12:00 PM EDT, 08/18/2025 (MT Newswires) -- (Updates unit price.)

Allied Properties Real Estate Investment Trust (AP-UN.TO) on Monday provided updates on its final two ground-up developments in its pipeline.

The REIT said it expects to fully own the nine-story M4 office building at Main Alley Campus, 108 East Fifth Avenue in Vancouver, by the end of the third quarter. M4 is now 77% leased with Netflix as the principal tenant. The REIT expects to finalize a lease-expansion agreement to the lease rate to 90%. Rent from M4 is scheduled to commence in early 2026.

Meanwhile, Allied expects the 16-storey KING Toronto condominium at 489-539 King Street West in Toronto by the end of 2026. Allied and project partner Westbank recently finalized a 20-year lease with Whole Foods Market for retail space at KING Toronto.

"Completing the large, multi-city development pipeline we initiated in 2012 has materially enhanced our ability to serve knowledge-based organizations," said Michael Emory, founder and executive chair of Allied Properties. "We now have a much broader base of high-quality office and retail tenants, an expanded range of workspace options and greater concentration in stronger and larger mixed-use, amenity-rich urban neighborhoods."

Allied units were last seen up $0.23 to $18.16 on the Toronto Stock Exchange.

Price: 18.16, Change: +0.23, Percent Change: +1.28