We are pleased to send you Alignvest Student Housing Real Estate Investment Trust’s Q2 2024 Management Report.
The first half of 2024 has been exceptionally busy for us! After spending most of 2023 cultivating and developing our acquisition pipeline, we were able to move quickly to secure several opportunities with vendors when interest rates stabilized after peaking in Q4 2023.
We kicked off the year in February with the acquisition of 417Nelson in Ottawa. This was a transaction we worked to source for over five years before it finally became actionable. In Q2 2024, we acquired 308 King, Fergus House and Hespeler House, all assets located in Waterloo, through proprietary relationships with the respective vendors. These acquisitions give us further scale in the market and let us effectively leverage our operating platform. We then acquired The Link in Montreal, which is ideally located near Concordia University, and gives us an entry into another attractive market for student housing.
With these acquisitions completed, we have solidified our position as the leading off campus student housing provider in Canada. We now have a portfolio of 7,159 beds across 17 properties in seven university markets across the country.
We are now focused on integrating these acquisitions and optimizing our overall portfolio as we get ready for the start of the 2024/2025 academic year. Our current occupancy (including newly acquired assets) is strong at almost 97%. Our pre-leasing continues to be robust, and we are expecting another year of strong rent growth.
In 2024, we have continued to deliver strong results to our investors, including a 6.5% YTD return as of June 30, 2024, and a 12.5% annualized return since inception (both are to Class F unitholders participating in our DRIP).
Below is the link to our Management Report. We have also included a link to our Q2 2024 Financial Statements. Please contact us if you have any questions.
