Alignvest Student Housing – Q1 2021 Management Report

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MARCH 31, 2021 – MANAGEMENT REPORT

 

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

Throughout Q1 2021, we continued to focus on operations and growth while maintaining the health and safety of our team and residents at our properties. With the roll-out of vaccines in Canada and our universities issuing “return-to-campus” announcements for Fall 2021, we are starting to see signs of a return to normalcy in Canada.

We expect that high-quality accommodations will be in demand as students return to campus. With this in mind, we completed a strategic acquisition of two properties in Waterloo that added 795 beds to our portfolio, and we have secured another attractive acquisition in Ottawa with over 500 beds that we expect to close in early Q3 2021. With these acquisitions completed, our assets will be valued at over $650 million. We are continuing to raise equity capital to fund these acquisitions.

Below is the link to our Management Report. In addition, below is a link to our recently issued 2020 audited financial statements. We have included enhanced financial disclosure and commentary in this report. Please contact us if you have any questions or need additional information.

 

March 31, 2021 - Management Report

2020 Audited Financial Statements

 

 

Alignvest Student Housing – Q3 2020 Management Report

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SEPTEMBER 30, 2020 – MANAGEMENT REPORT

We are pleased to send you the September 30, 2020 Management Report of Alignvest Student Housing Real Estate Investment Trust (“ASH REIT”).

September is the most important month for our REIT as it is the start of the school year. This year, in particular, with the onset of the “second wave” of the COVID-19 pandemic and uncertainty around university operations, we have been hyper-focused on occupancy and managing the health and safety of our tenants and employees. We are pleased that the majority of students showed up, are occupying their units, are excited to partake in the university experience, and are paying rent on time.

We are cautiously optimistic that our occupancy figures will continue to improve in the coming quarters with the recent announcement by the government to allow international students to enter Canada as of October 20, 2020.

Please let us know if you have any questions.

Click the link below for the September 2020 update.

Management Report

Alignvest Student Housing – Update

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ASH Unitholders,

September 1st is a very important date for our student housing assets. Most of our leases run on a September – September term. We wanted to provide some real time information as to how September appears to be going. The following attachment gives some raw numbers of our current portfolio. We wanted to provide some additional information in order to help best understand theses numbers and what they mean:

 

  • Our overall portfolio is 85%+ leased for the year. This is well above our estimated breakeven occupancy of 65%.
  • There is ONE building in our portfolio that is managed by a University. This is the annex building in Ottawa. The Annex has been recognized as the best building in the Universities portfolio and is the most occupied building. Its current occupancy is 57%. This is expected to be the case for at least the first term. Generally this building is fully occupied with a long waiting list.
  • We continue to be operating in a positive cash flow environment and we have plenty of cash on our balance sheet to weather any storm or take advantage of an opportunity to acquire quality assets.
  • At this point in time, management sees no reason to cut the distributions to unitholders and therefor distributions will continue.

 

See the below update:

 

Flash Report

Alignvest Student Housing – June 30, 2020 – Management Report

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We are pleased to send you the June 30, 2020 Management Report of Alignvest Student Housing Real Estate Investment Trust (“ASH REIT”).

Throughout Q2 2020, the uncertainty with respect to COVID-19 has subsided with universities announcing their plans for the Fall 2020 term and our properties continuing to perform strongly. Our revenue collection stands at approximately 95% and our pre-leasing is approaching 90%. With this stability in place, we have shifted our focus on acquisition opportunities.

We recently announced the acquisition of our first property in Western Canada, 1Ten on Whyte in Edmonton, which transforms us into a truly national player in the institutional-grade, purpose-built student accommodation space. We have also re-engaged on several additional attractive acquisition opportunities worth upwards of $500 million.

 

Below is the link to our Management Report.

 

June 30, 2020 - Management Report

 

Alignvest Student Housing – Press Release

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We’re very pleased that the REIT is completing its first acquisition in Western Canada. The University of Alberta is a Top 5 Canadian University and rated amongst the top 100 universities in the world. Should you have any questions or are interested in learning more, please do not hesitate to contact your MFG Portfolio Manager.

Please see the below press release regarding Alignvest Student Housing.
Press Release

Alignvest Student Housing – Q1 2020 Management Report

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We are pleased to highlight the March 31, 2020 Management Report from Alignvest Student Housing Real Estate Investment Trust (“ASH REIT”).

On March 11, 2020, the World Health Organization declared COVID-19 a pandemic. In response, we immediately paused on the multiple acquisitions we were working on and shifted our focus to mitigate the impact of the pandemic to our employees and tenants, and to ASH REIT’s broader business. We are pleased to report that we are on track to collect approximately 95% of April rents, and expect similar outcomes over the summer months.

Recently, the Canadian universities began announcing their plans for September 2020; we have provided an update on what we know and are shifting our operating focus to respond to an expected primarily online environment for the Fall term.

Amidst this uncertainty, we are starting to see some attractive opportunities emerge. With operations largely stabilized, we expect to resume our focus on completing accretive transactions over the coming months and we believe that there will be an opportunity to transact at attractive valuations.

Below is the link to our Management Report. In addition, we will be hosting a conference call to discuss our performance and outlook on Thursday, May 28, 2020 at 2:00 PM EDT – please register for the call using the link below.

Please let us know if you have any questions. Stay safe and take care

 

Management Report

 

 

We recently completed renovations and relaunched our property in Oshawa as “17Hundred”. We have updated the lobby area (pictured) and all common areas to match modern design trends and better compete with other student housing properties in the market.

Alignvest Student Housing – Announcement and Update

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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 Student Housing – Flash Report

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Please find below the most recent update on Alignvest Student Housing. Management wanted to share the latest numbers regarding the lease up for the 2020/2021 school year and the collection of April rents. In summary, we are ahead of where we were last year with respect to leasing for the upcoming school year. Our properties are proving to be highly desirable and some of the feedback received has been that higher quality properties are even more in favour during these times of uncertainty. With respect to April rents, we are tracking to get over 97% of rent cheques. Although lower than usual, it is still far above any amount that would have management concerned about cash flow.

 

COVID-19 Flash Report

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