Allied Properties REIT: Allied Announces Conversion to an Open-End Trust

TORONTO, June 12, 2023 (GLOBE NEWSWIRE) -- Allied Properties Real Estate Investment Trust ("Allied") (TSX:AP.UN) announced today that it has completed its conversion from a "closed-end" trust to an "open-end" trust.

Unitholders approved the conversion of Allied to an open-end trust and certain amendments to the declaration of trust of Allied (the "Declaration of Trust") at a meeting of Unitholders held on May 2, 2023. The approval was conditional upon the receipt of a satisfactory advance income tax ruling from the Canada Revenue Agency, which Allied received on June 1, 2023.

The conversion of Allied to an open-end trust and the amendments to the Declaration of Trust are described in the management information circular of Allied dated March 21, 2023, which is available at www.sedar.com.

ABOUT ALLIED

Allied is a leading operator of distinctive urban workspace in Canada's major cities and network-dense UDC space in Toronto. Allied's mission is to provide knowledge-based organizations with workspace and UDC space that is sustainable and conducive to human wellness, creativity, connectivity and diversity. Allied's vision is to make a continuous contribution to cities and culture that elevates and inspires the humanity in all people.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Cecilia Williams
President & Chief Executive Officer
[phone]
[e-mail]

Nanthini Mahalingam
Senior Vice President & Chief Financial Officer
[phone]
[e-mail]