APYRF(APYRF)

$7.20—Earnings · Jul 28

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APYRF(APYRF)

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$7.20—Earnings · Jul 28

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APYRF(APYRF)

APYRF

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7/14/26

ALLIED PROPERTIES REAL ESTATE INVESTMENT TRUST (APYRF)

Tuesday

12:27 PM

Thesis: Allied Properties Real Estate Investment Trust: the story is balanced — Same-property net operating income (NOI) growth driven by occupancy rates and rental rate spreads on lease renewals/new…

Revenue Outlook

Metric	FY2025	FY2026E	FY2027E
Revenue	$592M	$571M	$615M
Rev. Growth	+0.1%	-3.6%	+7.7%
EPS	$-9.50	$-0.24	$0.78
EPS Growth	-288%	+97.5%	+424%
P/E (fwd)	—	—	9.2×

★ Analysts see FY2027 revenue reaching $615M — +7.7% growth in a single year.

What Moves the Stock

1Same-property net operating income (NOI) growth driven by occupancy rates and rental rate spreads on lease renewals/new leases
2Leasing velocity and tenant retention rates, particularly among technology and creative-sector tenants who represent core demand
3Cap rate compression or expansion in urban Canadian office markets affecting asset valuations and NAV per unit
4Development pipeline progress and stabilization timelines for properties under construction
5Debt refinancing activity and weighted average cost of debt given 0.93x debt-to-equity ratio
6Return-to-office trends and office utilization rates in major Canadian cities post-pandemic
7Base rent from office leases (estimated 85-90% of revenue) - primarily multi-year net leases with annual escalations
8Operating cost recoveries and property tax pass-throughs (estimated 8-12% of revenue)

FY2025 Snapshot

Revenue: $592M
Rev. Growth: +0.1%
Gross Margin: 53.5%
Op. Margin: 27.4%
Net Margin: -224%
Net Income: $-1.3B
NI Growth: -288%
EPS: $-9.50
1Y Return: -40.6%

APYRF Chart

My Notes

value - The 0.3x price-to-book ratio and 42% one-year decline attract deep value investors betting on office market stabilization and mean…
Very high sensitivity through multiple channels.
Watch on earnings: Bank of Canada policy rate and Government of Canada 5-year bond yield (primary drivers of Canadian commercial real estate cap rates and mortgage costs), Downtown office vacancy rates in Toronto, Montreal, and Vancouver (supply/demand balance indicators), Office utilization rates and return-to-office mandates among major Canadian employers.

One Sentence Summary:

Allied Properties Real Estate Investment Trust: the story is balanced — same-property net operating income (noi) growth driven by occupancy rates and rental rate spreads on lease renewals/new leases.

Auto-composed from Stock Alarm intelligence, financial statements, and analyst estimates. Not investment advice.

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Metric

FY2025

FY2026E

FY2027E

P/E (fwd)

—

9.2×

What Moves the Stock

1Same-property net operating income (NOI) growth driven by occupancy rates and rental rate spreads on lease renewals/new leases

2Leasing velocity and tenant retention rates, particularly among technology and creative-sector tenants who represent core demand

3Cap rate compression or expansion in urban Canadian office markets affecting asset valuations and NAV per unit

4Development pipeline progress and stabilization timelines for properties under construction

5Debt refinancing activity and weighted average cost of debt given 0.93x debt-to-equity ratio

6Return-to-office trends and office utilization rates in major Canadian cities post-pandemic

7Base rent from office leases (estimated 85-90% of revenue) - primarily multi-year net leases with annual escalations

8Operating cost recoveries and property tax pass-throughs (estimated 8-12% of revenue)

My Notes

value - The 0.3x price-to-book ratio and 42% one-year decline attract deep value investors betting on office market stabilization and mean…

Very high sensitivity through multiple channels.

Watch on earnings: Bank of Canada policy rate and Government of Canada 5-year bond yield (primary drivers of Canadian commercial real estate cap rates and mortgage costs), Downtown office vacancy rates in Toronto, Montreal, and Vancouver (supply/demand balance indicators), Office utilization rates and return-to-office mandates among major Canadian employers.