TSE:AP.UN
Allied Properties REIT (AP.UN.TO)
9.34
-0.04 (0.43%)
as of Aug 14, 2026, 5:58:03 pm Market Open.
307 watching
Financials 
Technical Analysis 0
Investor Insights
Aug 13, 2026, 12:00 amThis summary was created by AI, based on 17 opinions in the last 12 months.
Allied Properties REIT (AP.UN-T) has received mixed reviews from various experts, primarily centered around its recent struggles and efforts to stabilize its operations and balance sheet. The company cut its dividend significantly, leading to a loss of confidence among some investors. While there are concerns about its high leverage and occupancy rates, several analysts believe the underlying assets are strong, suggesting that the stock may be trading below its net asset value (NAV). The potential for a turnaround is acknowledged, particularly if occupancy improves, and some experts indicate that it could be worth holding for those with a higher risk tolerance. Overall, the outlook remains uncertain due to broader challenges in the office real estate market.
Consensus
Mixed
Valuation
Undervalued
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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).
investment companiesfunds
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.
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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.
Paul Gardner, CFAOwned
investment companiesfunds
HOLD
Clean structure, and clear what management is trying to accomplish.
Bill Harris, CFAOwned
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Premium contentPAST TOP PICK
Premium contentPAST TOP PICK
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.
investment companiesfunds
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)
Andrew PyleOwned
investment companiesfunds
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.
Paul Gardner, CFAOwned
investment companiesfunds
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)
Paul Gardner, CFAOwned
investment companiesfunds
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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Premium contentTOP 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)
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