Q4 2025 Allied Properties Real Estate Investment Trust Earnings Call Transcript

Feb 11, 2026 / 03:00PM GMT

Release Date Price: $7.47 (-27.99%)

Transcript

Key Points

Positve

Allied Properties Real Estate Investment Trust (APYRF) achieved 801,000 square feet of new leasing activity in the second half of 2025, marking the strongest second half results since 2020.
The company observed a 57% increase in new leasing activity in the second half of 2025 compared to the first half.
Sublease availability decreased by 53% in 2025, indicating improved leasing activity and reduced vacancy.
Allied Properties Real Estate Investment Trust (APYRF) reported a 31% increase in its Net Promoter Score, exceeding the industry average by 130%, reflecting strong tenant satisfaction.
The company is providing a multiyear outlook for the first time, covering 2026 through 2028, indicating transparency and long-term planning.

Negative

Allied Properties Real Estate Investment Trust (APYRF) did not achieve certain operating or deleveraging targets in 2025, with slower-than-anticipated lease finalization.
Interest expenses increased due to debt associated with completing the development pipeline and advancing settlement of loans receivable.
The company's indebtedness ratio increased from 45% in Q3 to 51% at year-end 2025, driven by IFRS fair value adjustments and higher construction costs.
The delay in asset dispositions contributed to a year-over-year decline in FFO and AFFO of 12.8% and 12%, respectively.
The equity offering, if completed, is expected to have a dilutive impact, although it is deemed necessary to support the company's capital structure.

Operator

Good morning, and welcome to the Allied Properties REIT Fourth Quarter 2025 Earnings Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded.

I would now like to turn the call over to Cecilia Williams, President and Chief Executive Officer. Thank you. Please go ahead.

Cecilia Williams

Allied Properties Real Estate Investment Trust - President, Chief Executive Officer, Trustee

Thanks, Julian, and good morning, everyone. Welcome to our Q4 conference call. Please note that certain statements we make during the course of this conference call that are not statements of historical facts may constitute forward-looking information and forward-looking statements about future events or future performance. These statements are based on management's current expectations and are subject to risks, uncertainties and other factors that may cause actual events or results to differ materially from historical results and/or from our forecasts, including those described under the heading Risks and Uncertainties in our 2025 annual

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