AP.UN: CFO search process concludes

Research evidence excerpt

AP.UN: CFO search process concludes

Allied Properties REIT

Restricted (R): RBC policy precludes certain types of communications, including an investment recommendation, when RBC is

acting as an advisor in certain merger or other strategic transactions and in certain other circumstances.

Not Rated (NR): The rating, price targets and estimates have been removed due to applicable legal, regulatory or policy constraints

which may include when RBC Capital Markets is acting in an advisory capacity involving the company.

Risk Rating

The Speculative risk rating reflects a security's lower level of financial or operating predictability, illiquid share trading volumes,

high balance sheet leverage, or limited operating history that result in a higher expectation of financial and/or stock price volatility.

Distribution of ratings

For the purpose of ratings distributions, regulatory rules require member firms to assign ratings to one of three rating categories -

Buy, Hold/Neutral, or Sell - regardless of a firm's own rating categories. Although RBC Capital Markets' ratings of Outperform (O),

Sector Perform (SP), and Underperform (U) most closely correspond to Buy, Hold/Neutral and Sell, respectively, the meanings are

not the same because our ratings are determined on a relative basis.

RBC Capital Markets, Equity Research

As of 31-Mar-2026

Investment Banking

Serv./Past 12 Mos.

Rating Count Percent Count Percent

BUY [Outperform] 899 57.52 286 31.81

HOLD [Sector Perform] 612 39.16 153 25.00

SELL [Underperform] 52 3.33 5 9.62

Rating and price target history for: Allied Properties Real Estate Investment Trust, AP-U CN as of 12-Jun-2026 (in CAD)

27-Apr-2023 28-Jul-2023 27-Oct-2023 02-Feb-2024 03-May-2024 01-Aug-2024 01-Nov-2024 06-Feb-2025 05-May-2025 31-Jul-2025 31-Oct-2025 18-Feb-2026