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ALLIED ANNOUNCES LAUNCH OF $500 MILLION GREEN BOND

Post Date: 04 August 2021

Allied (2021). ALLIED ANNOUNCES PRICING OF $500 MILLION GREEN BOND OFFERING. 03 August 2021 ALLIED ANNOUNCES PRICING OF $500 MILLION GREEN BOND OFFERING Allied Properties Real Estate Investment Trust (TSX:AP.UN)(“Allied”) announced today that it has priced its previously announced offering, and has agreed to issue $500 million aggregate principal amount of series I senior unsecured debentures (the “Debentures”). The Debentures will bear interest at a rate of 3.095% per annum and will mature on February 6, 2032. The Debentures are being offered on an agency basis by a syndicate of agents led by Scotia Capital Inc., BMO Nesbitt Burns Inc. and CIBC World Markets Inc. The offering is expected to close on or about August 6, 2021. DBRS Limited has provided Allied with a provisional credit rating of “BBB” with a “Stable” trend relating to the Debentures. Moody’s Investors Service, Inc. has provided Allied with a provisional credit rating of “Baa2” relating to the Debentures. The Debentures are Allied’s second Green Bond issuance under its previously announced Green Financing Framework. Allied makes this offering pursuant to its base shelf prospectus dated June 2, 2021. The terms of the offering will be described in a prospectus supplement to be filed with Canadian securities regulators. Allied intends to allocate the net proceeds of the offering to fund the financing and/or refinancing of eligible green projects (“Eligible Green Projects”) as described in the Allied Green Financing Framework (the “Framework”). Prior to allocation of the net proceeds of the offering to Eligible Green Projects, Allied intends to use the net proceeds of the offering (a) to prepay approximately $494 million aggregate principal amount of first mortgages and (b) for general trust purposes. The net proceeds will ultimately be allocated to Eligible Green Projects in accordance with the Framework. Although Allied intends to allocate an amount equal to the net proceeds of this offering as described herein, it will not be an Event of Default under the Series I Indenture if Allied fails to do so. Cautionary StatementsThis press release may contain forward-looking statements with respect to Allied including its intended use of the net proceeds of the offering. These statements generally can be identified by use of forward-looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or “continue” or the negative thereof or similar variations. The actual results and performance of Allied discussed herein could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations, including the effect of the global pandemic and consequent economic disruption. Important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulations and the factors described under “Risk Factors” in Allied’s Annual Information Form, which is available at www.sedar.com. These cautionary statements qualify all forward-looking statements attributable to Allied and persons acting on Allied’s behalf. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release and the parties have no obligation to update such statements . The Debentures being offered have not been, and will not be, registeredunder the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the Debentures in the United States or in any jurisdiction in which such offer, sale or solicitation would be unlawful.   Do you have something to announce? Target your bond and money market announcements by posting them for FREE on CMDportal; the largest institutional fixed income network globally.Issuers can post bond and money market related- press releases, (f.e. new issues / buy backs / ratings). - deal success and updates, (mandate, pricing, distribution). - debt capital market events, conferences, briefings- funding programme updates, - securitisation reports,- team updates and so on.To post any of these updates simply use the "add blog" or "add event" buttons on the CMDportal website. This is how you do that: 1.Click on the Add Blog button. 2.For Type select either SSA/FIG/Corporate Markets.3.For Subject select either SSA/FIG/Corporate Pipeline/Deal or another as appropriate. 4.Paste your announcement message. Add URL Links as appropriate.5.If there is an ISIN, add this under comments. Note that you can add Trades using the Claim Trade button. 6.Tick receive notifications and email yourself a copy7.Add any person that should be linked to the post under recipient email. All approved posts will be included in our daily email to the largest institutional fixed income network globally.  

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