Allied Properties Real Estate Investment Trust Announces Closing of Class I Office Properties in Toronto

Allied Properties REIT (TSX: AP.UN) announced today that it has completed the previously announced acquisition of 204-214 King Street East and 70 Richmond Street East in Toronto. The REIT's portfolio now exceeds 5.3 million square feet of GLA with Toronto representing 54% of the total, Montreal 33% and Winnipeg, Quebec City and Kitchener the balance.

Allied Properties REIT is the leading owner and manager of Class I office properties in Canada, with portfolio assets in the urban areas of Toronto, Montreal, Winnipeg, Quebec City and Kitchener. The objectives of the REIT are to provide stable and growing cash distributions to unitholders and to maximize unitholder value through effective management and accretive portfolio growth.

Contacts: Allied Properties Real Estate Investment Trust Michael R. Emory President and Chief Executive Officer (416) 977-9002 Email: memory@alliedpropertiesreit.com