The office landlord booked a loss of $425 million in the value of rental properties in Toronto, Montreal, Calgary and Vancouver and a further $70 million on development sites in Toronto and Montreal. Although it made an operating profit of $82 million in its last quarter, the decline in property value and higher interest expenses turned that into a net loss of just under $500 million. In two years, Allied Properties REIT has cut the value of its properties by more than $846 million. (The Logic)

Talking point: Despite the writedown, Allied reported its investment properties are still worth nearly $9.4 billion. It specializes in high-end downtown spaces in converted industrial buildings and renovated older office blocks, which have stayed in higher demand than lower-quality spaces in the face of pandemic-driven changes to office culture. Allied sold a group of buildings critical to Canada’s internet services last year, to shore up its balance sheet and focus on its core leasing business.