Allied Properties Falls Most on Record on Plan to Sell Shares

Allied Properties Real Estate Investment Trust posted the biggest drop ever after the company said it would issue new stock to pay down debt amid ongoing weakness in office real estate.

Shares of the Toronto-based commercial landlord fell as much as 29% intraday to C$9.99, a level not seen since November 2008, according to data compiled by Bloomberg. The plunge came after the company announced a plan to raise C$500 million ($368 million) through a share sale to reduce liabilities.