Allied Properties Real Estate Investment Trust Provides Update on Calgary Portfolio
June 24 2013 - 9:48PM
Marketwired
Allied Properties REIT (TSX:AP.UN) reported that there has been
only minimal flood damage sustained in its portfolio in Calgary,
which comprises 17 properties aggregating approximately 850,000
square feet of gross leasable area. The City of Calgary will
reportedly restore power into the downtown core at some point later
this week and all of Allied's properties will become fully
operational once power is supplied. Two properties, the Demcor
Building and The Burns Building, experienced flooding in their
basements, remediation of which is well underway. There have been
no security issues whatsoever to report. Allied does not anticipate
any material impact on its business and has insurance in place,
which it anticipates will mitigate costs that may be incurred
relating to the flooding.
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. 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. 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.
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.
Contacts: Allied Properties Real Estate Investment Trust Michael
R. Emory President and Chief Executive Officer (416)
977-0643memory@alliedreit.com
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