Corrected: Canada's Allied Properties REIT Q1 rental revenue falls on non‑renewals

Allied Properties Real Estate Investment Trust

30/04/2026 01:03

Corrects second Overview bullet to say Q1 FFO dropped 33%, not 36%

Overview

Canada urban workspace landlord's Q1 rental revenue fell 4.5% yr/yr amid non-renewals, dispositions

Q1 FFO dropped 33% yr/yr, reflecting higher costs and property sales

Company completed C$46 mln in asset sales, progressing on C$500 mln disposition target

Outlook

Allied raises 2026 capital expenditures outlook to $220 mln-$240 mln

Company maintains 2026 targets for occupancy, NOI, FFO, and property dispositions

Allied does not intend to initiate new development projects in the foreseeable future

Result Drivers

LEASING ACTIVITY - Co highlighted increased new leasing pipeline and expansion by existing users as supporting Q1 results

PROPERTY DISPOSITIONS - Asset sales contributed to progress on deleveraging and portfolio optimization, with C$46 mln in dispositions closed in Q1

KING TORONTO IMPAIRMENTS - Higher construction costs and delays at KING Toronto resulted in a C$44 mln expected credit loss and C$48 mln inventory impairment in Q1

Company press release: ID:nGNX3ZnqNY

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Rental Revenue
C$143.93 mln
Q1 FFO
C$47.90 mln


Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 7 "hold" and 1 "sell" or "strong sell"

The average consensus recommendation for the commercial reits peer group is "hold"

Wall Street's median 12-month price target for Allied Properties Real Estate Investment Trust is C$10.00, about 1.6% below its April 29 closing price of C$10.16

The stock recently traded at 13 times the next 12-month earnings vs. a P/E of 9 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)