MARCH 31, 2019 – MANAGEMENT REPORT

We are pleased to present to you the March 31, 2019 Management Report of Alignvest Student Housing Real Estate Investment Trust (“ASH REIT”). As of March 31, 2019, we have acquired three of Canada’s premier purpose-built student accommodation properties and we recently closed the acquisition of four additional high-quality properties, increasing our bed count to over 3,300 and our asset value to ~$400 million.

We are focused on the roll-out of best practices across our entire portfolio and we have commenced the integration of our new properties into our operating company. In this quarterly report, we highlight our recent operational advancements and accomplishments, as the early results are encouraging and yielding immediate results.

Below is the link to our Management Report.

333 King Street North, Waterloo, Ontario (“King I”)

King I is located in Waterloo, Ontario. The 536-bed property is 400 meters from Wilfrid Laurier University and 800 meters from the University of Waterloo. King I is 100% occupied.

339 King Street North, Waterloo, Ontario (“King II”)

King II is located in Waterloo, Ontario. The 419-bed property is adjacent to King I and is 100% occupied. We have integrated the operations of King I and King II with our other property in Waterloo at 181 Lester Street.

1686 Main Street West, Hamilton, Ontario (“Main”)

Main is located in Hamilton, Ontario. The 449-bed property is less than 1 km from McMaster University, home to almost 30,000 students. Main is 100% occupied.

1700 Simcoe Street North, Oshawa, Ontario (“Simcoe”)

Simcoe is located in Oshawa, Ontario. The 588-bed property is currently at 95% occupancy. Simcoe is 600 meters from the University of Ontario Institute of Technology.

ASH unit holders,

Please see the attached Annual Report. We are very pleased to announce that we have removed conditions on our transformational acquisition and it is scheduled to close at the end of April. We are closing the current equity financing round on April 19, 2019.

Thanks for everyone’s support thus far. Many unit holders have made additional investments.

ASH – 2018 Annual Management Report