Allied Properties REIT (AP.UN.TO) Buy, Sell…

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Allied Properties REIT (AP.UN.TO)

10.03

-0.02 (0.20%)

as of Jun 11, 2026, 8:00:01 pm Market Open.

310 watching

Investor Insights

Jun 11, 2026, 12:00 am

This summary was created by AI, based on 20 opinions in the last 12 months.

Allied Properties REIT (AP.UN-T) has faced significant challenges in the wake of the COVID-19 pandemic, particularly in the office real estate sector, leading to a drop in occupancy rates and a substantial cut to its dividend by approximately 60%. While some analysts see potential upside given its strong asset base and recent moves to sell properties for balance sheet stabilization, concerns about management effectiveness and the overall economic climate persist. Various experts have pointed out the substantial gap between the current trading price and net asset value (NAV), with some suggesting the company is undervalued. However, cautious sentiment remains due to the risks associated with a further downturn in the office sector and high leverage levels. Investors with a higher risk tolerance might consider holding onto their positions, though many express reservations regarding future performance and the sustainability of returns.

Consensus

Cautious

Valuation

Undervalued

Similar

BEI.UN

DON'T BUY

Focused on office space in Canada. Challenging sector with Covid-19 and shift in work preferences. Trading at wide discount to net asset value. Steering clear of office space (not sure on future of demand). Stuck at 45% utilization rate in office space. Company does have good buildings (if alternative uses are found).

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DON'T BUY

Discount to NAV, rare. Whole sector is on sale. Beautiful properties, great managers. Still dealing with hybrid work model. Won't be a lot of office space expansion. Favours apartments and industrial.

PAST TOP PICK

(A Top Pick Sep 13/21, Down 17%) Quite a few workers are refusing to come back full time to the office which is problematic for this type of stock. It is still a good company and is at a good valuation. Eventually the feeling of not returning to the office will fade, but in light of the continuing pandemic it will take time for feelings to change.

PAST TOP PICK

(A Top Pick Apr 08/21, Down 4%) Very specific and good at what they do. Unique assets that tie in to smaller businesses like tech firms. Management's one of the best. "The Well" is leased up completely, and will add to earnings.

HOLD

Clean structure, and clear what management is trying to accomplish.

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Curated by Michael O'Reilly since 2020.
1550+ opinions with 4.81 rating (one of the best performing expert).

PAST TOP PICK

(A Top Pick Dec 24/20, Up 9.9%)Stockchase Research Editor: Michael O'Reilly Our PAST TOP PICK with AP.UN has triggered its stop at $41.50. To remain disciplined, we recommend covering the position at this time. We will look for better opportunities.

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PAST TOP PICK

(A Top Pick Dec 24/20, Up 16%)Stockchase Research Editor: Michael O'Reilly Our PAST TOP PICK with AP.UN is progressing well. We recommend trailing up the stop (from $33.00) to $41.50 at this time.

DON'T BUY

It has many positive attributes: Strong management, great business model and a niche business model. Their tenant usage is a smaller model. They are well positioned. They can't fight the tide. It is a difficult operating market. There are high vacancies there and they have to be competitive in signing new leases. He would not own it today.

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BUY

AP.UN is pricey, but the growth is really there.

TOP PICK

Concerns in office spaces are overblown. A massive pullback in this sector are overdone. he likes their 4% dividend and valuation. 2022 will likely see the end of Covid and he expects more people to return to the office, hence demand in this sector. He himself is working at his office. (Analysts’ price target is $50.25)

PAST TOP PICK

(A Top Pick Apr 08/21, Up 3%) Best operator out there. Seem to be going quite well. Leasing at higher prices. Their space is designed for the small business owner. We're heading to a hybrid model of home/office work.

TOP PICK

A recovery story. Best in class, best assets. Theme of stay at home will wane. There's a more hybrid solution, and its stable of smaller tech and healthcare tenants will benefit. Trades at a 15% discount to NAV. Yield is 4.04%. (Analysts’ price target is $45.23)

DON'T BUY

Office outlook and work from home? It's tough to predict the future. AP is a great operator of office buildings. They convert brick and beam buildings to cool office spaces. West of the Toronto downtown core, vacancies have risen to 15.8%, almost double the core of 8.3%. This is a headwind. To fill office space, you must give incentives. What percent of the workforce will return to the office? Some will, some won't. Short term there will be choppiness and challenges, but AP is good operator. He would buy this if shares were far lower, but this REIT is fairly valued now.

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Curated by Michael O'Reilly since 2020.
1550+ opinions with 4.81 rating (one of the best performing expert).

TOP PICK

Stockchase Research Editor: Michael O'Reilly AP.UN is a REIT that manages office space primarily in Toronto and Montreal. As vaccines are rolling out, we expect the worst is now over for this space, signaling a time to re-enter. It trades at less than 7x earnings and pays a good dividend backed by a 29% payout ratio. We would buy this with a stop-loss at $33, looking to achieve $48 -- over 26% upside. Yield 4.38% (Analysts’ price target is $47.53)

DON'T BUY

Likes it, but hesitant to invest in office right now. Potential value is there, but corporations will be pausing on any need for offices. Great assets, great land, but no need to rush in today.

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