Alignvest Student Housing – Q1 2020 Management Report

by on May 20, 2020 with No Comments

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

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 Student Housing – Flash Report

by on April 21, 2020 with No Comments

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

by on April 1, 2020 with No Comments

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 Student Housing – Q4 2019 Management Report

by on March 27, 2020 with No Comments

DECEMBER 31, 2019 – MANAGEMENT REPORT

 

Please see the attached for the December 31, 2019 Management Report of Alignvest Student Housing Real Estate Investment Trust (“ASH REIT”). As of December 31, 2019, we have acquired seven of Canada’s premier purpose-built student accommodation (“PBSA”) properties and have over 3,300 beds valued at ~$400 million in four university markets.

 

We are excited about the progress we have made over the past 18 months, raising substantial amounts of equity capital and investing it into attractive tier-1 PBSA assets, which has allowed us to become the largest owner/operator of student housing properties serving Canadian universities. Our focus on integrating the local properties into a single operating platform and driving operational performance has resulted in year-over-year same property NOI growth of ~12% and we are forecasting a further ~9% increase in 2020 relative to 2019.

 

We are now poised to return to market and acquire additional high-quality assets at attractive prices to further expand our portfolio.

Below is the link to our Management Report.

 

Report

 

Alignvest Student Housing – Investment Rationale

by on March 26, 2019 with No Comments

Alignvest Management Corporation, a promoter of the REIT, is a leading international alternative investment management firm with over $1 billion of AUM that seeks to deliver exceptional risk adjusted returns for our clients by identifying and exploiting market discontinuities and attracting the very best talent to build industry leading platforms.

“ASH provides investors with access to Alignvest’s institutional investment platform and an experienced team focused exclusively on acquiring high-quality, purpose-built student accommodations across the country that provide our Unitholders an attractive quarterly distribution and long-term capital appreciation.”

 

View Report

 

 

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