Investment Thesis
Allied Properties REIT (APYRF) (TSX:AP.UN) delivered solid Q4 2018 result with top and bottom lines growth. We believe the company will be able to carry this growth momentum in 2019 thanks to its focus in major urban markets, higher leasing spreads, and several development projects that should reach completion in 2019. The company also has a robust development pipeline that should fuel its growth through 2023. The company continues to trade at a premium valuation to its peers thanks to its excellent track record and its portfolio of high quality assets.