Investment Thesis
Allied Properties REIT (APYRF) (TSX: “AP.UN”) delivered a mixed Q2 2020 with growth in adjusted funds from operations per share but a decline in same-asset net operating income. Since flexible working may become the new normal in the future, it will be harder for Allied Properties to grow its rent at the same pace it once enjoyed before the outbreak of COVID-19. The company is still pursuing its development projects and has a solid balance sheet to support its projects and navigate through the crisis. The company currently pays a sustainable