Allied Properties Real Estate Investment Trust (TSX: AP.UN) closed a marketed public offering and a concurrent private placement of trust units on February 18, 2026, raising aggregate gross proceeds of $560 million. The offering was upsized from an original target of $500 million. The public offering component comprised 40,000,000 units sold to the public at $10.00 per unit for gross proceeds of $400 million, led by a syndicate of underwriters headed by Scotiabank, CIBC Capital Markets and RBC Dominion Securities Inc., and including ATB Capital Markets, BMO Capital Markets and TD Securities Inc. The concurrent private placement saw Allied issue 16,000,000 units to the Alberta Investment Management Corporation (AIMCo), on behalf of its clients, for approximately $160 million; these units were not qualified by a prospectus and are subject to statutory resale restrictions. The units were qualified under a prospectus supplement dated February 12, 2026 to Allied's short-form base shelf prospectus dated December 16, 2025. Allied stated it intends to use net proceeds to repay amounts outstanding under its operating line of credit, which had been drawn to retire $600 million of maturing series H senior unsecured debentures. The financing followed Allied's disclosure of a $1 billion asset writedown and a related quarterly loss, and coincided with an announcement that founder and executive chair Michael Emory would not have his employment agreement renewed.