We are back at it again. We have lined up another exciting acquisition. The current acquisition adds a tremendous amount of value and is completely transformational. The following key things will be accomplished with this acquisition;

1. Adds 4 new buildings that are located near tier one Universities in Canada. This brings our total to 7 Buildings and over 3,300 beds. We are now the largest owner operator of Purpose Build Student Housing “PBSA” in Canada.
2. Diversifies the REITs asset base to more markets that now include a strong hold in Waterloo and Ottawa as well as a presence in both Hamilton and Oshawa.
3. We will undoubtedly have the highest quality portfolio in Canada with almost all of our buildings being less than 10 years old.
4. The price we have paid for all of these buildings still is projected to generate a 15%+ IRR (rate of return)/annum.

We are currently raising $75 million of equity to fund the acquisition. We would encourage all unitholders to make an additional investment as this transformational acquisition substantially de-risks the student housing strategy. We will have over $350 million of property in the portfolio and be well ahead of schedule in the accumulation of Student Housing in Canada. We also encourage unitholders to refer any new investors they may think would be interested in our strategy.

Executive Summary

ASH REIT is the only investment vehicle focused exclusively on the Canadian Student Housing Market.

ASH REIT is currently focused on the consolidation of the fragmented Canadian PBSA market

Success to date of the REIT has exceeded expectations

• 3 Class A+ properties in Tier-1 markets worth over $200 million
• Quality and quantity of available assets
• Attractive acquisition prices given limited competition (private transactions)
• Operational upside to properties day-1

Transformational acquisition to close in April 2019

• Portfolio consisting of 4 properties with 1,992 beds to be acquired for $170 million
• Similar high-quality assets to current portfolio at an attractive all-in purchase price
• Diversifies portfolio and positions ASH REIT as the largest owner/operator of PBSA in Canada
• Unique opportunity to integrate new properties with current asset in Waterloo market
• Scale will allow ASH REIT to commence movement of property management in-house

ASH REIT is seeking to raise up to $75 million of new equity in Q1/Q2 2019 to fund the Portfolio acquisition and position the REIT for additional high-quality acquisitions in the near-term

• Sale of units to fund purchase expected to yield annual distributions (mainly return of capital) in excess of 6% to unitholders and long-term returns in excess of 15%
• Units prices attractive relative to alternative real estate investments

We look forward to updating everyone in April when the transaction closes. Thanks again for your support.

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