The earnings call reflected a generally positive outlook with strong leasing activity, progress in development projects, and effective debt refinancing. However, challenges like lower retention ratios, short-term FFO pressure, and extended deal timelines were acknowledged. The company remains optimistic about future growth and market conditions.

Company Guidance -

Q3 2025

In the Allied Properties REIT Second Quarter 2025 earnings call, the company provided detailed guidance for the remainder of the year and beyond. They emphasized their focus on delivering long-term value, with a strategy that includes improving leasing and operational results, completing developments, and strengthening the balance sheet. Key metrics highlighted in the call included a positive same-asset NOI and a 1.1% growth in NOI of the rental portfolio. The leased area was reported at 87.2%, with a year-to-date retention ratio of 69%. The company is targeting a net debt-to-EBITDA ratio of under 10x by the end of 2025, with plans to further reduce it to under 9x by the end of 2026. They also noted $200 million in noncore asset sale contracts and a liquidity of $635 million available on their unsecured credit facility. Additionally, Allied Properties aims to achieve a 90% occupancy rate by year-end 2025, with development projects expected to add $90 million to $103 million in stabilized NOI upon completion.

Strong Leasing Activity

Leased over 588,000 square feet, including 75,000 square feet of expansion from existing users. Leased area is now at 87.2%.

Positive NOI Growth

NOI of the rental portfolio grew by 1.1%, driven by the successful transition of development completions into the rental portfolio.

Development Progress

Only 3 ground-up projects remaining, with development projects expected to contribute $90 million to $103 million in stabilized NOI on completion.

Successful Disposition Program

9 assets under sale contracts totaling $200 million, with proceeds allocated to debt reduction.

Increased Rental Rates

Average rental rate up 3.1% when comparing the ending to starting base rent and up 13.2% when comparing average to average.

Strong Liquidity

Liquidity remained strong with $635 million available on the unsecured credit facility.

Debt Refinancing

Issued $850 million in unsecured debentures, refinancing 20% of outstanding debt with only a marginal increase in interest expense.

Allied Properties Real Estate Investment Trust (TSE:AP.UN) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

TSE:AP.UN Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 22, 2025	2025 (Q3)	- / -	-0.674	―	―	―
Jul 29, 2025	2025 (Q2)	- / -0.68	0.201	-437.31% (-0.88)	―
Apr 30, 2025	2025 (Q1)	- / -0.77	-0.134	-474.63% (-0.64)	―
Feb 04, 2025	2024 (Q4)	- / -1.84	-3.573	48.42% (+1.73)	―
Oct 30, 2024	2024 (Q3)	- / -0.67	-0.184	-266.30% (-0.49)	―
Jul 30, 2024	2024 (Q2)	- / 0.20	0.079	154.43% (+0.12)	―
Apr 30, 2024	2024 (Q1)	- / -0.13	-0.227	40.97% (+0.09)	―
Jan 31, 2024	2023 (Q4)	- / -3.57	0.13	-2848.46% (-3.70)	―
Oct 25, 2023	2023 (Q3)	- / -0.18	0.319	-157.68% (-0.50)	―
Jul 26, 2023	2023 (Q2)	- / 0.08	0.7	-88.71% (-0.62)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

TSE:AP.UN Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 29, 2025	C$17.63	C$17.16	-2.64%
Apr 30, 2025	C$14.93	C$14.85	-0.59%
Feb 04, 2025	C$16.14	C$16.25	+0.71%
Oct 30, 2024	C$17.82	C$16.95	-4.87%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does Allied Properties Real Estate Investment Trust (TSE:AP.UN) report earnings?

Allied Properties Real Estate Investment Trust (TSE:AP.UN) is schdueled to report earning on Oct 22, 2025, After Close (Confirmed).

What is Allied Properties Real Estate Investment Trust (TSE:AP.UN) earnings time?

Allied Properties Real Estate Investment Trust (TSE:AP.UN) earnings time is at Oct 22, 2025, After Close (Confirmed).

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