Allied Properties Real Estate Investment Trust announced that it has launched an offering of $500 million aggregate principal amount of series I senior unsecured debentures. The Debentures are being offered on an agency basis by a syndicate of agents led by Scotia Capital Inc., BMO Nesbitt Burns Inc. and CIBC World Markets Inc. Allied intends to provide further details of the offering, including pricing information, when available. Allied makes this offering pursuant to its base shelf prospectus dated June 2, 2021. The terms of the offering will be described in a prospectus supplement to be filed with Canadian securities regulators. Allied intends to allocate the net proceeds of the offering to fund the financing and/or refinancing of eligible green projects as described in the Allied Green Financing 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 prepay approximately $494 million aggregate principal amount of first mortgages and (b) for general trust purposes. The net proceeds will ultimately be allocated to Eligible Green Projects in accordance with the Framework. Although Allied intends to allocate an amount equal to the net proceeds of this offering as described herein, it will not be an Event of Default under the Series I Indenture if Allied fails to do so.