.  The second sustainability performance target, which is a green building certification, is to be 
assessed upon completion of the building.  Allied has provided a joint and several guarantee of the 
entire facility and is earning a related guarantee fee on up to $75,000 of the facility.  On January 13, 2023, 
the 108 East 5th Avenue joint arrangement entered into a swap agreement to fix approximately 75% of 
the construction loan up to $110,175 at 4. 90%.

156
ALLIED 2024 ANNUAL REPORT
On April 1, 2024, Allied and Westbank had a $250,000 construction lending facility for the 400 West 
Georgia joint arrangement from a syndicate of Canadian banks, of which Allied’s share was $225,000.  
Allied assumed $224,248 of the construction lending facility and immediately following the acquisition 
(note 4), Allied repaid $44,164 of its share of the construction lending facility.  Concurrently, the 
construction lending facility limit decreased from $250,000 to $205,000.  On December 20, 2024, the 
incremental 10% acquisition (note 4) resulted in Allied assuming the remainder of the construction 
lending facility of $24,916, and immediately following the transactions, Allied fully repaid the 
construction lending facility.  The loan bore interest at bank prime plus 40 basis points or CORRA plus 
160 basis points.  Allied had provided a joint and several guarantee of the entire facility.
(c)	 Unsecured revolving operating facility 
As at December 31, 2024, and December 31, 2023, Allied’s obligation under the unsecured revolving 
operating facility (the “Unsecured Facility”) is as follows: 
DECEMBER 31, 2024
MATURITY  
DATE
CONTRACTUAL INTEREST 
RATES ON DRAWINGS
STANDBY 
FEE
FACILITY 
LIMIT (1)
DRAWINGS
LETTERS  
OF CREDIT
AMOUNT 
AVAILABLE
January 26, 2027
Prime + 0.70% or 
CORRA + 1.70% (2)
0.34%
$800,000
$—
$(10,506)
$789,494
(1)	 This Unsecured Facility contains a $100,000 accordion feature, allowing Allied to increase the amount available under the facility to 
$900,000.
(2)	 The interest rates on drawings for this facility are subject to certain conditions being met. In the event that these conditions are not met, the 
spread above Prime or CORRA and the standby fee would change. On June 11, 2024, the spread, standby fee, and letter of credit fee increased 
for the Unsecured Facility.
DECEMBER 31, 2023
MATURITY  
DATE
CONTRACTUAL INTEREST 
RATES ON DRAWINGS
STANDBY  
FEE
FACILITY 
LIMIT (1)
DRAWINGS
LETTERS  
OF CREDIT
AMOUNT 
AVAILABLE
January 30, 2025
Prime + 0. 45% or 
Bankers’ acceptance + 
1. 45% (2)
0. 29%
$800,000
$—
$(14,906)
$785,094
(1)	 This Unsecured Facility contains a $100,000 accordion feature, allowing Allied to increase the amount available under the facility to 
$900,000.
(2)	 The interest rates on drawings for this facility, the standby fee, and the letter of credit fee were subject to certain conditions being met. In the 
event that these conditions were not met, the spread above Prime or Bankers’ acceptance, the standby fee, and the letter of credit fee would 
change.
On March 31, 2023, Allied amended the Unsecured Facility to increase the limit by $100,000 to 
$700,000 and on June 26, 2023, Allied amended the Unsecured Facility to increase the limit by 
$100,000 to $800,000.  On January 26, 2024, Allied updated the Unsecured Facility of $800,000  
to include a syndicate of lenders, and extend the maturity date to January 26, 2027.

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ALLIED 2024 ANNUAL REPORT
(d)	 Senior unsecured debentures
As at December 31, 2024, and December 31, 2023, Allied’s obligations under the senior unsecured 
debentures are as follows: 
SERIES
CONTRACTUAL 
INTEREST RATE
DATE OF  
MATURITY
INTEREST  
PAYMENT DATE
DECEMBER 31,  
2024
DECEMBER 31,  
2023
Series C
3. 636%
April 21, 2025
April 21 and October 21
$200,000
$200,000
Series D
3. 394%
August 15, 2029
February 15 and August 15
300,000
300,000
Series E
3. 113%
April 8, 2027
April 8 and October 8
300,000
300,000
Series F
3. 117%
February 21, 2030
February 21 and August 21
400,000
400,000
Series G
3. 131%
May 15, 2028
May 15 and November 15
300,000
300,000
Series H
1. 726%
February 12, 2026
February 12 and August 12
600,000
600,000
Series I
3. 095%
February 6, 2032
February 6 and August 6
500,000
500,000
Series J
5. 534%
September 26, 2028
March 26 and September 26
250,000
—
Unsecured debentures, principal
$2,850,000
$2,600,000
Net financing costs
(7,612)
(8,431)
$2,842,388
$2,591,569
The Series C, D, E, F, G, H, I and J senior unsecured debentures are collectively referred to as the 
“Unsecured Debentures”.  
On September 26, 2024, Allied issued $250,000 of 5. 534% Series J unsecured debentures (the “Series J 
Debentures”) on a private placement basis due September 26, 2028, with semi-annual interest payments 
due on March 26 and September 26 each year commencing on March 26, 2025.  Debt financing costs of 
$1,258 were incurred and recorded against the principal owing.
Proceeds from the Series J Debentures were used to repay short-term, variable rate debt.
(e)	 Unsecured term loans
As at December 31, 2024, and December 31, 2023, Allied’s obligations under the unsecured term loans 
are as follows: 
CONTRACTUAL 
INTEREST RATE
DATE OF  
MATURITY
FREQUENCY 
OF INTEREST 
PAYMENT
DECEMBER 31, 
2024
DECEMBER 31, 
2023
Unsecured term loan
3. 496%
January 14, 2026
Monthly
$250,000
$250,000
Unsecured term loan
4. 865%
October 22, 2025
Monthly 
400,000
400,000
Unsecured term loans, principal
$650,000
$650,000
Net financing costs
(415)
(846)
$649,585
$649,154
The two unsecured term loans are collectively referred to as “Unsecured Term Loans”.

158
ALLIED 2024 ANNUAL REPORT
On February 3, 2023, Allied extended the maturity date on its $250,000 unsecured term loan from 
January 14, 2024, to January 14, 2026, by exercising two one-year extension options.  Debt financing 
costs of $300 were incurred for these extensions.  Allied can extend this loan further through one-year 
extension options until January 14, 2031.  Allied has a swap agreement until January 14, 2031, which has a 
current rate of 3. 496%.
Allied also has a swap agreement on its $400,000 unsecured term loan to fix the rate at 4. 865% until 
October 22, 2025.
(f)	 Interest expense
Interest expense consists of the following:
YEAR ENDED
DECEMBER 31, 
2024
DECEMBER 31, 
2023
Interest on debt:
Mortgages payable
$4,864
$3,528
Construction loans payable
32,853
16,675
Promissory note payable (1)
—
3,967
Unsecured Facility
13,127
23,841
Unsecured Debentures
78,300
74,710
Unsecured Term Loans
28,175
28,007
Interest on lease liabilities (2)
3,016
2,322
Amortization, net (premium) discount on debt
(231)
3,976
Amortization, net financing costs
3,046
2,865
Distributions on Exchangeable LP Units (3)
21,256
18,068
$184,406
$177,959
Interest capitalized to qualifying investment properties and residential inventory
(68,440)
(70,886)
Interest expense excluding financing prepayment costs
$115,966
$107,073
Financing prepayment costs (4)
501
—
Interest expense
$116,467
$107,073
(1)	 On March 31, 2022, Allied acquired a portfolio of six properties from Choice Properties, which was partially settled with the issuance of 
a $200,000 promissory note. The promissory note had a contractual interest rate of 2.00% for the 2023 year, and was fully repaid on 
December 29, 2023.
(2)	 For the year ended December 31, 2023, this excludes interest expense on a lease liability held for sale of $4,433, which was sold on August 16, 
2023. This is presented separately in the net income from discontinued operations (note 6).
(3)	 The distributions declared on Exchangeable LP Units are recognized as interest expense due to Allied’s conversion to an open-end trust on 
June 12, 2023. 
(4)	 For the year ended December 31, 2024, financing prepayment costs include $501 for an accelerated amortization of deferred financing costs in 
connection with the disposition of a property (December 31, 2023 - $nil).

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ALLIED 2024 ANNUAL REPORT
Borrowing costs have been capitalized for the year ended December 31, 2024, to qualifying investment 
properties and residential inventory at a weighted average effective rate of 3. 39% per annum 
(December 31, 2023 – 3. 47%), which excludes directly attributable borrowing costs.
(g)	 Schedule of principal repayments
The table below summarizes the scheduled principal maturity for Allied’s mortgages payable, 
construction loans payable, Unsecured Facility, Unsecured Debentures and Unsecured Term Loans as at 
December 31, 2024:
2025
2026
2027
2028
2029
THEREAFTER
TOTAL
Mortgages payable,  
principal repayments
$11,164
$6,673
$6,040
$6,132
$6,139
$6,358
$42,506
Mortgages payable,  
balance due at maturity
—
20,443
50,000
14,457
91,498
222,591
398,989
Construction loans payable
373,966
99,900
—
—
—
—
473,866
Unsecured Facility
—
—
—
—
—
—
—
Unsecured Debentures
200,000
600,000
300,000
550,000
300,000
900,000
2,850,000
Unsecured Term Loans
400,000
250,000
—
—
—
—
650,000
Total
$985,130
$977,016
$356,040
$570,589
$397,637
$1,128,949
$4,415,361
A description of Allied’s risk management objectives and policies for financial instruments is provided 
in note 26.

160
ALLIED 2024 ANNUAL REPORT
13.	 LEASE LIABILITIES
Allied’s future minimum lease liability payments as a lessee are as follows:
2025
2026 - 2029
THEREAFTER
DECEMBER 31, 
2024
DECEMBER 31, 
2023
Future minimum lease payments
$1,035
$4,145
$62,674
$67,854
$153,800
Interest (paid) accrued on lease 
obligations
(41)
(196)
—
(237)
(1,510)
Less: amounts representing 
interest payments
(994)
(3,949)
(47,269)
(52,212)
(101,651)
Present value of lease payments
$—
$—
$15,405
$15,405
$50,639
Current (1)
$7,021
$—
Non-current
$8,384
$50,639
$15,405
$50,639
(1)	 This is a lease liability held for sale.
During the year ended December 31, 2024, a lease liability of $35,511 was transferred upon the 
disposition of a property (note 4).
Some of Allied’s lease agreements contain contingent rent clauses.  Contingent rental payments 
are recognized in the Consolidated Statements of Loss and Comprehensive Loss as required when 
contingent criteria are met.  The lease agreements contain renewal options, purchase options, escalation 
clauses, additional debt and further leasing clauses.  For the year ended December 31, 2024, minimum 
lease payments of $3,333 (December 31, 2023 - $7,616) were paid by Allied.

161
ALLIED 2024 ANNUAL REPORT
14.	 ACCOUNTS PAYABLE AND OTHER LIABILITIES
Accounts payable and other liabilities consists of the following:
DECEMBER 31,  
2024
DECEMBER 31,  
2023
Trade payables and other liabilities
$225,907
$283,346
Prepaid user rents
90,842
81,560
Accrued interest payable on Unsecured Debentures
26,885
23,238
Distributions payable on Units (note 16)
19,193
80,612
Distributions payable on Exchangeable LP Units (note 17)
1,771
7,440
Residential deposits (1)
49,478
47,513
Interest rate swap derivative liabilities
3,124
—
Total return swap derivative liabilities (note 18(d))
305
—
Unit-based compensation liabilities (note 18(c))
2,523
1,938
$420,028
$525,647
Current
$367,731
$476,863
Non-current (2)
52,297
48,784
$420,028
$525,647
(1)	 Residential deposits related to the residential condominium units at KING Toronto. 
(2)	 Non-current liabilities as at December 31, 2024, are composed of residential deposits totalling $49,478, unit-based compensation liabilities 
totalling $1,742 and interest rate swap derivative liabilities of $1,077 (December 31, 2023 - $47,513, $1,271 and $nil, respectively).

162
ALLIED 2024 ANNUAL REPORT
15.	 FAIR VALUE MEASUREMENTS
The classification, measurement basis and related fair value disclosures of the financial assets and 
liabilities are summarized in the following table:
DECEMBER 31, 2024
DECEMBER 31, 2023
CLASSIFICATION/ 
MEASUREMENT
CARRYING 
VALUE
FAIR VALUE
CARRYING 
VALUE
FAIR VALUE
Financial Assets:
 
Loan receivable from joint venture  
(note 8)
Amortized cost
$—
$—
$93,291
$93,291
Loans and notes receivable (note 9)
Amortized cost
426,577
424,478
509,753
502,004
Interest rate swap derivative assets 
(note 10)
FVTPL
13,316
13,316
23,866
23,866
Accounts receivable, prepaid expenses 
and deposits (note 11)
Amortized cost
137,645
137,645
140,963
140,963
Cash and cash equivalents (note 21)
Amortized cost
73,918
73,918
211,069
211,069
Financial Liabilities:
Debt (note 12)
Mortgages
Amortized cost
$437,536
$444,948
$111,875
$107,755
Construction loans payable
Amortized cost
473,866
473,866
307,013
307,013
Unsecured Facility
Amortized cost
—
—
—
—
Unsecured Debentures
Amortized cost
2,842,388
2,680,733
2,591,569
2,266,700
Unsecured Term Loans
Amortized cost
649,585
648,735
649,154
641,686
Accounts payable and other liabilities 
(note 14)
Amortized cost
414,076
414,076
523,709
523,709
Interest rate swap derivative liabilities 
(note 14)
FVTPL
3,124
3,124
—
—
Total return swap derivative liabilities 
(note 14)
FVTPL
305
305
—
—
Unit-based compensation liabilities 
(notes 14 and 18(c))
FVTPL
2,523
2,523
1,938
1,938
Exchangeable LP Units (note 17)
FVTPL
202,527
202,527
238,309
238,309
Allied uses various methods in estimating the fair value of assets and liabilities that are measured on a 
recurring or non-recurring basis in the Consolidated Balance Sheets after initial recognition.  The fair 
value hierarchy reflects the significance of inputs used in determining the fair values.
—	
Level 1 – quoted prices in active markets for identical assets and liabilities;
—	
Level 2 – inputs other than quoted prices in active markets or valuation techniques where 
significant inputs are based on observable market data; and
—	
Level 3 – valuation technique for which significant inputs are not based on observable market data.

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ALLIED 2024 ANNUAL REPORT
The following table presents the hierarchy of the significance of inputs in determining the fair value 
of assets and liabilities for measurement or disclosure based on Allied’s accounting policy for such 
instruments:
DECEMBER 31, 2024
DECEMBER 31, 2023
LEVEL 1
LEVEL 2
LEVEL 3
LEVEL 1
LEVEL 2
LEVEL 3
Financial Assets:
Loan receivable from joint venture (note 8)
$—
$—
$—
$—
$93,291
$—
Loans and notes receivable (note 9)
—
424,478
—
—
502,004
—
Interest rate swap derivative assets  
(note 10)
—
13,316
—
—
23,866
—
Accounts receivable, prepaid expenses and 
deposits (note 11)
—
137,645
—
—
140,963
—
Cash and cash equivalents (note 21)
73,918
—
—
211,069
—
—
Financial Liabilities:
Debt (note 12)
Mortgages
$—
$444,948
$—
$—
$107,755
$—
Construction loans payable
—
473,866
—
—
307,013
—
Unsecured Facility
—
—
—
—
—
—
Unsecured Debentures
—
2,680,733
—
—
2,266,700
—
Unsecured Term Loans
—
648,735
—
—
641,686
—
Accounts payable and other liabilities  
(note 14)
—
414,076
—
—
523,709
—
Total return swap derivative liabilities  
(note 14)
—
305
—
—
—
—
Interest rate swap derivative liabilities  
(note 14)
3,124
—
Unit-based compensation liabilities  
(notes 14 and 18(c))
—
2,523
—
—
1,938
—
Exchangeable LP Units (note 17)
—
202,527
—
—
238,309
—
There were no transfers between levels of the fair value hierarchy in either period.
The following summarizes the significant methods and assumptions used in estimating the fair value of 
Allied’s financial assets and liabilities measured at fair value:
Interest rate swap derivative contracts
The fair value of the interest rate swap derivative contracts is determined using forward interest rates 
observable in the market (Level 2).
Total return swap derivative contracts
The fair value of the total return swap derivative contracts is determined using Allied’s unit price and 
interest rates observable in the market (Level 2).  

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ALLIED 2024 ANNUAL REPORT
Unit-based compensation liabilities
The fair value of Allied’s unit-based compensation liabilities is based on the market value of the 
underlying Units (Level 2).  For the performance trust units, the performance market conditions are also 
taken into consideration.
Exchangeable LP Units
The fair value of Exchangeable LP Units is based on the closing market trading price of Units as at each 
period end (Level 2).
Debt and loans and notes receivable
The fair value of debt and loans and notes receivable are determined by discounting the cash flows of 
these financial instruments using period end market rates for instruments of similar terms and credit 
risks that are observable in the market (Level 2).
16.	 EQUITY
Units (authorized - unlimited)
Each Unit represents a single vote at any meeting of holders of Units and Special Voting Units  
(as defined below) and entitles the holders of Units and Special Voting Units to receive a pro rata  
share of all distributions, in accordance with the conditions provided for in the Declaration of Trust.
The following represents the number of Units issued and outstanding, and the related carrying value  
of equity, for the years ended December 31, 2024, and December 31, 2023.
NUMBER ISSUED  
AND OUTSTANDING
AMOUNT
Balance at January 1, 2023
127,955,983
$3,909,378
Restricted Unit Plan (net of forfeitures) (note 18(b))
—
(2,250)
Distribution in Units
31,703,663
639,780
Consolidation of Units 
(31,703,663)
—
Balance at December 31, 2023
127,955,983
$4,546,908
Restricted Unit Plan (net of forfeitures) (note 18(b))
—
(1,712)
Balance at December 31, 2024
127,955,983
$4,545,196
Allied does not hold any of its own Units, nor does Allied reserve any Units for issue under options and 
contracts.

165
ALLIED 2024 ANNUAL REPORT
Distributions
On December 15, 2023, Allied declared a special distribution of $5. 48 per Unit, comprised of $0. 48 
per Unit payable in cash and $5. 00 per Unit payable by the issuance of Units of Allied to Unitholders 
of record as at December 29, 2023 (the “Special Distribution”).  The Special Distribution was made 
primarily to distribute to Unitholders a portion of the capital gain realized by Allied during the year 
ended December 31, 2023, from the sale of the UDC Portfolio.
On December 29, 2023, 31,703,663 Units were distributed at a price of $20. 18 per Unit, for an aggregate 
value of $639,780.  Immediately following the Special Distribution of Units, the outstanding Units of 
Allied were consolidated such that each Unitholder held, after the consolidation, the same number 
of Units as held immediately prior to the Special Distribution.  For the year ended December 31, 2023, 
the issuance of Units pursuant to the Special Distribution was recorded to Units in the Consolidated 
Statements of Equity in accordance with IAS 32, “Financial Instruments: Presentation”, with a 
corresponding reduction to retained earnings as a result of the Special Distribution declared.  The 
remaining portion of the Special Distribution of $61,419 was paid in cash on January 15, 2024.
On January 15, 2025, Allied declared a distribution for the month of January 2025 of $0. 15 per Unit, 
representing $1. 80 per Unit on an annualized basis to Unitholders of record as at January 31, 2025.
Normal course issuer bid
On February 22, 2024, Allied received approval from the TSX for the renewal of its normal course issuer 
bid (“NCIB”), which entitles Allied to purchase up to 12,629,698 of its outstanding Units, representing 
approximately 10% of its public float as at February 12, 2024.  The NCIB commenced February 26, 2024, 
and will expire on February 25, 2025, or such earlier date as Allied completes its purchases pursuant 
to the NCIB.  All purchases under the NCIB will be made on the open market through the facilities of 
the TSX or alternate trading systems in Canada at market prices prevailing at the time of purchase.  Any 
Units that are repurchased will either be cancelled or delivered to participants under Allied’s Restricted 
Unit Plan or to employees pursuant to Allied’s employee programs.  
During the year ended December 31, 2024, Allied purchased 99,443 Units for $1,712 at a weighted 
average price of $17. 22 of which 98,183 Units were purchased for delivery to participants under Allied’s 
Restricted Unit Plan and 1,260 Units were purchased for certain employee rewards outside of Allied’s 
Restricted Unit Plan.  

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ALLIED 2024 ANNUAL REPORT
17.	
EXCHANGEABLE LP UNITS
Exchangeable LP Units (authorized - unlimited)
Exchangeable LP Units issued by the Partnership are economically equivalent to Units, receive 
distributions equal to the distributions paid on the Units and are exchangeable, at the holder’s option, 
for Units.  All Exchangeable LP Units are held, directly or indirectly, by Choice Properties.
The 11,809,145 Exchangeable LP Units issued on March 31, 2022, in connection with the acquisition of 
certain properties contain lock-up and standstill restrictions.  On each of June 30, 2023, September 30, 
2023, and December 31, 2023, the lock-up expired on 2,952,286 Exchangeable LP Units.  On March 31, 
2024, the lock-up expired on 2,952,287 Exchangeable LP Units.  Therefore, there are no Exchangeable 
LP Units with lock-up and standstill restrictions after March 31, 2024.  
Each Exchangeable LP Unit is accompanied by one special voting unit of Allied (“Special Voting Unit”) 
which provides the holder thereof with the right to one vote at all meetings of holders of Units and 
Special Voting Units.
The following represents the number of Exchangeable LP Units issued and outstanding, and the related 
carrying value, for the years ended December 31, 2024, and December 31, 2023.
NUMBER ISSUED AND 
OUTSTANDING
AMOUNT
Balance at January 1, 2023
11,809,145
$541,672
Distributions
—
(8,857)
Retained Earnings 
—
4,997
Reclassification of Exchangeable LP Units
—
(270,807)
Fair value gain on Exchangeable LP Units
—
(28,696)
Balance at December 31, 2023
11,809,145
$238,309
Fair value loss on Exchangeable LP Units
—
(35,782)
Balance at December 31, 2024
11,809,145
$202,527
On each date that a distribution is declared by Allied on the Units, a distribution in an equal amount 
per unit is declared by the Partnership on the Exchangeable LP Units.  A holder of Exchangeable LP 
Units may elect to defer receipt of all or a portion of distributions declared by the Partnership until the 
first business day following the end of the fiscal year.  If the holder elects to defer, the Partnership will 
loan the holder an amount equal to the deferred distribution without interest, and the loan will be due 
and payable on the first business day following the end of the fiscal year during which the loan was 
advanced.  The distributions declared by the Partnership on the Exchangeable LP Units from January 1, 
2024, to December 31, 2024, was $21,256, for which Choice Properties elected to receive a loan in lieu 
of all of the distributions.  A note receivable of $26,925 was outstanding from Choice Properties as of 
December 31, 2024, of which $21,256 was for cash advances made during the year ended December 31, 
2024 in respect of monthly distributions, and $5,669 was for the special cash distribution declared 

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ALLIED 2024 ANNUAL REPORT
in December 2023 and advanced in January 2024.  Since there is a legally enforceable right and an 
intention by Allied and Choice Properties to settle the note receivable from Choice Properties and the 
distributions payable to Choice Properties on a net basis, on the first business day following the end of 
the fiscal year, these financial instruments are offset on the balance sheet.  On January 2, 2025, $26,925 
of the note receivable due from Choice Properties as at December 31, 2024, was settled on a net basis 
against the distributions payable to Choice Properties.
On January 15, 2025, the Partnership declared a distribution for the month of January 2025 of $0. 15 per 
Exchangeable LP Unit, representing $1. 80 per Exchangeable LP Unit on an annualized basis to holders 
of the Exchangeable Units as at January 31, 2025, for which Choice Properties elected to receive a loan in 
lieu of the distribution.
18.	 COMPENSATION PLANS
(a)	 Unit Option Plan
Allied adopted a unit option plan (the “Unit Option Plan”) providing for the issuance, from time to time, 
at the discretion of the Board, of options to purchase Units for cash.  Participation in the Unit Option 
Plan is restricted to certain employees of Allied.  The Unit Option Plan complies with the requirements 
of the TSX.  The exercise price of any option granted will not be less than the closing market price of the 
Units on the day preceding the date of grant.  The term of the options do not exceed ten years.  Options 
granted prior to February 22, 2017, vest evenly over three years and options granted subsequently vest 
evenly over four years from the date of grant.  All options are settled in Units.  Effective December 2021, 
no further options will be granted under the Unit Option Plan.
SUMMARY OF UNIT OPTION GRANTS
DATE GRANTED
EXPIRY DATE
UNIT OPTIONS 
GRANTED
EXERCISE  
PRICE
EXERCISED - 
LIFE TO DATE
FORFEITED - 
LIFE TO DATE
NET 
OUTSTANDING
VESTED
March 1, 2016
March 1, 2026
540,480
$31. 56
(350,831)
(23,204)
166,445
166,445
February 22, 2017
February 22, 2027
279,654
$35. 34
(23,576)
—
256,078
256,078
February 14, 2018
February 14, 2028
198,807
$40. 30
(14,685)
—
184,122
184,122
February 13, 2019
February 13, 2029
323,497
$47. 53
(2,717)
(4,330)
316,450
316,450
February 5, 2020
February 5, 2030
352,230
$54. 59
—
(1,594)
350,636
350,636
February 3, 2021
February 3, 2031
442,233
$36. 55
(1,533)
(1,460)
439,240
366,367
2,136,901
(393,342)
(30,588)
1,712,971
1,640,098

168
ALLIED 2024 ANNUAL REPORT
YEAR ENDED
DECEMBER 31, 2024
DECEMBER 31, 2023
THE RANGE OF  
EXERCISE PRICES
WEIGHTED AVERAGE 
REMAINING 
CONTRACTUAL  
LIFE (YEARS)
THE RANGE OF  
EXERCISE PRICES
WEIGHTED AVERAGE 
REMAINING  
CONTRACTUAL  
LIFE (YEARS)
For the Units outstanding at  
the end of the year
$31.56-$54.59
4.14
$31. 56-$54. 59
5. 14
YEAR ENDED
DECEMBER 31, 2024
DECEMBER 31, 2023
NUMBER OF UNITS
WEIGHTED AVERAGE 
EXERCISE PRICE
NUMBER OF UNITS
WEIGHTED AVERAGE 
EXERCISE PRICE
Balance, beginning of year
1,712,971
$42.01
1,717,043
$41. 98
Forfeited
—
$—
(4,072)
$31. 56
Balance, end of year
1,712,971
$42.01
1,712,971
$42. 01
Units exercisable at the  
end of the year
1,640,098
$42.25
1,437,023
$42. 08
Allied accounts for its Unit Option Plan using the fair value method, under which compensation 
expense is measured at the date options are granted and recognized over the vesting period.  Allied 
utilizes the Black-Scholes Model for the valuation of Unit options with no performance criteria.
The underlying expected volatility was determined by reference to historical data of Allied’s Units over 
10 years.
For the year ended December 31, 2024, Allied recorded a unit-based compensation expense of $104 
(December 31, 2023 - $389) in general and administrative expense in the Consolidated Statements of 
Loss and Comprehensive Loss.

169
ALLIED 2024 ANNUAL REPORT
(b)	 Restricted Unit Plan
Certain employees and the trustees of Allied may be granted Restricted Units pursuant to the terms of 
the Restricted Unit Plan, which are subject to vesting conditions and disposition restrictions, in order 
to provide a long-term compensation incentive.  The Restricted Units will not vest and remain subject 
to forfeiture until the participant has held his or her position with Allied for a specific period of time.  
Generally, one third of the Restricted Units vest on each of the first, second and third anniversaries from 
the date of grant for employees.  Restricted Units granted to non-management trustees are fully vested 
on the grant date.  Units required under the Restricted Unit Plan are acquired in the secondary market 
through a custodian and then distributed to the individual participant accounts.  Restricted Units are 
released to participants forthwith following the sixth anniversary of the award date or such other date 
as determined in accordance with the Restricted Unit Plan.
The following is a summary of the activity of Allied’s Restricted Unit Plan:
YEAR ENDED
DECEMBER 31,  
2024
DECEMBER 31,  
2023
Restricted Units, beginning of year
294,254
322,411
Granted
98,183
76,450
Released
(82,002)
(104,607)
Restricted Units, end of year
310,435
294,254
For the year ended December 31, 2024, Allied recorded a unit-based compensation expense of $2,024, 
(December 31, 2023 - $2,421) in general and administrative expense in the Consolidated Statements of 
Loss and Comprehensive Loss.

170
ALLIED 2024 ANNUAL REPORT
(c)	 Performance and Restricted Trust Unit Plan
In December 2021, Allied adopted a cash settled performance and restricted trust unit plan (the “PTU/
RTU Plan”) whereby performance trust units and/or restricted trust units (together, “Plan Units”) are 
granted to certain employees at the discretion of the Board.  Plan Units are subject to such vesting, 
settlement, performance criteria and adjustment factors as are established by the Board at the time of 
the grant and accumulate distribution equivalents in the form of additional Plan Units.  The PTU/RTU 
Plan contains provisions providing for the vesting or forfeiture of unvested Plan Units within specified 
time periods in the event the employee’s employment is terminated, and authorizes the Chief Executive 
Officer, in their discretion, to amend the vesting and settlement of Plan Units in certain circumstances 
where an employee’s employment is terminated.  The following is a summary of the activity of Allied’s 
PTU/RTU Plan: 
YEAR ENDED
DECEMBER 31,  
2024
DECEMBER 31,  
2023
Plan Units, beginning of year
371,277
179,193
Granted
252,773
170,461
Settled
(113,861)
(7,274)
Forfeited
(35,587)
—
Distribution equivalents
63,112
28,897
Plan Units, end of year
537,714
371,277
For the year ended December 31, 2024, Allied recorded a unit-based compensation expense of $2,850 
(December 31, 2023 - $1,327), including the mark-to-market adjustment, in general and administrative 
expense in the Consolidated Statements of Loss and Comprehensive Loss.  During the year ended 
December 31, 2024, 113,861 Plan Units (December 31, 2023 - 7,274 Plan Units) vested and settled in cash 
resulting in a decrease of $2,264 (December 31, 2023 - $127) to the unit-based compensation liabilities.

171
ALLIED 2024 ANNUAL REPORT
(d)	 Total return swap
On March 28, 2024, Allied entered into a cash-settled total return swap with a financial institution 
for 750,000 Units to manage its cash flow exposure under the unit-based compensation plans.  From 
the effective date of April 15, 2024, Allied pays monthly interest based on the notional value of the 
Units subject to the TRS, and receives the equivalent of monthly distributions on the Units, which are 
both recognized in general and administrative expenses in the Consolidated Statements of Loss and 
Comprehensive Loss.  Settlement of the TRS occurs in whole or in part.  Upon settlement, Allied receives 
any appreciation, or remits any depreciation, in the notional value of the Units calculated in accordance 
with the TRS.  For the year ended December 31, 2024, Allied recorded a unit-based compensation 
recovery of $44 (December 31, 2023 - $nil), including the mark-to-market expense of $305 (December 31, 
2023 - $nil).
19.	 RENTAL REVENUE
Rental revenue includes the following:
YEAR ENDED
DECEMBER 31,  
2024
DECEMBER 31,  
2023
Rental revenue (1)
$283,341
$272,034
Tax and insurance recoveries
112,739
109,172
Miscellaneous revenue (2)
33,069
23,601
Operating cost recoveries
162,891
159,173
Total rental revenue
$592,040
$563,980
(1)	 Includes straight-line rent, amortization of tenant improvements and parking revenue earned at properties. 
(2)	 Includes transient parking, percentage rent, lease terminations and other miscellaneous items. 
Future minimum rental income from continuing operations is as follows:
2025
2026
2027
2028
2029
THEREAFTER
TOTAL
Future minimum 
rental income
$308,181
$283,718
$252,246
$224,571
$199,469
$731,248
$1,999,433

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ALLIED 2024 ANNUAL REPORT
20.	 GENERAL AND ADMINISTRATIVE EXPENSES
YEAR ENDED
DECEMBER 31,  
2024
DECEMBER 31,  
2023
Salaries and benefits (1)
$21,372
$21,197
Professional and trustee fees
6,783
6,749
Office and general expenses
6,583
6,897
$34,738
$34,843
Capitalized to qualifying investment properties
(10,405)
(11,266)
Total general and administrative expenses
$24,333
$23,577
(1)	 For the year ended December 31, 2024, salaries and benefits expenses includes a fair value recovery of $107 (December 31, 2023 - $494),  
on unit-based compensation plans. 
21.	 SUPPLEMENTAL CASH FLOW INFORMATION
Cash and cash equivalents include the following components:
DECEMBER 31,  
2024
DECEMBER 31,  
2023
Cash
$73,778
$51,366
Short-term deposits
140
159,703
Total cash and cash equivalents
$73,918
$211,069
The following summarizes supplemental cash flow information in operating activities:
YEAR ENDED
DECEMBER 31,  
2024
DECEMBER 31,  
2023
Supplemental
Interest paid on debt (including capitalized interest and financing prepayment 
costs (note 12)) 
$179,212
$168,265

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ALLIED 2024 ANNUAL REPORT
The following summarizes supplemental cash flow information in investing activities:
YEAR ENDED
DECEMBER 31,  
2024
DECEMBER 31,  
2023
Supplemental
Construction loans assumed (notes 4, 12)
$365,093
$—
The following summarizes the change in non-cash operating items:
YEAR ENDED
DECEMBER 31,  
2024
DECEMBER 31,  
2023
Net change in accounts receivable, prepaid expenses and deposits
$3,318
$(75,419)
Net change in loans and notes receivable (1)
176,467
(77,641)
Net change in accounts payable and other liabilities
(105,620)
111,386
Other working capital changes
(133,377)
110,573
Change in non-cash operating items
$(59,212)
$68,899
(1)	 On April 1, 2024 and December 20, 2024, $197,339 and $18,866, respectively, of the loans receivable was settled to partially satisfy the 400 
West Georgia and 19 Duncan acquisitions (notes 4, 9).
22.	 JOINT OPERATIONS
Allied has investments in properties under joint arrangements which are accounted for as joint 
operations.  The following tables summarize Allied’s ownership interests in joint operations and its share 
of the rights to the assets, its share of the obligations with respect to liabilities, and its share of revenues 
and expenses for the joint operations in which it participates.
Allied’s joint arrangements are governed by agreements with the respective co-owners.  Included within 
the agreements are standard exit and transfer provisions that include, but are not limited to, buy/sell 
and/or right of first offers or refusals that provide for unwinding the arrangement.  Allied is liable for its 
proportionate share of the obligations of the arrangement.  In the event that there is default on payment 
by the co-owner, credit risk is typically mitigated with an option to remedy any non-performance by 
the defaulting co-owner, as well as recourse against the asset, whereby claims would be against both the 
underlying real estate investments and the co-owner in default.  

174
ALLIED 2024 ANNUAL REPORT
OWNERSHIP
PROPERTIES
LOCATION
CURRENT STATUS
DECEMBER 31,  
2024
DECEMBER 31,  
2023
642 King W
Toronto, ON
Rental Property
50%
50%
19 Duncan (1)
Toronto, ON
Rental Property and Property 
Under Development
N/A
50%
Breithaupt Block
Kitchener, ON
Rental Property
50%
50%
College & Manning (2)
Toronto, ON
Rental Property
50%
50%
College & Palmerston
Toronto, ON
Rental Property
50%
50%
KING Toronto
Toronto, ON
Property Under Development 
and Residential Inventory
50%
50%
King Portland Centre
Toronto, ON
Rental Property
50%
50%
The Well
Toronto, ON
Rental Property and Property 
Under Development
50%
50%
108 East 5th Avenue
Vancouver, BC
Property Under Development
50%
50%
175 Bloor Street E
Toronto, ON
Rental Property
50%
50%
110 Yonge Street
Toronto, ON
Rental Property
50%
50%
TELUS Sky (residential 
component) (3)
Calgary, AB
Rental Property
50%
N/A
(1)	 Allied acquired an incremental 45% interest and 5% interest in 19 Duncan on April 1, 2024 and December 20, 2024, respectively, increasing 
Allied’s total ownership in 19 Duncan to 100% (note 4).
(2)	 On November 29, 2024, the College & Manning joint arrangement sold a portion of its properties. The College & Manning joint arrangement 
continues to co-own 559 College.
(3)	 Prior to December 19, 2024, Allied accounted for its interest in TELUS Sky through an equity accounted investment (note 8). 
DECEMBER 31,  
2024
DECEMBER 31,  
2023
Total assets
$2,011,911
$2,071,022
Total liabilities
$606,422
$709,396
YEAR ENDED
DECEMBER 31,  
2024
DECEMBER 31,  
2023
Revenue
$115,119
$70,333
Expenses
(57,948)
(28,354)
Income before fair value adjustment on investment properties and impairment  
of residential inventory
$57,171
$41,979
Impairment of residential inventory
(38,259)
(15,376)
Fair value loss on investment properties
(104,866)
(197,774)
Net loss
$(85,954)
$(171,171)

175
ALLIED 2024 ANNUAL REPORT
23.	 SEGMENTED INFORMATION
IFRS 8, Operating Segments, requires reportable segments to be determined based on internal reports 
that are regularly reviewed by the chief operating decision maker (“CODM”) for the purpose of 
allocating resources to the segment and assessing its performance.  Allied has determined that its CODM 
is the Chief Executive Officer.  Allied’s operating segments are managed by use of properties and cities.  
The urban office properties are managed by geographic location consisting of four groups of cities.  
The CODM measures and evaluates the performance of Allied’s operating segments based on operating 
income.
Management reviews assets and liabilities on a total basis and therefore assets and liabilities are not 
included in the segmented information below.  All revenue is generated in Canada and all assets and 
liabilities are located in Canada.
Allied does not allocate interest expense to segments as debt is viewed by Management to be used for 
the purpose of acquisitions, development and improvement of all the properties.  Similarly, interest 
income, general and administrative expenses, condominium marketing expenses, amortization of 
other assets, transaction costs, net income (loss) from joint venture, fair value gain (loss) on investment 
properties and investment properties held for sale, fair value gain (loss) on Exchangeable LP units, fair 
value gain (loss) on derivative instruments and impairment of residential inventory are not allocated to 
operating segments.
The Urban Data Centre segment was classified as discontinued operations (note 6) and is therefore 
excluded from the following tables, which present a reconciliation of operating income to net loss from 
continuing operations for the years ended December 31, 2024, and 2023.
On December 18, 2024, Allied disposed of its Ottawa properties.

176
ALLIED 2024 ANNUAL REPORT
SEGMENTED CONSOLIDATED STATEMENTS OF LOSS FROM CONTINUING OPERATIONS
YEAR ENDED  
DECEMBER 31, 2024
MONTRÉAL  
& OTTAWA
TORONTO & 
KITCHENER
CALGARY & 
EDMONTON (1) VANCOUVER
JOINT  
VENTURE  
(THE TELUS SKY 
PARTNERSHIP) (2)
TOTAL
Rental revenue
$214,625
$285,189
$38,550
$61,392
$(7,716)
$592,040
Property operating costs
(111,271)
(113,670)
(22,515)
(21,349)
5,239
(263,566)
Operating income 
$103,354
$171,519
$16,035
$40,043
$(2,477)
$328,474
Interest income
45,069
Interest expense
(116,467)
General and administrative 
expenses
(24,333)
Condominium marketing 
expenses
(134)
Amortization of other assets
(1,538)
Transaction costs
(1,722)
Net income from joint venture
1,842
Fair value loss on investment 
properties and investment 
properties held for sale
(557,569)
Fair value gain on 
Exchangeable LP Units
35,782
Fair value loss on derivative 
instruments
(13,675)
Impairment of residential 
inventory
(38,259)
Net loss from continuing 
operations
$(342,530)
(1)	 Includes Allied’s proportionate share of revenue and expenses of its investment in the TELUS Sky Partnership.
(2)	 This is an adjustment to remove the impact of the TELUS Sky Partnership joint venture from the Calgary and Edmonton results, to arrive at  
the equity method of accounting.

177
ALLIED 2024 ANNUAL REPORT
YEAR ENDED  
DECEMBER 31, 2023
MONTRÉAL  
& OTTAWA
TORONTO & 
KITCHENER
CALGARY & 
EDMONTON (1)
VANCOUVER
JOINT  
VENTURE  
(THE TELUS SKY 
PARTNERSHIP) (2)
TOTAL
Rental revenue
$220,826
$258,911
$41,452
$51,243
$(8,452)
$563,980
Property operating costs
(112,565)
(97,970)
(22,423)
(18,411)
4,420
(246,949)
Operating income
$108,261
$160,941
$19,029
$32,832
$(4,032)
$317,031
Interest income
53,605
Interest expense
(107,073)
General and administrative 
expenses
(23,577)
Condominium marketing 
expenses
(538)
Amortization of other assets
(1,499)
Transaction costs
(167)
Net loss from joint venture
(15,622)
Fair value loss on investment 
properties and investment 
properties held for sale
(772,652)
Fair value gain on 
Exchangeable LP Units
28,696
Fair value loss on derivative 
instruments
(8,535)
Impairment of residential 
inventory
(15,376)
Net loss from continuing 
operations
$(545,707)
(1)	 Includes Allied’s proportionate share of revenue and expenses of its investment in the TELUS Sky Partnership.
(2)	 This is an adjustment to remove the impact of the TELUS Sky Partnership joint venture from the Calgary and Edmonton results, to arrive at  
the equity method of accounting.

178
ALLIED 2024 ANNUAL REPORT
24.	 INCOME TAXES
Allied qualifies as a Real Estate Investment Trust and Mutual Fund Trust for income tax purposes.  
Pursuant to its Declaration of Trust, it also distributes or designates substantially all of its taxable 
income to Unitholders and deducts such distributions or designations for income tax purposes.  
Accordingly, there is no entity level tax and no provision for current and deferred income taxes in the 
financial statements.  Income tax obligations relating to distributions of Allied are the obligations of 
the Unitholders.
25.	 RELATED PARTY TRANSACTIONS
Allied’s related parties include its subsidiaries, nominee corporations, Allied Properties Management 
Trust, Allied Properties Management Limited Partnership, Allied Properties Management GP Limited, 
Allied Properties Exchangeable Limited Partnership, Allied Properties Exchangeable GP Inc. , the TELUS 
Sky Partnership joint venture, key management personnel and their close family members.
Allied engaged a private company controlled by a former trustee to provide consulting services.  For the 
year ended December 31, 2024, Allied incurred $1,152 (December 31, 2023 - $712) of consulting fees.
On December 19, 2024, Allied acquired a 50% undivided interest in the residential component of TELUS 
Sky from the TELUS Sky Partnership joint venture.  This acquisition increased Allied’s ownership by 
one-sixth in the residential component of TELUS Sky from one-third to 50% (note 4).
On December 19, 2024, the loan to the TELUS Sky Partnership joint venture of $93,291 was fully repaid 
(note 8).
The transactions are in the normal course of operations and were measured at the amount set out in 
agreements between the respective related parties.  Related party transactions were made on terms 
equivalent to those that prevail in arm’s length transactions.  
Key management personnel are comprised of the Board and certain members of the executive team 
who have the authority and responsibility for planning, directing, and controlling the activities of Allied, 
directly or indirectly.  The compensation for key management personnel are summarized in the table 
below:
YEAR ENDED
DECEMBER 31,  
2024
DECEMBER 31,  
2023
Salary, bonus and other short-term employee benefits
$4,836
$4,154
Unit-based compensation
3,113
3,062
Total
$7,949
$7,216

179
ALLIED 2024 ANNUAL REPORT
26.  RISK MANAGEMENT
(a)	 Capital management
Allied defines capital as the aggregate of equity, Exchangeable LP Units, mortgages payable, 
construction loans payable, Unsecured Facility, Unsecured Debentures, Unsecured Term Loans and 
lease liabilities.  Allied manages its capital to comply with investment and debt restrictions pursuant 
to the Declaration of Trust, to comply with debt covenants, to ensure sufficient operating funds are 
available to fund business strategies, to fund leasing and capital expenditures, to fund acquisitions 
and development activities of properties, and to provide stable and growing cash distributions to 
Unitholders.
Various debt, equity and earnings distributions ratios are used to monitor capital adequacy 
requirements.  For debt management, debt to gross book value and fair value, debt average term to 
maturity, and variable debt as a percentage of debt are the primary ratios used in capital management.  
The Declaration of Trust requires Allied to maintain debt to gross book value, as defined by the 
Declaration of Trust, of less than 60% (65% including convertible debentures, if any).  As at December 31, 
2024, the debt to gross book value ratio was 41. 7% (December 31, 2023 - 34. 7%).
Allied has certain key financial covenants in its Unsecured Debentures, Unsecured Facility and 
Unsecured Term Loans.  The key financial covenants include debt service ratios and leverage ratios, as 
defined in the respective agreements.  These ratios are evaluated by Allied on an ongoing basis to ensure 
compliance with the agreements.  Allied was in compliance with each of the key financial covenants 
under these agreements as at December 31, 2024.
(b)	 Market risk 
Market risk is the risk that the fair value or future cash flow of financial instruments will fluctuate 
because of changes in market prices.  Allied is exposed to interest rate risk on its variable-rate 
borrowings.  There is also interest rate risk associated with Allied’s fixed interest rate term debt due to 
the expected requirement to refinance such debts upon maturity.  As fixed rate debt matures and as 
Allied utilizes additional floating rate debt under the Unsecured Facility, Allied will be further exposed 
to changes in interest rates.  
As at December 31, 2024, Allied has construction loans payable, of which $253,041 (December 31, 2023 - 
$267,951) is subject to floating interest rates and is exposed to changes in interest rates.  In addition, 
there is a risk that interest rates will fluctuate from the date Allied commits to a debt to the date the 
interest rate is set with the lender.  As part of its risk management program, Allied endeavours to 
maintain an appropriate mix of fixed rate and floating rate debt, to stagger the maturities of its debt and 
to minimize the time between committing to a debt and the date the interest rate is set with the lender.

180
ALLIED 2024 ANNUAL REPORT
The following table illustrates the annualized sensitivity of income and equity to a reasonably possible 
change in interest rates of +/- 1. 0%.  These changes are considered to be reasonably possible based on 
observation of current market conditions.  The calculations are based on a change in the average market 
interest rate for each period, and the financial instruments held at each reporting date that are sensitive 
to changes in interest rates.  This includes mortgages payable, term loans and unsecured debentures 
due within one year which have a fixed rate as at the reporting date, but are subject to interest rate risk 
upon refinancing.  All other variables are held constant.  
CHANGE IN INTEREST RATE OF
-1.0%
+1.0%
AS AT DECEMBER 31, 2024
CARRYING AMOUNT
INCOME IMPACT
INCOME IMPACT
Unsecured Facility
$—
$—
$—
Construction loans payable (1)
$473,866
$4,739
$(4,739)
Mortgages payable (2)
$11,164
$112
$(112)
Unsecured Term Loans
$400,000
$4,000
$(4,000)
Unsecured Debentures
$200,000
$2,000
$(2,000)
(1)	 Includes variable rate construction loans of $153,141 due within one year.
(2)	 Includes variable rate mortgages payable of $nil due within one year.
(c)	 Unit price risk
Unit price risk arises from the unit-based compensation liabilities, Exchangeable LP Units, and 
total return swap derivative liabilities or assets which are recorded at fair value at each quarter-end 
date.  Allied’s unit-based compensation liabilities and Exchangeable LP Units negatively impact net 
income and comprehensive income when the Unit price rises and positively impact net income and 
comprehensive income when the Unit price declines.  Allied’s total return swap derivative liabilities or 
assets positively impact net income and comprehensive income when the Unit price rises and negatively 
impact net income and comprehensive income when the Unit price declines.
The following table illustrates the sensitivity of net income and comprehensive income and equity to 
a reasonably possible change in Unit price of +/- $1. 00.  These changes are considered to be reasonably 
possible based on observation of current market conditions.  The calculations are based on a change 
in the Unit price for each period, and the financial instruments held at each reporting date that are 
sensitive to changes in the Unit price.  All other variables are held constant.  
CHANGE IN UNIT PRICE OF
-$1.00
+$1.00
AS AT DECEMBER 31, 2024
CARRYING AMOUNT
INCOME IMPACT
INCOME IMPACT
Unit-based compensation liabilities
$2,523
$538
$(538)
Exchangeable LP Units
$202,527
$11,809
$(11,809)
Total return swap derivative liabilities
$305
$(750)
$750

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(d)	 Credit risk
As Allied has provided loans, advances and notes receivable to facilitate property development, further 
credit risks arise in the event that borrowers default on the repayment of their amounts owing to Allied.  
Allied’s loans, advances and notes receivable will be subordinate to prior ranking loans, mortgages or 
charges.  As at December 31, 2024, Allied had $412,317 outstanding in loans receivable (December 31, 
2023 - $509,697) and $14,260 outstanding in a notes receivable (December 31, 2023 - $56).  In the event 
of a large commercial real estate market correction, the fair market value of an underlying property 
may be unable to support the loan value.  Allied mitigates this risk by obtaining corporate guarantees 
and/or registered mortgage charges and assignment of leases, performing credit checks on potential 
borrowers, monitoring the financial and operating performance of borrowers, monitoring the status 
of development projects and ensuring interest payments are made on time.  The expected credit losses 
estimated by Management, giving consideration to the factors above, as at December 31, 2024, are $nil 
(December 31, 2023 - $nil) (note 9).
Credit risk from user receivables arises from the possibility that users may experience financial difficulty 
and be unable to fulfill their lease commitments, resulting in Allied incurring a financial loss.  Allied 
manages credit risk to mitigate exposure to financial loss by staggering lease maturities, diversifying 
revenue sources over a large user base, ensuring no individual user contributes a significant portion of 
Allied’s revenues and conducting credit reviews of new users.  The expected credit losses estimated by 
Management at December 31, 2024, are $11,569 (December 31, 2023 - $11,722) (note 11 (a)).
Allied considers that all the financial assets that are not impaired or past due for each of the reporting 
dates under review are of good quality.  The carrying amount of accounts receivable best represents 
Allied’s maximum exposure to credit risk.  None of Allied’s financial assets are secured by collateral or 
other credit enhancements.  
An aging of trade receivables, including trade receivables past due but not impaired can be shown as 
follows:
DECEMBER 31,  
2024
DECEMBER 31,  
2023
Less than 30 days
$3,559
$1,702
30 to 60 days
1,477
1,318
More than 60 days
11,075
14,047
Total
$16,111
$17,067

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(e)	 Liquidity risk
Liquidity risk arises from the possibility of not having sufficient capital available to fund ongoing 
operations or the ability to refinance or meet obligations as they come due.  Mitigation of liquidity risk 
is also managed through credit risk as discussed above.  A portion of Allied’s assets have been pledged 
as security under the related mortgages and other security agreements.  Contractual interest rates 
on the fixed mortgages payable are between 3. 59% and 5. 25% for December 31, 2024 (December 31, 
2023 - 2. 77% and 4. 29%).  There were no variable rate mortgages payable as at December 31, 2024 and 
December 31, 2023.
Allied entered into interest rate derivative contracts to limit its exposure to fluctuations in interest 
rates on $870,825 of its variable rate unsecured term loans, construction loans and Unsecured Facility 
(December 31, 2023 - $689,062).  Gains or losses arising from the change in fair values of the interest rate 
derivative contracts are recognized in the Consolidated Statements of Loss and Comprehensive Loss.  
For the year ended December 31, 2024, Allied recognized as part of the change in fair value adjustment 
on derivative instruments a fair value loss of $13,675 (December 31, 2023 - fair value loss of $8,535).
Allied entered into a total return swap agreement to limit its exposure to fluctuations in the Unit 
price on 750,000 Units of its unit-based compensation plans.  Gains or losses arising from the change 
in fair values of the total return swap are recognized in the Consolidated Statements of Loss and 
Comprehensive Loss.  For the year ended December 31, 2024, Allied recognized as part of the general 
and administrative expenses a fair value loss of $305 (December 31, 2023 - $nil).
Liquidity and capital availability risks are mitigated by maintaining appropriate levels of liquidity, 
diversifying Allied’s sources of funding, maintaining a well-staggered debt maturity profile and actively 
monitoring market conditions.

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ALLIED 2024 ANNUAL REPORT
(f)	 Maturity analysis
The undiscounted future principal and interest payments on Allied’s debt instruments are as follows:
2025
2026
2027
2028
2029
THEREAFTER
TOTAL
Mortgages payable
$29,930
$47,764
$75,654
$37,401
$113,685
$233,846
$538,280
Construction loans payable
389,510
102,312
—
—
—
—
491,822
Unsecured Facility
—
—
—
—
—
—
—
Unsecured Debentures
284,684
675,870
366,023
606,657
338,125
944,922
3,216,281
Unsecured Term Loans
424,521
250,359
—
—
—
—
674,880
Total
$1,128,645
$1,076,305
$441,677
$644,058
$451,810
$1,178,768
$4,921,263
27.	 COMMITMENTS AND CONTINGENCIES
Allied has entered into commitments relating to development and upgrade activity.  The commitments 
as at December 31, 2024, were $131,338 (December 31, 2023 - $168,477, includes $406 held within equity 
accounted investments).
Allied is subject to legal and other claims in the normal course of business.  Management and legal 
counsel evaluate all claims.  In the opinion of Management these claims are generally covered by Allied’s 
insurance policies and any liability from such remaining claims are not probable to occur and would not 
have a material effect on the consolidated financial statements.
Allied, through a financial intermediary, has issued letters of credit in the amount of $20,304 as at 
December 31, 2024 (December 31, 2023 - $23,226).

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ALLIED 2024 ANNUAL REPORT
Corporate Profile
About Us
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.	

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ALLIED 2024 ANNUAL REPORT
Board of Trustees
Matthew Andrade (1)(2)
Toni Rossi (2)
Kay Brekken (1)(2)
Stephen Sender (1)
Hazel Claxton (2)
Jennifer Tory (2)(4)
Lois Cormack (1)(2)
Cecilia Williams
Michael Emory (3)
HEAD OFFICE
134 Peter Street, Suite 1700
Toronto, Ontario M5V 2H2
T.  416. 977. 9002 | F.  416. 306. 8704
STOCK EXCHANGE LISTING AND SYMBOL
Toronto Stock Exchange
Units - AP. UN
AUDITORS
Deloitte LLP
TRANSFER AGENT & REGISTRAR
TSX Trust Company
P. O.  Box 700, Postal Station B
Montréal, Quebec H3B 3K3
T.  1. 800. 387. 0825 | F.  1. 888. 249. 6189
E-mail: shareholderinquiries@tmx. com
Website: www. tsxtrust. com
INVESTOR RELATIONS
T.  416. 977. 9002
Email: info@alliedreit. com
Website: www. alliedreit. com
(1)	 Audit Committee
(2)	 Governance, Compensation and Nomination Committee
(3)	 Executive Chair 
(4)	 Lead Trustee