Allied Properties Real Estate Investment Trust completed a $500 million equity financing on February 12, 2026, comprising a public offering of 40 million trust units at $10.00 per unit for gross proceeds of $400 million, plus a concurrent private placement of 16 million units to Alberta Investment Management Corporation for $160 million. The offering includes an over-allotment option for an additional 6 million units.

The underwriting syndicate was led by Scotia Capital Inc., CIBC World Markets Inc., and RBC Dominion Securities Inc., with participation from ATB Capital Markets Corp., BMO Nesbitt Burns Inc., and TD Securities Inc. The underwriters received a fee of 4.0 percent, totaling $16 million. Net proceeds to Allied totaled $384 million before estimated expenses of $1 million. Aird & Berlis LLP served as legal counsel to Allied, while Stikeman Elliott LLP advised the underwriters.

Allied intends to use proceeds to repay its operating line of credit, which will be drawn to retire $600 million of Series H senior unsecured debentures maturing February 12, 2026. The transaction forms part of Allied's Action Plan to strengthen its balance sheet following a 60 percent distribution reduction in December 2025. Allied is also pursuing approximately $500 million in non-core property dispositions. The company confirmed that Executive Chair Michael Emory's employment agreement will not be renewed following the transaction's completion.