Core Viewpoint - Allied Properties REIT is facing challenges in the office market due to weak demand and an anticipated oversupply in 2024, despite improvements in its balance sheet and rental revenue growth [2][3][14] Company Overview - Allied Properties invests in office properties across major Canadian cities, with a focus on maintaining a sustainable dividend [1] - The company has shown resilience with a 5.0% increase in rental revenue to C$138.5 million in Q3 2023, and a 5.7% increase in same asset net operating income (NOI) to C$86.4 million [3][4] Financial Performance - Q3 2023 financial highlights include: - Same asset NOI increased by 5.7% year-over-year - Adjusted funds from operations (AFFO) rose by 3.6% to C$76.2 million - Occupancy rate decreased by 280 basis points to 86.8% [3][4] - The overall office vacancy rate in Canada reached 16.7% in Q4 2024, up 90 basis points from the previous year, indicating a trend of increasing vacancies [5][6] Market Conditions - The Canadian office market is expected to see an influx of 5.7 million square feet of new office space in 2024, significantly higher than the 3.8 million square feet added in the previous year [5][6] - Net absorption of new office supply has been negative since 2020, with a negative absorption of 5.2 million square feet in 2023, suggesting continued challenges for occupancy rates [6] Balance Sheet and Debt Management - Allied Properties' net debt to EBITDA ratio improved to 7.9x at the end of Q3 2023, down from 9.6x in Q2 2022, due to asset disposals [7] - The company faces significant debt maturities in 2025 and 2026, with C$893.4 million and C$936.4 million maturing, representing 20.5% and 21.5% of total loans, respectively [7][8] Future Outlook - Management anticipates continued development projects, with 1.8 million square feet of ground-up developments, 81% of which are pre-leased [11][12] - The company is expected to generate an AFFO of about C$2 per share, resulting in a price to AFFO ratio of 10.4x, which is low compared to historical trading ranges [13] Investment Considerations - Despite attractive valuation metrics, the ongoing weak demand for office properties and potential economic recession in 2024 suggest that investors may want to remain cautious and consider waiting on the sidelines [14]

Ampco-Pittsburgh Corporation (NYSE:AP) Q3 2023 Earnings Conference Call November 14, 2023 10:30 AM ET Company Participants Kim Knox – Corporate Secretary Brett McBrayer – Chief Executive Officer Sam Lyon – President-Union Electric Steel Corporation Dave Anderson – President-Air & Liquid Systems Corporation Mike McAuley – Senior Vice President, Chief Financial Officer and Treasurer Conference Call Participants Justin Bergner – Gabelli Funds Operator Welcome to the Ampco-Pittsburgh Corporation Third Quarter 2 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-898 AMPCO-PITTSBURGH CORPORATION Pennsylvania 25-1117717 (State of Incorporation) (I.R.S. Employer Identification No.) 726 Bell Avenue, S ...

Ampco-Pittsburgh Corporation (NYSE:AP) Q2 2023 Results Conference Call August 10, 2023 10:00 AM ET Company Participants Kim Knox - Corporate Secretary Brett McBrayer - CEO Mike McAuley - SVP, CFO & Treasurer Sam Lyon - President, Union Electric Steel Corporation Dave Anderson - President of Air & Liquid Systems Corporation Conference Call Participants David Wright - Henry Investment Trust Justin Bergner - Gabelli Funds Operator Good day. and welcome to the Ampco-Pittsburgh Corporation Second Quarter 2023 Ea ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-898 AMPCO-PITTSBURGH CORPORATION Pennsylvania 25-1117717 (State of Incorporation) (I.R.S. Employer Identification No.) 726 Bell Avenue, Suite ...

Ampco-Pittsburgh Corporation (NYSE:AP) Q1 2023 Earnings Conference Call May 16, 2023 10:30 AM ET Company Participants Kim Knox - Corporate Secretary Brett McBrayer - CEO David Anderson - President of Air & Liquid Systems Corporation Sam Lyon - President of Union Electric Steel Corporation Mike McAuley - CFO Conference Call Participants Justin Bergner - Gabelli Funds David Wright - Henry Investment Trust Operator Welcome to the Ampco-Pittsburgh Corporation First Quarter 2023 Earnings Results Conference Ca ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-898 AMPCO-PITTSBURGH CORPORATION Pennsylvania 25-1117717 (State of Incorporation) (I.R.S. Employer Identification No.) 726 Bell Avenue, Suite ...

Ampco-Pittsburgh Corporation (NYSE:AP) Q4 2022 Earnings Conference Call March 21, 2023 10:30 AM ET Company Participants Kim Knox - Corporate Secretary Michael McAuley - Senior VP, CFO and Treasurer Brett McBrayer - CEO and Director Dave Anderson - President of Air & Liquid Systems Corporation Sam Lyon - President of Union Electric Steel Corporation Conference Call Participants David Wright - Henry Investment Trust Dennis Scannel - Rutabaga Capital Management Operator Welcome to the Ampco-Pittsburgh Corporat ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-898 AMPCO-PITTSBURGH CORPORATION Pennsylvania 25-1117717 (State of Incorporation) (I.R.S. Employer Identification No.) 726 Bell Avenue, Suite 301 ...

Ampco-Pittsburgh Corporation (NYSE:AP) Q3 2022 Results Conference Call November 15, 2022 10:30 AM ET Company Participants Michael McAuley - Senior VP, CFO and Treasurer Brett McBrayer - CEO and Director Dave Anderson - President of Air and Liquid Systems Corporation Sam Lyon - President of Union Electric Steel Corporation Conference Call Participants Justin Bergner - Gabelli Funds David Wright - Henry Investment Trust Operator Good day and welcome to the Ampco-Pittsburgh Corporation Third Quarter 2022 Earni ...