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Properties Under Development
Class I office properties are created through the redevelopment of light-industrial structures in urban areas. This involves comprehensive renovation of the buildings, as well as re-leasing to office tenants.
Until November of 2005, all of the Class I properties Allied Properties REIT acquired had gone through the full redevelopment process before we acquired them. Since then, we have acquired Class I properties that were only partially redeveloped at the time of acquisition. We have also acquired land ancillary to existing Class I properties. This land provides us an opportunity to develop adjoining office and retail space.
We refer to these as properties under development. They broaden our range of acquisition opportunities, enable us to work for higher investment returns than we could achieve by simply buying finished properties and allow us to take advantage of the proven expertise of our management team. Because they represent higher risk than buying finished properties, we monitor this activity closely with a view to ensuring that properties under development do not become too large a component of our overall portfolio.
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