Business · Companies · 3 hrs ago

Allied cuts monthly distribution by 90% to reduce debt

Allied cuts monthly distribution by 90% to reduce debt

Canadian real estate investment trust Allied Properties reported results for the quarter ended September 30.

It announced a 90% cut to its monthly distribution, the payments it makes to unitholders.

The trust says stronger leasing and occupancy gains came in ahead of expectations, and it raised its year-end occupancy outlook.

Reducing debt is Allied’s priority, and keeping more cash from distributions is intended to help speed that effort.

Allied plans to use proceeds from property sales to repay debt and is expanding its multi-year sale program by $750 million to $1.5 billion.

Its sales are on track to exceed its 2026 target, and it says its 2026 debt-reduction objectives remain on track.

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What people are saying

Cecilia WilliamsAllied President and CEO
Stronger leasing has enabled us to raise our year-end occupancy outlook, while reducing leverage remains our highest priority.
via Financial Post