AP.UN Allied Properties Real Estate Investment Trust

Allied Properties Real Estate Investment Trust (“Allied”)(TSX:AP.UN) announced today that its Trustees have (i) declared a distribution of $0.1458 per unit for the month of December 2022, payable on January 16, 2023, to unitholders of record as at December 30, 2022, and (ii) approved a 2.9% increase in monthly cash distributions for 2023 to $0.15 per unit ($1.80 per unit annualized).

CAUTIONARY STATEMENTSThis 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 the effect of the global pandemic and consequent economic disruption. 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 Allied has no obligation to update such statements.

ABOUT ALLIEDAllied is a leading operator of distinctive urban workspace in Canada’s major cities and network-dense UDC space in Toronto. Allied’s mission is to provide knowledge-based organizations with workspace and UDC space that is sustainable and conducive to human wellness, creativity, connectivity and diversity. Allied’s vision is to make a continuous contribution to cities and culture that elevates and inspires the humanity in all people.

FOR FURTHER INFORMATION, PLEASE CONTACT:Michael R. EmoryPresident and Chief Executive Officer(416) 977-0643memory@alliedreit.com

Cecilia C. WilliamsExecutive Vice President and Chief Financial Officer(416) 977-9002cwilliams@alliedreit.com