We are pleased to send you the June 30, 2021 Management Report of Alignvest Student Housing Real Estate Investment Trust (“ASH REIT”).

Q2 2021 has been an exceptionally busy quarter for us: we closed our Waterloo acquisition on March 31, 2021 and have focused on integrating staffing, maintenance, leasing and other activities; we spent considerable time on the due diligence of our upcoming acquisition in Ottawa, which we expect to close imminently; and we have experienced very strong pre-leasing activity for Fall 2021.

In particular, over the past eight weeks, our leasing teams have signed on average 105 leases per week, taking our September 2021 pre-leased occupancy at our privately managed properties from about 50% at the beginning of the quarter to about 85% today. In addition, our university managed property has confirmed occupancy and pending offers for 90% of its beds and outstanding applications to fill the remaining beds. With just over a month to go before the start of the school year, we are optimistic that our portfolio will return to pre-pandemic occupancies. Student housing has definitely proven itself to be a resilient asset class.

Below is the link to our Management Report. Please contact us if you have any questions or need additional information.