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

Adventus Realty Trust – Q1 2020 Financial Statements and Report to Unitholders

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Dear Adventus Investors,

Please see the Report to Unitholders and the Q1 2020 update from Adventus’ management team.

 

Report to Unitholders

Financial Statements – Q1 2020

Passive Income Rules

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Introduction

In July 2017, Finance Minister Bill Morneau announced potential options for changing the taxation of investment income earned by private corporations. The proposed changes were strongly opposed by many stakeholders and, in October 2017, Minister Morneau announced that changes would be made to the proposed new rules and that draft legislation would be released as part of Budget 2018. The resulting highly anticipated Budget was tabled by Minister Morneau on February 27, 2018. While Budget 2018 has scaled back many of the proposed measures from the July 2017 Consultation Paper, it has moved forward with various amendments to the Income Tax Act1 that will affect small business corporations in Canada. The amendments with respect to passive income earned by a private corporation will still have an adverse effect on small business owners and may affect the way small business owners choose to invest their retained earnings. In particular, the effect of the changes on the small business deduction (“SBD”) will likely leave small business owners seeking tax-efficient options for the investment of corporate retained earnings that will reduce the impact of these changes.

Bill C-74, which contains the legislative provisions to implement the new passive income rules, received Royal Assent
on June 21, 2018

 

See below for full article:

 

passive income rules

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

 

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