Allied Properties Real Estate Investment Trust announced that it has closed its previously announced offering of $600 million aggregate principal amount of series H senior unsecured debentures (the "Debentures"). The Debentures bear interest at a rate of 1.726% per annum and mature on February 12, 2026. The Debentures were offered on an agency basis by a syndicate of agents led by Scotia Capital Inc., BMO Nesbitt Burns Inc. and CIBC World Markets Inc. DBRS Limited and Moody's Investors Service Inc. provided Allied with credit ratings of "BBB" with a "Stable" trend and "Baa2", respectively, relating to the Debentures. The Debentures were sold pursuant to a prospectus supplement dated February 5, 2021 to Allied's base shelf prospectus dated November 19, 2019. Allied intends to allocate the net proceeds of the offering to fund the financing and/or refinancing of eligible green projects ("Eligible Green Projects") as described in the Allied Green Financing Framework (the "Framework"). Prior to allocation of the net proceeds of the offering to Eligible Green Projects, Allied intends to use the net proceeds of the offering (a) to redeem in full its $150 million aggregate principal amount of 3.934% series B senior unsecured debentures due November 14, 2022 (the "Series B Debentures"), (b) to repay a first mortgage in the amount of $150 million secured by 700 de la Gauchetière West, Montréal, (c) to repay certain amounts drawn on Allied's unsecured credit facility, and (d) for general trust purposes. The net proceeds will ultimately be allocated to Eligible Green Projects in accordance with the Framework.