Acquisition of 1680 Lincoln Avenue in Montreal

by on June 27, 2024 with No Comments

We are pleased to announce that we have completed the acquisition of a purpose-built student accommodation property located at 1680 Lincoln Avenue, Montreal, Quebec (known as The Link).

The Link is a newly constructed, 18-storey building located steps away from Concordia University and within walking distance of McGill University. The property is equipped with 246 beds in 101 fully furnished units, including studios, two-, three-, and four-bedroom suites, which provides a wide variety of configurations for potential tenants. Additionally, The Link features several amenities, including a fitness room, social rooms, a rooftop terrace, smart package lockers, and an underground parking garage.

This strategic acquisition further diversifies our REIT’s portfolio and solidifies our position as the leading owner and operator of Canadian student housing. With this acquisition, we own in excess of 7,100 student housing beds across Canada. Further, this acquisition marks our entry into Montreal, which is home to several universities and colleges in need of housing for their students.

Below is the link to the full press release. We have also included a link to an overview presentation of The Link.

Press Release

 

Overview Presentation

 

Information Sheet

Alignvest Student Housing – Q3 2023 Management Report

by on November 1, 2023 with No Comments
SEPTEMBER 30, 2023 – MANAGEMENT REPORT

We are pleased to send you Alignvest Student Housing Real Estate Investment Trust’s Q3 2023 Management Report. We have had another successful leasing season, with current occupancy exceeding 99% and strong growth in rents on turnover beds. Interestingly, we had about 42% turnover this year, which means that we are expecting strong rent growth again next year when some of this year’s renewing tenants end their leases. We have a rental gap-to-market of $5.0 million and are targeting to deliver $42.5 million of NOI in the 2023/2024 academic year.

We continue to monitor and effectively manage our capital structure to optimize our returns. We have an attractive loan-to-value ratio of 46.5% on our mortgage debt, with a weighted average interest rate of 3.47% and staggered maturity dates. With the growth in our property values, we remain confident that we will be able to effectively refinance our maturing debt in 2024 and 2025.

As previously communicated, we temporarily closed the REIT for new investments in May 2023. We did this primarily because of the stalemate we were seeing in the market. While we continued to evaluate investment opportunities, there were substantial gaps between vendor asking prices and the price we were willing to bid. In addition, the debt markets were quite challenging to predict, making it difficult to underwrite investments.

We are now starting to see some attractive opportunities become available, where there is either attractive in-place debt (that can be assumed), the transaction can be completed at a price that delivers an attractive return for our REIT, or the opportunity is highly strategic. We also expect that several opportunities will become available at attractive prices over the next year or so, as highly leveraged vendors need to refinance properties at current interest rates. We want to be ready to act on these opportunities. Accordingly, we are pleased to announce that we will re-open the REIT for investments effective immediately, for the next monthly closing date as of November 30, 2023.

We are pleased to have delivered an annualized return of 12.5% since inception. We are also excited about our future growth, which continues to look strong, both from organic growth within our portfolio and from future investments. We are grateful for your continued support.

Below are the links to our Q3 2023 Management Report and Q3 2023 Financial Statements. We have also included the press release announcing our re-opening. Please contact us if you have any questions or need additional information.

Management Report

 

Press Release - October 2023

 

Financial Statements

 

See-More, at 1400 Seymour Street in Halifax, Nova Scotia, consists of 491 beds adjacent to Dalhousie University.

See-More is at 100% occupancy for the 2023/2024 academic year

Alignvest Student Housing – Q2 2023 Management Report

by on August 3, 2023 with No Comments

JUNE 30, 2023 – MANAGEMENT REPORT

 

We are pleased to send you Alignvest Student Housing Real Estate Investment Trust’s Q2 2023 Management Report. We launched ASH REIT in June 2018, with the objective of consolidating the Canadian student housing real estate sector. Over the past five years, we have successfully grown to become Canada’s largest university-focused student housing owner/operator, with 5,208 beds across our 12 properties.

Over this period, we have been battle-tested, first through the pandemic, and then with rising inflation and interest rates. Through all of this, our portfolio has proven to be resilient and continued to deliver attractive risk-adjusted returns to our investors. We have delivered an 11.9% annualized net return since inception, with limited volatility.

With strong pre-leasing, we are at ~93% occupancy for September 2023 with strong growth in rental rates. We are on target to deliver ~$42.5 million of net operating income for the 2023/2024 academic year. The strength of our portfolio is reflected in the increasing value of our properties, which were appraised at $945.3 million as of June 30, 2023.

We continue to monitor and effectively manage our capital structure to optimize our returns. We have an attractive loan-to-value ratio of 47% on our mortgage debt, with a weighted average interest rate of 3.47% and staggered maturity dates. With the growth in our property values, we are confident that we will be able to effectively refinance our maturing debt in 2024 and 2025.

As of June 30, 2023, we have liquidity of $43.6 million. This is sufficient to manage our day-to-day working capital requirements, service normal-course redemptions and complete our next acquisition. Accordingly, to optimize our returns, on May 26, 2023, we announced a temporary suspension of acceptance of subscriptions for units of the REIT. We expect to announce an end to the suspension in Fall 2023.

As we reflect on the past five years, we would like to thank our investors who have supported us on this journey. We look forward to delivering continued growth and strong results.

Below are the links to our Q2 2023 Management Report and Q2 2023 Financial Statements. Please contact us if you have any questions or need additional information.

 

Q2 2023 Management Report Q2 2023 Financial Statements

Alignvest Student Housing – Update

by on June 29, 2023 with No Comments

Alignvest Student Housing (“Alignvest”) is pleased to announce an increase in the Fair Market Value (“FMV”) of the Units of Alignvest Student Housing Real Estate Investment Trust (“ASH REIT”) to $134.00 per Class F Unit and $130.83 per Class A Unit (collectively, the “Unit”) as at June 30, 2023.

Additionally, ASH REIT’s Board of Trustees have approved ASH REIT’s Monthly Distribution of $0.50 per Unit ($6.00 per Unit on annual basis), effective June 30, 2023, for unitholders of record as of June 1, 2023.

Please refer to the press release for additional information.

Press Release

Alignvest Student Housing – Announcement

by on January 30, 2023 with No Comments

ALIGNVEST STUDENT HOUSING ACQUIRES HIGH-QUALITY STUDENT HOUSING ASSET IN HALIFAX, NOVA SCOTIA

 

We are pleased to announce that Alignvest Student Housing Real Estate Investment Trust (“ASH REIT”) has completed the acquisition of a purpose-built student accommodation (“PBSA”) asset known as See-More, located at 1402-1424 Seymour Street in Halifax, Nova Scotia.

See-More is a six-floor, newly constructed student housing facility located steps away from Dalhousie University. See-More is one of only a few purpose-built student housing properties serving Dalhousie University and is 100% leased for the 2022/23 academic year.

See-More is equipped with 491 beds in 141 fully furnished units, including studios, three-, four- and five-bedroom suites, which provides a wide variety of configurations for potential tenants. Additionally, See-More features several student-oriented amenities, including a yoga and wellness studio, games room, on-site laundry facilities, social rooms, common study areas and an underground parking garage.

This strategic acquisition further diversifies ASH REIT’s portfolio and solidifies the REIT’s position as the leading owner and operator of Canadian PBSA. With this acquisition, ASH REIT owns in excess of 5,200 student housing beds across Canada. Further, this acquisition marks ASH REIT’s entry into Atlantic Canada, which is home to several universities and colleges in need of housing for their students. We look forward to further growth in the Maritimes.

Below is the link to the press release announcing the acquisition.

Press Release Announcement

Alignvest Student Housing – Q4 2021 Management Report

by on January 28, 2022 with No Comments
DECEMBER 31, 2021 – MANAGEMENT REPORT

We are pleased to send you the December 31, 2021 Management Report of Alignvest Student Housing Real Estate Investment Trust (“ASH REIT”).

We are proud of ASH REIT’s achievements in 2021. We finished the year with three transformative acquisitions, which increased the REIT’s asset base by 1,323 beds and over $215 million in asset value; we maintained near-full occupancy and very attractive collection rates across the portfolio through another year under COVID-19; and we have experienced positive leasing and operational results which have set the foundation for a successful 2022/23 academic year. With these achievements, we were able to deliver a net return of 12.1% in 2021, and an annualized return since inception of 11.1% (applicable to Class F unitholders, assuming DRIP participation).

While we are currently persevering through another wave of the COVID-19 pandemic, we remain optimistic that the impacts on the economy and student demographic will not hinder our operations, similar to the prior two years. We are at 98% occupancy and we expect our buildings to have near-full physical occupancy as students return to campus over the next several weeks.

Student housing continues to prove itself to be a resilient asset class and we remain excited about the outlook for the sector. Following a successful fundraising period in Q4 2021, we are now focused on acquiring additional properties in 2022 to continue to build on our track record of delivering attractive risk-adjusted returns to our investors.

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

Management Report

Alignvest Strategic Partners Fund Quarterly Report

by on May 20, 2020 with No Comments

 

We are pleased to highlight the first quarter 2020 report for Alignvest Strategic Partners Fund. The Q1 update discusses performance over the past quarter and their thoughts going forward. As referenced, the estimate for April 2020 performance is 5.3% bringing the year-to-date performance of the Fund to -8.6%.

Additional information on the Alignvest Strategic Partners Fund can also be found on their website.

 

Q1 2020 ASPF Report

 

Alignvest Student Housing – Announcement and Update

by on May 11, 2020 with No Comments
Please see the latest addition to the Alignvest Student Housing team. We are very happy to have Nancy Lockhart join the board.
Management has also provided some very relevant information on the performance of the REIT in two additional Flash Reports. Please see below.

We are pleased to announce that Nancy Lockhart has been appointed as a Trustee of Alignvest Student Housing REIT, effective immediately.

Ms. Lockhart is a director of George Weston Limited, Choice Properties REIT and Atrium Mortgage Investment Corporation. Previously, Ms. Lockhart was the Chair of Gluskin Sheff + Associates, Inc., and a director of Loblaw Companies Limited, Canada Deposit Insurance Corporation, Retirement Residence REIT and Barrick Gold Corporation. Additionally, Ms. Lockhart was formerly the Chief Administrative Officer of Frum Development Group and a Vice President of Shoppers Drug Mart Corporation. Currently, she is the Chair Emeritus of Crow’s Theatre Company and Director of The Royal Conservatory of Music, and was previously Chair of the Ontario Science Centre, President of the Canadian Club of Toronto, Chair of the Canadian Film Centre, Director of the Centre for Addiction and Mental Health Foundation and Director of The Canada Merit Scholarship Foundation. Ms. Lockhart was awarded the Order of Ontario in 2006.

 

 

Below is a link to the press release
Press Release

 

In addition to the exciting announcement regarding Ms. Lockhart’s appointment, Alignvest Student Housing remains committed to being transparent during these uncertain times. We have been, and will continue to, release periodic “Flash Reports” on our website for the duration of the COVID-19 pandemic. Please let us know if you have any questions or would like to address specific issues in our upcoming reports.
Flash Report #2

 

Flash Report #3

Alignvest Strategic Partners Fund Quarterly Report

by on February 11, 2019 with No Comments

Dear Investors,
We are pleased to send you our fourth quarter 2018 report for Alignvest Strategic Partners Fund.  The Q4 update discusses performance over the past quarter and our thoughts going forward.  Moreover, it includes a snapshot of the portfolio holdings as of the start of 2019.

Q4 2018 Performance

  • Alignvest Strategic Partners Fund was down 4.65% (Class F, net of fees) during Q4 2018 and ended 2018 down 2.53% in what turned out to be a volatile year for world markets.  Performance was within expectations given our 45% weight to global equities which was mitigated by several of the portfolio’s alternative assets and strategies that performed well (including some gains in December).

Please click below to view our Q4 2018 performance report as well as the Fund Brochure.

Additional information and a product video for Alignvest Strategic Partners Fund can be found on our site as well.

As always, please feel free to contact our team to discuss the Fund in greater detail.

VIEW REPORT