Allied Properties REIT (TSX:AP.UN) today announced that it has substantially
completed the re-leasing at Cite Multimedia. "This is an important step forward
for us that will help establish the basis for significant same-asset NOI growth
in 2012," said Michael Emory, President & CEO. "Cite Multimedia will have a
higher level of net rent in 2012 than we anticipated at the time of acquisition
in 2007, a much improved tenant-mix and a better than normal lease-maturity
schedule."


Allied decided last year not to renew a large lease at Cite Multimedia that
expired at year-end. The non-renewal left Allied with six contiguous office
floors to lease and resulted in the temporary decline in its leased area. Allied
has now completed the following re-leasing transactions:




--  one and one-half floors to an existing tenant, SAP Labs, for a term of
    10 years commencing September 1, 2011; 

--  two floors to a new tenant, Desjardins, for a term of 10 years
    commencing November 1, 2011; and 

--  two floors to a new tenant, Abitibi Bowater, for a term of 10 years
    commencing January 1, 2012. 



The annual net rental rates achieved on the re-leasing fully validate Allied's
decision not to renew the large lease. 


Allied also announced that it has finalized the early renewal of Ubisoft's lease
of 248,821 square feet at 5505 Saint-Laurent Boulevard for a term of 10 years
from February 1, 2013. "We've now addressed our last large-scale expiry in the
2011 to 2013 timeframe," said Mr. Emory. "Along with other recent leasing
success, this has extended our weighted average lease term considerably." 


Cautionary Statements

This press release may contain forward-looking statements with respect to
Allied, its operations, strategy, financial performance and condition. 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. Allied's actual
results and performance 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 that the transactions contemplated herein are completed.
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 the Allied's Annual Information Form, which is available at
www.sedar.com. The cautionary statements qualify all forward-looking statements
attributable to Allied and persons acting on its behalf. Unless otherwise
stated, all forward-looking statements speak only as of the date of this press
release, and Allied has no obligation to update such statements.


Allied Properties REIT is a leading owner, manager and developer of urban office
environments that enrich experience and enhance profitability for business
tenants operating in Canada's major cities. Its objectives are to provide stable
and growing cash distributions to unitholders and to maximize unitholder value
through effective management and accretive portfolio growth.
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