Q2 2025 Allied Properties Real Estate Investment Trust Earnings Call Transcript

Jul 30, 2025 / 02:00PM GMT

Release Date Price: $12.55 (-3.56%)

Transcript

Key Points

Positve

Allied Properties Real Estate Investment Trust (APYRF) reported a 1.1% growth in NOI for the rental portfolio, driven by successful development completions and stabilization.
The company achieved a 48% lease-up at Toronto House, meeting ambitious targets and demonstrating strong residential leasing efforts.
Leasing activity remains robust, with over 588,000 square feet leased in Q2, including significant expansions from existing users.
The company is making progress on development projects, with only three ground-up projects remaining and a significant portion of costs expected to be invested by the end of 2026.
Allied Properties Real Estate Investment Trust (APYRF) has a strong liquidity position with $635 million available on its unsecured credit facility, supporting its deleveraging efforts.

Negative

The company is experiencing longer deal completion times due to macroeconomic disruptions and availability of options, impacting leasing momentum.
There is short-term pressure on FFO and AFFO per unit, primarily due to higher interest costs from the 2024 acquisition.
The year-to-date retention ratio is at 69%, modestly below the historical average, indicating challenges in retaining tenants.
The company faces $850 million of debt maturing in early 2026, requiring strategic refinancing and deleveraging efforts.
Allied Properties Real Estate Investment Trust (APYRF) is targeting a net debt-to-EBITDA ratio of under 10 times by the end of 2025, indicating current high leverage levels.

Operator

Thank you for standing by. My name is JL and I will be your conference operator today. At this time, I would like to welcome everyone to the Allied Properties REIT second quarter 2025 earnings conference call. (Operator Instructions)

I would now like to turn the conference over to Cecilia Williams, President and CEO. You may begin.

Cecilia Williams

Allied Properties Real Estate Investment Trust - President and Chief Executive Officer

Thanks, JL, and good morning, everyone. Welcome to our conference call. I'll highlight our progress towards 2025 goals and what we're focusing on for the remainder of the year. Nan will do the same from a financial perspective. JP will outline the positive leasing momentum by urban markets.

We're then pleased to answer any questions. We may, in the course of this conference call, make forward-looking statements about future events or future performance. By their nature, these statements are subject to risks and uncertainties that may cause actual events or results to differ materially, including those described

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