AP-UN Stock Analysis: Allied Properties Real | TO

Office Buildings, Retail Premises, Data Centres, Mixed-Use Developments

Total Rating 22

Safety 26

Buy Signal -0.63

REIT - Office
Industry Rotation: -1.4

Market Cap: 838M
Avg Turnover: 8.50M

Risk 3d forecast

Volatility42.0%

VaR 5^th Pctl7.13%

VaR vs Median3.18%

Reward TTM

Sharpe Ratio-2.37

Rel. Str. IBD1

Rel. Str. Peer Group0.7 pctl

Character TTM

Beta0.443

Beta Downside0.809

Hurst Exponent0.512

Choppyness15.9%

Drawdowns 3y

Max DD73.54%

CAGR/Max DD-0.28

CAGR/Mean DD-0.84

EPS (Earnings per Share)

Revenue

Rev. CAGR: 4.34%
Rev. Trend: 60.8%

Last SUE: 3.60
Qual. Beats: 1

Warnings

Interest Coverage Ratio Critical

Altman Z'' In Financial Distress Zone

Below Sma 200d

Tailwinds

No distinct edge detected

Seasonality

Not enough history

Description: AP-UN Allied Properties Real

Allied Properties Real Estate Investment Trust (AP-UN) is a Canadian office REIT that owns and operates distinctive urban workspace in major cities. It focuses on spaces for knowledge-based organizations, with an emphasis on sustainability, wellness, creativity, connectivity and diversity.

Office REITs generally earn income by leasing workspace to tenants. Allied was established in 2002 and incorporated in Ontario.

Headlines to Watch Out For

Hybrid work pressures downtown office occupancy and leasing spreads
Higher interest rates raise refinancing costs and pressure distributions
Asset sales and project completions support deleveraging and liquidity

Piotroski VR-10 (Strict) 1.5

Net Income: -2.02b TTM > 0 and > 6% of Revenue
FCF/TA: 0.03 > 0.02 and ΔFCF/TA 1.32 > 1.0
NWC/Revenue: -53.78% < 20% (prev -130.0%; Δ 76.17% < -1%)
CFO/TA 0.03 > 3% & CFO 243.7m > Net Income -2.02b
Net Debt/EBITDA: error (EBITDA <= 0)
Current Ratio: 0.78 > 1.5 & < 3
Outstanding Shares: last quarter (139.8m) vs 12m ago 0.0% < -2%
Gross Margin: 50.40% > 18% (prev 54.53%; Δ -4.13% > 0.5%)
Asset Turnover: 6.24% > 50% (prev 5.74%; Δ 0.50% > 0%)
Interest Coverage Ratio: -12.54 > 6 (EBIT TTM -1.87b / Interest Expense TTM 148.9m)

Altman Z'' -1.38

A: -0.04 (Total Current Assets 1.11b - Total Current Liabilities 1.42b) / Total Assets 8.22b
B: -0.19 (Retained Earnings -1.52b / Total Assets 8.22b)
C: -0.20 (EBIT TTM -1.87b / Avg Total Assets 9.32b)
D: 0.78 (Book Value of Equity 3.60b / Total Liabilities 4.63b)
Altman-Z'' = -1.38 = CCC

Beneish M -2.78

DSRI: 1.32 (Receivables 382.4m/298.0m, Revenue 581.1m/597.4m)
GMI: 1.08 (GM 54.53% / 50.40%)
AQI: 0.92 (AQ_t 0.86 / AQ_t-1 0.93)
SGI: 0.97 (Revenue 581.1m / 597.4m)
TATA: -0.27 (NI -2.02b - CFO 243.7m) / TA 8.22b)
Beneish M = -2.78 (Cap -4..+1) = A

What is the price of AP-UN shares?

As of October 21, 2026, the stock is trading at CAD 5.61 with a total of 1,412,556 shares traded. Over the past week, the price has changed by -4.10%, over one month by -27.95%, over three months by -43.67% and over the past year by -67.08%.

Current recommended Stop Loss: 5.20 (which is 7.3% or 1.6 ATR below the current price).

Is AP-UN a buy, sell or hold?

Allied Properties Real has no consensus analysts rating.

Allied Properties Real (AP-UN) - Fundamental Data Overview as of 18 October 2026

Market Cap USD = 838.0m (1.18b CAD * 0.7108 CAD.USD)
P/E Forward = 9.9701
P/S = 2.0645
P/B = 0.4179
P/EG = 0.6674
Revenue TTM = 581.1m CAD
EBIT TTM = -1.87b CAD
EBITDA TTM = -1.87b CAD
Long Term Debt = 3.19b CAD (from longTermDebt, last quarter)
Short Term Debt = 891.7m CAD (from shortTermDebt, last quarter)
Debt = 4.12b CAD (from shortLongTermDebtTotal, last quarter) + Leases 17.5m
Net Debt = 4.03b CAD (calculated: Debt 4.12b - CCE 83.5m)
Enterprise Value = 5.21b CAD (1.18b + Debt 4.12b - CCE 83.5m)
Interest Coverage Ratio = -12.54 (Ebit TTM -1.87b / Interest Expense TTM 148.9m)
EV/FCF = 21.43x (Enterprise Value 5.21b / FCF TTM 243.1m)
FCF Yield = 4.67% (FCF TTM 243.1m / Enterprise Value 5.21b)
FCF Margin = 41.84% (FCF TTM 243.1m / Revenue TTM 581.1m)
Net Margin = -347.0% (Net Income TTM -2.02b / Revenue TTM 581.1m)
Gross Margin = 50.40% ((Revenue TTM 581.1m - Cost of Revenue TTM 288.3m) / Revenue TTM)
Gross Margin QoQ = 49.67% (prev 48.36%)
Tobins Q-Ratio = 0.63 (Enterprise Value 5.21b / Total Assets 8.22b)
Interest Expense / Debt = 3.62% (Interest Expense 148.9m / Debt 4.12b)
Taxrate = 25.0% (non-US conservative default 25%)
NOPAT = -1.40b (EBIT -1.87b * (1 - 25.00%)) [loss with tax shield]
Current Ratio = 0.78 (Total Current Assets 1.11b / Total Current Liabilities 1.42b)
Debt / Equity = 1.14 (Debt 4.12b / totalStockholderEquity, last quarter 3.60b)
Debt / EBITDA = -2.16 (negative EBITDA) (Net Debt 4.03b / EBITDA -1.87b)
Debt / FCF = 16.58 (Net Debt 4.03b / FCF TTM 243.1m)
Total Stockholder Equity = 4.27b (last 4 quarters mean from totalStockholderEquity)
RoA = -21.64% (Net Income -2.02b / Total Assets 8.22b)
RoE = -47.27% (Net Income TTM -2.02b / Total Stockholder Equity 4.27b)
RoCE = -25.05% (EBIT -1.87b / Capital Employed (Equity 4.27b + L.T.Debt 3.19b))
RoIC = -18.27% (negative operating profit) (NOPAT -1.40b / Invested Capital 7.67b)
WACC = 3.70% (E(1.18b)/V(5.29b) * Re(7.13%) + D(4.12b)/V(5.29b) * Rd(3.62%) * (1-Tc(0.25)))
Discount Rate = 7.13% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 52.22 | Cagr: 4.00%
[DCF] Terminal Value 77.97% ; FCFF base≈214.2m ; Y1≈245.6m ; Y5≈361.5m
[DCF] Fair Price = 7.65 (EV 5.44b - Net Debt 4.03b = Equity 1.41b / Shares 184.0m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
Revenue Correlation: 60.79 | Revenue CAGR: 4.34% | SUE: 3.60 | # QB: 1
EPS current Year (2026-12-31): EPS=-4.41 | Chg30d=-1664.00% | Revisions=-25% | GrowthEPS=+53.6% | GrowthRev=-4.5%
EPS next Year (2027-12-31): EPS=0.77 | Chg30d=-4.94% | Revisions=-25% | GrowthEPS=+117.5% | GrowthRev=+5.6%