Stock AP.UN ALLIED PROPERTIES REAL ESTATE INVESTMENT TRUST
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Financials Allied Properties Real Estate Investment Trust

Equities

AP.UN

CA0194561027

Commercial REITs

Market Closed - Toronto S.E.
Other stock markets
 04:00:00 2024-04-26 pm EDT 		5-day change 1st Jan Change
17.1 CAD +0.18% Intraday chart for Allied Properties Real Estate Investment Trust +0.12% -15.26%
Apr. 17 REITs Brief: Bloomberg Reporting That Ontario Teachers' Pension Plan Weighing $5 Billion Sale of Amica, a private provider of luxury seniors residences MT
Apr. 15 Allied Properties Real Estate Investment Trust Announces April 2024 Distribution, Payable on May 15, 2024 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 6,396 4,814 5,611 3,578 2,820 2,390 -
Enterprise Value (EV) 1 6,396 7,651 9,200 7,819 2,820 2,390 2,390
P/E ratio 9.33 x 9.41 x 12.6 x 9.34 x -6.63 x 8.51 x 8.3 x
Yield 3.07% 4.36% 3.87% 6.84% 8.92% 10.5% 10.5%
Capitalization / Revenue 12.9 x 8.59 x 9.86 x 5.74 x 5 x 3.9 x 3.19 x
EV / Revenue 12.9 x 8.59 x 9.86 x 5.74 x 5 x 3.9 x 3.19 x
EV / EBITDA 20.6 x 13.8 x 15.4 x 8.88 x 6.78 x 6.27 x 5.93 x
EV / FCF 26.1 x 13.5 x 23.3 x - - -18.8 x -64.6 x
FCF Yield 3.83% 7.38% 4.29% - - -5.31% -1.55%
Price to Book - - - - - - -
Nbr of stocks (in thousands) 122,839 127,256 127,678 139,765 139,765 139,765 -
Reference price 2 52.07 37.83 43.95 25.60 20.18 17.10 17.10
Announcement Date 2/5/20 2/3/21 2/1/22 1/31/23 1/31/24 - -
1CAD in Million2CAD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net sales 1 496.1 560.3 568.9 622.9 564 612.8 750.1
EBITDA 1 310.3 349 365 403.1 416 380.9 402.7
EBIT - 294.1 301.8 - - - -
Operating Margin - 52.49% 53.05% - - - -
Earnings before Tax (EBT) 1 - - - - -545.7 266.1 266.3
Net income 1 629.2 500.7 443.2 375.4 -425.7 273 277.2
Net margin 126.83% 89.36% 77.9% 60.26% -75.48% 44.56% 36.95%
EPS 2 5.580 4.020 3.480 2.740 -3.046 2.010 2.060
Free Cash Flow 1 245.3 355.5 240.8 - - -127 -37
FCF margin 49.44% 63.44% 42.32% - - -20.72% -4.93%
FCF Conversion (EBITDA) 79.04% 101.85% 65.96% - - - -
FCF Conversion (Net income) 38.98% 70.99% 54.33% - - - -
Dividend per Share 2 1.596 1.650 1.700 1.750 1.800 1.800 1.800
Announcement Date 2/5/20 2/3/21 2/1/22 1/31/23 1/31/24 - -
1CAD in Million2CAD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 142.7 146.7 144.8 154.4 - - - 136.1 138.5 150.9 146.8 151.4 154.6 163.5 150.2
EBITDA 1 - - - - - - 103 106.4 104 102.6 94.25 100.2 102.3 104.4 -
EBIT 78.19 74.96 75.98 - - - - - - - - - - - -
Operating Margin 54.81% 51.09% 52.46% - - - - - - - - - - - -
Earnings before Tax (EBT) 1 - - - - - - -34.47 11.08 -25.75 -499.3 67.1 67.7 66.5 64.8 64.2
Net income 1 - - - - - - -16.45 124 -33.96 -499.3 67.1 67.7 66.5 64.8 64.2
Net margin - - - - - - - 91.11% -24.53% -330.91% 45.72% 44.7% 43.03% 39.63% 42.74%
EPS - - - - - - - - - - - - - - -
Dividend per Share 2 0.4251 - 0.4374 0.4374 0.4374 0.4374 0.4500 0.4500 0.4500 0.4500 0.4500 0.4500 0.4500 0.4500 -
Announcement Date 10/26/21 2/1/22 4/27/22 7/27/22 10/26/22 1/31/23 4/26/23 7/26/23 10/25/23 1/31/24 - - - - -
1CAD in Million2CAD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net Debt - 2,837 3,588 4,241 - - -
Net Cash position - - - - - - -
Leverage (Debt/EBITDA) - 8.128 x 9.83 x 10.52 x - - -
Free Cash Flow 1 245 355 241 - - -127 -37
ROE (net income / shareholders' equity) - - - - - - -
ROA (Net income/ Total Assets) - - - - - - -
Assets 1 - - - - - - -
Book Value Per Share - - - - - - -
Cash Flow per Share - - - - - - -
Capex - - - - - - -
Capex / Sales - - - - - - -
Announcement Date 2/5/20 2/3/21 2/1/22 1/31/23 1/31/24 - -
1CAD in Million
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Allied Properties Real Estate Investment Trust

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
9
Last Close Price
17.1 CAD
Average target price
20.25 CAD
Spread / Average Target
+18.42%
Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Office REITs

1st Jan change Capi.
ALLIED PROPERTIES REAL ESTATE INVESTMENT TRUST Stock Allied Properties Real Estate Investment Trust
-15.26% 1.75B
BOSTON PROPERTIES, INC. Stock Boston Properties, Inc.
-12.34% 9.66B
NIPPON BUILDING FUND INC. Stock Nippon Building Fund Inc.
-1.80% 6.48B
DEXUS Stock DEXUS
-8.33% 4.93B
JAPAN REAL ESTATE INVESTMENT CORPORATION Stock Japan Real Estate Investment Corporation
-8.05% 4.85B
EMBASSY OFFICE PARKS REIT Stock Embassy Office Parks REIT
+11.51% 4.11B
KDX REALTY INVESTMENT CORPORATION Stock KDX Realty Investment Corporation
-4.73% 4.02B
KILROY REALTY CORPORATION Stock Kilroy Realty Corporation
-16.82% 3.89B
SL GREEN REALTY CORP. Stock SL Green Realty Corp.
+12.04% 3.28B
INMOBILIARIA COLONIAL SOCIMI, S.A. Stock Inmobiliaria Colonial SOCIMI, S.A.
-15.11% 3.16B
Office REITs
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