A historic building in Toronto retrofitted by Allied Properties REIT, which is known for low-rise office buildings in downtown cores.

Allied Properties Real Estate Investment Trust AP-UN-T slashed its monthly distribution by 60 per cent to focus on debt repayment, marking a major reversal for management after telling investors in August they were “very comfortable” with the monthly payout.

Allied, one of Canada’s largest publicly traded office-building owners, is cutting its distribution to six cents per unit monthly, down from 15 cents. Management said the decision was made “with a view to reducing indebtedness and associated interest expense going forward,” according to a news release.

The cut begins in December and will last throughout 2026 – but no guarantee was given a higher pay

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