Allied Properties (AP-UN) closed down 19% after announcing a 90% distribution cut alongside Q3 results, which was a logical outcome given the magnitude of debt to roll in the next three years ($700M due in April)…

… an AFFO payout ratio that averaged 106% over the past eight quarters…

… and a stretched balance sheet at >13x leverage, which sits well above the sub-8x investment grade target. With the cut providing $126M of run-rate cash…

… management has freed up some dry powder to de-lever, but it could be a while before investors get comfortable stepping back into the name.

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