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 Strategic Partners Fund Quarterly Report

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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

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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

COVID-19 Update and 2019 Annual Management Report

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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

 

2019 Financial Statements

 

Our Response to COVID-19

 

FAQ on COVID19

Alignvest Strategic Partners Fund Quarterly Report

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Please see the attached for our fourth quarter 2019 report for Alignvest Strategic Partners Fund. The Q4 update discusses performance over the past quarter and our thoughts going forward.

Q4 2019 Performance

• Alignvest Strategic Partners Fund was up 2.7% (Class F, net of fees) during Q4 2019. The Fund delivered a 2019 calendar year net return of 10.2% while maintaining the same ~4.5% annualized volatility as we have since inception.

 

 

Q4 2019 ASPF Report

Alignvest Strategic Partners Fund Quarterly Update

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Q2 2019 Performance

 

  • Alignvest Strategic Partners Fund was up 0.2% (Class F, net of fees) during Q2 2019.  The fund experienced a modest gain during a quarter that proved volatile in terms of swings.  We are generally pleased with the first half of the year, having delivered a return of 6.1% with moderate volatility.

 

Please click below to view our Q2 2019 performance report.

Q2 2019 ASPF Report