Allied Establishes $300 Million At-the-Market Equity Program
November 12 2021 - 5:59PM
Allied Properties Real Estate Investment Trust
(TSX:AP.UN)(“Allied”) announced today that it has established an
at-the-market equity program (the “ATM Program”) that allows Allied
to issue and sell up to $300,000,000 of units of Allied (“Units”)
to the public, from time to time, at Allied’s discretion. All Units
sold under the ATM Program will be sold through the Toronto Stock
Exchange or another marketplace (as defined in National Instrument
21-101 Marketplace Operation) upon which the Units are listed,
quoted or otherwise traded, at the prevailing market price at the
time of sale.
The ATM Program is designed to provide Allied
with additional financing flexibility which may be used in
conjunction with other existing funding sources. Allied intends to
use the net proceeds from the ATM Program, if any, for development,
repayment of indebtedness and general trust purposes.
“Allied has built one of the most successful and
operationally focused development pipelines in Canada,” said
Michael Emory, President & CEO. “The ATM will afford us a
broader range of opportunity to fund our ongoing development
commitments with equity.”
Distributions of Units under the ATM Program, if
any, will be made pursuant to the terms of an equity distribution
agreement (the “Distribution Agreement”) dated November 12, 2021
entered into among Allied, Goldman Sachs Canada Inc., National Bank
Financial Inc. and Scotia Capital Inc. (collectively, the
“Agents”). The volume and timing of any distributions of Units
under the ATM Program will be determined in Allied’s sole
discretion. The ATM Program will be effective until July 2, 2023
unless earlier terminated in accordance with the terms of the
Distribution Agreement. As Units distributed under the ATM Program
will be issued and sold at the prevailing market price at the time
of the sale, prices may vary among purchasers during the period of
the ATM Program. The TSX has conditionally approved the listing of
the Units that may be sold under the ATM Program.
The offering of Units under the ATM Program is
qualified by a prospectus supplement dated November 12, 2021 (the
“Prospectus Supplement”) to Allied’s short form base shelf
prospectus dated June 2, 2021, as amended on November 11, 2021 (the
“Shelf Prospectus”), which have been filed in each of the provinces
and territories of Canada. The Prospectus Supplement, the Shelf
Prospectus and the Distribution Agreement will be available on the
System for Electronic Document Analysis and Retrieval (“SEDAR”)
website at www.sedar.com.
The Units being offered have not been,
and will not be, registered under the United States Securities Act
of 1933, as amended, or any state securities laws, and may not be
offered or sold in the United States absent registration or an
applicable exemption from such registration requirements. This
press release shall not constitute an offer to sell or the
solicitation of an offer to buy the Units in the United States or
in any jurisdiction in which such offer, sale or solicitation would
be unlawful.
About Allied
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
knowledge-based organizations with distinctive urban environments
for creativity and connectivity.
Cautionary Statements
This press release may contain forward-looking
statements with respect to Allied including the sale of Units from
time to time under its ATM Program and its intended use of the net
proceeds, if any, of the ATM Program. These statements generally
can be identified by use of forward-looking words such as “may”,
“will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or
“continue” or the negative thereof or similar variations. The
actual results and performance of Allied discussed herein could
differ materially from those expressed or implied by such
statements. Such statements are qualified in their entirety by the
inherent risks and uncertainties surrounding future expectations,
including the effect of the global pandemic and consequent economic
disruption. Important factors that could cause actual results to
differ materially from expectations include, among other things,
general economic and market factors, competition, changes in
government regulations and the factors described under “Risk
Factors” in Allied’s Annual Information Form, which is available at
www.sedar.com. These cautionary statements qualify all
forward-looking statements attributable to Allied and persons
acting on Allied’s behalf. Unless otherwise stated, all
forward-looking statements speak only as of the date of this press
release and the parties have no obligation to update such
statements.
For more information, please contact:
Michael Emory, President & CEO (416)
977-0643memory@alliedreit.com
Cecilia Williams, Executive Vice President & CFO(416)
977-9002cwilliams@alliedreit.com
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