Forward Looking

Statements

This presentation may contain “forward looking” information about future events or the REIT’s future

performance. This information, by its nature, is subject to risks and uncertainties that may cause actual events

or results to differ materially, including those described under the heading “Risks and

Uncertainties” in our most recently filed AIF. Material assumptions that underpin any forward-looking

statements I make include those described under “Forward Looking Disclaimer” in our MD&A for the

first quarter of 2012.

2

IPO 2003

Downtown WestKing West & DowntownDowntown East Downtown South

Bath

urst

St.

Spad

ina

Ave

.

Yong

eSt

.

Chur

ch S

t.

Jarv

is S

t.

Queen St.

Richmond St.

Adelaide St.

King St.

Wellington St.

Front St.LIBERTYVILLAGE

ST. LAWRENCE MARKET AREA

KING WEST CENTRAL

KING WEST

3

Asset growth

157 267

385 503

809 949

1,155

1,583

2,155

2003 2004 2005 2006 2007 2008 2009 2010 2011

Total Assets

$128 M

38%

CAGR

4

Unit price growth

-40

0

40

80

120

160

200

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012Allied Properties S&P/TSX Composite Index

As at 05/04/2012Unit Price

% AVERAGE ANNUAL TOTAL RETURN

20%

5

OPERATIONS

6

property Attributes

Proximity toCore

Distinctive Internal and External Environments

Lower Occupancy Costs than Office

Towers

7

local scaledowntown Toronto

8

National scale8.8 M sf in 10 major cities

EASTERN

CENTRAL

WESTERN

218,911 sf 279,980 sf 388,484 sf

Vancouver WinnipegEdmonton

70,515 sf 517,946 sf

Victoria Calgary

186,794 sf 3,174,206 sf 213,030 sf

Québec City Montréal Ottawa

176,669 sf 3,572,353 sf

Kitchener Toronto

9

Portfolio

117Properties

8.8 M sfGross Leasable Area

10

PortfolioGeographic Distribution in canada

Eastern

Central

Western

22%

61%

17%

Net Operating Income

11

PortfolioLease Maturity

AVERAGE OF 8.8% PER YEAR

As % of GLA

8.4

13.4

7.2 7.5 7.4

2012 2013 2014 2015 2016

12

PortfolioTenant-MiX

Business Service & Professional

Retail

20.7%

14.5%

Telecom & IT

32.0%

Media & Entertainment

10.4%

Financial Services

5.8%

Educational & Institutional

1.8%

Other11.7%Government

3.1%

13

PortfolioTop-10 tenants

Tenant % of Revenue

Equinix 3.8%

Ubisoft 2.7%

Visa Desjardins 2.3%

Cologix 2.3%

Allstream 2.2%

SAP Canada 1.9%

National Capital Commission 1.9%

Bell Canada 1.8%

TELUS 1.5%

Peer 1 Networks 1.4%

14

FINANCING

15

Balance sheet strength

16

• Debt primarily long-term first mortgages with fixed interest rates

• Conservative debt and interest-coverage ratios

• Equity when needed with immediate or immanent use of proceeds

Debt

Weighted-average Mortgage Term

Weighted-average Interest Rate

Debt Ratio

Interest-coverage Ratio

Variable Rate Debt

5 Years

5.3%

44.5%

3.2:1

Negligible

17

Equity

Yield Issue Price

$1

$6

$11

$16

$21

$26

$31

Historic Issue Price and Yield($)

12%

3%

6%

9%

(%)

18

VALUECREATION

19

UPGRADE

20

REDEVELOPMENT

21

68 Properties

1.3 M sf of Land

3.5 M sf Rentable Area

Less than 1/2 Building Area Permitted under Current Zoning

POTENTIAL TO MORE THAN DOUBLE PORTFOLIO’S LEASABLE AREA

Intensification

Toronto Portfolio

22

3 MORE PROPERTIES TOTALLING 1.2 M sfIN MUNICIPAL APPROVAL PROCESS

Intensification

QRC West Phase I

250,000 sf Approved Marketing

750,000 sf Approved Ready to Market

171 Front West

23

TELECOM & IT

151 Front West,Toronto

Meet-Me Room

WORKING TOWARD EXPANDING CAPACITY

24

RESULTSFINANCIAL

Q1, 2012

25

Q1, 2012: STRONG PERFORMANCE

FFO per Unit

FFO Pay-out Ratio

$0.44

75%

AFFO per Unit $0.35

AFFO Pay-out Ratio 93%

42%

46%

26

SAME QUARTER INCREASE

NET OPERATING INCOME

EASTERN WESTERN CENTRAL

5% 44%

18%

22%

27

Leasing

Total Leased Area

Renewed or Leased Area

92%

1.2 M sf

Rental Rate Increase 8%

28

GROWTH

29

Continued Consolidation

$456 M $150 M

ACQUIRED

2011 2012 YTD

$250M - $300 M

2012 ACQUISITION TARGET

30

Continued VALUE-CREATION

31

QRC West Phase I

32

QRC West Phase II

33

171 Front

34

171 Front

Redesigned & reconfigured

Class A office development

Connected to Union Station and ARL

35

171 Front

36

UNION STATION

AIRPORT RAIL LINK

King & Peter

38,000 sf land

Initiated Municipal Approval Process

Designed to LEED Gold Standard

37

King & spadina

38,000 sf land

Initiated Municipal Approval ProcessDesigned to LEED Gold Standard

38

171 Front, Class A Expertise

Mixed-Use Intensification

COLLABORATION

Augment and Accelerate Return and Reduce Risk

39

CORPORATESOCIALRESPONSIBILITY

40

Recycled Buildings

• Adaptive re-use of century old structures• Lower environmental impact than new

construction

41

Committed to LEED for New Construction

Committed to BOMA BEStfor Existing Buildings

CERTIFICATIONS ACHIEVED:

Certifications

6 in Toronto 7 in Montreal

1 in Kitchener42

• Potential displacement of artistic community

• Allocate a portion of rentable area to affordable space for artistic and cultural uses

The Human Environment

Art and culture

43