Allied Properties Completes $560-Million Marketed Public Offering and Concurrent Private Placement

On February 18, 2026, Allied Properties Real Estate Investment Trust (TSX: AP.UN), a leading owner-operator of distinctive urban workspace in Canada's major cities, completed a marketed public offering (the "Public Offering") and concurrent private placement (the "Private Placement") of units of Allied (the "Units").

Under the Public Offering and Private Placement, Allied issued an aggregate of 56,000,000 Units at a price of $10.00 for gross proceeds of $560 million. The Public Offering was conducted by a syndicate of underwriters led by Scotiabank, CIBC Capital Markets and RBC Dominion Securities Inc., and included ATB Capital Markets, BMO Capital Markets and TD Securities Inc. (collectively, the "Underwriters").

The Units issued under the Public Offering were offered in each of the provinces and territories in Canada, and were qualified by a prospectus supplement dated February 12, 2026, to Allied's short-form base shelf prospectus dated December 16, 2025.

Pursuant to the Private Placement, Allied issued an aggregate of 16,000,000 Units to Alberta Investment Management Corporation on behalf of its clients. The Units issued under the Private Placement were not qualified by a prospectus and are subject to the statutory resale restrictions under applicable securities legislation.

Aird & Berlis represented Allied Properties REIT with a team led by Melanie Cole and Sherri Altshuler and including Amy Marcen-Gaudaur, Meredith McCann, Karlie Nordstrom, Teddy Nikolau (Capital Markets), Jacob Dubelaar and Ethan Eisen (Real Estate) and Carol Burns (Tax).