ASH – Management Report

with No Comments

MARCH 31, 2024 – MANAGEMENT REPORT

 

We are pleased to send you Alignvest Student Housing Real Estate Investment Trust’s Q1 2024 Management Report.

We have had a very busy start to 2024 and are expecting a  successful year for our REIT. The macroeconomic environment has shown signs of stabilization and opportunity. Interest rates have come down from their peak in Q4 2023. Further, CMHC financing has become more accessible to developers and investors, which has materially impacted our ability to positively underwrite acquisitions.

We kicked off the year with the acquisition of 417Nelson in Ottawa in February. This site nicely complements our other Ottawa properties and is conveniently located only a few minutes walk from the University of Ottawa.  Continuing our growth trajectory, in April we announced the acquisition of 308 King in Waterloo, with an expected closing in late May. It’s important to note that we have spent several years working to secure both of these transactions. Our deep relationships and expertise provide us with a unique advantage compared to other investors in the sector. We have a robust pipeline of additional acquisition opportunities for continued growth.

Our 2024 pre-leasing season is off to a strong start. We are already almost 83% pre-leased for September 2024 at our privately-managed properties and are projecting a 21.8% gap-to-market on sitting rents when compared to current tenant lease rates. We are also pleased to confirm that the Canadian governments recent announcements to reduce the number of international student visas has not impacted the demand we continue to experience across our portfolio.

We are pleased with the results we have delivered to our investors, including a 3.2% return in Q1 2024 and 12.4% annualized since inception (both are to Class F unitholders participating in our DRIP). With a strong acquisition pipeline in front of us, we are actively raising capital to pursue multiple opportunities and continue our expansion across Canada. The future looks strong, and we are confident in our strategy and the corresponding returns for our investors.

 

Below is the link to our Management Report. We have also included links to our Q1 2024 Financial Statements and 2023 Audited Financial Statements. Please contact us if you have any questions.

 

Q1 2024 Management Report

Q1 2024 Financial Statements

2023 Audited Financial Statements

Alignvest Student Housing Acquisition

with No Comments
ACQUISITION OF HIGH-QUALITY ASSET IN WATERLOO, ONTARIO

We are pleased to announce that we have entered into a binding contract to purchase a residential property located at 308 King Street North, Waterloo, Ontario (“308 King”).

308 King is a newly constructed, 25-storey building with 340 furnished units, providing housing for 659 students. The property is located within walking distance of both Wilfrid Laurier University and the University of Waterloo. The property offers on-site laundry, rooftop terraces with barbeques and lounge areas, an above-grade parking garage and bicycle parking. There is over 8,000 square feet of ground floor commercial space.

With the addition of 308 King, Alignvest Student Housing REIT will own a portfolio that provides housing for almost 6,000 students across 14 properties in six university-focused Canadian markets.

The acquisition is scheduled to close in May 2024. Below is the link to the full press release announcing the acquisition of 308 King.

 

Press Release - 308 King Acquisition

April 2024 Information Sheet

Student Housing Acquitistion

with No Comments

ACQUISITION OF HIGH-QUALITY STUDENT HOUSING ASSET IN OTTAWA, ONTARIO

We are pleased to announce the acquisition of a purpose-built student accommodation asset located at 417 Nelson Street, Ottawa, Ontario (“417Nelson”).

417Nelson is a modern 4-storey building with 94 beds in 53 fully furnished units. The property is in close proximity to our other Ottawa properties, which allows for operational efficiencies and enables us to continue to provide high-quality accommodation to students in the area. With this acquisition, we were able to assume attractive in-place CMHC financing which has a below-market interest rate of 2.32% and over six years of remaining term.

With the addition of 417Nelson, Alignvest Student Housing REIT now owns a portfolio of over 5,300 beds across 13 properties in six university-focused Canadian markets.

 

Below is the link to the full press release announcing the acquisition of 417Nelson.

 

 

 

 

 

 

 

Press Release - 417Nelson Acquisition February 2024 Information Sheet

Change is Coming – Always Improving

with No Comments

At MFG, our Mission Statement is to be “Always improving”. Over the past 15 months, we have been refining the process of how we can better deliver our investment platform to our clients. Utilizing partnerships and data collected over the years, we’ve come up with a solution that we believe will improve our investment platform and improve our clients overall experience with MFG.

What is Changing?

We are transitioning to an investment model platform. Working with your Portfolio Manager, it will be determined which model is appropriate for you. Once this has been determined, you will own one or more of the new MFG Investment Models – Aggressive, Growth, and/or Balanced. These new Model Funds are built using the best investment managers and strategies that our team has researched. The platform utilizes the same investment philosophies of delivering an institutional quality portfolio to our clients.

The Benefits to our Clients

1. Increased Performance

    – Via enhanced portfolio construction and efficient management capabilities

2. Time spent with your Portfolio Manager

   – Spend more time focusing on other value add areas of your financial lives – IE: financial planning, insurance analysis, tax work, etc.

3. Communication will be improved through detailed Quarterly Reports

   – These reports will include facts about the Model Fund, general market commentary and additional information that our PM Division finds relevant to our clients

 

When to Expect the Change – April 1st, 2024

We are very excited to be able to deliver this new and improved platform to our clients. There has been a lot of work put in by our team to get us to this point. As we approach April 1st, you can expect to receive multiple communication pieces from our team diving into deeper details on the upcoming changes. If you have any questions on the upcoming change and what it might look like for you personally, please don’t hesitate to reach out to your MFG Portfolio Manager.

We want to thank you for your continued trust and support of MFG. Without you, none of this would be possible.

Stay tuned.

 

PDF Version

StoreWest Bluebird Development Fund Q3 Report

with No Comments

StoreWest Bluebird Development Fund

The StoreWest Bluebird Self-Storage Development Fund (“The Fund”) is off to a fantastic start. 3projects have begun construction, 4-6 projects have the potential to begin construction by next spring, and new opportunities are being presented to us on a weekly basis. We are very happy with the pace of progress thus far.

Q3 2023 Development Fund Report

StoreWest Bluebird Development Fund Q2 Report

with No Comments

StoreWest Bluebird Development Fund 

The Fund’s investment objective is to achieve capital appreciation through the development and sale of Class A self-storage projects across Canada.

 

Q2 2023 Report

ICM Bluebird Canadian Self-Storage Q2 Report

with No Comments

ICM Bluebird

ICM Bluebird Canadian Self Storage LP (“Fund”) was launched in December 2022 to invest in the consolidation and acquisition of a portfolio of self storage facilities across Canada.

 

Bluebird – Q2 2023 Report

Alignvest Student Housing – Q2 2023 Management Report

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- Management Report

with No Comments
MARCH 31, 2023

We are pleased to send you Alignvest Student Housing Real Estate Investment Trust’s Q1 2023 Management Report.

Despite the continuing volatility in both the equity and debt markets, our fair market value has remained stable and is starting to show growth due to our strong operating performance and our portfolio’s NOI growth in 2023. Our REIT’s performance speaks for itself – as of March 31, 2023, our privately managed portfolio is over 99% occupied, and as of May 5, 2023, is ~85% pre-leased for September 2023 at rates that exceed our budgets. We are building an attractive gap-to-market in rents of over $6 million, which bodes for well continued growth in 2024 and beyond.

As part of our continuing growth, we have increased our disclosure this quarter by providing comparative financial and operating metrics, as well as quarterly financials, which provides investors with enhanced tools to evaluate our performance. We are also pleased to announce the release of our 2023 ESG Report, which incorporates reporting on our Greenhouse Gas emissions. Below are the links to our Q1 2023 Financial Statements and ESG Report.

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

Q1 2023 Management Report

 

Q1 2023 Financial Statements

 

2022 Audited Financial Statements

 

2023 ESG Report

 

 

 

 

 

 

 

 

 

SEE-MORE, HALIFAX

Pictured above is See-More, our newest acquisition located in Halifax, Nova Scotia. Throughout the due diligence process, our team analyzed the Environmental and Social components of the building in relation to our overall ESG strategy. The rooftop solar panel installation feeds directly into the domestic hot water and offsets the energy in all common areas of the building. This contributes to our goal of lowering our GHG emissions and sourcing non-emitting sources of energy. The art installation on the exterior wall is inspired by Mi’kmaw traditional porcupine quill work, petroglyphs, weavings, and other aspects of the local indigenous culture. The sentiment of the art speaks to the welcoming environment we want to create for our students; one that is inclusive, safe and also fun!

Dufferin Car Wash Update

with No Comments

We are pleased to report to our Investors with this summary of our Great
White Car Wash Assets, including our existing facilities, the projects that
are currently under development, and those in the development pipeline.

As car wash developers/owners and operators, we continue to drive value for
our Investors through state-of-the-art facility development on ‘triple-A’ retail
locations. Our ‘Shark Club’ Membership model continues to grow a devoted
customer base, which provides inherent value in predictable and re-occurring
income. Operationally, superior chemical sourcing and modern titration technology
have allowed Great White to significantly lower our chemical costs while
improving our product offering, to a level we feel is ‘best in class’.

Please click the below link for the full report:

Dufferin Car Wash – 2023 Q1 Report

1 2 3 4 7