Allied Properties Real Estate Investment Trust

Allied Properties Real Estate Investment Trust

March 09, 2005 16:48 ET

Allied Properties Real Estate Investment Trust Announces Distribution Increase


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: ALLIED PROPERTIES REAL ESTATE INVESTMENT TRUST

TSX SYMBOL: AP.UN

MARCH 9, 2005 - 16:48 ET

Allied Properties Real Estate Investment Trust
Announces Distribution Increase

TORONTO, ONTARIO--(CCNMatthews - March 9, 2005) - Allied Properties REIT
(TSX:AP.UN) today announced that the trustees of the REIT have approved
an increase in its monthly distribution from $0.095 per unit ($1.14 per
unit annualized) to $0.09833 per unit ($1.18 per unit annualized)
effective March, 2005. The increased distribution will be payable on
April 15, 2005, to unitholders of record on March 31, 2005.

The increase is consistent with the REIT's plan to increase
distributions periodically when there is a high level of confidence that
the increase is sustainable. "This decision was based on a careful
assessment of the performance of our current portfolio and the
availability of adequate cash resources to keep our properties in top
physical and financial condition," said Michael Emory, President and CEO.

Allied Properties REIT owns a portfolio of predominantly Class I office
properties in downtown Toronto and downtown Montreal. The objectives of
the REIT are to provide stable and growing cash distributions to its
unitholders and to maximize unitholder value through the effective
management and accretive growth of its portfolio.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Allied Properties Real Estate Investment Trust
    Michael R. Emory
    President and Chief Executive Officer
    (416) 977-9002
    memory@alliedpropertiesreit.com