Allied Properties Real Estate Investment Trust (TSE:AP.UT)
TSX:AP.UT
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Allied Properties Real Estate Investment Trust
(TSX:AP.UT)
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Rating:51Neutral
Price Target:
C$10.00
▼(-8.42% Downside)
Action:Reiterated
Date:05/01/26
The score is primarily constrained by weak reported profitability and higher leverage despite positive free cash flow. Technicals remain mixed with a longer-term downtrend but some near-term stabilization. Valuation is supported by a very high dividend yield, though losses (negative P/E) reduce confidence in earnings-based valuation.
Positive Factors
Prime urban portfolio
Allied concentrates on well-located urban workspace properties and uses active asset management to support occupancy and long-term value. This location-focused model provides durable demand advantages and leasing leverage versus lower-quality assets across 2–6 months and beyond.
Negative Factors
Weak profitability
Large recent net losses and deeply negative margins have driven returns to negative levels, eroding retained earnings and pressuring ROE. Persistent earnings weakness reduces reinvestment capacity and makes sustaining distributions and funding growth more challenging over time.
Read all positive and negative factors
Positive Factors
Negative Factors
Prime urban portfolio
Allied concentrates on well-located urban workspace properties and uses active asset management to support occupancy and long-term value. This location-focused model provides durable demand advantages and leasing leverage versus lower-quality assets across 2–6 months and beyond.
Read all positive factors
Allied Properties Real Estate Investment Trust (AP.UT) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$1.40B
Dividend Yield13.67%
Average Volume (3M)1.15M
Price to Earnings (P/E)―
Beta (1Y)1.09
Revenue Growth-2.24%
EPS Growth-211.40%
CountryCA
Employees352
SectorReal Estate
Sector Strength53
IndustryREIT - Office
Share Statistics
EPS (TTM)-9.78
Shares Outstanding127,955,986
10 Day Avg. Volume921,413
30 Day Avg. Volume1,146,168
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)0.47
Price to Sales (P/S)3.15
P/FCF Ratio7.34
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$10.13Price Target Upside-7.28% Downside
Rating ConsensusHold
Number of Analyst Covering2
EPS Forecast (FY)0.78
Revenue Forecast (FY)C$577.37M
Allied Properties Real Estate Investment Trust Business Overview & Revenue Model
Company Description
Allied is a leading owner, manager and developer of (i) distinctive urban workspace in Canada's major cities and (ii) network-dense urban data centres in Toronto that form Canada's hub for global connectivity. Allied's business is providing knowle...
How the Company Makes Money
AP.UN makes money primarily by generating rental and related property income from leasing space in its properties to tenants. Its core revenue stream is base rent paid under lease contracts (typically office and other commercial leases), supplemen...
Allied Properties Real Estate Investment Trust Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
41
Neutral
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 585.67M | 592.38M | 592.04M | 563.98M | 519.47M | 472.80M |
| Gross Profit | 302.33M | 313.21M | 325.40M | 314.03M | 292.56M | 265.67M |
| EBITDA | -1.22B | -1.19B | -222.80M | -436.97M | 248.80M | 446.74M |
| Net Income | -1.37B | -1.33B | -342.53M | -425.71M | 368.86M | 443.15M |
Balance Sheet | ||||||
| Total Assets | 9.02B | 9.26B | 10.60B | 10.61B | 11.91B | 10.38B |
| Cash, Cash Equivalents and Short-Term Investments | 16.44M | 96.61M | 73.92M | 211.07M | 20.99M | 22.55M |
| Total Debt | 4.15B | 4.73B | 4.42B | 3.71B | 4.26B | 3.61B |
| Total Liabilities | 4.64B | 5.24B | 5.04B | 4.47B | 4.78B | 3.96B |
| Stockholders Equity | 4.37B | 4.02B | 5.56B | 6.14B | 6.58B | 6.43B |
Cash Flow | ||||||
| Free Cash Flow | 242.83M | 254.47M | 146.88M | 319.05M | 320.33M | 240.78M |
| Operating Cash Flow | 243.53M | 255.29M | 147.84M | 320.89M | 321.19M | 241.11M |
| Investing Cash Flow | -162.59M | -208.19M | -381.46M | 659.85M | -654.35M | -695.80M |
| Financing Cash Flow | -79.41M | -24.41M | 96.48M | -790.66M | 331.60M | 431.72M |
Allied Properties Real Estate Investment Trust Technical Analysis
Positive
10.92
Price Trends
9.71
Positive
10.88
Negative
13.50
Negative
Market Momentum
-0.01
Negative
58.52
Neutral
85.34
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:AP.UT, the sentiment is Positive. The current price of 10.92 is above the 20-day moving average (MA) of 9.89, above the 50-day MA of 9.71, and below the 200-day MA of 13.50, indicating a neutral trend. The MACD of -0.01 indicates Negative momentum. The RSI at 58.52 is Neutral, neither overbought nor oversold. The STOCH value of 85.34 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:AP.UT.
Allied Properties Real Estate Investment Trust Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
54 Neutral | C$2.74B | -18.53 | -17.76% | 7.05% | -2.38% | -279.61% | |
54 Neutral | C$433.80M | 18.25 | -1.91% | 3.85% | -6.31% | ― | |
51 Neutral | C$1.40B | -2.19 | -26.91% | 13.67% | -2.24% | -211.40% | |
| ― | C$2.58M | -0.02 | -141.77% | ― | -4.73% | 70.12% |
* Real Estate Sector Average
TSE:AP.UT
Allied Properties Real Estate Investment Trust
10.20
-3.50
-25.56%
TSE:HR.UN
H&R Real Estate ate Staple
10.46
1.14
12.26%
TSE:MRT.UN
Morguard Real Estate ate
6.50
0.80
14.06%
TSE:RPR.UN
Slate Office REIT
0.03
-0.42
-93.33%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.