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Press release from Marketwire

Allied Properties Real Estate Investment Trust Announces Exercise of Over-Allotment Option

Monday, August 29, 2011

Allied Properties Real Estate Investment Trust Announces Exercise of Over-Allotment Option20:48 EDT Monday, August 29, 2011TORONTO, ONTARIO--(Marketwire - Aug. 29, 2011) -NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICAAllied Properties REIT (TSX:AP.UN) announced today that the underwriters of its recently completed public offering of 3,830,000 units at a price of $23.50 per unit for gross proceeds of just over $90 million have provided notice of their intent to exercise their over-allotment option (the "Over-Allotment") in full to purchase an additional 574,500 units (the "Units") at a price of $23.50 per Unit for additional gross proceeds of $13,500,750.Closing of the exercise of the Over-Allotment is expected to be completed on August 31, 2011. The Units were qualified by a short form prospectus dated August 4, 2011, and were underwritten by a syndicate of underwriters led by Scotia Capital Inc. and including RBC Dominion Securities Inc., CIBC World Markets Inc., BMO Nesbitt Burns Inc., TD Securities Inc., Canaccord Genuity Corp., National Bank Financial Inc., Desjardins Securities Inc., Dundee Securities Ltd. and Macquarie Capital Markets Canada Ltd. Allied Properties REIT 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. Its objectives are to provide stable and growing cash distributions to unitholders and to maximize unitholder value through effective management and accretive portfolio growth.FOR FURTHER INFORMATION PLEASE CONTACT: Michael R. EmoryAllied Properties REITPresident and Chief Executive Officer(416)