Allied Properties Real Estate Investment TrustPrivate▼ Negative
Capitalrelevance
Revised 2026 same asset NOI outlook to a decline of 8%-9% and reported 12.6% decline in same asset NOI for rental portfolio.
Allied Properties Real Estate Investment Trust reported second-quarter results with leasing and occupancy ahead of expectations, while revising its full-year same asset net operating income forecast lower. Occupied area reached 84.4% and leased area 86.7%, both exceeding targets due to earlier lease-up occupancy. The REIT completed 522,029 square feet of total leasing, including 104,771 square feet of new leasing in the rental portfolio, and has secured approximately $321 million in gross disposition proceeds year to date, keeping its roughly $500 million annual target on track. Net debt to EBITDA improved to 12.0 times from 12.3 times in the first quarter, and funds from operations per unit came in at $0.24 excluding a one-time $5.9 million severance expense. However, same asset NOI for the rental portfolio declined 12.6%, partly due to a non-recurring retroactive property tax assessment, prompting management to revise the 2026 same asset NOI outlook to a decline of 8% to 9%.
Revised 2026 same asset NOI outlook to a decline of 8%-9% and reported 12.6% decline in same asset NOI for rental portfolio.