Henri Bourassa LP – Q3 Update

by on November 25, 2021 with No Comments

 

 

 

 

Operational Update

Acquired by StoreWest & Bluebird in August 2020 located in Saint-Laurent, Montreal.

  • 97,119 SF net rentable with 794 storage units

Bluebird Storage Management continues to focus on increasing revenues and the overall economic occupancy for Henri Bourassa. The Montreal market has proven to be very strong with current occupancy levels still over 90% despite aggressive rate increases at the facility.

Financial Update

Management is currently working on a refinance package with BMO on the facility which is expected to drop our overall cost of borrowing. It is expected that such a refinance should free up significant capital to enable a distribution . As part of this refinance, management is seeking an updated appraisal on the property. Additionally, we are seeking an opinion on the value of the property with residential zoning in place to determine which exit option could provide the best value for investors. We expect to announce a distribution once the financing is finalized.

Rezoning Update

Management has been working with our consultant, BC2 to advance the zoning for a multi-family development. Council has given feedback on our current plan and indicated it would be accepted. We are currently waiting until municipal elections are completed in Montreal to determine if any further densification can be negotiated. This process is likely 6-8 months out.

Wright-Parkway LP – Q3 2021 Update

by on November 9, 2021 with No Comments

Operational Update

In February 2021, Wright-Parkway Self-Storage LP was formed by StoreWest & Bluebird to acquire two facilities, one in Truro, Nova Scotia and the other in Dartmouth, Nova Scotia. The Parkway facility in Truro is 21,786 SF net rentable with 259 units. While, the Wright facility in Dartmouth is 68,957 SF net rentable with 607 units.

Financial Update

Parkway (Truro)

  • Revenues of $340K YTD with 89% occupancy, Profitable

Wright facility (Dartmouth)

  • Revenues of $1.2M YTD with 90.5% occupancy, Profitable (below)

Revenue management has continued to be Bluebird’s focus with these stabilized assets. It has instituted a two-pronged revenue management program targeting both new & existing clients.

StoreWest Dufferin LP – Q3 2021 Update

by on November 9, 2021 with No Comments

 

Car and Truck Wash Update

• Retrofit of the Automatic Truck bay is complete. New foam cannons and brushes are a big hit. Significant amount of maintenance fixes completed year-to-date.

• Memberships continue to grow with over 1300 members currently. This is up from ~700 members at start of year. We now have over 165 fleet clients as well.

• Sales in the overall car/truck wash are up 33% YoY. We have also dropped our labour by close 20% this year, while getting our chemical cost down as well.

Self-Storage Update

Dufferin Storage celebrated its first anniversary at the end of August. The facility achieved 35% occupancy in its first year – well ahead of projections (20% is considered normal).

At its current level of occupancy the storage facility is essentially at operational breakeven (an impressive feat in one year).

Storage is now entering the quieter period (Nov. – March), but management will continue to focus on financial occupancy while looking forward to the 2022 lease up season.

*Please note our pricing vs our competitors below

 

 

Financial Update

 

Management is currently working with our lender on terming out the construction loan for Dufferin Storage. As part of this process, updated appraisals were obtained on both the storage and wash from Colliers.

Colliers appraised the wash at $15.1M and storage at $28.3M (as is). This provides a total project appraisal of $43.4M with a total project cost of ~$29M (~$14.4M gain on $11M equity). While this is no guarantee of exit value it is encouraging.

Chestermere Self-Storage LP – Q3 2021 Update

by on November 9, 2021 with No Comments

Operational Update

In late 2020, StoreWest replaced our existing facility Manager with Bluebird. In addition to leasing up the facility, Bluebird’s main focus has been on bringing up our revenues and financial occupancy. This has been achieved through systematic rent increases as noted below. The net result has been a dramatic increase in monthly revenue.

Financial Update

 

  • As of the end of September, storage is at ~75% occupancy and our RV lots are at 95%+ with waiting lists.
  • Chestermere is fully profitable and phase 1 is nearing full stabilization (85% occupancy)
Summer 2021 appraisal (after expansion) – Colliers $20,140,00 with roughly $7.6M in debt on property
  • Management is currently focused on securing permits, financing, and a reasonable quote for the proposed phase 2 expansion.
  • Phase 2 is expected to add ~28,000 SqFt net rentable and over $700,000 in gross annual revenue potential.

Essential service – no payments deferred or missed during Covid

Aviation Car Wash LP Update

by on November 1, 2021 with No Comments

 

Construction Update

  • Currently finalizing building envelope construction, and anticipate fully insulated envelope by mid November
  • Vehicle conveyance system install complete
  • Majority of car wash equipment has been received/secured on-site and installation initiated
  • Bulk of equipment installation will continue with full envelope enclosure in November

Opening January 2022

  • Enmax transformer has been energized with power and gas to site which will aid in keeping our costs down with alleviating any need for internal propane heating
  • Internal framing and drywall is substantially complete
  • Project construction is over 70% complete to-date

  • Currently tracking for construction completion late December 2021, with operational opening date anticipated to be in January 2022
  • The project is still tracking to construction budget