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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.
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:
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.
June 30, 2020 - Management Report
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.
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
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
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.
Flash Report #3
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.
Please see the annual report from Management that includes audited 2019 financial statements. The section in the report entitled “2019 Year In Review” does a good job highlighting the success we have had during the year.
COVID-19 is obviously top of mind for everyone these days including students, universities and property owners. Management has done a good job highlighting our efforts thus far in planning for COVID-19. Our staff and students are our number one priority. This is outlined in the two sections, “Our Response to COVID-19” and “FAQ on COVID-19”. We want to ensure investors that the REIT is well positioned to withstand a prolonged disruption if necessary. We currently have 4 years of expenses in cash on our balance sheet. This $50+ million of cash provides us tremendous stability and we are taking measures to tighten up our operations to ensure we continue to be financially prudent. We are working closely with the universities to better understand their perspectives and strategies for the 2020/2021 school year.
We are the largest player in the Canadian student housing space and our balance sheet will ensure we exit the COVID-19 pandemic in a favourable position.
Below are links to our 2019 Annual Management Report and Financial Statements.
2019 Annual Management Report
Our Response to COVID-19
FAQ on COVID19