The Founder and CEO of Allied Properties REIT, Michael Emory, is welcomed by Aaron and Adam in today’s show. The Allied portfolio is centred around “distinctive urban workspace” and Michael has brought his signature asset sub-type to markets across Canada.
After discussing how he got into real estate and the formation of Allied, Michael explains the importance of ESG and his company’s inaugural ESG report. We also hear his thoughts on REIT during 2020 and why he believes they will recover to reflect their underlying value.
Topics covered include:
- The insight to real estate that Michael gained from working in law.
- The collapse of real estate in 1990, shortly after Michael started his private company.
- Where Michael searched for his very first capital raise for real estate.
- The recovery of office space after the COVID-19 pandemic.
- Correlations between financial success and environmental initiatives.
- The Well project in Toronto, a collaboration between Allied and RioCan.
- What was difficult about Allied’s IPO.
- Working with Westbank on KING Toronto and its unique design.
- An office tower in Montreal that Allied is excited about.
- Allied’s new ESG report.
- Staying at the forefront of serving knowledge-based organizations.
- The performance of real estate stocks during the pandemic.
- Stock prices of REITs reconnecting with their underlying value.
More about our guest…
Michael Emory is a graduate of Queen’s University (BA, Hons., 1977) and the Faculty of Law, University of Toronto (JD, 1982). Prior to entering the real estate business in 1988, Michael was a partner with the law firm of Aird & Berlis, specializing in corporate and real estate finance.
Michael is the founder, a Trustee and the President & CEO of Allied, a leading owner, manager and developer of (i) distinctive urban workspace in Canada’s major cities and (ii) network-dense urban data centres in Toronto that form Canada’s hub for global connectivity. Allied’s business is providing knowledge-based organizations with distinctive urban environments for creativity and connectivity.
Allied went public in February of 2003 with assets of $120 million, a market capitalization of $62 million and a local urban-office portfolio of 820,000 square feet. Allied now has assets of $9 billion, a market capitalization of $5 billion and a national urban-office platform of 14 million square feet.
Michael is also a Director of Equitable Group Inc. and Equitable Bank.
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