Alignvest Student Housing- Management Report

by on May 16, 2023 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

by on March 17, 2023 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

Aviation Car Wash Update

by on March 17, 2023 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 below to read the full repot:

Aviation Car Wash – 2023 Q1 Report

Mahogany Car Wash Update

by on March 17, 2023 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 below to read the full report:

Mahogany Car Wash – 2023 Q1 Report

Mahogany Self-Storage Update

by on March 17, 2023 with No Comments

We are pleased to report to our Investors with this summary of the Bluebird Storage
facilities that are currently in operation, as well as the two facilities that are
currently in the construction phase. The deal pipeline currently holds several more
facilities and development locations, including Class ‘A’ opportunities in the interior
of British Columbia, Saskatchewan, Manitoba and Ontario (Greater Toronto Area).

Please click the below link to read the full report:

Mahogany – 2023 Q1 Report

Wright-Parkway Self-Storage Update

by on March 17, 2023 with No Comments

We are pleased to report to our Investors with this summary of the Bluebird Storage
facilities that are currently in operation, as well as the two facilities that are
currently in the construction phase. The deal pipeline currently holds several more
facilities and development locations, including Class ‘A’ opportunities in the interior
of British Columbia, Saskatchewan, Manitoba and Ontario (Greater Toronto Area).

Please click the below link to read the full report:

Wright-Parkway – 2023 Q1 Report

Henri-Bourassa Self-Storage Update

by on March 17, 2023 with No Comments

We are pleased to report to our Investors with this summary of the Bluebird Storage
facilities that are currently in operation, as well as the two facilities that are
currently in the construction phase. The deal pipeline currently holds several more
facilities and development locations, including Class ‘A’ opportunities in the interior
of British Columbia, Saskatchewan, Manitoba and Ontario (Greater Toronto Area).

Please click on the below link for the full report:

Henri-Bourassa – 2023 Q1 Report

Dufferin Self-Storage Update

by on March 17, 2023 with No Comments

We are pleased to report to our Investors with this summary of the Bluebird Storage
facilities that are currently in operation, as well as the two facilities that are
currently in the construction phase. The deal pipeline currently holds several more
facilities and development locations, including Class ‘A’ opportunities in the interior
of British Columbia, Saskatchewan, Manitoba and Ontario (Greater Toronto Area).

Please click the below link for the full report:

Dufferin – 2023 Q1 Report

Chestermere Self-Storage Update

by on March 17, 2023 with No Comments

We are pleased to report to our Investors with this summary of the Bluebird Storage
facilities that are currently in operation, as well as the two facilities that are
currently in the construction phase. The deal pipeline currently holds several more
facilities and development locations, including Class ‘A’ opportunities in the interior
of British Columbia, Saskatchewan, Manitoba and Ontario (Greater Toronto Area).

 

Please click on the below link for the full report:

Chestermere – 2023 Q1 Report

Alignvest Student Housing Management Report

by on February 9, 2023 with No Comments

We are pleased to send you Alignvest Student Housing Real Estate Investment Trust’s Q4 2022 Management Report.

Our fair market value remains stable due to our strong operating performance and forecasted NOI growth in 2023. Demand for high-quality student housing continues to outpace supply, which has translated into upward pressure on rental rates and resulted in low vacancy rates (99.6% occupancy as at December 31, 2022). Our current pre-leasing velocity is providing confidence that the 2023/2024 academic year will follow similar trends; we are budgeting 2023 NOI at ~8% higher than 2022 on a same-property basis. We are pleased to report that we are already over 60% pre-leased at our privately-managed properties for September 2023 (over 20% ahead last year at the same time).

We are pleased to have delivered a 10.5% annualized net return since inception, with limited volatility. Our annualized distribution yield is 4.9% as at December 2022, equivalent to approximately a 10% pre-tax equivalent yield as it is delivered as a tax-efficient return of capital. We believe our REIT will continue to perform well in 2023 given our market leading position and our strong business fundamentals.

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

Management Report

 

SEE-MORE, HALIFAX

We acquired 1400 Seymour Street in Halifax, Nova Scotia in January 2023 for $90 million. See-More is a 6-storey, newly constructed (2022) student housing facility located steps away from Dalhousie University. See-More has 141 fully furnished units, including bachelors, 3-bedroom, 4-bedroom and 5-bedroom suites.  Additionally, See-More features several student-oriented amenities, including a yoga and wellness studio, games room, on-site laundry facilities, social rooms, common study areas and an underground parking garage.
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