Allied Properties Real Estate Investment Trust
TSX : AP.UN

Allied Properties Real Estate Investment Trust

December 14, 2015 15:30 ET

Allied Properties Real Estate Investment Trust Announces Closing of Unsecured Credit Facility

TORONTO, ONTARIO--(Marketwired - Dec. 14, 2015) - Allied Properties REIT ("Allied") (TSX:AP.UN) announced today that it has closed a $150,000,000 bilateral unsecured facility with a Canadian chartered bank for a term of three years and bearing interest at a floating rate of CDOR plus 1.7% per year (the "Term Facility"). The Term Facility is on substantially the same terms as Allied's $200,000,000 unsecured revolving credit facility that closed in January 2015 (the "Revolving Facility"). In addition, Allied intends to enter into an interest rate swap, which will have the effect of fixing the underlying floating interest rate at 2.66% for the term of the loan.

The Term Facility will be used to pay down the Revolving Facility. Allied expects that the Revolving Facility will be fully available (or near fully available) at the beginning of 2016. It is also Allied's expectation that its debt ratio at the beginning of 2016 will be at approximately the same level as it was at the end of Q3 2015.

This press release may contain forward-looking statements with respect to Allied, its operations, strategy, financial performance and condition. These statements generally can be identified by use of forward looking words such as "may", "will", "expect", "estimate", "anticipate", "intends", "believe" or "continue" or the negative thereof or similar variations. The actual results and performance of Allied discussed herein could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations, including that the transactions contemplated herein are completed. Important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulations and the factors described under "Risk Factors" in Allied's Annual Information Form, which is available at www.sedar.com. These cautionary statements qualify all forward-looking statements attributable to Allied and persons acting on Allied's behalf. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release and the parties have no obligation to update such statements.

Allied Properties REIT is a leading owner, manager and developer of urban office environments that enrich experience and enhance profitability for business tenants operating in Canada's major cities. Its objectives are to provide stable and growing cash distributions to unitholders and to maximize unitholder value through effective management and accretive portfolio growth.

Contact Information

  • Allied Properties REIT
    Michael R. Emory
    President and Chief Executive Officer
    (416) 977-0643
    memory@alliedreit.com

    Allied Properties REIT
    Cecilia C. Williams
    Vice President and Chief Financial Officer
    (416) 977-1063
    cwilliams@alliedreit.com