This press release constitutes a “designated press release” for the purposes of Allied’s prospectus supplement dated November 12, 2021 to its short-form base prospectus dated June 2, 2021 as amended on November 11, 2021.

TORONTO, Jan. 31, 2023 (GLOBE NEWSWIRE) — Allied Properties Real Estate Investment Trust (“Allied”)AP announced today that it will implement key elements of its board renewal and succession plan at its next annual general meeting, scheduled for May 2, 2023. The key elements are listed below:

• Michael Emory, Founder of Allied, will step down as President & CEO, becoming Executive Chair and going forward to contribute to the company on a full-time basis, primarily focusing on vision, strategy and culture;
  
• Cecilia Williams, Allied’s Executive Vice President & CFO since 2015, is promoted to President & CEO and Trustee after having assumed increasing responsibility for shaping and executing Allied’s strategy over the past five years;
  
• Tom Burns will step down as Executive Vice President & COO, become a Trustee and continue to contribute to the Company as a part-time consultant;
  
• Nanthini Mahalingam, Allied’s Senior Vice President, Finance and Accounting since 2021, Promoted to Senior Vice President & CFO;
  
• Jennifer Tory becomes Lead Trustee;
  
• Gordon Cunningham, who has served as Trustee and Chairman since Allied’s inception, will retire at the end of his current tenure; and
  
• Gerald Connor, who has served as Trustee since Allied’s inception and as Audit Committee Chair since 2006, will retire at the end of his current tenure.
  

“The Board set the parameters of this plan in 2019 and has worked steadily towards implementation since then,” said Gordon Cunningham, Chairman. “As the remaining key elements of the plan proceed as planned, we are very confident in the development and development of the Allied team and in the team’s ability to lead Allied’s businesses into the future.”

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