Allied Properties REIT (TSX:AP.UN) announced today that it has entered into
agreements to purchase the following properties for $32.5 million:




Address                                  Total    Office    Retail   Parking
                                           GLA       GLA       GLA    Spaces
----------------------------------------------------------------------------
241 Spadina Avenue, Toronto             31,197    24,611     6,586         -
32 Atlantic Avenue & 47 Jefferson       57,277    57,277         -         7
 Avenue, Toronto                                                            
----------------------------------------------------------------------------
                                        88,465    81,879     6,589         7
----------------------------------------------------------------------------



"In addition to being immediately accretive, each of these properties is close
to one or more of our existing properties," said Michael Emory, President & CEO.
"The property in Liberty Village affords a small value-creation opportunity that
we expect to execute on rapidly, given the ongoing demand for office space in
our Toronto target market." 


The Spadina Property

Located on the east side of Spadina Avenue, south of Dundas Street, this
property is comprised of 31,197 square feet of GLA, all of which is leased to
tenants consistent in character and quality with our tenant base. Built in 1910
for the Consolidated Plate Glass Company, the building was renovated in 2012.
Designated under the Ontario Heritage Act, it is a good example of the Edwardian
classical style favoured in the early 1900s. 


The Liberty Village Property

Located between Atlantic and Jefferson Avenues, south of Liberty Street, this
property is comprised of 50,434 square feet of leased GLA, 6,834 square feet of
un-leased GLA and seven surface parking spaces. Built in the early 1900s, the
buildings were renovated in 2012. 


Closing and Financing

The acquisitions are expected to close in April of 2014, subject to customary
conditions. The purchase price for the completed properties represents a
capitalization rate of approximately 6.5% applied to the current annual net
operating income ("NOI"). The properties will be free and clear of mortgage
financing immediately prior closing. Allied plans to place mortgage financing on
the properties on or soon after closing and will fund the equity component of
the acquisitions with cash-on-hand.


Cautionary Statements

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.



"Capitalization rate" is not a measure recognized under International Financial
Reporting Standards ("IFRS") and does not have any standardized meaning
prescribed by IFRS. Capitalization rate is presented in this press release
because management of Allied believes that this non-IFRS measure is relevant in
interpreting the purchase price of the properties being acquired. Capitalization
rate, as computed by Allied, may differ from similar computations as reported by
other similar organizations and, accordingly, may not be comparable to
capitalization rate reported by such organizations.  


NOI is not a measure recognized under IFRS and does not have any standardized
meaning prescribed by IFRS. NOI is presented in this press release because
management of Allied believes that this non-IFRS measure is relevant in
interpreting the purchase price of the property being acquired. NOI, as computed
by Allied, may differ from similar computations as reported by other similar
organizations and, accordingly, may not be comparable to NOI reported by such
organizations. 


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Allied Properties REIT
Michael R. Emory
President and Chief Executive Officer
(416) 977-0643
memory@alliedreit.com
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