TORONTO, Oct. 26, 2022 (GLOBE NEWSWIRE) — Allied Properties Real Estate Investment Trust (“Allied”) (TSX: “AP.UN”) today reported results for its third quarter ended September 30, 2022. Quarterly operations were encouraging, particularly given the mounting macroeconomic uncertainty,” said Michael Emory, President & CEO. “Average actual net rent per occupied square foot across our rental portfolio increased to $25.56, up 3.8% from the same quarter last year and Up 1.1% from Q2. For us, this is a key operating metric in terms of the productivity and capacity of our rental portfolio and bodes well for our future.”
Financial results
Allied’s third quarter financial results were in line with internal guidance and external expectations. FFO per unit was 60.6 cents, down 2.9% from the same quarter last year and in line with the second quarter. AFFO per unit was 52.6 cents, up 1.3% from the same quarter last year and down 3.1% from the second quarter. NAV per unit at the end of the quarter was $51.10, down slightly from the end of the second quarter due to a decline in the value of the Allied portfolio in Calgary. The financial results are summarized below:
| as of 30.09 | |||||||||||
| (In thousands, except per unit amounts and %) | 2022 | 2021 | change | % change | |||||||
| investment properties (1)(4) | $ | 10.775.019 | $ | 9,210,666 | $ | 1,564,353 | 17.0 | % | |||
| Unencumbered investment properties (2) | $ | 9,498,180 | $ | 8,738,850 | $ | 759,330 | 8.7 | % | |||
| total assets (1)(4) | $ | 11.680.033 | $ | 10,086,673 | $ | 1,593,360 | 15.8 | % | |||
| PUD costs in % of GBV (2) | 12.1% | 10.8% | 1.3% | — | |||||||
| NAV per unit (6) | $ | 51.10 | $ | 49.50 | $ | 1.60 | 3.2 | % | |||
| debts (1) | $ | 3,985,742 | $ | 3,286,518 | $ | 699,224 | 21.3 | % | |||
| total leverage ratio (2) | 34.3% | 32.9% | 1.4% | — | |||||||
| Annualized Adjusted EBITDA (2) | $ | 414,664 | $ | 375,764 | $ | 38,900 | 10.4 | % | |||
| Net debt as a multiple of annualized Adjusted EBITDA (2) | 9.6x |
8.6x | 1.0x | — | |||||||
| Interest coverage ratio including capitalized interest and excluding pre-financing costs (2)(3) | 2.9x |
3.4x | (0.5x) | — | |||||||
Source Story here
 Asia BusinessYou May Also Like 
BusinessState would join dozens of others in enacting legislation based on federal government’s landmark whistleblower statute, the False Claims Act  
press releaseWith a deep understanding of the latest tech, Erbo helps businesses flourish in a digital world. press release#Automotive #Carbon #Canister #Market #Projected #Hit #USD New York, US, Oct. 24, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market... press releaseBarrington Research Analyst James C.Goss reiterated an Outperform rating on shares of IMAX Corp IMAX with a Price target of $20. As theaters... | |||||||||||