1. business and industrial
2. company
3. annual report

ALLIED PROPERTIES REIT
QUARTERLY
REPORT
MARCH 31, 2015
BUILDING CITIES — ONE BUILDING AT A TIME
06.05.15
QRC WEST, TORONTO, NEARING COMPLETION
QUARTERLY
REPORT
MARCH 31, 2015
CONTENTS
LETTER TO UNITHOLDERS. . . . . . . . . . . 4
MANAGEMENT’S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND
FINANCIAL CONDITION AS AT
MARCH 31, 2015 . . . . . . . . . . . . . . . . . . . 9
SECTION I—Overview . . . . . . . . . . . . . . . 10
Summary of Key Financial and
Operating Performance Measures . . . . . . . . . .
12
Business Overview and Strategy . . . . . . . . . . .
14
Property Portfolio . . . . . . . . . . . . . . . . . . .
15
Acquisitions . . . . . . . . . . . . . . . . . . . . . .
16
Corporate Social Responsibility . . . . . . . . . . .
16
Business Environment and Outlook . . . . . . . . .
17
SECTION II—Leasing . . . . . . . . . . . . . . . 18
Status . . . . . . . . . . . . . . . . . . . . . . . . . .
18
Activity . . . . . . . . . . . . . . . . . . . . . . . . .
19
Tenant Profile . . . . . . . . . . . . . . . . . . . . .
20
Lease Maturity . . . . . . . . . . . . . . . . . . . . .
21
SECTION III—Asset Profile . . . . . . . . . . . . 23
Rental Properties . . . . . . . . . . . . . . . . . . .
24
Development Properties . . . . . . . . . . . . . . .
27
SECTION IV—Liquidity and
Capital Resources . . . . . . . . . . . . . . . . . . . 30
Debt . . . . . . . . . . . . . . . . . . . . . . . . . . .
30
Unsecured Revolving Operating Line . . . . . . . .
33
Unitholders’ Equity . . . . . . . . . . . . . . . . . .
33
Distributions to Unitholders . . . . . . . . . . . . .
35
Commitments . . . . . . . . . . . . . . . . . . . . .
35
SECTION V—Discussion of Operations. . . . . . 36
Net Operating Income . . . . . . . . . . . . . . . . .
36
Same-Asset NOI . . . . . . . . . . . . . . . . . . . .
38
Interest Expense . . . . . . . . . . . . . . . . . . . .
38
General and Administrative Expenses . . . . . . . .
38
Net Income and Comprehensive Income . . . . . .
39
Other Financial Performance Measures . . . . . . .
39
SECTION VI—Quarterly History . . . . . . . . . 42
SECTION VII—Accounting . . . . . . . . . . . . 44
SECTION VIII—Disclosure Controls And
Internal Controls. . . . . . . . . . . . . . . . . . . . 45
SECTION IX—Risks And Uncertainties. . . . . . 46
Financing and Interest Rate Risk . . . . . . . . . .
46
Tenant Credit Risk . . . . . . . . . . . . . . . . . . .
46
Lease Roll-Over Risk . . . . . . . . . . . . . . . . .
46
Environmental Risk . . . . . . . . . . . . . . . . . .
47
Development Risk . . . . . . . . . . . . . . . . . . .
47
Taxation Risk . . . . . . . . . . . . . . . . . . . . . .
47
Joint Venture Risk . . . . . . . . . . . . . . . . . . .
47
SECTION X—Property Table. . . . . . . . . . . . 48
CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS FOR THE
QUARTER ENDED MARCH 31 , 2015 . . . . 55
LETTER TO UNITHOLDERS
Dear Fellow Unitholder:
To my way of thinking, success in real estate is not so much a function of scale as it is of operating coherence and
value creation. Although we’ve acquired and developed a lot of real estate since our IPO, we’ve never seen ourselves as
“asset gatherers” or “aggregators”. Rather, we’ve seen ourselves as being in the business of providing urban office space
to creative enterprises on a profitable basis for the benefit of our unitholders. Operating coherence allows us to serve
our customers better. Value creation allows us to serve our unitholders better. Interestingly, the two are very much
intertwined and mutually reinforcing.
Success is also a function of social responsibility. As the impact of our business has widened, we’ve made every effort
to think about what we do in the context of city building. Canadian cities are transforming rapidly and profoundly, and
we’re singularly well suited to contribute to the transformation by virtue of (i) the properties we own and (ii) the creative
enterprises we serve. The more successfully we contribute to city building, the better we’ll serve our customers and the
more profitable our business will be for our unitholders.
As we continue to build our business, two factors are becoming more pronounced. The first is the expansion of our
opportunity set, and the second is the strengthening of our platform. Again, the two are intertwined and mutually
reinforcing.
EXPANDING OPPORTUNITY SET
As I understand it, opportunity set is the range of opportunity that can be exploited within applicable limitations. For
a real estate business, there are two principal internal limitations—operating capability and financing capability. The
former is what you know how to do. The latter is what you can afford. As either expands, so too should your opportunity set.
Real estate operating capability relates, in large part, to function, asset-type and geography. When we started in 2003,
our operating capability was limited to the ownership of stabilized Class I office properties in Downtown Toronto. In

2005, it expanded to the ownership and management of stabilized Class I office properties in Downtown Toronto and
Downtown Montreal. Today, we function as a developer, owner and manager of urban office properties in major cities
across Canada. Our operating capability has expanded significantly over the years, with a corresponding expansion of our
opportunity set.
At our 2011 AGM, I mentioned that “the need for collaboration with those who have complimentary expertise has
increased as our business has grown.” Since then, we’ve established joint-venture relationships with best-in-class real
estate organizations like RioCan (retail development), Westbank (residential and office development), Diamond (urban
land development) and Perimeter (commercial development on the perimeter of the GTA). These relationships have
effectively expanded our operating capability.
Real estate financing capability is based on access to capital and cost of capital. When we started, we had limited access to
expensive equity financing and conventional first mortgage financing. In time, our access to capital improved immensely
and our cost of capital declined precipitously. Very recently, our ability to access unsecured debt financing was established
with an investment-grade credit rating. Our financing capability has also expanded significantly over the years, with a
corresponding expansion of our opportunity set.
The Adelaide & Duncan JV illustrates my point perfectly. Located on the southeast corner of Duncan and Adelaide
Streets in Toronto’s vibrant Downtown West submarket, 19 Duncan is comprised of a high-quality Class I building and
a significant amount of surplus land. It was offered for sale late last year. We saw real value in the Class I building, but
we knew that significant value would be attributed to the unused residential density on the surplus land. On our own,
we had limited ability to exploit the opportunity inherent in the unused residential density. With Westbank as a jointventure partner, however, 19 Duncan became a decidedly better opportunity for us. As a result, the Adelaide & Duncan
JV between Allied and Westbank was formed. Our expanding financing capability was also helpful in making 19 Duncan
part of our opportunity set, as we provided acquisition financing to Westbank on terms that were mutually beneficial.
Three years ago, 19 Duncan wouldn’t have been within our opportunity set. Late last year, it clearly was.
STRENGTHENING PLATFORM
A real estate platform is all about the people who collectively represent the operating capability of the business.
Expanding our platform is a necessary precondition to expanding our opportunity set successfully. We’ve been doing this
for some time now, and we’ll continue to do so going forward.
You’ll recall that we bolstered and realigned our leadership team comprehensively in 2010-2011. We bolstered it again
in 2013 through a combination of internal promotion and external recruitment. Late last year and early this year, we
bolstered and realigned our leadership team yet again, with the result that it’s now deeper, stronger, better iterated and
better composed than ever before. We achieved the most recent transformation with an encouraging combination of
internal promotion and external recruitment.

Tom Burns is an exceptional Chief Operating Officer at a time when the importance of a strong COO has become
more evident to everyone in the Canadian REIT universe. With steadfast support from Doug Riches (VP, Mission
Critical Facilities), David Pitfield, (VP, Operations) and Tim Low (VP, Leasing), Tom has ensured that our leasing and
operating capabilities have kept pace with our expanding opportunity set. He’ll continue to do so while participating
fully in the strategic guidance of our business. Cecilia Williams has in a very short period of time proven herself to be an
outstanding Chief Financial Officer. She has strong support from Luqman Ahmad (VP, Finance & Accounting), Karen
Leeder (Corporate Controller) and Sakshi Bonomo (Controller, Property Accounting). This support will enable her to
participate ever more fully in the strategic guidance of our business going forward.
Hugh Clark (VP, Development) has taken primary responsibility for our value-creation activity in recent years, as has
Tyrone Bowers (VP, Acquisitions) for our acquisition activity and Sarah Jane O’Shea (VP, Asset Management) for
our asset management activity. Like Cecilia, Hugh, Tyrone and Sarah Jane are young leaders with the ability to make a
progressively larger contribution to our business for years and years to come.
Jennifer Irwin (VP, Human Resources and Communications) and John Chung (VP, Technology) discharge vital
corporate functions. As our platform has expanded, managing human resources intelligently and utilizing technology
effectively has taken on ever greater importance, and Jennifer and John have been up to the challenge.
Not only does a strengthening platform propel operating capability, it provides a better foundation for succession
planning. Although our current leadership team is stable and fully committed to Allied, a strong platform must be able to
adapt to, and take advantage of, unexpected change. If necessary going forward, ours will do so, just as it did in the past six
months.
2015 BEGINS
We’ve had a strong start to the year. Our financial and operating performance measures in the first quarter were solid.
FFO and AFFO per unit for the quarter were $0.51 and $0.46, in-line with the comparable quarter last year, bringing our
FFO and AFFO pay-out ratios to 71% and 79%
Our opportunity set thus far in 2015 has consisted of value-creation opportunities in Toronto’s Downtown West
submarket, ones that we can prudently afford because of our strong balance sheet. We acquired 180 John Street, a small
and compact redevelopment opportunity similar in many respects to 460 King Street West, which we acquired last year
and will have redeveloped by the end of this year. We’ll redevelop 180 John over the next 24 to 36 months and generate a
respectable holding return in the interim.
We also announced the acquisition of 511-539 King West, an exceptional complex of heritage properties and surplus
land with 63,511 square feet of area and 301 feet of frontage on King West. Our 469-499 King West runs east from the
foot of Brant and includes frontage of 321 feet. (With the property, we’ll own 622 feet of uninterrupted frontage on the
south side of King West between 469 and 539.) For this and other reasons, the property is extremely strategic to us and

represents an extraordinary value-creation opportunity. We’ll operate it as a rental property in the near-term and explore
our options for longer-term intensification. It’s highly probable that we’ll pursue this value-creation opportunity with a
joint-venture partner having complimentary expertise.
Leasing thus far in 2015 has been exceptionally strong. QRC West in Toronto is on the verge of full lease-up, while
250 Front West is moving steadily in that direction. Our Montreal properties on du Parc and de Gaspe are also moving
steadily toward full lease-up, as are The Pilkington Building and Vintage I & II in Calgary. Unless we acquire new upgrade
properties over the remainder of the year, we expect our occupancy to progress towards our stabilized level of 95% by
year-end.
OUTLOOK
My confidence in Allied’s outlook continues. We remain well positioned to deliver above-average growth in FFO and
AFFO per unit, with “above average” being defined as high single-digit to low double-digit growth year over year. This
will be propelled by portfolio-wide rental growth, accretion from our ongoing acquisition activity and increased NOI as a
result of our ongoing development activity.
Our commitment to the balance sheet remains unwavering because of the defensive and offensive benefits that flow from
conservative financial management. Our capability in this regard has been enhanced by an investment-grade credit rating
that will enable us to access the unsecured debenture market and expand our pool of unencumbered properties. This
comes at an opportune time, as a number of large-scale development projects that we might otherwise have financed
with conventional first-mortgage financing are approaching substantial completion.
If you have any questions or comments, please don’t hesitate to call me at (416) 977-0643 or e-mail me at memory@
alliedreit.com.
Yours truly,
Michael Emory
president and chief executive officer


MANAGEMENT’S DISCUSSION
AND ANALYSIS OF RESULTS
OF OPERATIONS AND
FINANCIAL CONDITION AS
AT MARCH 31, 2015

SECTION I
—Overview
This Management’s Discussion and Analysis (“MD&A”) of results of operations and financial condition relates to
the quarter ended March 31, 2015. Unless the context indicates otherwise, all references to “Allied”, “we”, “us” and
“our” in this MD&A refer to Allied Properties Real Estate Investment Trust. The Board of Trustees of Allied, upon the
recommendation of its Audit Committee, approved the contents of this MD&A.
This MD&A has been prepared with an effective date of May 6, 2015 and should be read in conjunction with the
unaudited condensed consolidated financial statements and notes thereto for the quarter ended March 31, 2015, as well
as with the audited consolidated financial statements and notes thereto the year ended December 31, 2014. This MD&A
is based on financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”).
Historical results and percentage relationships contained in this MD&A, including trends that might appear, should
not be taken as indicative of future results, operations or performance. Unless otherwise indicated, all amounts in this
MD&A are in thousands of Canadian dollars.
Readers are cautioned that certain terms used in the MD&A such as Funds from Operations (“FFO”), Adjusted Funds
from Operations (“AFFO”), Net Operating Income (“NOI”), “Gross Book Value”, Earnings Before Interest, Taxes,
Depreciation and Amortization (“EBITDA”), Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization
(“Adjusted EBITDA”), “Payout Ratio”, “Interest Coverage”, “Net Debt to Adjusted EBITDA” and any related per Unit
amounts used by management to measure, compare and explain the operating results and financial performance of Allied
do not have any standardized meaning prescribed under IFRS and, therefore, should not be construed as alternatives
to net income or cash flow from operating activities calculated in accordance with IFRS. These terms are defined in the
MD&A and reconciled to the condensed consolidated financial statements of Allied for the three months ended March
31, 2015. Such terms do not have a standardized meaning prescribed by IFRS and may not be comparable to similarly
titled measures presented by other publicly traded entities. See “Other Measure of Performance”, “Net Operating
Income”, “Debt” and “Financial Covenants”.

EBITDA is a non-IFRS measure that is comprised of earnings less income taxes, interest expense, amortization expense
and depreciation expense. It is a metric that can be used to help determine Allied’s ability to service its debt, finance
capital expenditures and provide for distributions to its Unitholders.
Adjusted EBITDA, as defined by Allied, is a non-IFRS measure that is comprised of net earnings less income taxes,
interest expense, amortization expense and depreciation expense, as well as gains and losses on disposal of investment
properties and the IFRS value changes associated with investment properties and financial instruments. It is a metric that
can be used to help determine Allied’s ability to service its debt, finance capital expenditures and provide for distributions
to its Unitholders. Additionally, Adjusted EBITDA removes the non-cash impact of the IFRS value changes and gains
and losses on investment property dispositions.
The ratio of Net Debt to Adjusted EBITDA is included and calculated each period to provide information on the level of
Allied’s debt versus Allied’s ability to service that debt. Adjusted EBITDA is used as part of this calculation as the IFRS
value changes and gains and losses on investment property dispositions do not impact cash flow, which is a critical part of
the measure.
Certain information included in this MD&A contains forward-looking statements within the meaning of applicable
securities laws, including, among other things, statements concerning Allied’s objectives and strategies to achieve those
objectives, statements with respect to Management’s beliefs, plans, estimates and intentions and statements concerning
anticipated future events, circumstances, expectations, results, operations or performance that are not historical facts.
Forward-looking statements can be identified generally by the use of forward-looking terminology, such as “indicators”,
“outlook”, “objective”, “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “should”, “plans”, “continue”
or similar expressions suggesting future outcomes or events. In particular, certain statements in Section I—Overview,
under the heading “Outlook”, Section III – Asset Profile, under the headings “Development Assets” constitute forward
looking information. This MD&A includes, but is not limited to, forward-looking statements regarding: closing dates
of proposed acquisitions; completion of construction and lease-up in connection with upgrade projects and Properties
Under Development (“PUD”); growth of our AFFO and FFO per unit; continued demand for space in our target
markets; increase in net rental income per square feet of GLA; ability to extend lease terms; the creation of future value;
estimated GLA, NOI and growth from upgrade projects and PUDs; estimated costs of upgrade projects and PUDs;
future economic occupancy; return on investments, including return on investment in upgrade projects and PUDs;
estimated rental revenue and anticipated rental rates; lease of our intensification projects; anticipated available square feet
of leasable area; receipt of municipal approval for value-creation projects, including intensifications; and completion of
future financings and availability of capital. Such forward-looking statements reflect Management’s current beliefs and are
based on information currently available to Management.
The forward-looking statements in this MD&A are not guarantees of future results, operations or performance and
are based on estimates and assumptions that are subject to risks and uncertainties, including those described in “Risks
and Uncertainties” section, which could cause actual results, operations or performance to differ materially from the
forward-looking statements in this Annual Report. Those risks and uncertainties include risks associated with property

ownership, property development, geographic focus, asset-class focus, competition for real property investments,
financing and interest rates, government regulations, environmental matters, construction liability and taxation. Material
assumptions that were made in formulating the forward-looking statements in this Annual Report include the following:
that our current target markets remain stable, with no material increase in supply of directly-competitive office space;
that acquisition capitalization rates remain reasonably constant; that the trend toward intensification within our target
markets continues; and that the equity and debt markets continue to provide us with access to capital at a reasonable cost
to fund our future growth and to refinance our mortgage debt as it matures. Although the forward-looking statements
contained in this MD&A are based on what Management believes are reasonable assumptions, there can be no assurance
that actual results, operations or performance will be consistent with these statements.
All forward-looking statements in this MD&A are qualified in their entirety by this forward-looking disclaimer. Without
limiting the generality of the foregoing, the discussion in the letter to Unitholders, Section I—Outlook and Section III—
Asset Profile is qualified in its entirety by this forward-looking disclaimer. These statements are made as of May 6, 2015,
and, except as required by applicable law, Allied undertakes no obligation to update publicly or revise any such statements
to reflect new information or the occurrence of future events or circumstances.
SUMMARY OF KEY FINANCIAL AND OPERATING PERFORMANCE MEASURES
The following table summarizes the key financial and operating performance measures for the first quarter and the
comparable quarter in 2014.
Portfolio
MARCH 31,
2015
MARCH 31,
2014
Number of Properties
142 136
Total rental GLA
9,501 9,139
Leased rental GLA
8,681 8,319 Leased area
91.4% 91.0%
Occupied area
88.3% 88.7%
Average in place net rent per square foot (period-end)
Market rent per square foot (period-end)
Investment properties
3,759,462 3,381,968
Total assets
3,995,657 3,580,592
Total debt
1,339,493 1,264,399
Total debt as a % of investment properties
Annualized Adjusted EBITDA
208,808 193,156
Net debt
1,330,591 1,261,644
Net debt as a multiple of annualized Adjusted EBITDA

20.51 19.82
22.38 20.74 35.6% 6.4x 37.4%
6.5x
MARCH 31,
2015
Adjusted EBITDA
MARCH 31,
2014
52,202 48,289
13,072
Interest expense
13,184 Interest expense as a multiple of Adjusted EBITDA
4.0x Rental revenue from investment properties
89,567 82,547
NOI
52,912 48,753
Same-asset NOI
45,263 47,248
Net Income excluding IFRS value adjustments
34,324 31,327
Net Income
FFO
39,418 35,010
AFFO
35,293 31,864
Distributions
27,981 24,281 Rental revenue from investment properties per unit
1.17 1.19
NOI per unit
0.69 0.71
Same-asset NOI per unit
0.59 0.68
Net income excluding IFRS value adjustments per unit
0.45 0.45
Net income per unit
Distributions per unit
1.46 1.41
FFO per unit
0.51 0.51
0.46 0.46 AFFO per unit
Financial Ratios 3.7x
(3,629) ALLIED’S CURRENT
TARGETS
(0.05) 15,415
Total indebtedness ratio
< 40%
33.6% 35.4%
Secured indebtedness ratio
< 45%
31.6% 35.3%
Debt service coverage ratio
>1.50x
2.3x 2.3x
Unencumbered property asset ratio
>1.40x
14.3x n/a
Interest-coverage ratio - including interest capitalized
3.1x 3.0x
Interest-coverage ratio - excluding interest capitalized
4.0x 3.7x
0.22
>3.0x

BUSINESS OVERVIEW AND STRATEGY
Allied is an unincorporated closed-end real estate investment trust created pursuant to the Declaration of Trust dated
October 25, 2002, as amended and restated on February 6, 2003, May 14, 2008, May 11, 2010, May 15, 2012 and May
14, 2013 (“Declaration”). Allied is governed by the laws of Ontario. Allied’s units are publicly traded on the Toronto
Stock Exchange under the symbol AP.UN. Additional information on Allied, including Allied’s annual information form,
is available on SEDAR at www.sedar.com.
Allied 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. Allied’s objectives are to provide stable and growing
cash distributions to unitholders and to maximize unitholder value through effective management and accretive portfolio
growth.
Allied specializes in an office format created through the adaptive re-use of light industrial structures in urban areas
that has come to be known as Class I, the “I” stemming from the original industrial nature of the structures. This format
typically features high ceilings, abundant natural light, exposed structural frames, interior brick and hardwood floors.
When restored and retrofitted to the standards of Allied’s portfolio, Class I buildings can satisfy the needs of the most
demanding office and retail tenants. When operated in the coordinated manner of Allied’s portfolio, these buildings
become a vital part of the urban fabric and contribute meaningfully to a sense of community.
The Class I value proposition includes (i) proximity to central business districts in areas well served by public
transportation, (ii) distinctive internal and external environments that assist tenants in attracting, retaining and
motivating employees and (iii) significantly lower overall occupancy costs than those that prevail in the central business
districts. The value proposition has proven appeal to a diverse base of business tenants, including the full range of service
and professional firms, telecommunications and information technology providers, media and film groups and storefront
retailers.
In addition to accommodating their employees in urban office space, many of Allied’s tenants utilize sophisticated
and extensive telecommunication and computer equipment. This is often a mission-critical need for our tenants. In an
effort to serve this related need, Allied established extensive capability in downtown Toronto through the acquisition of
151 Front Street West, the leading telecommunication interconnection point in Canada. Allied has since expanded its
capability and is intent on continuing to do so with a view to serving its tenants’ space requirements more fully.

PROPERTY PORTFOLIO
Allied completed its Initial Public Offering (“IPO”) on February 20, 2003, at which time it had assets of $120 million, a
market capitalization of $62 million and a local, urban-office portfolio of 820,000 square feet. Allied now has assets of
$4 billion, a market capitalization of over $3 billion and a national urban-office platform of over 10 million square feet of
GLA in ten cities across Canada. The illustration below depicts the geographic diversity of our rental properties.

ACQUISITIONS
To date in 2015, Allied has acquired two properties for $31,815, a summary of which is in the table below:
PURCHASE
PRICE
OFFICE
GLA
RETAIL
GLA
TOTAL
GLA
PARKING
SPACES
PROPERTY
ACQUIRED
19 Duncan, Toronto (1)
February 20, 2015
$23,525 30,956 -
30,956 36
April 15, 2015
8,290 30,033 6,140 36,173 2
$31,815 60,989 6,140 67,129 38
180 John, Toronto
Total
(1) Equal two-way co-ownership with Westbank, total estimated GLA is 61,911.
CORPORATE SOCIAL RESPONSIBILITY
Allied is committed to sustainability as it relates to the physical environment within which it operates. Most of Allied’s
buildings were created through the adaptive re-use of structures built over a century ago. They are recycled buildings,
and the recycling has had considerably less impact on the environment than new construction of equivalent GLA would
have had. To the extent Allied undertakes new construction through development or intensification, it is committed to
obtaining LEED certification. LEED certification is a program administered by the Canada Green Building Council for
certifying the design, construction and operation of high-performance green buildings.
The ongoing operation of our buildings also affects the physical environment. Allied is committed to obtaining BOMA
BESt certification for as many of its existing buildings as possible. Certification is based on an independent assessment
of key areas of environmental performance and management. Level 1 certification involves independent verification
that all BOMA BESt practices have been adopted. Level 2 through to Level 4 involve progressively better assessments
of environmental performance and management. Allied has one property with Level 2 certification and eight properties
with Level 3 certification, with plans to put additional buildings forward for certification on an annual basis.
Allied is also attentive to the impact of its business on the human environment. Allied’s investment and development
activities can have a displacing impact on members of the artistic community. As building inventory in an area is
improved, the cost of occupancy can become prohibitive. Allied believes that its buildings and tenants are best served
if artists remain viable members of the surrounding communities. Accordingly, Allied has made it a practice to allocate
an appropriate portion of its rentable area to artistic uses on an affordable basis as part of its Make Room for the Arts
program, the most recent example of this being the lease of over 200,000 square feet of GLA to Pied Carré at 54455455 de Gaspé in Montréal for a 30-year term. What Allied foregoes in short-term rent, it more than makes up in overall
occupancy and net rent levels at other properties in the surrounding communities. Allied sees this as an important part of
its corporate social responsibility.

BUSINESS ENVIRONMENT AND OUTLOOK
Allied operates in 10 urban markets in Canada – Toronto, Montréal, Ottawa, Winnipeg, Québec City, Kitchener, Calgary,
Edmonton, Vancouver and Victoria. The office inventory statistics are summarized in the table below.
TOTAL OFFICE
INVENTORY
ESTIMATED
TARGET
MARKET
INVENTORY
ALLIED
CURRENT
GLA
ALLIED’S
PERIOD END
ESTIMATED
ALLIED
SHARE OF
LEASED RATE TARGET MARKET
Toronto
71,365,403 16,100,000
3,919,822 95.7%
24.3%
Montréal
13,252,214 15,000,000
2,730,853 85.1%
18.2%
92.7%
12.8%
Ottawa
16,050,498 1,700,000 217,583 Winnipeg
10,254,027 1,800,000 348,087 83.0%
19.3%
Québec City
18,889,931 1,500,000 219,465 80.9%
14.6%
2,404,874 1,000,000 480,130 97.9%
48.0%
Calgary
40,716,494 1,000,000 976,527 91.3%
97.7%
Edmonton
15,663,771 1,000,000 282,280 97.2%
28.2%
Victoria
4,897,834 2,400,000 41,578 100.0%
1.7%
24,687,619 4,000,000 284,236 91.9%
7.1%
218,182,665 45,500,000 9,500,561 91.4%
20.9%
Kitchener
Vancouver
Total
Allied remains well positioned to deliver high single-digit to low double-digit growth in FFO and AFFO per unit yearover-year. Allied expects this growth to be propelled by portfolio-wide rental growth and accretion from its ongoing
acquisition activity. Ongoing development activity will also begin to contribute to NOI this year. Specifically, 250 Front
West, QRC West, and 460 King West will start generating NOI in the latter half of 2015. Breithaupt Block, Phase II, and
485 King West are scheduled to begin contributing to NOI in 2016, and Telus Sky in late 2017.
Allied expects to dispose of non-core assets in Québec City, Winnipeg, Edmonton and Victoria over the course of 2015
and 2016. Allied’s ultimate goal is to recycle capital into development opportunities, thereby improving its return on
equity over time.
Allied’s commitment to the balance sheet remains unwavering because of the defensive and offensive benefits that flow
from conservative financial management. Allied’s capability in this regard has been enhanced by an investment-grade
credit rating that enables it to access the unsecured debenture market and expand its pool of unencumbered properties.
This comes at an opportune time, as a number of large-scale value-creation projects that Allied might otherwise have
financed with conventional first-mortgage financing are approaching substantial completion.

SECTION II
—Leasing
Allied strives to maintain high levels of occupancy and leased area. At March 31, 2015, Allied’s rental portfolio was
91.4% leased.
STATUS
Leasing status for the rental portfolio as at March 31, 2015, is summarized in the following table:
TOTAL GLA
9,500,561 OCCUPIED
8,388,763 % OCCUPIED COMMITTED % COMMITTED LEASED % LEASED
88.3%
292,534 3.1%
8,681,297 91.4%
Of 9,500,561 square feet of total GLA in Allied’s rental portfolio, 8,388,763 square feet were occupied by tenants on
March 31, 2015. Another 292,534 square feet were subject to contractual lease commitments with tenants whose leases
commence subsequent to March 31, 2015, bringing the leased area to 8,681,297 square feet, which represents 91.4% of
Allied’s total GLA.
95.6% of the space subject to contractual lease commitments at the end of the quarter are scheduled to commence in
2015, with the balance commencing in 2016, as summarized in the following table:
Q2 15
Q3 15
Q4 15
2016
TOTAL
Lease commitments
59,822
154,174
65,534
13,004
292,534
% of lease commitments
20.5%
52.7%
22.4%
4.4%
100.0%

Leasing status during the first quarter is summarized in the following table:
Occupied GLA
% Occupied GLA
Q1 2015
Q1 2014
8,388,763 8,109,019
88.3%
88.7%
Allied monitors the level of sub-lease space in its portfolio and is unaware of any space being offered for sub-lease in its
Ottawa, Québec City and Edmonton portfolios. Allied is aware of 155,408 square feet of space being offered for sub-lease
in its Toronto portfolio, 52,512 square feet of space in its Montréal portfolio, 17,584 square feet of space in its Kitchener
portfolio, 49,450 square feet in its Calgary portfolio, 4,223 square feet in its Winnipeg portfolio, 3,876 square feet in its
Victoria portfolio and 7,170 square feet in its Vancouver portfolio. This level of sub-lease space is consistent with past
experience and does not represent an operating or leasing challenge to Allied.
ACTIVITY
Allied places a high value on tenant retention, as the cost of retention is typically lower than the cost of securing new
tenancies. If retention is neither possible nor desirable, Allied strives for high-quality replacement tenants.
Leasing activity in connection with the rental portfolio as at March 31, 2015, is summarized in the following table:
Vacancy on January 1, 2015
Arranged Vacancy in Q1
LEASABLE
SF
LEASED
SF BY
MARCH 31
% LEASED
BY
MARCH 31
SF UNLEASED
ON MARCH 31
793,366 60,853 7.7%
732,513
-
58,446
58,446 - Maturities in Q1
191,489 163,183 85.2%
28,306
Maturities in remainder of 2015
716,213 227,952 31.8%
-
1,759,514 451,988 25.7%
819,265
Total
At the beginning of 2015, 793,366 square feet of GLA was vacant. By the end of the quarter, Allied leased 60,853 square
feet of this GLA, leaving 732,513 square feet unleased.
Leases for 191,489 square feet of GLA matured in the first quarter. By the end of the first quarter, Allied renewed or
replaced leases for 163,183 square feet of this GLA, leaving 28,306 square feet unleased. Of the 716,213 square feet of
GLA maturing in the remainder of the year, Allied renewed or replaced leases for 227,952 square feet by quarter-end.

During the quarter, 43.1% of the GLA covered by leases maturing in 2015 was renewed or replaced. With respect to
those renewals and replacements (391,135 square feet of GLA in total), Allied achieved rental rates (i) above in-place
rental rates for 59.2% of the GLA, (ii) equal to in-place rental rates for 25.8% of the GLA and (iii) below in-place rates for
15.0% of the GLA. Overall, this has resulted in no change in the net rental income per square foot from maturing leases.
TENANT PROFILE
The following sets out Allied’s tenant-mix on the basis of percentage of rental revenue for the quarter ended March 31,
2015:
% OF RENTAL REVENUE
MARCH 31, 2015
CATEGORY
Telecommunications and information technology
29.4%
Business service and professional
27.5%
Retail (head office and storefront)
13.8%
Media and entertainment
12.2%
Other5.6%
Financial services
5.1%
Government4.5%
Educational and institutional
1.9%
100.0%
The following sets out the percentage of rental revenue from top 10 tenants by rental revenue for the quarter ended
March 31, 2015:
TENANT
% OF RENTAL
REVENUE
MARCH 31, 2015
WEIGHTED AVERAGE
REMAINING
LEASE TERM
CREDIT RATING
DBRS/S&P/MOODY’S
National Capital Commission
(a Canadian Crown Corporation)
3.4%
4.8 Not rated
Equinix
3.1%
10.1 -/BB/Ba3
Desjardins
2.9%
3.8 AA/A+/Aa2
Ubisoft
2.5%
7.2 Not rated
Cologix
2.2%
11.3 Not rated
Allstream
1.4%
4.0 * BBB/BBB/-
Bell Canada
1.4%
5.3 AL/BBB+/Baa1
SAP Canada
1.3%
6.4 * -/A/A2
Peer 1
1.2%
3.5 * BBH/BB+/-
IBM Canada
1.2%
6.2 * -/AA-/Aa3
*Credit rating for parent company

LEASE MATURITY
91.4% of the GLA in Allied’s portfolio was leased at March 31, 2015 (excluding upgrade properties). The weighted
average term to maturity of Allied’s leases at that time was five years. The following sets out, as of today’s date, the
total GLA of the leases that mature up to 2024 and thereafter, assuming tenants do not exercise renewal options, the
percentage of total GLA represented by the maturing leases, the weighted average in-place net rental rate on the maturing
leases and the weighted average market net rental rate on the space covered by the maturing leases. The square footage
maturing by December 31, 2015, does not include month-to-month leases for 139,581 square feet of GLA that are
routinely renewed at the end of each month by the tenants. The weighted average market net rental rate is based on
Management’s current estimates and is supported in part by independent appraisals of certain of the relevant properties.
There can be no assurance that Management’s current estimates are accurate or that they will not change with the passage
of time.
RENTAL PROPERTIES
YEAR ENDED
Month to month
December 31, 2015
SQUARE
FEET
% OF TOTAL
GLA
WEIGHTED
AVERAGE
RENTAL RATE
WEIGHTED
AVERAGE
MARKET RATE
139,581 1.5%
$16.79 $19.08
649,407 6.8%
17.90 20.45
December 31, 2016
799,918 8.4%
18.67 19.30
December 31, 2017
1,263,724 13.3%
19.62 21.40
December 31, 2018
1,140,870 12.0%
20.29 21.80
December 31, 2019
955,221 10.1%
25.10 26.80
December 31, 2020
835,059 8.8%
19.35 20.44
December 31, 2021
678,889 7.2%
21.65 23.28
December 31, 2022
557,072 5.9%
20.56 22.18
December 31, 2023
752,720 7.9%
17.43 20.30
December 31, 2024
325,113 3.4%
20.59 24.78
Thereafter
583,722 6.1%
25.92 28.78
8,681,296 91.4%
$20.51 $22.38
819,265 8.6%
9,500,561 100.0%
Leased area
Vacancy
Total


SECTION III
—Asset Profile
As at March 31, 2015, Allied’s portfolio consisted of 142 investment properties (123 rental properties, 11 development
properties and 8 parking lots) comprising over 10 million square feet of space, with an IFRS value of $3,759,462.
MARCH 31, 2015
PROPERTIES
RENTAL
UNDER
PROPERTIES DEVELOPMENT
Balance beginning of the
period
Acquisitions
Transfers from PUD
Transfers to PUD
Capital expenditures
PROPERTIES
RENTAL
UNDER
PROPERTIES DEVELOPMENT TOTAL
TOTAL
$3,490,057 $236,700 -
24,573 24,573 Additions: DECEMBER 31, 2014
-
-
-
9,363 27,236 36,599 Disposals
-
-
-
Interest in freehold lease
and land leases
-
1,567 1,567 Balance end of the period
(178,642)
(15,714)
$3,305,064 (14,320)
$454,398 $ 3,163,688 $137,062 178,642 IFRS value gain (loss)
-
$3,726,757 (30,034)
$3,759,462 208,709 11,796 (8,403)
82,727 (6,294)
18,611 19,223 $3,490,057 $3,300,750
26,231 234,940
(11,796)
-
8,403 71,661 (7,080) - 12,219 $236,700 -
154,388
(13,374)
18,611
31,442
$3,726,757

The IFRS value of rental properties is determined using the discounted cash flow method, whereby the income and
expenses are projected over the anticipated term of the investment and combined with a terminal value, all of which is
discounted using an appropriate discount rate. The IFRS value of properties under development is measured using both a
comparable sales method and a discounted cash flow method, net of costs to complete, as of the balance sheet date.
Management verifies all major inputs to the valuations and reviews the results with the independent appraiser.
Management also analyses the changes in IFRS values at the end of each reporting period during the quarterly valuation
discussions with the independent appraiser.
In valuing our portfolio as at March 31, 2015, the appraiser used a range of capitalization rates ranging from 4.0% to 8.3%,
the high-point being the capitalization rate associated with our property at 6300 Avenue du Parc. The portfolio weighted
average cap rate was 6.2%.
MARCH 31, 2015
DECEMBER 31, 2014
WEIGHTED
AVERAGE %
RANGE %
WEIGHTED
AVERAGE %
RANGE %
Central Region
4.75% - 7.50%
6.3%
4.75% - 7.50%
6.3%
Eastern Region
5.75% - 8.25%
6.2%
5.75% - 8.25%
6.2%
Western Region
4.75% - 7.50%
6.0%
4.75% - 7.50%
6.0%
Total (excl. PUD)
4.75% - 8.25%
6.2%
4.75% - 8.25%
6.2%
PUD
4.00% - 7.75%
6.7%
5.50% - 7.75%
6.7%
Total portfolio
4.00% - 8.25%
6.2%
4.75% - 8.25%
6.3%
RENTAL PROPERTIES
Allied’s rental portfolio was built by consolidating the ownership in major Canadian cities of urban office properties with
three distinct attributes—proximity to the core, distinctive internal and external environments and lower occupancy
costs than conventional office towers. Scale within each city proved to be very important as Allied grew. It enabled Allied
to provide its tenants with greater expansion flexibility, more parking and better telecom and IT capacity than its direct
competitors. Scale across the country also proved to be important. It enabled Allied to serve national and global tenants
better, to expand its growth opportunities and to achieve meaningful geographic diversification.

TOP-10 RENTAL PROPERTIES
Allied’s rental portfolio comprises of 123 rental properties consisting of 9.5 million square feet of GLA. The top 10 rental
properties, measured by NOI, are identified in the following table:
PRINCIPAL
TENANTS BY NOI
IFRS VALUE
LQA NOI
CAP RATE
151 Front West, Toronto
335,250 26,588 7.93%
Allstream, Bell, Cologix, Equinix
Cité Multimédia, Montréal
304,220 18,088 5.95%
Desjardins, Morgan Stanley, Resolute
The Chambers, Ottawa
119,420 9,072 7.60%
National Capital Commission
555 Richmond West, Toronto
104,250 6,048 5.80%
Sentinelle Medical
Vintage I & II, Calgary
105,440 5,380 5.10%
Royal & Sun Alliance
Boardwalk Revillion, Edmonton
79,620 5,176 6.50%
Edmonton Public School Board
The Tannery, Kitchener
70,600 4,176 5.92%
Desire 2 Learn, Google
500-522 King Street, Toronto
68,950 3,860 5.60%
eBay
QRC East, Toronto
71,250 3,812 5.35%
Key Media, Publicis
44,070 3,560 8.08%
Ubisoft
1,303,070 85,760 6.58%
5505 Saint-Laurent, Montréal
Total
The IFRS value for each rental property is the value assigned to it for the purposes of Allied’s condensed consolidated
financial statements for the period ended March 31, 2015. The capitalization rate for each rental property is the rate used
in determining the IFRS value assigned to it for the purposes of our condensed consolidated financial statements for
the period ended March 31, 2015. Last Quarter Annualized (“LQA”) NOI from top 10 rental properties represented
approximately 40.5% of our total NOI in the period ended March 31, 2015.
RENTAL PROPERTIES UNDERGOING INTENSIFICATION APPROVAL
One way Allied creates value is by intensifying the use of underutilized land. The land beneath the buildings in Toronto
is significantly underutilized in relation to the existing zoning potential. This is also true of some of Allied’s buildings
in Kitchener, Montréal, Calgary and Vancouver. These opportunities are becoming more compelling as the urban areas
of Canada’s major cities intensify. Because Allied has captured the unutilized land value at a low cost, it can achieve
attractive risk-adjusted returns on intensification.
Allied has initiated the intensification approval process for eight rental properties in Toronto, four of which Allied owns
in their entirety and the remaining four co-owned with partners. These properties are identified in the following table.

APPROVAL STATUS
ESTIMATED
GLA
USE
ESTIMATED
COMPLETION
Union Centre
Rezoning completed
Office, limited retail 1,129,000 2020-2025
QRC West, Phase II
Rezoning completed
Office, retail 74,000 2019
King & Peter
Rezoning completed
Office, limited retail 790,000 2020-2025
King & Spadina
Rezoning completed
Office, limited retail 300,000 2020-2025
College & Manning (1)
Rezoning completed
Office, limited retail, residential 62,500 2020
In rezoning
Office, retail, residential 200,000 2019
Rezoning completed
Office, limited retail, residential 150,000 2015
In rezoning
Office, retail, residential 1,240,000 2022-2025
King & Portland (2)
57 Spadina (3)
The Well (4)
Total
3,945,500
(1) Equal two-way co-ownership with RioCan, total estimated GLA is 125,000 square feet
(2) Equal two-way co-ownership with RioCan, total estimated GLA is 400,000 square feet
(3) Equal two-way co-ownership with Diamond, total estimated GLA is 300,000 square feet
(4) 40/40/20 co-ownership with RioCan and Diamond, total estimated GLA is 3,100,000 square feet
Estimated GLA is the estimated total amount of gross leasable area in the intensification property based on applicable
standards of area measurement and the expected or actual outcome of re-zoning.
The following table sets out the IFRS value and NOI of the rental properties identified in the preceding table, as at March
31, 2015, as well as the current funding obligations in relation to design for zoning approval costs associated with those
properties.
(In thousands)
IFRS VALUE
Union Centre
82,000
LQA NOI
572
ESTIMATED
DESIGNAPPROVAL
COST
2,500
FUNDED
TO BE FUNDED
2,490
10
QRC West, Phase II
28,330
1,292
750
750
-
King & Peter
33,480
1,408
700
700
-
King & Spadina
20,630
1,148
1,150
1,140
10
College & Manning (1)
11,845
656
500
500
-
King & Portland (1)
23,140
684
500
490
10
6,730
1,704
475
475
-
70,800
1,112
4,681
3,608
1,073
57 Spadina (1)
The Well (1)
Total
276,9558,576 11,256 10,153 1,103
(1) These properties are co-ownerships, reflected in the table at Allied’s ownership percentage of assets and liabilities

These properties are currently generating NOI and will continue to do so until Allied initiates construction. All
properties other than Union Centre and The Well are valued in relation to their current NOI or their current potential
NOI. Union Centre is valued in relation to the approved density on the site, and The Well is valued in relation to the
anticipated density on the site. With respect to the ultimate intensification of these properties, a significant amount of
pre-leasing will be required before construction commences. The design-approval costs have been, and will continue to
be, funded with cash-on-hand.
DEVELOPMENT PROPERTIES
Development is another way to create value and a particularly effective one for Allied, given the strategic positioning of its
portfolio in the urban areas of Canada’s major cities. Urban intensification is the single most important trend in relation
to Allied’s business. Not only does it anchor Allied’s investment and operating focus, it provides the context within which
Allied creates value for its unitholders. The pace of urban intensification is accelerating. Residential structures are moving
inexorably upward, office structures are moving well beyond traditional boundaries and retailers are accepting new and
different spatial configurations, all in an effort to exploit opportunity while accommodating the physical constraints of
the inner-city. It has even reached a point where the migration to the suburbs that started in the 1950s is reversing itself.
What was identified a few years back as an incipient trend has become a reasonably widespread reverse migration, with
office tenants returning to the inner city to capture the ever more concentrated talent pools.
It is expected that development activity will become a more important component of Allied’s growth as projects
are completed. The expectation is largely contingent upon completing the development projects in the manner
contemplated. The most important factor affecting completion will be successful lease-up of space in the development
portfolio. The material assumption made in formulating the statement is that the office leasing market in the relevant
markets remains stable. Pursuant to Allied’s Declaration, the cost of Properties Under Development cannot exceed 15%
of Gross Book Value. (At the end of the March 31, 2015, the cost of Allied’s Properties Under Development was 7.5% of
Gross Book Value.) This self-imposed limitation is intended to align the magnitude of Allied’s development activity with
the overall size of the business.
Properties Under Development consist of properties purchased with the intention of being developed before being
operated and properties transferred from the rental portfolio once activities changing the condition or state of the
property, such as the de-leasing process, commence.
Allied currently has the following eleven Properties Under Development.

USE
ESTIMATED GLA (SF)
GLA LEASED %
Office
502,713 63.0%
Office, limited retail
350,000 95.0%
460 King West
Office, retail
20,000 100.0%
250 Front West
Telecom and IT
178,000 86.0%
Office, retail
13,200 0.0%
Office
45,000 100.0%
TELUS Sky (1)
Office, residential
223,000 21.0%
Duncan & Adelaide (1)
Office, residential
200,000 0.0%
Office, retail
53,000 0.0%
138 Portage East
Office
36,334 0.0%
8-10 Bastion
Office
32,485 18.0%
5445 de Gaspé
QRC West, Phase I
485 King West
The Breithaupt Block, Phase II (1)
College & Palmerston (1)
Total
1,653,732 (1) These properties are co-ownerships, reflected in the table at Allied’s ownership percentage of assets and liabilities
The following table sets out the IFRS value of Allied’s Properties Under Development, as at March 31, 2015, as well as
management’s estimates with respect to the financial outcome on completion.
(In thousands
except for ROI)
TRANSFER
TO RENTAL
PORTFOLIO
5445 de Gaspé
Q2 2015
43,960 1,555 3,800 60,800 6.2%
10,300
QRC West, Phase I
Q2 2015
144,261 545 11,000 115,000 9.6%
6,100
IFRS VALUE
LQA NOI
ESTIMATED
ANNUAL
NOI
ESTIMATED
TOTAL
COST
ESTIMATED
ROI
ESTIMATED
COST TO
COMPLETE
460 King West
Q3 2015
17,135 39 850 18,500 4.6%
500
250 Front West
Q4 2015
182,907 12,760 20,000 90,000 22.2%
59,300
485 King West
Q1 2016
8,000 -
500 10,600 4.7%
2,100
The Breithaupt Block,
Phase II (1)
Q4 2016
7,191 -
1,170 15,180 7.7%
8,300
TELUS Sky (1)
Q3 2017
12,960 -
10,000 133,000 7.5%
117,400
Duncan & Adelaide (1)
Q4 2018
22,650 488 College & Palmerston (1)
Q4 2018
3,850 -
138 Portage East
TBD
2,978 940 TBD
TBD
-
TBD
8-10 Bastion
TBD
8,506 68 TBD
TBD
-
TBD
454,398 16,395 Total TBD
475 47,795 TBD
9,800 452,880 (1) These properties are co-ownerships, reflected in the table at Allied’s ownership percentage of assets and liabilities

-
4.8%
10.6%
TBD
5,800
209,800
The IFRS value of Properties Under Development is measured using both a comparable sales method and a discounted
cash flow method, net of costs to complete, as of the balance sheet date. The initial cost of Properties Under Development
includes the acquisition cost of the property, direct development costs, realty taxes and borrowing costs directly
attributable to the development. Borrowing costs associated with direct expenditures on Properties Under Development
are capitalized. The amount of capitalized borrowing costs is determined first by reference to borrowings specific to the
project, where relevant, and otherwise by applying a weighted average cost of borrowings to eligible expenditures after
adjusting for borrowings associated with other specific developments.
Practical completion is when the property is capable of operating in the manner intended by Management. Generally this
occurs upon completion of construction and receipt of all necessary occupancy and other material permits. Estimated
annual NOI is Management’s estimate of the amount of annual NOI the Properties Under Development will generate on
reaching 90% economic occupancy. The most important factor affecting estimated annual NOI will be successful leaseup of vacant space in the development properties at current levels of net rent per square foot. The material assumption
made in formulating the statement is that the office leasing market in the relevant markets remains stable. Estimated
total cost includes acquisition cost, estimated total construction and financing costs. The material assumption made
in formulating the estimated total cost is that construction and financing costs remain stable for the remainder of the
development period. Estimated ROI is the estimated annual NOI as a percentage of the estimated total cost. Estimated
completion cost is the difference between the estimated total cost and the costs incurred to date.

SECTION IV
—Liquidity and Capital Resources
Allied’s liquidity and capital resources are used to fund capital investments including development activity, leasing costs,
financing expenses and distributions to unitholders. The primary source of liquidity is net operating income generated
from rental properties, which is dependent on rental and occupancy rates, the structure of lease agreements, leasing costs,
and the rate and amount of capital investment and development activity, among other variables.
Allied has financed its operations through the use of equity, mortgage debt secured by rental properties, construction
loans, secured short-term debt financing and most recently an unsecured operating line. Conservative financial
management has been consistently applied through the use of long term, fixed rate, debt financing. Allied’s objective is
to maximize financial flexibility while continuing to strengthen the balance sheet. We will achieve this by accessing the
unsecured debenture market and grow our pool of unencumbered assets, which totals $1.1 billion as at March 31, 2015.
DEBT
Total debt and net debt are non-IFRS financial measures and do not have any standard meaning prescribed by IFRS. As
computed by Allied, total debt and net debt may differ from similar computations reported by other Canadian real estate
investment trusts and, accordingly, may not be comparable to similar computations reported by such organizations.
Management considers total debt and net debt to be useful measures for evaluating debt levels and interest coverage. The
following illustrates the calculation of total debt and net debt as at March 31, 2015 and December 31, 2014.

MARCH 31, 2015
Mortgages payable
Construction loans payable
Unsecured revolving operating facility
Secured operating facility
DECEMBER 31, 2014
$1,248,679 $1,274,857
13,814 54,210
77,000 -
-
Total debt
$1,339,493 Less cash and cash equivalents
Net debt
24,336
$1,353,403 8,902 5,260
$1,330,591 $1,348,143
MORTGAGES PAYABLE
Mortgages payable as at March 31, 2015, consisted of mortgage debt of $1,248,679. The following sets out the maturity
schedule of Allied’s mortgage debt and the weighted average interest rate on the maturing mortgages.
PERIODIC
PRINCIPAL
PAYMENTS
BALANCE
DUE AT
MATURITY
2015 27,931 46,942 74,873 6.0%
5.3%
2016 35,883 66,511 102,394 8.2%
5.1%
2017 33,845 127,314 161,159 12.8%
3.9%
2018 32,889 56,900 89,789 7.2%
5.4%
2019 30,019 142,360 172,379 13.7%
6.0%
2020 23,991 4,456 28,447 2.3%
5.2%
2021 23,069 104,344 127,413 10.1%
4.2%
2022 19,210 73,683 92,893 7.4%
4.2%
2023 16,008 220,957 236,965 18.9%
4.7%
2024 3,011 165,326 168,337 13.4%
4.3%
245,856 1,008,793 1,254,649 100.0%
4.7%
Net premium on
assumed mortgages
704 Financing costs
TOTAL
PRINCIPAL
(6,674)
1,248,679 % TOTAL
PRINCIPAL
WA
INTEREST
RATE

TOTAL PRINCIPAL DUE AT MATURITY
WA INTEREST RATE
6.0%
$300
$250
6.0%
5.4%
5.5%
$237.0
5.3%
5.2%
5.1%
MILLIONS
$200
5.0%
4.7%
$172.4
$161.2
$150
$127.4
$102.4
3.9%
$100
4.2%
$89.8
$168.3
4.3%
4.5%
4.2%
$92.9
4.0%
$74.9
$50
3.5%
$28.4
$0
3.0%
2015
6.0%
2016
8.2%
2017
12.8%
2018
7.2%
2019
13.7%
2020
2.3%
2021
10.1%
2022
7.4%
2023
2024
18.9%
13.4%
PERCENTAGE OF TOTAL PRINCIPAL
Interest rates on mortgage debt are between 2.0% and 6.9%, resulting in a weighted average interest rate of 4.7%
(December 31, 2014 - 4.8%). The weighted average term of the mortgage debt is 6.1 years (December 31, 2014 - 6.2
years). Each individual mortgage loan is secured by a mortgage registered on title of a rental property and by security
agreements covering assignment of rents and personal property with respect to such property.
CONSTRUCTION LOANS PAYABLE
Allied has provided its guarantee (limited to 50%) to a Canadian chartered bank to support a $45,700 construction
lending facility to assist with the financing of construction costs associated with a property under development in which
Allied has a 50% joint arrangement interest. The loan matures on December 31, 2015, and bears interest at bank prime
plus 80 basis points or bankers’ acceptance rate plus 180 basis points. The balance outstanding under the facility as at
March 31, 2015, was $27,628, of which $13,814 was Allied’s loan obligation. The balance outstanding under the facility
as at December 31, 2014, was $24,220, of which $12,110 was Allied’s loan obligation.
In May 2013, Allied secured a construction facility from a group of Canadian chartered banks (the “Lenders”) to fund
project construction costs for the development at 134 Peter Street, Toronto, Ontario. In February 2015, Allied repaid the
construction facility. At December 31, 2014 there was $42,100 outstanding on the construction facility.

UNSECURED REVOLVING OPERATING LINE
During the quarter, Allied obtained an unsecured revolving operating facility (“Unsecured Facility”) of $200,000. The
Unsecured Facility had a balance of $77,000 outstanding at March 31, 2015. The Unsecured Facility bears interest at
bank prime plus 70 basis points or bankers’ acceptance plus 170 basis points and matures on January 18, 2018. The
Unsecured Facility contains a $100,000 accordion feature, allowing Allied to increase the amount available under the
facility to $300,000. The Unsecured Facility replaced the $100,000 secured operating facility which had a balance of
$24,336 outstanding at December 31, 2014.
The Unsecured Facility contains numerous financial covenants. Failure to comply with the covenants could result in a
default, which, if not waived or cured, could result in adverse financial consequences.
The covenants as they relate to the Unsecured Facility are as follows:
COVENANT
REQUIREMENT
ACTUAL
Debt maintenance ratio
< 60% 33.6%
Secured indebtedness ratio
< 45% 31.6%
Debt service coverage ratio
> 1.50x 2.3x
Equity maintenance
$1,250,000 plus 75% of future equity issuances
Unencumbered property assets ratio
Maximum distribution payout ratio
$2,389,024
> 1.40x 14.30x
Max 100% of FFO on 8 consecutive quarters basis
68%
As of March 31, 2015, Allied was in compliance with the terms and covenants of the Unsecured Facility.
In addition to the Unsecured Facility, Allied monitors a number of other financial ratios such as net debt to EBITDA,
total debt as a percentage of investment properties and interest expense as a multiple of EBITDA. These ratios are
presented in Section I—Overview.
UNITHOLDERS’ EQUITY
Allied’s change in unit equity for the period is summarized in the table below:
Units beginning of the period
Units issued pursuant to offering on February 2, 2015
UNITS
VALUE
75,068,912 1,623,448
2,213,750 86,336
Units issued under the Distribution Reinvestment Plan
194,299 7,201
Units issued under the Unit Option Plan
103,725 2,498
77,580,686 1,719,483
Units end of period

The table below represents weighted average units outstanding:
MARCH 31, 2015
Weighted average - basic
Unit option plan
Long-term incentive plan
Weighted average - diluted
MARCH 31, 2014
76,598,961 68,708,914
202,500 370,266
17,000 37,000
76,818,461 69,116,180
Allied adopted a Unit Option Plan at the time of its IPO. In May of 2004, Allied adopted a long-term incentive plan
(“LTIP”) whereby its trustees and officers (“Participants”) may from time to time, at the discretion of the trustees and
subject to regulatory approval, subscribe for units at a market price established in accordance with the provisions of the
LTIP. The price for the units is payable as to 5% upon issuance and as to the balance (“LTIP Loan”) over 10 years with
interest on the LTIP Loan at an annual rate established in accordance with the provisions of the LTIP. The units issued
pursuant to the LTIP are registered in the name of a Custodian on behalf of the Participants who are the beneficial
owners. The units are pledged to Allied as security for payment of the LTIP Loan, and all distributions paid on the units
are forwarded by the Custodian to Allied and applied first on account of interest on the LTIP Loan and then to reduce
the outstanding balance of the LTIP Loan. In May of 2010, Allied amended the Unit Option Plan and the LTIP to limit
the number of units authorized for issuance under the Unit Option Plan, the LTIP or any other equity compensation
plan to 8.1% of the issued and outstanding units from time to time. At March 31, 2015, and the date hereof, Allied had
options to purchase 938,736 units outstanding, of which 556,420 had vested, and 17,000 units issued under the LTIP. At
December 31, 2014, Allied had options to purchase 778,889 units outstanding, of which 353,371 had vested, and 17,000
units issued under the LTIP.
In April 2014, Allied adopted a new Unit Option Plan. The new plan has substantially the same terms as the previous
plan, referred to above, with the exception that the maximum number of units issuable under the new plan and all other
equity compensation plans of the REIT is 2,800,545, representing approximately 4.0% of the issued and outstanding
units.
In March of 2010, Allied adopted a restricted unit plan (the Restricted Unit Plan”), whereby restricted units (“Restricted
Units”) are granted to certain key employees and trustees, at the discretion of the Trustees. The Restricted Units are
purchased in the open market. Employees who are granted Restricted Units have the right to vote and to receive
distributions from the date of the grant. The Restricted Units vest (in the sense that such Units are not subject to
forfeiture) as to one-third on each of the three anniversaries following the date of the grant. Whether vested or not,
without the specific authority of the Governance and Compensation Committee, the Restricted Units may not be
sold, mortgaged or otherwise disposed of for a period of six years following the date of the grant. The Restricted Unit
Plan contains provisions providing for the forfeiture within specified time periods of unvested Restricted Units in the
event the employee’s employment is terminated. At March 31, 2015, Allied had 220,709 Restricted Units outstanding
(December 31, 2014 – 178,755).

DISTRIBUTIONS TO UNITHOLDERS
Allied is focused on increasing distributions to its unitholders on a regular and prudent basis. During the first 12 months
of operations, Allied made regular monthly distributions of $1.10 per unit on an annualized basis. Allied’s distribution
increases since then are set out in the table below:
MARCH
2005
MARCH
2006
MARCH
2007
$0.04 $0.04 $0.04 $0.04 $0.06 $0.04 $0.05 $0.05
% increase
3.6%
3.5%
3.4%
3.3%
4.8%
3.0%
3.7% 3.5%
Annualized
distribution per unit
$1.14 $1.18 $1.22 $1.26 $1.32 $1.36 $1.41 $1.46
MARCH
2004
Annualized increase
per unit
MARCH DECEMBER DECEMBER DECEMBER
2008
2012
2013
2014
COMMITMENTS
At March 31, 2015, Allied had future commitments as set out below:
(In thousands)
Building renovations and maintenance capital expenditures
Revenue-enhancing capital
MARCH 31, 2015
16,171
22,844
Expenses2,392
Conditional and unconditional acquisitions
8,040
Total49,447

SECTION V
—Discussion of Operations
The following sets out summary information and financial results for the quarter ended March 31, 2015, and the
comparable quarter ended March 31, 2014.
NET OPERATING INCOME
NOI is a non-IFRS financial measure and should not be considered as an alternative to net income or net income
and comprehensive income, cash flow from operating activities or any other measure prescribed under IFRS. NOI
does not have any standardized meaning prescribed by IFRS. As computed by Allied, NOI may differ from similar
computations reported by other Canadian real estate investment trusts and, accordingly, may not be comparable to
similar computations reported by such organizations. Management considers NOI to be a useful measure of performance
for rental properties.
Over the past twelve months Allied’s real estate portfolio has grown through acquisitions and development activities
which have positively contributed to the operating results for the quarter ended March 31, 2015, as compared to the
same period in the prior year.
NOI increased by $4,159 or 8.5% in the first quarter of 2015 compared to the same period in the prior year. The increase
is primarily attributable to the lease up of additional space, rent increases on renewals and acquisitions.
Q1 2015
Q1 2014
Revenue from rental properties
89,567 82,547
Rental property operating cost
38,588 34,793
Net rental income
50,979 47,754
3,044 2,268
Amortization of tenant improvements
Step-rent adjustments (1,111)
(1,269)
NOI
52,912 48,753

Allied operates in 10 urban markets in Canada—Québec City, Montréal, Ottawa, Toronto, Kitchener, Winnipeg, Calgary,
Edmonton, Vancouver and Victoria. For the purposes of analysing NOI, Allied groups Québec City with Montréal
and Ottawa as Eastern Canada, Toronto with Kitchener as Central Canada and Winnipeg with Calgary, Edmonton,
Vancouver and Victoria as Western Canada.
The following sets out the NOI by region from the rental and development properties for the quarter and comparable
quarter:
Q1 2015
% OF NOI
Eastern Canada
11,682 22.1%
12,708 26.1%
Central Canada
31,655 59.8%
25,969 53.2%
Western Canada
NOI
Q1 2014
% OF NOI
9,575 18.1%
10,076 20.7%
52,912 100.0%
48,753 100.0%
CHANGE
(1,026)
% CHANGE
(8.1%)
5,686 21.9%
(501)
(5.0%)
4,159 8.5%
The 8.5% increase in NOI was the result of a 21.9% increase in Central Canada offset by NOI decrease resulting from
turnover vacancy in Eastern and Western Canada.
NOI by space type for the quarter and comparable quarter is set out in the following table:
Q1 2015
$
Q1 2014
%
$
CHANGE
%
$
%
Office Space
34,644 65.5%
33,995 69.7%
649 1.9%
Equipment (IT and Telecom) Space
10,056 19.0%
6,962 14.3%
3,094 44.4%
Retail Space
5,723 10.8%
5,540 11.4%
183 3.3%
Parking Space
2,489 4.7%
2,256 4.6%
233 10.3%
52,912 100.0%
48,753 100.0%
4,159 8.5%
NOI
The increase in NOI by space type was consistent compared to prior year with office space accounting for approximately
66.0% of Allied’s NOI.

SAME-ASSET NOI
Allied strives to maintain or increase same-asset NOI over time. Same-asset refers to those properties that Allied owned
and operated for the entire period in question and for the same period in the prior year. Ignoring the step-rent revenue,
same-asset NOI decreased by $1,985 or 4.2%. The decrease was primarily due to turnover vacancy in Eastern and
Western Canada. Same-asset NOI by region is set out in the table below:
Q1 2015
$
Q1 2014
%
$
CHANGE
%
Eastern Canada
10,932 24.2%
12,151 25.7%
Central Canada
25,559 56.4%
25,521 54.0%
Western Canada
NOI
%
$
(1,219)
38 (10.0%)
0.1%
8,772 19.4%
9,576 20.3%
(804)
(8.4%)
45,263 100.0%
47,248 100.0%
(1,985)
(4.2%)
INTEREST EXPENSE
Interest expense, including interest capitalized to Properties Under Development, during the three months ended March
31, 2015, totalled $13,184. The increase in interest expense of $112 for the quarter, over the comparable quarter in 2014
was primarily due to an increase in mortgages payable resulting from refinancing and acquisitions, offset by refinancing of
existing mortgages and raising additional debt at lower rates.
THREE MONTHS
ENDED
MARCH 31, 2015
Interest on debt
Interest on finance lease - land leases
Amortization, premium on assumed mortgages
Amortization, deferred financing
THREE MONTHS
ENDED
MARCH 31, 2014
$15,450 $14,869
814 795
49 (9)
340 311
$16,653 $15,966 Less: interest expense capitalized into investment properties
(3,469)
(2,894)
Interest expense
$13,184 $13,072
GENERAL AND ADMINISTRATIVE EXPENSES
For the quarter ended March 31, 2015, general and administrative costs totalled $1,821. The increase of $88 compared to
the same period in the prior year due to an increase in professional fees and office and general expenses, partially offset by
a decrease in salaries and benefits.

Q1 2015
Salaries and benefits
Q1 2014
1,541 1,741 Professional and directors fees
465 394 Office and general expenses
333 230 2,339 2,365 Capitalized to development and acquisitions
(518)
(632)
Total
1,821 1,733 NET INCOME AND COMPREHENSIVE INCOME
Net income and comprehensive income for the quarter was ($3,629), as compared to $15,415 in the comparable quarter.
Excluding the effect of IFRS value adjustments on investment properties and derivative instruments, net income was
$34,324 compared to $31,327 in the same period in the prior year. An increase of $2,997 is primarily due to the increase
in NOI from the lease up of additional space, rent increases on renewals and acquisitions.
OTHER FINANCIAL PERFORMANCE MEASURES
FUNDS FROM OPERATIONS (FFO)
FFO is a non-IFRS financial measure used by most Canadian real estate investment trusts and should not be considered
as an alternative to net income or comprehensive income, cash flow from operating activities or any other measure
prescribed under IFRS. While FFO does not have any standardized meaning prescribed by IFRS, the Real Property
Association of Canada (“REALpac”) established a standardized definition of FFO in its White Paper on Funds From
Operations dated November 30, 2004 and subsequently revised April 2014. Essentially, the REALpac definition is net
income with adjustments for non-cash and extraordinary items. Management believes that this definition is followed by
most Canadian real estate investment trusts and that it is a useful measure of cash available for distributions.
FFO for the three months ended March 31, 2015, totalled $39,418 or $0.51 per unit. In comparison to the same period
in 2014, FFO increased by $4,408, primarily due to an increase in NOI of $4,159 and interest income of $171.
To ensure Allied retains sufficient cash to meet capital improvement and leasing objectives, Allied strives to maintain an
appropriate FFO pay-out ratio, the ratio of actual distributions to FFO in a given period. In the first quarter, our FFO
pay-out ratio was 71.0%.

ADJUSTED FUNDS FROM OPERATIONS (AFFO)
AFFO is a non-IFRS financial measure used by most Canadian real estate investment trusts and should not be considered
as an alternative to net income or comprehensive income, cash flow from operating activities or any other measure
prescribed under IFRS. AFFO does not have any standardized meaning prescribed by IFRS. As computed by us, AFFO
may differ from similar computations reported by other Canadian real estate investment trusts and, accordingly, may
not be comparable to similar computations reported by such organizations. Management considers AFFO to be a useful
measure of cash available for distributions. The principal advantage of AFFO is that it starts from the standardized
definition of FFO and takes account of maintenance capital expenditures and regular leasing expenditures while ignoring
the impact of non-cash revenue. Because maintenance capital expenditures and regular leasing expenditures are not
incurred evenly throughout a fiscal year, there can be volatility in AFFO on a quarterly basis.
AFFO for the three months ended March 31, 2015 totaled $35,293 or $0.46 per unit. In comparison to the same period
in 2014, AFFO increased by $3,429. Excluding the effect of step-rent adjustments, the change in AFFO is primarily due
to an increase in NOI of $4,159 and interest income of $171, offset by higher leasing costs of $1,179.
AFFO per unit did not change from the same period in the prior year of $0.46 which was due to units issued since Q1
2014, resulting in dilution on a per unit basis.
To ensure Allied retains sufficient cash to meet capital improvement and leasing objectives, Allied strives to maintain
an appropriate AFFO pay-out ratio, the ratio of actual distributions to AFFO in a given period. In the first quarter, our
AFFO pay-out ratio was 79.3%.
RECONCILIATION OF FFO AND AFFO
Q1 2015
Q1 2014
CHANGE
Net income and comprehensive income
(3,629)
15,415 (19,044)
Loss resulting from change in fair value in
investment properties
30,092 11,939 18,153
7,861 3,973 3,888
460 -
460
Loss resulting from derivative instruments
Incremental leasing costs
Amortization of leasing costs and tenant improvements
4,634 3,683 951
FFO
39,418 35,010 4,408
Step-rent adjustments
(1,111)
(1,269)
Incremental leasing costs
(460)
Regular leasing expenditures
Maintenance capital expenditures
AFFO

-
158
(460)
(2,517)
(1,798)
(719)
(37)
(79)
42
35,293 31,864 3,429
Q1 2015
Per Unit - basic
Q1 2014
CHANGE
FFO
0.51 0.51 -
AFFO
0.47 0.47 -
FFO
0.51 0.51 -
AFFO
0.46 0.46 -
Per Unit - diluted
Payout Ratio
FFO
71.0%69.4%
1.6%
AFFO
79.3%76.2%
3.1%
CAPITAL EXPENDITURES
Our portfolio requires ongoing maintenance capital expenditures and leasing expenditures. Leasing expenditures include
the cost of in-suite or base-building improvements made in connection with the leasing of vacant space or the renewal or
replacement of tenants occupying space covered by maturing leases, as well as improvement allowances and commissions
paid in connection with the leasing of vacant space and the renewal or replacement of tenants occupying space covered
by maturing leases.
Allied strives to maintain its properties in top physical condition. The first quarter is historically a one of the lowest
capital expenditures due to poor weather conditions. In the quarter, Allied incurred (i) $37 in regular maintenance
capital expenditures and (ii) $2,517 in leasing expenditures, $10.02 per leased square foot, on the high end of the
historical range of $7 to $10, in connection with new leases or lease-renewals for 251,091 square feet of GLA that
commenced in the quarter.
MARCH 31, 2015
MARCH 31, 2014
Leasing expenditures
2,517 1,798
Leasing expenditures per leased square foot
10.02 4.82
37 79
-
0.01
Maintenance capital expenditures
Maintenance capital expenditures per portfolio square foot

SECTION VI
—Quarterly History
The following sets out summary information and financial results for the eight most recently completed fiscal quarters.

Rental revenue from
investment properties
Property operating cost
Net rental income
Q1
2015
Q4
2014
Q3
2014
89,567 88,685 85,836 (38,588) (36,996)
50,979 51,689 Distributions 71,371 FFO per unit (diluted)
$0.51 $0.54 $0.54 FFO pay-out ratio 71.0%
66.3%
65.6%
AFFO
35,293 69,116 68,830 68,590 35,010 23,196 34,796
34,441 $0.51 $0.51 $0.50 $0.48
67.7% 67.3% 70.4%
29,506 29,872 $0.46 $0.48 $0.43 $0.46 $0.43 $0.44 $0.43
77.9%
73.5%
82.0% 76.2% 79.8%
77.7% 80.3%
3,759,462 3,726,757 3,625,043 3,456,310 3,381,968 3,300,750 3,213,451 3,121,467
Total debt 1,339,493 1,359,461 1,332,052 1,353,948 1,264,399 1,216,966 1,197,354 1,093,854
Total debt as a % of
investment properties
35.6%
Total rental GLA Leased rental GLA % leased
36.5%
9,501 8,681 91.4%
36.7%
9,501 8,742 92.0%
39.2%
9,527 37.4%
9,201 8,726 8,358 91.6% 90.8% 9,139 8,319 91.0%
36.9%
Investment properties
28,809
$0.46 79.3%
32,860
AFFO pay-out ratio
AFFO per unit (diluted) 23,130
69.4% 31,864 68,449
$0.51 29,886 85,368
23,557 34,161 54,752 24,281 43,353
69.5% 34,286 45,426 (30,067)
35,273 73,420
38,229 76,954 72,242 24,498 40,274 46,596 69,670 Q2
2013
15,415 25,093 39,418 47,754 18,654 26,716 FFO 48,111 81,353 Q3
2013
(34,757) (31,528) 27,981 82,547 (34,793)
75,051 Q4
2013
35,272 76,818 80,638 82,437 Weighted average units (diluted) 51,228 (3,629)
Q1
2014
(34,608) (32,527)
Net income and comprehensive income
Q2
2014
37.3% 8,928 8,209 91.9% 35.0%
8,764 8,128 92.7% 8,615
7,922
92.0%
Factors that cause variation from quarter to quarter include but are not limited to our occupancy, cost of capital, sameasset NOI, acquisition activity, leasing expenditures and maintenance capital expenditures.

SECTION VII
—Accounting
SIGNIFICANT ACCOUNTING ESTIMATES
In preparing Allied’s condensed consolidated financial statements and accompanying notes, it is necessary for
management to make estimates, assumptions and judgments that affect the reported amounts of assets and liabilities, the
disclosure of contingent assets and liabilities, and the reported amounts of revenue and expenses during the period. The
significant items requiring estimates are discussed in Allied’s condensed consolidated financial statements for the three
months ended March 31, 2015 and the notes contained therein.
ACCOUNTING POLICIES
Accounting policies are discussed in Allied’s audited consolidated financial statements for the year ended December 31,
2014 and the notes contained therein. Accounting policies changes adopted during the first quarter of 2015 are discussed
in the unaudited condensed consolidated financial statements for the three months ended March 31, 2015 and the notes
contained therein.

SECTION VIII
—Discloure Controls and Internal Controls
Management maintains appropriate information systems, procedures and controls to ensure that information that is
publicly disclosed is complete, reliable and timely. The Chief Executive Officer (“CEO”) and Chief Financial Officer
(“CFO”) of the REIT, along with the assistance of senior management, have designed disclosure controls and procedures
to provide reasonable assurance that material information relating to the REIT is made known to the CEO and CFO,
and have designed internal controls over financial reporting to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements in accordance with IFRS.
No changes were made in Allied’s design of internal controls over financial reporting during the period ended March
31, 2015, which have materially affected, or are reasonably likely to materially affect, our internal controls over financial
reporting.
It should be noted that a control system, no matter how well conceived and operated, can provide only reasonable, not
absolute, assurance that the objectives of the control system are met. Because of the inherent limitations in all control
systems, no evaluation of controls can provide absolute assurance of control issues, including whether instances of fraud,
if any, have been detected. These inherent limitations include, among other items: (i) that Management’s assumptions
and judgments could ultimately prove to be incorrect under varying conditions and circumstances; (ii) the impact of any
undetected errors; and (iii) that controls may be circumvented by the unauthorized acts of individuals, by collusion of
two or more people, or by management override.

SECTION IX
—Risks and Uncertainties
There are certain risk factors inherent in the investment and ownership of real estate. Real estate investments are capital
intensive, and success from real estate investments depends upon maintaining occupancy levels and rental income flows
to generate acceptable returns. These success factors are dependent on general economic conditions and local real estate
markets, demand for leased premises and competition from other available properties.
Allied’s portfolio is focused on a particular asset class in 10 metropolitan real estate markets in Canada. This focus
enables Management to capitalize on certain economies of scale and competitive advantages that would not otherwise be
available.
FINANCING AND INTEREST RATE RISK
Allied is subject to risk associated with debt financing. The availability of debt to re-finance existing and maturing loans
and the cost of servicing such debt will influence our success. In order to minimize risk associated with debt financing,
Allied strives to re-finance maturing loans with long-term fixed-rate debt and to stagger the maturities over time.
Interest rates on mortgage debt are between 2.0% and 6.9% with a weighted average interest rate of 4.7%. The weighted
average term of our mortgage debt is 6.1 years.
TENANT CREDIT RISK
Allied is subject to credit risk arising from the possibility that tenants may not be able to fulfill their lease obligations.
Allied strives to mitigate this risk by maintaining a diversified tenant-mix and limiting exposure to any single tenant.
LEASE ROLL-OVER RISK
Allied is subject to lease roll-over risk. Lease roll-over risk arises from the possibility that Allied may experience difficulty
renewing or replacing tenants occupying space covered by leases that mature. Allied strives to stagger its lease maturity
schedule so that it is not faced with a disproportionately large level of lease maturities in a given year.

In evaluating our lease roll-over risk, it is informative to determine our sensitivity to a decline in occupancy. For every
full-year decline of 100 basis points in occupancy at our average rental rate per square foot, our annual AFFO would
decline by approximately $3,591 (approximately five cents per unit). The decline in AFFO per unit would be more
pronounced if the decline in occupancy involved space leased above our average rental rate per square foot and less
pronounced if the decline in occupancy involved space leased below our average rental rate per square foot.
ENVIRONMENTAL RISK
As an owner of real estate, Allied is subject to various federal, provincial and municipal laws relating to environmental
matters. Such laws provide that Allied could be liable for the costs of removal of certain hazardous substances and
remediation of certain hazardous locations. The failure to remove or remediate such substances or locations, if any,
could adversely affect Allied’s ability to sell such real estate or to borrow using such real estate as collateral and could
potentially also result in claims against Allied. Allied is not aware of any material non-compliance with environmental
laws at any of the properties in its portfolio. Allied is also not aware of any pending or threatened investigations or actions
by environmental regulatory authorities in connection with any of the properties in its portfolio or any pending or
threatened claims relating to environmental conditions at the properties in its portfolio.
DEVELOPMENT RISK
As an owner of Properties Under Development, Allied is subject to development risks, such as construction delays, cost
over-runs and the failure of tenants to take occupancy and pay rent in accordance with lease arrangements. In connection
with all Properties Under Development, Allied incurs development costs prior to (and in anticipation of) achieving a
stabilized level of rental revenue. In the case of the development of ancillary or surplus land, these risks are managed
in most cases by not commencing construction until a satisfactory level of pre-leasing is achieved. Overall, these risks
are managed through Allied’s Declaration, which states that the cost of development cannot exceed 15% of Gross Book
Value.
TAXATION RISK
On June 22, 2007, rules changing the manner in which trusts are taxed were proclaimed into force. Trusts that meet
the REIT exemption are not subject to these rules. The determination as to whether Allied qualifies for the REIT
exemption in a particular taxation year can only be made with certainty at the end of that taxation year. While there can
be no assurance in this regard, due to uncertainty surrounding the interpretation of the relevant provisions of the REIT
exemption, Allied expects that it will qualify for the REIT exemption.
JOINT VENTURE RISK
Allied has entered into various joint ventures and partnerships with different entities. If these joint ventures or
partnerships do not perform as expected or default on financial obligations, Allied has an associated risk. Allied reduces
this risk by seeking to negotiate contractual rights upon default, by entering into agreements with financially stable
partners and by working with partners who have a successful record of completing development projects.

SECTION X
—Property Table
MARCH 31, 2015
PROPERTIES
32 Atlantic
47 Jefferson
OFFICE
GLA
50,434 RETAIL TOTAL %TOTAL OFFICE
GLA
GLA
GLA
VACANT
-
50,434 RETAIL
VACANT
-
-
TOTAL
LEASED
LEASED
%
50,434 100.0%
6,884 -
6,884 -
-
6,884 100.0%
104,018 7,738 111,756 33,096 -
78,660 70.4%
College & Manning JV (1)
28,250 4,270 32,520 5,457 -
27,063 83.2%
The Castle 134,781 34,323 169,104 3,480 -
165,624 97.9%
King West
905 King W
324,367 46,331 370,698 42,033 -
328,665 88.7%
141 Bathurst
10,281 -
10,281 -
-
10,281 100.0%
159-161 Bathurst
4,000 -
4,000 -
-
4,000 100.0%
27,358 5,600 32,958 2,382 -
30,576 92.8%
183 Bathurst
241 Spadina
3.9%
25,112 6,586 31,698 -
-
31,698 100.0%
379 Adelaide W
36,249 2,700 38,949 -
-
38,949 100.0%
383 Adelaide W
7,790 -
7,790 -
-
7,790 100.0%
33,813 3,137 36,950 -
-
36,950 100.0%
420 Wellington W
425 Adelaide W
76,196 4,104 80,300 1,789 -
78,511 97.8%
425-439 King W
84,513 12,071 96,584 -
-
96,584 100.0%
441-443 King W
8,320 3,065 11,385 -
-
11,385 100.0%
445-455 King W
30,102 22,335 52,437 -
-
52,437 100.0%
468 King W
65,027 -
65,027 -
-
65,027 100.0%
469 King W
68,255 10,500 78,755 -
-
78,755 100.0%
-
3,276 3,276 -
-
3,276 100.0%
489 King W
21,421 4,850 26,271 -
-
26,271 100.0%
495 King W
10,876 -
10,876 -
-
10,876 100.0%
499 King W
-
8,400 8,400 -
-
8,400 100.0%
478 King W (2)

MARCH 31, 2015
PROPERTIES
OFFICE
GLA
RETAIL TOTAL %TOTAL OFFICE
GLA
GLA
GLA
VACANT
RETAIL
VACANT
TOTAL
LEASED
LEASED
%
500-522 King W
83,980 43,336 127,316 -
-
127,316 100.0%
544 King W
17,006 -
17,006 -
-
17,006 100.0%
256,318 39,966 296,284 6,140 6,768 283,376 95.6%
8,084 8,566 16,650 -
-
16,650 100.0%
28,866 -
28,866 -
-
28,866 100.0%
-
2,000 2,000 -
-
2,000 100.0%
555 Richmond W
57 Spadina (3)
579 Richmond W 589-591 Richmond W
662 King W
30,773 2,126 32,899 -
-
32,899 100.0%
80-82 Spadina 56,973 16,009 72,982 -
-
72,982 100.0%
96 Spadina
82,158 9,861 92,019 2,099 -
89,920 97.7%
The Well JV (4)
98,611 2,573 101,184 -
-
101,184 100.0%
King & Portland JV (1)
27,361 15,274 42,635 1,199,443 226,335 1,425,778 1,913 250 40,472 94.9%
14,323 7,018 1,404,437 98.5%
15,443 -
15,443 -
-
15,443 100.0%
151 Front
266,354 6,000 272,354 4,018 -
268,336 98.5%
179 John
68,968 185 Spadina
55,814 -
68,968 -
-
68,968 100.0%
-
55,814 -
-
55,814 100.0%
200 Adelaide W
28,024 -
28,024 -
-
28,024 100.0%
208-210 Adelaide W
12,422 -
12,422 -
-
12,422 100.0%
217-225 Richmond W
32,598 23,699 56,297 3,220 -
53,077 94.3%
257 Adelaide W
46,350 -
46,350 -
-
46,350 100.0%
312 Adelaide W
65,554 5,665 71,219 -
-
71,219 100.0%
331-333 Adelaide W
20,503 3,210 23,713 -
-
23,713 100.0%
358-360 Adelaide W
53,430 -
53,430 -
-
53,430 100.0%
375-381 Queen W
23,891 10,648 34,539 -
-
34,539 100.0%
388 King W
28,954 15,012 43,966 -
-
43,966 100.0%
82 Peter
39,422 8,287 47,709 16,096 -
31,613 66.3%
99 Spadina
39,531 11,392 50,923 -
-
50,923 100.0%
Union Center
11,952 29,239 41,191 -
-
41,191 100.0%
809,210 113,152 922,362 23,334 -
899,028 97.5%
34,349 16,318 50,667 -
-
50,667 100.0%
King West Central
116 Simcoe
Entertainment District
193 Yonge 15.0%
9.7%
Downtown
34,349 16,318 50,667 -
-
50,667 100.0%
106 Front E
24,844 10,195 35,039 2,268 -
32,771 93.5%
35-39 Front E
31,952 17,850 49,802 8,040 -
41,762 83.9%
36-40 Wellington E
16,662 9,550 26,212 -
-
26,212 100.0%
41-45 Front E
24,894 19,965 44,859 20,958 -
23,901 53.3%
45-55 Colborne
28,362 14,934 43,296 1,458 -
41,838 96.6%
9,320 10,441 19,761 -
-
19,761 100.0%
49 Front E
0.5%

MARCH 31, 2015
PROPERTIES
50 Wellington E
60 Adelaide E
184 Front E
OFFICE
GLA
RETAIL TOTAL %TOTAL OFFICE
GLA
GLA
GLA
VACANT
32,915 -
-
32,915 100.0%
106,054 4,695 110,749 23,507 -
87,242 78.8%
6,489 87,072 105,168 449,705 9,686 1,325 11,011 125,903 2,699 230 Richmond E
73,767 252-264 Adelaide E
47,676 489 Queen E
70 Richmond
204-214 King E
Dominion Square
LEASED
%
11,049 80,583 145 Berkeley
TOTAL
LEASED
21,866 344,537 St. Lawrence Market
RETAIL
VACANT
5,904 -
81,168 93.2%
62,135 -
387,570 86.2%
-
-
11,011 100.0%
128,602 -
-
128,602 100.0%
-
73,767 -
-
73,767 100.0%
-
47,676 723 -
46,953 98.5%
29,889 2,737 32,626 -
-
32,626 100.0%
35,118 -
35,118 -
-
35,118 100.0%
4.7%
71,199 38,050 109,249 12,585 -
96,664 88.5%
QRC East
183,811 35,349 219,160 -
-
219,160 100.0%
QRC South
43,403 -
43,403 7,937 -
35,466 81.7%
620,452 80,160 700,612 7.4%
21,245 -
679,367 97.0%
587,464 3,919,822 41.3%
Queen Richmond Total Toronto
163,070 7,018 3,749,734 95.7%
3575 Saint-Laurent
3,332,358 167,377 18,400 185,777 14,216 -
171,561 92.3%
400 Atlantic
88,628 292 88,920 20,238 -
68,682 77.2%
425 Viger W 205,201 820 206,021 -
-
206,021 100.0%
4446 Saint-Laurent 73,280 7,418 80,698 4,642 3,725 72,331 89.6%
451-481 Saint-Catherine
22,480 8,475 30,955 6,382 1,691 22,882 73.9%
5455 Gaspé
510,152 750 510,902 198,502 -
312,400 61.1%
5505 Saint-Laurent
252,452 2,524 254,976 -
-
254,976 100.0%
6300 Parc
181,411 6,313 187,724 75,800 4,504 107,420 57.2%
645 Wellington
132,711 4,083 136,794 -
-
136,794 100.0%
85 Saint-Paul
79,778 -
79,778 -
-
79,778 100.0%
954,283 14,025 968,308 71,905 4,557 891,846 92.1%
Cité Multimedia
Total Montréal
2,667,753 391,685 14,477 2,324,691 85.1%
115 Bannatyne
39,957 -
39,957 -
-
39,957 100.0%
123 Bannatyne
20,536 -
20,536 1,748 -
18,788 91.5%
250 McDermot 42,093 12,482 54,575 18,373 6,077 30,125 55.2%
54-70 Arthur
114,648 8,788 123,436 33,130 -
90,306 73.2%
1500 Notre Dame
109,583 -
109,583 -
-
109,583 100.0%
Total Winnipeg
326,817 21,270 348,087 53,251 6,077 288,759 83.0%
66,751 6,348 73,099 -
-
73,099 100.0%
410 Charest
3,229 21,508 24,737 -
1,408 23,329 94.3%
420 Charest
41,432 17,217 58,649 23,252 1,666 33,731 57.5%
605 Saint-Joseph
26,145 7,729 33,874 2,000 1,789 30,085 88.8%
390 Charest

63,100 2,730,853 28.7%
3.7%
MARCH 31, 2015
PROPERTIES
OFFICE
GLA
RETAIL TOTAL %TOTAL OFFICE
GLA
GLA
GLA
VACANT
RETAIL
VACANT
TOTAL
LEASED
LEASED
%
622 Saint-Joseph
2,711 3,300 6,011 1,936 -
4,075 67.8%
633 Saint-Joseph
16,247 6,848 23,095 6,073 3,848 13,174 57.0%
Total Québec City
156,515 62,950 219,465 33,261 8,711 177,493 80.9%
72 Victoria
88,563 -
88,563 10,124 -
78,439 88.6%
Breithaupt Phase I (5)
65,500 -
65,500 -
-
65,500 100.0%
The Tannery
251,311 74,756 326,067 -
-
326,067 100.0%
Total Kitchener
2.3%
405,374 74,756 480,130 10,124 -
470,006 97.9%
100-6th SW
34,242 -
34,242 5.1%
-
-
34,242 100.0%
119-6th SW
63,063 -
63,063 -
-
63,063 100.0%
1207-1215 13th SE
31,601 -
31,601 -
-
31,601 100.0%
1240-20th SE
46,124 -
46,124 -
-
46,124 100.0%
129-8th SW
2,339 5,034 7,373 -
5,034 2,339 31.7%
209-8th SW
26,474 5,022 31,496 -
-
31,496 100.0%
237-8th SE
65,638 10,035 75,673 11,808 8,788 55,077 72.8%
322-326 11th SW
197,595 15,606 213,201 35,238 2,778 175,185 82.2%
402-11th SE
39,414 -
39,414 -
-
39,414 100.0%
438-11th SE
52,501 -
52,501 4,414 -
48,087 91.6%
601-611 10th SW
46,913 2,592 49,505 8,164 -
41,341 83.5%
603-605 11th SW
22,035 29,207 51,242 -
-
51,242 100.0%
604-1st SW
66,340 21,048 87,388 229 -
87,159 99.7%
613-11th SW
-
3,163 3,163 -
-
3,163 100.0%
617-11th SW
2,886 6,071 8,957 -
-
8,957 100.0%
625-11th SW
32,386 1,409 33,795 6,387 -
27,408 81.1%
805-1st SW 8,775 18,635 27,410 -
1,831 25,579 93.3%
808-1st SW 17,325 30,244 47,569 -
-
47,569 100.0%
809-10th SW
35,869 -
35,869 -
-
35,869 100.0%
Demcor Building
36,941 -
36,941 828,461 148,066 976,527 128 West Pender
75,023 1,700 76,723 840 Cambie 91,520 -
91,520 948-950 Homer
23,114 23,290 46,404 1040 Hamilton
35,957 8,765 44,722 1286 Homer
15,752 9,115 24,867 241,366 42,870 284,236 Total Calgary
Total Vancouver
-
-
36,941 100.0%
66,240 18,431 891,856 91.3%
14,022 -
62,701 81.7%
-
-
91,520 100.0%
-
-
46,404 100.0%
1,988 1,791 40,943 91.6%
5,179 -
19,688 79.2%
21,189 1,791 261,256 91.9%
10.3%
3.0%
535 Yates
12,718 6,312 19,030 -
-
19,030 100.0%
754 Fort 13,339 9,209 22,548 -
-
22,548 100.0%
Total Victoria
26,057 15,521 41,578 -
-
41,578 100.0%
0.4%

MARCH 31, 2015
PROPERTIES
OFFICE
GLA
10190-104 NW RETAIL TOTAL %TOTAL OFFICE
GLA
GLA
GLA
VACANT
11,514 5,767 17,281 Boardwalk & Revillon Building
219,557 45,442 264,999 Total Edmonton 231,071 51,209 282,280 The Chambers
201,012 16,571 217,583 Total Ottawa
201,012 16,571 217,583 Total 8,416,784 1,083,777 9,500,561 3.0%
2.3%
RETAIL
VACANT
5,862 TOTAL
LEASED
LEASED
%
-
11,419 66.1%
2,167 -
262,832 99.2%
8,029 -
274,251 97.2%
6,519 9,391 201,673 92.7%
6,519 9,391 201,673 92.7%
753,368 65,896 8,681,297 91.4%
(1) RioCan/Allied Joint Venture Properties
(2) Lifetime/Allied Joint Venture Property
(3) Diamond Corp/Allied Joint Venture Property
(4) RioCan/Diamond Corp/Allied Joint Venture Property
(5) Perimeter/Allied Joint Venture
PROPERTIES UNDER DEVELOPMENT
OFFICE
GLA
RETAIL
GLA
TOTAL
GLA
19 Duncan JV, Toronto (1)
30,930 -
30,930
250 Front W, Toronto
167,978 -
167,978
460 King W, Toronto
11,700 4,550 16,250
485 King W, Toronto
8,814 4,407 13,221
-
3,793 3,793
60,074 36,818 96,892
497,271 647 497,918
138 Portage. Winnipeg
36,399 -
36,399
The Breithaupt Block Phase II, Kitchener (4)
45,000 -
45,000
7,091 4,892 11,983
22,399 10,086 32,485
887,656 65,193 952,849
College & Palmerston JV, Toronto (2)
QRC West Phase I, Toronto (3)
5445 Gaspé, Montréal
TELUS Sky, Calgary (5)
8-10 Bastion, Victoria
Total PUD
(1) Westbank/Allied Joint Venture
(2) RioCan/Allied Joint Venture
(3) Under Contruction
(4) Perimeter/Allied Joint Venture
(5) Telus/Westbank/Allied Joint Venture

ANCILLARY PARKING FACILITIES
NUMBER OF SPACES
301 Markham, Toronto
47
388 Richmond, Toronto
117
78 Spadina, Toronto
24
7-9 Morrison, Toronto
25
650 King, Toronto
71
560 King, Toronto
171
478 King JV, Toronto (1)
65
King Brant, Toronto
203
Total PARKING
723


CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE QUARTER ENDED
MARCH 31, 2015

ALLIED PROPERTIES REIT CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
NOTES
(in thousands of Canadian dollars)
MARCH 31, 2015
DECEMBER 31, 2014
Assets
Non-current assets
Investment properties
3
$3,759,462 $3,726,757
Loans and notes receivable
4
23,038 2,127
Other assets
5
133,241 130,533
Current assets
3,915,741 16
Cash and cash equivalents
Loans and notes receivable
4
Accounts receivable, prepaid expenses and deposits
6
3,859,417
8,902 5,260
5,951 6,138
65,063 61,904
Total assets
$3,995,657 79,916 Liabilities
Non-current liabilities
Debt
7
$1,144,253 8
Freehold lease and land lease obligations
Current liabilities
128,863 1,273,116 8
Accounts payable and other liabilities
9
Total liabilities
Unitholders’ equity
Total liabilities and unitholders’ equity
7,381 
128,758
1,344,538
137,623
6,886
130,896 113,641
333,517 258,150
1,606,633 1,602,688
11 2,389,024 2,330,031
$3,995,657 The accompanying notes are an integral part of these condensed consolidated financial statements.
Gordon Cunningham
trustee
$1,215,780
Debt
7
195,240 Freehold lease and land lease obligations
73,302
$3,932,719
Michael R. Emory
trustee
$3,932,719
ALLIED PROPERTIES REIT CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND
COMPREHENSIVE INCOME (UNAUDITED)
(in thousands of Canadian dollars, except unit and
per unit amounts)
NOTES
Net rental income
THREE MONTHS
ENDED
MARCH 31, 2015
THREE MONTHS
ENDED
MARCH 31, 2014
Rental revenue from investment properties
15 $89,567 $82,547
Property operating costs
15 (38,588)
(34,793)
Net rental income
Other income and expenses
50,979 47,754
7
(13,184) (13,072)
General and administrative expenses
(1,821) (1,733)
Amortization of leasing costs and other assets
(1,821) (1,622)
Interest income
Fair value loss on investment properties
3
(30,092)(11,939)
Fair value loss on derivative instruments
(7,861)(3,973)
Interest expense
Net income and comprehensive income for the period
Income per unit
(3,629) 14 15,415
$(0.05)$0.22
$(0.05) 14 Diluted
Basic Diluted
-
Basic Weighted average number of units
171
$0.22
76,598,961 68,708,914
76,818,461 69,116,180
The accompanying notes are an integral part of these condensed consolidated financial statements.

ALLIED PROPERTIES REIT CONDENSED CONSOLIDATED STATEMENTS OF UNITHOLDERS’ EQUITY
(UNAUDITED)
(in thousands of Canadian dollars)
Balance at January 1, 2014 NOTES
13 TRUST
UNITS
RETAINED
EARNINGS
CONTRIBUTED
SURPLUS
TOTAL
$1,545,387 $517,524 $5,803 $2,068,714
Comprehensive income -
15,415 -
15,415
Public offering (31) -
-
(31)
-
(24,281) -
(24,281)
Distributions 13 Distribution reinvestment plan 13 7,329 -
Unit option plan – options exercised 14 11,561
-
Contributed surplus – unit option
plan
14 -
-
196
Restricted unit plan 15 (1,566) -
285 (1,281)
Long-term incentive plan 15
11 -
11
Balance at March 31, 2014 $1,562,691 $508,658 $5,814 $2,077,163
$1,754,576 $568,714 $6,741 $2,330,031
Comprehensive income -
(3,629) -
(3,629)
Public offering 82,471 -
-
82,471
Balance at January 1, 2015 13 -
-
7,329
(470) 11,091
196
Distributions 13 -
(27,981) -
(27,981)
Distribution reinvestment plan 13 7,201 -
-
7,201
Unit option plan – options exercised 14 2,709 -
Contributed surplus – unit option
plan
14 -
-
139 139
Restricted unit plan 15 (1,904) -
194 (1,710)
Long-term incentive plan 15 4
-
-
4
$1,845,057 $537,104 $6,863 $2,389,024
Balance at March 31, 2015 The accompanying notes are an integral part of these condensed consolidated financial statements.

(211)
2,498
ALLIED PROPERTIES REIT CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands of Canadian dollars)
NOTES
Operating activities
THREE MONTHS
ENDED
MARCH 31, 2015
Net income/(loss) for the period
THREE MONTHS
ENDED
MARCH 31, 2014
$(3,629)
$15,415
3
27,691 20,799
Change in fair value on interest in freehold
lease and land leases
2,401 (8,860)
Change in fair value on derivative instruments
7,861 3,973
5
207 183
Change in fair value on investment properties
Amortization of equipment
Amortization of customer relationships
24 24
Amortization of leasing costs
5
1,590 1,415
Amortization of tenant improvements
5
3,044 2,268
Amortization of straight-line rent
Amortization, premium on assumed mortgages
7 (d)
(1,111) (1,269)
49 (9)
15 333 481
Change in other non-cash financing items
674 646
Change in other non-cash operating items
Cash provided by operating activities
Financing Activities
Financing costs
(340) Proceeds from new mortgages payable
Compensation expense
Repayment of mortgages payable
7
Financing - freehold lease and land leases
Distributions paid to Unitholders
(15,127) 24,007 - (26,267) - (20,475) (10,399)
24,667
(311)
108,500
(61,068)
(53)
(16,858)
Proceeds of public offerings (net of issue costs)
11 82,471 (31)
Proceeds from exercise of unit options
12 2,498 11,091
Proceeds from units issued under the LTIP
13 4 11
Restricted unit plan
(1,904) (1,566)
Net increase in bank indebtedness and construction loans
12,268 5,817
Cash provided by financing activities
48,255 45,532

ALLIED PROPERTIES REIT CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED) - continued
(in thousands of Canadian dollars)
NOTES
THREE MONTHS
ENDED
MARCH 31, 2015
THREE MONTHS
ENDED
MARCH 31, 2014
Investing activities
Capital expenditures, rental properties and
other assets (net of assumed mortgages)
(33,590)
(75,362)
Capital expenditures, properties under development
(28,803) (11,897)
Tenant leasing costs
(1,521) (2,171)
Tenant improvements
(4,706) (9,778)
Cash used in investing activities
(68,620) (99,208)
Increase/(decrease) in cash and cash equivalents
Cash and cash equivalents, beginning of period
Cash and cash equivalents, end of period
Supplemental cash flow information (Note 16)
The accompanying notes are an integral part of these condensed consolidated financial statements.

3,642 5,260 $8,902 (29,009)
31,764
$2,755
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) FOR THE PERIOD
ENDED MARCH 31, 2015 AND 2014 (IN THOUSANDS OF CANADIAN DOLLARS, EXCEPT PER UNIT AND
UNIT AMOUNTS) (UNAUDITED)
1. nature of operations
Allied Properties Real Estate Investment Trust (“Allied”) is a Canadian unincorporated closed-end real estate
investment trust created pursuant to the Declaration of Trust dated October 25, 2002, most recently amended May
14, 2013. Allied is governed by the laws of the Province of Ontario and began operations on February 19, 2003. The
units of the Trust are traded on the Toronto Stock Exchange. Allied is the ultimate parent of its group of companies.
Allied 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. Allied’s objectives are to provide stable and
growing cash distributions to Unitholders and to maximize Unitholder value through effective management and
accretive portfolio growth.
Allied is domiciled in Ontario, Canada. The address of Allied’s registered office and its principal place of business is
520 King Street West, Suite 300, Toronto, Ontario, M5V 1L7.
2. summary of significant accounting policies
(a) Basis of presentation
These condensed consolidated financial statements have been prepared in accordance with International Accounting
Standard (“IAS”) 34, Interim Financial Reporting using the accounting policies based on currently effective
standards.
The condensed consolidated financial statements for the three months ended March 31, 2015, were approved and
authorized for issue by the Board of Trustees on May 6, 2015.
(b) Critical accounting estimates and judgements
The preparation of these condensed consolidated financial statements requires Allied to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and
reported amounts of revenue and expenses during the reporting period. Actual outcomes could differ from these
estimates. These consolidated financial statements include estimates, which, by their nature, are uncertain. The
impact of such estimates is pervasive throughout the condensed consolidated financial statements, and may require
accounting adjustments based on future occurrences. Revisions to accounting estimates are recognized in the
period in which the estimate is revised and the revision affects both current and future periods. Significant estimates
and assumptions include the fair values assigned to investment properties, useful lives of assets used to calculate
amortization and allowances for doubtful accounts.

(c) Accounting policies
The condensed consolidated financial statements should be read in conjunction with the annual consolidated
financial statements, including the notes thereof, for the year ended December 31, 2014, which have been prepared
in accordance with International Financial Reporting Standards (“IFRS”). The same accounting policies and
methods of computation are followed in the condensed consolidated financial statements as compared with the
most recent annual financial statements, except as described below.
Standards, amendments and interpretations to existing standards that are not yet effective and have not been
adopted early by Allied
At the date of authorization of these financial statements, certain new standards, amendments and interpretations to
existing standards have been published but are not yet effective, and have not been adopted early by Allied.
Allied anticipates that all of the relevant pronouncements will be adopted in the first period beginning after
the effective date of the pronouncement. Information on new standards, amendments and interpretations that
are expected to be relevant to Allied’s financial statements is provided below. Certain other new standards and
interpretations have been issued but are not expected to have a material impact on Allied’s financial statements.
IFRS 9 – FINANCIAL INSTRUMENTS
The International Accounting Standards Board (“IASB”) aims to replace IAS 39 Financial Instruments: Recognition
and Measurement in its entirety. The replacement standard IFRS 9 as issued applies to the classification and
measurement of financial assets and liabilities as defined in IAS 39. On July 24, 2014, the IASB issued a new version
of IFRS 9 referred to as IFRS 9 (2014). In November 2009, the IASB issued the first version of IFRS 9 Financial
Instruments (IFRS 9 (2009)) and subsequently issued various amendments in October 2010, (IFRS 9 Financial
Instruments (2010)) and November 2013 (IFRS 9 Financial Instruments (2013)). IFRS 9 (2014) includes
finalized guidance on the classification and measurement of financial assets, hedge accounting requirements and
amendments to the impairment model by introducing a new expected credit loss model for calculating impairment.
The mandatory effective date for IFRS 9 (2014) is for annual periods beginning on or after January 1, 2018. IFRS 9
(2014) is to be applied retrospectively and early adoption of the standard is permitted. Allied is assessing the impact
of the new standard to its financial statements.
IFRS 15 – REVENUE FROM CONTRACTS WITH CUSTOMERS
In May 2014, the IASB issued IFRS 15: Revenue from Contracts with Customers. The new standard provides a
framework that replaces existing revenue recognition guidance relating to recognition, measurement and disclosure
of revenue from contracts with customers, excluding contracts within the scope of the standard on leases, insurance
contracts and financial instruments. The mandatory effective date for IFRS 15 is for annual periods beginning on
or after January 1, 2017. IFRS 15 is to be applied retrospectively, or as of the application date by adjusting retained
earnings at that date and disclosing the effect of adoption on each line of profit or loss. Early adoption of the
standard is permitted. Allied is assessing the impact of the new standard on the financial statements of Allied.

(d) Comparative figures
Certain comparative figures have been reclassified to conform with the financial statement presentation adopted in
the current year.
3. investment properties
Changes to the carrying amounts of investment properties are summarized as follows:
MARCH 31, 2015
Balance beginning
of the period
DECEMBER 31, 2014
Rental
Properties
Properties
Under Development
Total
$3,490,057 $236,700 $3,726,757 Additions: Acquisitions
-
Transfer from
PUD
-
Transfer to PUD
(178,642)
24,573 - Rental
Properties
-
11,796 9,363 27,236 36,599 Disposals
-
-
-
Interest in freehold
lease and land leases
-
1,567 1,567 Balance end of
the period
(15,714)
$3,305,064 (14,320)
$454,398 (30,034)
$3,759,462 $137,062 208,709 -
IFRS value gain (loss)
$3,163,688 24,573 178,642 Capital
expenditures
Properties
Under Development
(8,403)
82,727 (6,294)
Total
$3,300,750
26,231 (11,796)
-
8,403 -
71,661 154,388
(7,080) (13,374)
18,611 - 18,611
19,223 12,219 31,442
$3,490,057 $236,700 234,940
$3,726,757
Included in the amounts noted above is $182,907 ($180,209 as at December 31, 2014) which represents Allied’s interest in a 49 year, 173,500 square feet,
freehold lease as at March 31, 2015.
Reconciliation between the valuation obtained and the adjusted valuation for the carrying amounts of investment
properties is as follows:
MARCH 31, 2015
Total fair market value
Less Straight-line rents
Tenant improvement allowances
Leasing commissions
Adjusted fair market value
DECEMBER 31, 2014
$3,890,085 $3,854,664
(24,328) (73,828)
(32,467) (23,206)
(72,166)
(32,535)
$3,759,462 $3,726,757

VALUATION METHODOLOGY
The fair value of investment properties is determined using the discounted cash flow method, whereby the income
and expenses are projected over the anticipated term of the investment and combined with a terminal value, all of
which is discounted using an appropriate discount rate. The fair value of properties under development is measured
using both a comparable sales method and a discounted cash flow method, net of costs to complete, as of the
valuation date.
Management verifies all major inputs to the valuations, analyses the change in fair values at the end of each reporting
period and reviews the results with the independent appraiser every quarter.
SIGNIFICANT UNOBSERVABLE INPUTS
There are significant unobservable inputs used such as capitalization rates, in determining the fair value of each
investment property, thus all investment properties are classified as Level 3 assets. Fair values are most sensitive to
changes in capitalization rates and stabilized or forecasted Net Operating Income (“NOI”). Generally, an increase
in NOI will result in an increase in the fair value of investment properties and an increase in capitalization rate will
result in a decrease in the fair value of investment properties. The capitalization rate magnifies the effect of a change
in NOI, with a lower capitalization rate resulting in a greater impact of a change in NOI than a higher capitalization
rate. The analysis below shows the maximum impact on fair values of possible changes in capitalization rates,
assuming no changes in NOI:
CHANGE IN
CAPITALIZATION RATE OF
-0.50%
-0.25%
+0.25%
+0.50%
Increase (decrease) in fair value
Income properties
Properties under development (1)
$284,275 42,920
$136,245
(126,360)
20,610
(19,100)
(1) Excludes properties under development valued using land comparisons
As at March 31, 2015 the average weighted capitalization rate was 6.2% (December 31, 2014 - 6.2%).

(206,340)
(36,860)
4. loans and notes receivable
Loans and notes receivable are as follows:
MARCH 31, 2015
DECEMBER 31, 2014
Loans receivable (a)
$21,172
$-
Notes receivable (b)
7,817
8,265
$28,989$8,265
Current
$5,951$6,138
Non-current
23,0382,127
$28,989$8,265
(a) In February 2015, Allied entered into an agreement with Westbank and completed an acquisition of an
undivided 50% interest in 19 Duncan and advanced $40,770 to the partnership between Allied and Westbank. The
loan is secured by a first charge on the property and assignment of rents and leases. Interest on the loan is payable
monthly at 6.0%. During the quarter, an additional $1,574 was funded to the initial loan. The loan is repayable when
the partnership obtains external development financing.
(b)In March 2013, Allied defeased a mortgage associated with a property located at 134 Peter Street. Pursuant to
the defeasance, Allied purchased $5,752 of government bonds and pledged them as security for the loan in return
for the lender releasing the mortgage on 134 Peter Street. Neither the financial asset nor the loan qualified for derecognition, and as a result, both remain in the condensed consolidated balance sheets. Therefore included in notes
receivable is the amount receivable on government bonds of $4,928 (December 31, 2014 - $5,119), relating to
the purchase of the bonds as replacement security for the mortgage. The government bonds are classified as a held
to maturity financial asset. The government bonds have various maturities to August 1, 2015 and are measured at
amortized cost. The weighted average interest rate on the government bonds is 1.5%.
Also included in notes receivable is an annuity loan receivable of $2,889 (December 31, 2014 - $3,146), bearing
interest of 1.8 % and maturing on December 1, 2017.

5. other assets
Other non-current assets consist of the following:
MARCH 31, 2015
DECEMBER 31, 2014
$73,828
$72,166
Leasing commissions (2)
32,467
32,535
Straight-line rents
24,328
23,206
Tenant improvement allowances (1)
Equipment and other assets (3)
2,618
$133,241 2,626
$130,533
(1) During the three months ended March 31, 2015, Allied recorded amortization of tenant improvements of $3,044 (March 31, 2014- $2,268), which
was netted against rental revenue.
(2) During the three months ended March 31, 2015, Allied recorded amortization of leasing commissions of $1,590 (March 31, 2014- $1,415).
(3) During the three months ended March 31, 2015, Allied recorded amortization of equipment and other assets of $231 (March 31, 2014 - $207).
6. accounts receivable and prepaid expenses
Tenant trade receivables - net of allowance for
doubtful accounts MARCH 31, 2015
DECEMBER 31, 2014
$19,657
$17,542
Other tenant receivables 12,878
15,049
Miscellaneous receivables 12,958
10,885
Prepaid expenses and deposits 19,570
18,428
$65,063$61,904
The movement in the allowance for doubtful accounts is reconciled as follows:
THREE MONTHS
ENDED
MARCH 31, 2015
Allowance for doubtful accounts, beginning of period
Additional provision recorded during the period
THREE MONTHS
ENDED
MARCH 31, 2014
$3,265
$1,850
685
358
Reversal of previous provisions
(330)
(19)
Receivables written off during the period
(634)
(51)
$2,986
$2,138
Allowance for doubtful accounts, end of period

An allowance for doubtful accounts is maintained for estimated losses resulting from the inability of tenants to meet
obligations under lease agreements. Allied actively reviews receivables and determines the potentially uncollectible
accounts on a per-tenant basis. An accounts receivable is written down to its estimated realizable value when Allied
has reason to believe that the tenant will not be able to fulfill its obligations under the lease agreement.
Prepaid expenses primarily relates to property operating expenses and deposits relating to acquisitions.
7. debt
Debt consists of the following items:
MARCH 31, 2015
Mortgages payable (a)
Construction loans payable (b)
Unsecured revolving operating facility (c)
Secured operating facility
DECEMBER 31, 2014
$1,248,679
$1,274,857
13,814
54,210
77,000
-
-
24,336
$1,339,493$1,353,403
Current
$195,240$137,623
Non-current
1,144,2531,215,780
$1,339,493$1,353,403
(a) Mortgages payable
Mortgages payable have a weighted average stated interest rate of 4.7% at March 31, 2015 (December 31, 2014 4.8%). The mortgages are secured by first registered charge over specific investment properties and first general
assignments of leases, insurance and registered chattel mortgages.
The following table contains information on the remaining contractual mortgage maturities:

AS AT MARCH 31, 2015
PRINCIPAL
REPAYMENTS
Remainder of 2015
$27,931
BALANCE DUE
AT MATURITY
TOTAL
$46,942
$74,873
2016
35,883 2017
33,845127,314
161,159
2018
32,88956,900
89,789
2019
30,019142,360
172,379
2020
23,9914,456
28,447
2021
23,069104,344
127,413
2022
19,21073,683
92,893
2023
16,008220,957
236,965
2024
3,011165,326
168,337
66,511 $245,856$1,008,793
Net premium on assumed mortgages
102,394
$1,254,649
704
Financing costs
(6,674)
$ 1,248,679
(b) Construction loans payable
Allied has provided its guarantee (limited to 50%) to a Canadian chartered bank to support a $45,740 construction
lending facility to assist with the financing of construction costs associated with a property under development in
which Allied has a 50% joint arrangement interest. The loan matures on December 31, 2015 and bears interest at
bank prime plus 80 basis points or bankers’ acceptance rate plus 180 basis points. The balance outstanding under the
facility as at March 31, 2015 was $27,628, of which $13,814 is Allied’s proportionate share of the loan. The balance
outstanding under the facility as at December 31, 2014 was $24,220, of which $12,110 is Allied’s proportionate
share of the loan.
In May 2013, Allied secured a construction facility from a group of Canadian chartered banks (the “Lenders”) to
fund project construction costs for the development at 134 Peter Street, Toronto, Ontario. In February 2015, Allied
repaid the construction facility. At December 31, 2014 there was $42,100 outstanding on the construction facility.
(c) Unsecured revolving operating facility
During the quarter, Allied obtained an unsecured revolving operating facility (“Unsecured Facility”) of $200,000.
The Unsecured Facility had a balance of $77,000 outstanding at March 31, 2015. The Unsecured Facility bears
interest at bank prime plus 70 basis points or bankers’ acceptance plus 170 basis points and matures on January 18,
2018. The Unsecured Facility also contains $100,000 accordion feature that allows Allied to increase it to $300,000.
The Unsecured Facility replaced the $100,000 secured operating facility which had a balance of $24,336 outstanding
at December 31, 2014.

(d) Interest expense
Interest expense consists of the following:
THREE MONTHS ENDED
MARCH 31, 2015
Interest on debt
THREE MONTHS ENDED
MARCH 31, 2014
$15,450
$14,869
814
795
49
(9)
Interest on finance lease - land leases
Amortization, premium on assumed mortgage
Amortization, deferred financing
340
311
$16,653$15,966
Less: interest expense capitalized into investment properties
(3,469)
(2,894)
Interest expense
$13,184
$13,072
Borrowing costs have been capitalized at a rate of 4.7% per annum (March 31, 2014 – 4.8%). A description of
Allied’s risk management objectives and policies for financial instruments is provided in Note 21.
8. freehold lease and land lease obligations
Allied’s future minimum finance lease payments as a lessee are as follows:
REMAINING
2015
Future minimum lease payments
Less: Amounts representing interest
Present value of lease payments
$5,529 276 $5,253
JANUARY 1, 2016
THROUGH
DECEMBER 31,
2019
$33,751 6,786
$26,965 Current
Non-current
THEREAFTER
TOTAL
$496,056
$535,336
392,030
399,092
$104,026 $136,244
MARCH 31
2015
DECEMBER 31
2014
$7,381
$6,886
128,863
128,758
$136,244$135,644

During the three months ended March 31, 2015, minimum lease payments of $1,780 were paid by Allied (March
31, 2014 - $542). No sublease payments or contingent rent payments were made or received. No sublease income is
expected as all assets held under lease agreements are used exclusively by Allied.
Some of Allied’s finance lease agreements contain contingent rent clauses. Contingent rental payments are
recognized in the condensed consolidated statements of income and comprehensive income as required when
contingent criteria are met. None of the finance lease agreements contain renewal or purchase options or escalation
clauses or any restrictions concerning distributions, additional debt and further leasing.
9. accounts payable and other liabilities
Accounts payable and other liabilities consists of the following:
MARCH 31, 2015
Accounts payable and other liabilities
Prepaid rents and tenant deposits
Accrued interest payable
Distributions payable to unitholders
Mortgage interest swap liability
$78,680 22,079
DECEMBER 31, 2014
$ 66,207
25,353
4,108 4,219
9,434
9,128
16,595
8,734
$130,896
$113,641
10.fair values of financial instruments
The fair value of financial instruments is the amount for which an asset could be exchanged or liability settled
between knowledgeable, willing parties in an arm`s length transaction based on the current market for assets and
liabilities with the same risks, principal and remaining maturity.
The carrying value of Allied’s financial assets, which include cash and cash equivalents and accounts receivable, as
well as financial liabilities, which include accounts payable and other liabilities, approximate their fair values due to
their short-term nature. The fair value of loans and notes receivable, mortgages payable, construction loans payable
and secured and Unsecured Facility are estimated based on discounted future cash flows using discounted rates that
reflect current market conditions for instruments with similar terms and risks.
The fair value of Allied’s financial instruments are summarized in the following table:

2015
FAIR VALUE
THROUGH
PROFIT & LOSS
LOANS
RECEIVABLES /
OTHER
LIABILITIES
2014
TOTAL
TOTAL
Financial assets
Loans and notes
Receivable
$-
28,989
$28,989
$8,265
Mortgages payable
$-
1,326,074
$1,326,074
$1,276,288
Construction loans
Payable
$-
13,818
$13,818
$54,009
Secured operating facility
$-
-
$-
$24,336
Unsecured Facility
$-
77,000
$77,000
$-
Interest rate derivatives
$16,595
-
$16,595
$8,734
Financial liabilities
FAIR VALUE HIERARCHY
Allied uses various methods in estimating the fair values of assets and liabilities that are measured at fair value
on a recurring or non-recurring basis in the statement of financial position after initial recognition. The fair value
hierarchy reflects the significance of inputs used in determining the fair values.
-
Level 1 – quoted prices in active markets for identical assets and liabilities;
- Level 2 – inputs other than quoted prices in active markets or valuation techniques where significant inputs are based on observable market data; and
-
Level 3 – valuation technique for which significant inputs are not based on observable market data.
The following summarizes the significant methods and assumptions used in estimating fair value of Allied’s financial
assets and liabilities measured at fair value:
INTEREST RATE DERIVATIVE CONTRACTS
The fair value of Allied’s interest rate derivative contracts which represents a net liability as at March 31, 2015 is
$16,595 as compared to a net liability as at December 31, 2014 of $8,734. The fair value of the derivative contracts is
determined using interest rates observable in the market (Level 2).
11.unitholders' equity
The number of units issued and outstanding are as follows:

UNITS
Units outstanding, January 1, 2014
68,542,410
Units issued under the Distribution Reinvestment Plan
231,005
Units issued under Unit Option Plan
573,005
Units outstanding, March 31, 2014
69,346,420
Units issued pursuant to offering on September 3, 2014 4,887,500
Units issued under the Distribution Reinvestment Plan 621,156
Units issued under Unit Option Plan 213,836
Units outstanding, December 31, 2014 75,068,912
Units issued pursuant to offering on February 2, 2015 2,213,750
Units issued under the Distribution Reinvestment Plan 194,299
Units issued under Unit Option Plan 103,725
Units outstanding, March 31 , 2015 77,580,686
Allied does not hold any of its own trust units, nor does Allied reserve any trust units for issue under options and
contracts.
12.unit option and restricted unit plans
Allied adopted a Unit Option Plan providing for the issuance, from time to time, at the discretion of the trustees,
of options to purchase Units for cash. Participation in the Unit Option Plan is restricted to the trustees and certain
employees of Allied. The Unit Option Plan complies with the requirements of the Toronto Stock Exchange. The
exercise price of any option granted will not be less than the closing market price of the units on the day preceding
the date of grant. The options may have a maximum term of ten years from the date of grant. All options are settled
in units.
On March 4, 2014, 266,174 options were granted to trustees, officers and employees with an exercise price of $33.29
and expiring on March 4, 2019. 75,538 options vested on March 4, 2015. 62,357 and 62,365 options will vest on
March 4, 2016 and March 4, 2017, respectively. 13,182 options have been exercised. 65,914 options have been
forfeited.
On May 6, 2014, 8,474 options were granted to an officer with an exercise price of $34.59 and expiring on May 6,
2019. 2,824, 2,825 and 2,825 options will vest on May 6, 2015, May 6, 2016 and May 6, 2017, respectively.
On March 3, 2015, 302,706 options were granted to officers with an exercise price of $40.60 and expiring on March
3, 2020. 100,902, 100,902 and 100,902 options will vest on March 3, 2016, March 3, 2017 and March 3, 2018,
respectively.
Allied accounts for its Unit Option Plan using the fair value method, under which compensation expense is
measured at the date options are granted and recognized over the vesting period.

MARCH 31, 2015
The range of
exercise prices
For the units outstanding
at the end of the period
MARCH 31, 2014
Weighted average
remaining contractual
life (years)
3.28 $21.91-40.60
MARCH 31, 2015
Number of units
Balance at the beginning
of the period
Weighted average
exercise price
778,889
$28.54 Granted during the period
302,706 40.60
Forfeited during the period
(39,134) 33.60 Exercised during the period
(103,725)
24.08 The range of
exercise prices
Weighted average
remaining contractual
life (years )
$19.39-34.25
3.23
MARCH 31, 2014
Number of units
1,350,941
Weighted average
exercise price
$23.30
266,174 33.29
-
-
(573,005)
19.36
Balance at the end of the period
938,736 $32.71 1,044,110 $28.01
Units exercisable at the end
of the period
452,695 $27.07 567,207 $24.19
Weighted average unit price during the period was $39.41 (March 31, 2014 - $33.23).
Allied utilizes the Black-Scholes Model for the valuation of unit options with no performance criteria and the
Binomial option pricing model for valuation of unit options with performance criteria. The Binomial option pricing
model incorporates the factors specific to the share incentive plan such as market conditions by means of actuarial
modeling.
Assumptions utilized in the calculation using the Black-Scholes Model for option valuation are as follows:
MARCH 31, 2015
MARCH 31, 2014
Unit options granted
302,706 266,174
Unit option holding period (years) 5
5
Volatility rate 17.8% 20.5%
Distribution yield 3.6% 4.2%
Risk free interest rate 0.7% 1.6%
Value of options granted $1,062 $942
The underlying expected volatility was determined by reference to historical data of Allied’s units over 5 years.

For the Unit Option Plan, $139 of employee remuneration expense (all of which related to equity-settled sharebased payment transactions) has been included in profit or loss for March 31, 2015 and credited to Unitholders’
equity (March 31, 2014 - $196).
Certain employees and the Trustees of Allied may be granted Restricted Units pursuant to the terms of the
Restricted Unit Plan, which are subject to vesting conditions and disposition restrictions, in order to provide a
long-term compensation incentive. The Restricted Units remain subject to forfeiture until the participant has
held his or her position with Allied for a specific period of time. Full vesting of Restricted Units will not occur
until the participant has remained employed by Allied for three years from the date of grant. Units required under
the Restricted Unit Plan are acquired in the secondary market through a custodian and then distributed to the
individual participant accounts. During the three months ended March 31, 2015, 47,695 units of Allied were
granted for the Restricted Unit Plan and are included in the units outstanding (March 31, 2014 - 45,742). At March
31, 2015, 220,709 units of Allied were outstanding for the Restricted Unit Plan and 5,741 units were forfeited during
the three months ended March 31, 2015. At December 31, 2014, 178,755 units of Allied were outstanding for the
Restricted Unit Plan and 7,678 units were forfeited.
For the Restricted Unit Plan, in total, $194 of employee remuneration expense (all of which related to equity-settled
share-based payment transactions) has been included in profit for March 31, 2015 and credited to Unitholders’
equity (March 31, 2014 - $285).
13.long-term incentive plan
Officers and trustees of Allied have been granted the right to participate in a long-term incentive plan (“LTIP”),
whereby the participants subscribed for units for a purchase price equal to the weighted average trading price
of the units for five trading days preceding the date of the grant. The purchase price was payable as to 5% upon
issuance and as to the balance (“installment loan receivable”) over a term not exceeding 10 years. The installment
loan receivable bears interest at rates of 3% or 5% per annum on any outstanding balance and is a direct, personal
obligation of the participant. The units issued under the LTIP are held by a custodian for the benefit of the
participants until the installment loan receivable has been paid in full. The values of these units held by the
Custodian as at March 31, 2015 and December 31, 2014 were $685 and $636, respectively. Cash distributions paid
in respect of the units issued under the LTIP are applied first to the interest and then to reduce the balance of the
installment loan receivable.
The fair value of the LTIP is the estimated present value of the imputed interest benefit over an estimated expected
term of ten years, which is recorded as compensation cost. The LTIP installment loans receivable are recognized
as deductions from units issued. Distributions received under the LTIP are charged to Unitholders’ equity while
interest received under the LTIP is credited to distributions.

UNITS ISSUED
UNDER THE LTIP
CUMULATIVE
AS AT
MARCH 31, 2015
Number of units issued 412,293
THREE MONTHS
ENDED
MARCH 31, 2015
CUMULATIVE
AS AT
DECEMBER 31, 2014
-
412,293
$6,282 $- $6,282
474 -
474
6,756 -
6,756
LTIP installment loans receivable (5,968) -
(5,968)
Interest on installment loans receivable
(1,078) (2) (1,076)
Distributions applied against installment
loans receivable
3,598 6
3,592
Repayment of installment loans
3,283 -
3,283
(165) 4
(169)
$6,591 $4 $6,587
Units issued
Compensation cost UNITS ISSUED
UNDER THE LTIP
CUMULATIVE
AS AT
DECEMBER 31, 2014
Number of units issued
Units issued
Compensation cost
412,293 $6,282 CUMULATIVE
YEAR ENDED
AS AT
DECEMBER 31, 2014 DECEMBER 31, 2013
- $-
412,293
$6,282
474 - 474
6,756 - 6,756
- (5,968)
LTIP installment loans receivable
(5,968)
Interest on installment loans receivable
(1,076)
Distributions applied against installment
loans receivable
3,592 Repayment of installment loans
$6,587 (7) (1,069)
30 3,562
3,283 -
3,283
(169)
23 (192)
$23 $6,564
14.weighted average number of units
The weighted average number of units for the purposes of diluted income per unit is the weighted average number of
ordinary units used in the calculation of basic income per unit as follows:

THREE MONTHS
ENDED
MARCH 31, 2015
Basic
THREE MONTHS
ENDED
MARCH 31, 2014
76,598,961 68,708,914
Unit option plan 202,500 370,266
Long-term incentive plan 17,000 37,000
Fully diluted 76,818,461 69,116,180
15.rental revenue from investment properties
The following amounts were recognized in income:
THREE MONTHS
ENDED
MARCH 31, 2015
Rental revenue from investment properties $84,779
THREE MONTHS
ENDED
MARCH 31, 2014
$81,372
Rental revenue from properties under development 4,788 1,175
89,567 82,547
Direct operating expenses from rental properties (37,850) (34,114)
Direct operating expenses from properties under development (738) (679)
$(38,588) $(34,793)
Future minimum rental income as a lessor is as follows:
REMAINING
2015
Future minimum rental income $254,476 JANUARY 1, 2016
THROUGH
DECEMBER 31, 2019
$1,150,353 THEREAFTER
$667,493 TOTAL
$2,072,322
16. supplemental cash flow cash flow:
Cash and cash equivalents include the following components:
MARCH 31,
2015
Cash at bank and in hand
$8,751 DECEMBER 31,
2014
$5,113
Short-term deposits 151 147
Total cash and cash equivalents $8,902 $5,260

The following summarizes supplemental cash flow information and non-cash transactions:
THREE MONTHS
ENDED
MARCH 31, 2015
THREE MONTHS
ENDED
MARCH 31, 2014
Supplemental
Interest paid on debt $15,535 $14,879
Interest received $171 $-
Units issued under DRIP $7,201 $7,329
Freehold lease and land leases $600 $1,512
Non-cash transactions
17.co-owned properties
Co-owned properties are accounted for as joint operations. The following table summarizes Allied’s interest in the
assets, liabilities, revenues and expenses for the joint operations in which it participates.
CO-OWNED
PROPERTIES
Breithaupt Block
OWNERSHIP
LOCATION
Kitchener, ON
PROPERTY TYPE
Rental/Development
2015
2014
50%
50%
King & Portland Toronto, ON Rental 50% 50%
College and Manning Toronto, ON Rental/Development 50% 50%
478 King Toronto, ON Rental 50% 50%
The Well Toronto, ON Rental 40% 40%
57 Spadina Toronto, ON Rental 50% 50%
19 Duncan Toronto, ON Development 50% 50%
TELUS Sky Calgary, AB Development 33 1/3% 33 1/3%
MARCH 31,
2015
DECEMBER 31,
2014
Total assets $192,276 $168,084
Total liabilities $68,608 $65,115

THREE MONTHS
ENDED
MARCH 31, 2015
THREE MONTHS
ENDED
MARCH 31, 2014
Revenue $2,652 $1,938
Expenses (1,715) (1,534)
Income before fair value adjustments Fair value gain (loss) on investment properties Net income 937 (5,973) $(5,036) 404
(2,605) $(2,201)
18.segmented information
To measure performance based on income from property operations, management divides operations into three
geographical locations consisting of Eastern Canada (Montréal, Québec City and Ottawa), Central Canada
(Toronto and Kitchener) and Western Canada (Winnipeg, Calgary, Edmonton, Vancouver and Victoria).
Management reviews assets and liabilities on a total corporate basis and therefore assets and liabilities are not
included in the segmented information below.
Allied does not allocate interest expense to segments as debt is viewed by management to be used for the purpose of
acquisitions, development and improvements of the properties. Similarly, general administration expenses, interest
income and fair value of financial instruments are not allocated to segments. These are disclosed below as Other.

SEGMENTED CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(UNAUDITED)
THREE MONTHS
ENDED
MARCH 31, 2015
EASTERN
CANADA
CENTRAL
CANADA
WESTERN
CANADA
SEGMENT
TOTAL
OTHER
TOTAL
Net rental income
Rental revenue from
investment properties
Property operating costs Net rental income $21,961
$51,139
$16,467
$89,567 $-
$89,567
(10,992)
(20,493)
(7,103)
(38,588) -
(38,588)
10,969
30,646
9,364
50,979 -
50,979
Other income and expenses
Interest expense -
-
-
-
(13,184)
(13,184)
General and administrative
expenses
-
-
-
-
(1,821)
(1,821)
(1,590) (231)
(1,821)
-
171
171
(30,092) -
(30,092)
-
(7,861)
(7,861)
$19,297 $(22,926)
$(3,629)
Amortization of leasing
costs and other assets
Interest income
Fair value gain (loss) on
investment properties
Fair Value gain (loss) on
derivative instruments
Net income and comprehensive
income for the period
(669)
-
(3,429)
-
$6,871
(672)
-
(2,886)
-
$27,088
(249)
-
(23,777)
-
$(14,662)

SEGMENTED CONDENSED INTERIM CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE
INCOME (UNAUDITED)
THREE MONTHS
ENDED
MARCH 31, 2014
EASTERN
CANADA
CENTRAL
CANADA
WESTERN
CANADA
SEGMENT
TOTAL
OTHER
TOTAL
Net rental income
Rental revenue from
investment properties
$22,175 $44,450 $15,922 $82,547 $- $82,547
(10,427) (18,422) (5,944) (34,793) -
(34,793)
11,748 26,028 9,978 47,754 -
47,754
Interest expense -
-
-
-
(13,072) (13,072)
General and administrative
expenses
-
-
-
-
(1,733) (1,733)
(588) (726) (120) (1,434) (188) (1,622)
Property operating costs Net rental income Other income and expenses
Amortization of leasing
costs and other assets
Interest income
-
-
-
-
-
-
Fair value gain (loss) on
investment properties
(8,355) (4,513) 929 (11,939) -
Fair Value gain (loss) on
derivative instruments
-
-
-
-
(3,973) (3,973)
$2,805 $20,789 $10,787 $34,381 $(18,966) $15,415
Net income and comprehensive
income for the period
(11,939)
19.income taxes
Allied is taxed as a ``Mutual Fund Trust`` for income tax purposes. Allied, pursuant to its Declaration of Trust,
distributes or designates substantially all of its taxable income to Unitholders and does not deduct such distributions
or designations for income tax purposes. Accordingly, no provision for income taxes has been made. Income tax
obligations relating to distributions of Allied are the obligations of the Unitholders.
20.related party transactions
Allied’s related parties include its subsidiaries, nominee corporations, Allied Properties Management Trust, Allied
Properties Management Limited Partnership, Allied Properties Management GP Limited; and key management and
their close family members.
Allied engages in third-party property management business, including the provision of services for properties in
which certain trustees of Allied have an ownership interest. For the three months ended March 31, 2015 real estate
service revenue earned from these properties was $53 and $56 for the three months ended March 31, 2014.

The transactions are in the normal course of operations and were measured at the amount set out in agreement
between the respective property owners. Related party transactions were made on terms equivalent to those that
prevail in arm’s length transactions.
Transactions with key management personnel are summarized in the table below:
THREE MONTHS
ENDED
MARCH 31, 2015
Salary, bonus and other short-term employee benefits Share-based payments THREE MONTHS
ENDED
MARCH 31, 2014
$ 779 $ 1,033
329 160
$ 1,108 $ 1,193
21.risk management
(a) Financial risk
Allied defines capital as the aggregate of Unitholders’ equity, mortgages payable, construction loans payable,
unsecured facility and freehold lease and land lease obligations. Allied manages its capital to comply with
investment and debt restrictions pursuant to the Declaration of Trust; to comply with debt covenants; to ensure
sufficient operating funds are available to fund business strategies; to fund leasing and capital expenditures; to fund
acquisitions and development of properties; and to provide stable and growing cash distributions to Unitholders.
Various debt, equity and earnings’ distributions ratios are used to monitor capital adequacy requirements. For
debt management, debt to gross book value and fair value, debt average term to maturity, and variable debt as
a percentage of total debt are the primary ratios used in capital management. The Declaration of Trust requires
Allied to maintain debt to gross book value, as defined by the Declaration of Trust, of less than 60% (65% including
convertible debentures, if any) and the variable rate debt and debt having maturities of less than one year to not
exceed 15% of gross book value. As at March 31, 2015 and December 31, 2014, debts having variable interest rates
and debts having maturities of less than one year aggregated to 4.0% and 2.5% of gross book value, respectively.
(b) Market risk
Market risk is the risk that the fair value or future cash flow of financial instruments will fluctuate because of changes
in market prices. Allied is exposed to interest rate risk on its borrowings. Substantively all of Allied’s mortgages
payable at March 31, 2015 are at fixed interest rates and are not exposed to changes in interest rates, during the term
of the debt. Unsecured debt as at March 31, 2015 amounts to $77,000, however, there is interest rate risk associated
with Allied’s fixed interest rate term debt due to the expected requirement to refinance such debts upon maturity.
Unsecured facility is at floating rate interest rates and is exposed to changes in interest rates. As fixed rate debt
matures and as Allied utilizes additional floating rate debt under the revolving credit facility, Allied will be further
exposed to changes in interest rates. In addition, there is a risk that interest rates will fluctuate from the date

Allied commits to a debt to the date the interest rate is set with the lender. As part of its risk management program,
Allied endeavours to maintain an appropriate mix of fixed rate and floating rate debt, to stagger the maturities of its
debt and to minimize the time between committing to a debt and the date the interest rate is set with the lender.
The following table illustrates the annualized sensitivity of income and equity to a reasonably possible change in
interest rates of +/- 1.0%. These changes are considered to be reasonably possible based on observation of current
market conditions. The calculations are based on a change in the average market interest rate for each period, and the
financial instruments held at each reporting date that are sensitive to changes in interest rates. All other variables are
held constant.
FOR THE THREE MONTHS
ENDED MARCH 31, 2015
CARRYING AMOUNT
-1.0%
+1.0%
INCOME
INCOME
Unsecured facility 77,000 770 (770)
Mortgages and loans payable
maturing within one year 118,239 1,182 (1,182)
(c) Credit risk
Credit risk from tenant receivables arises from the possibility that tenants may experience financial difficulty and
be unable to fulfill their lease commitments, resulting in Allied incurring a financial loss. Allied manages credit risk
to mitigate exposure to financial loss by staggering lease maturities, diversifying revenue sources over a large tenant
base, ensuring no individual tenant contributes a significant portion of Allied’s revenues and conducting credit
reviews of new tenants. Management reviews tenant receivables on a regular basis and reduces carrying amounts
through the use of allowance for doubtful accounts and the amount of any loss is recognized in the condensed
consolidated statements of income and comprehensive income within rental property operating cost. As at March
31, 2015 and March 31, 2014, allowances for doubtful accounts were $2,986 and $2,138, respectively.
Allied considers that all the financial assets that are not impaired or past due for each of the reporting dates under
review are of good quality. The carrying amount of accounts receivable best represents Allied’s maximum exposure
to credit risk. None of Allied’s financial assets are secured by collateral or other credit enhancements. Some of the
unimpaired trade receivables are past due as at the reporting date. An aging of trade receivables, including trade
receivables past due but not impaired can be shown as follows:
MARCH 31, 2015
Less than 30 days 30 to 60 days More than 60 days Total 
DECEMBER 31, 2014
$3,635 $80
1,090 1,121
14,932 16,341
$19,657 $17,542
(d) Liquidity risk
Liquidity risk arises from the possibility of not having sufficient capital available to to fund ongoing operations and
refinance or meet obligations as they come due. Mitigation of liquidity risk is discussed above. A significant portion
of Allied’s assets have been pledged as security under the related mortgages and other security agreements. Interest
rates on the mortgages payable are between 2.0% and 6.9% for March 31, 2015 and December 31, 2014.
Allied has entered into interest rate derivative contracts to limit its exposure to fluctuations in the interest rates
on approximately $252,972 of its variable rate mortgages payable as at March 31, 2015 (December 31, 2014
- $254,673). Gains or losses arising from the change in fair values of the interest rate derivative contracts are
recognized in the condensed consolidated statements of income and comprehensive income. During the year ended
March 31, 2015, Allied recognized, as part of change in fair value adjustment on derivative instruments, a net loss of
$7,861 (March 31, 2014 - net loss of $3,973).
22.commitments and contingencies
Allied has entered into commitments for acquisitions, building renovations with respect to leasing activities and
for repairs and operating costs. The commitments as at March 31, 2015 and December 31, 2014 were $41,407 and
$16,184, respectively.
Allied is subject to legal and other claims in the normal course of business. Management and Allied’s legal counsel
evaluate all claims. In the opinion of management these claims are generally covered by Allied’s insurance policies
and any liability from such claims would not have a significant effect on Allied’s consolidated financial statements.
Allied, through a financial intermediary, has issued letters of credit in the amount of $1,382 representing deposits on
several of the conditional purchase agreements noted above and other financing requirements (December 31, 2014
- $798).
23.subsequent events
On April 15, 2015, Allied completed the previously announced acquisition of 180 John Street in Toronto for a
purchase price of $8,250.
On April 30, 2015, Allied announced the acquisition of 511-539 King Street West, in Toronto for an approximate
purchase price of $100 million. The acquisition is expected to close on June 30, 2015.

DELTA FRAME AT QRC WEST, TORONTO,
RECEIVING FINAL PAINT APPLICATION
520 KING STREET WEST, SUITE 300 TORONTO, ONTARIO M5V 1L7 T 416.977.9002
F 416.977.9053
alliedreit.com