Henri-Bourassa Winter/Spring LP Update

with No Comments

Operational Update

Bluebird Storage Management continues to focus on increasing revenues and the overall economic occupancy for Henri Bourassa. The Montreal market has proven to be very strong with current occupancy levels still around 90% despite aggressive rate increases at the facility.

Financial Update

Management continued to implement rent increases throughout 2021 and focus on growing revenue. From January 2021 to December 2021 the monthly income grew from $103,037 to $127,118. This represents a 23.4% increase in monthly revenue over the course of the year.

As noted below, the growth trend has continued in 2022 with monthly rents now over $130,000 per month even though we have not hit prime rental season.

 

 

Summary

Management recently signed a commitment letter to refinance Henri Bourassa. The new lending facility is expected to reduce our overall cost of borrowing while also freeing up significant capital to enable a distribution for investors. The GP is working hard to finalize the lending so we can announce details about the potential distribution. Management is also looking at different exit opportunities for the LP over the short to medium term (storage and/or development sale).

 

Wright-Parkway Winter/Spring LP Update

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Operational Update

Occupancy remains strong in our two facilities in Nova Scotia. When you combine the two reports below, the percentage of units rented between the two facilities is 89.6%. If you look at the square footage, we are currently leasing out 94% of all space available. This is considered quite high for storage and Wright in particular is in need of more space with over 97% of available area currently rented!

 

 

Financial Update Q1 2022

2021 was a solid year for both facilities. Our revenue for the year was $1,631,116 over 10.5 months of operation with monthly revenues increasing 10-20% over the course of the year. The Q1 numbers, as noted below, show this growth trend continuing with $500,000 of revenue in the first quarter of 2022. This puts Wright-Parkway on track to surpass $2M in revenue for 2022.

 

 

  • The GP declared a second Distribution of $198,000 to LP unitholders in May, 2022
  • Combined distributions paid to investors since February 2021 totals $518,904 or almost 8% on equity in just over 1 year

Management is now looking at expansion options for the Wright facility. This expansion could add 4 to 6 stories and up to 60,000 Sq Ft of much needed space to this facility. Management believes the net gain in value for Wright from such an expansion could be significant

 

Chestermere Winter/Spring Self-Storage LP Update

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Operational Update

 

Leasing up a storage facility during winter months is a bit out of the norm. We were very happy to see this trend continue while also having 11 people on the waiting list for larger units, which will help with our lease up once our expansion is complete.

 

 

Financial Update

We have completed our 2021 year end and T5013s were sent to all investors at the end of March. 2021 was a great growth year for Chestermere and we ended the year at 69.9% storage occupancy with total revenues of $875,903. This represents a 47.42% increase in revenue YoY from our 2020 total of $594,161. Excluding amortization, Chestermere was profitable in 2021 – a very significant step for the LP.

 

 

As, you can see from the above YTD management reports, 2022 continues to show growth. The first quarter is typically very slow for storage, but revenue has continued to grow and occupancy as well. Chestermere is currently over 80% occupied!

 “Summer 2021 appraisal (after expansion) – Colliers $20,140,00 with roughly $8M in debt on property”

 

  • Our main goal in 2022 is to complete the planned expansion for Chestermere. Management believes the additional space will maximize revenue and position Chestermere for a potential exit in 2023

 

  • Phase 2 is expected to add ~28,000 Sq Ft net rentable and over $700,000 in gross annual revenue potential

Aviation Car Wash LP Update

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Grand Opening Update

 

  • Our Grand Opening was held on February 11th
  • Very successful ribbon cuttings’ with various political leaders as well as the Airport Authority
  • Soft opening commenced Feb 14th
  • Purpose of soft openings is to make sure all staff is well trained as well as the equipment is all installed correctly

 

Soft opening was very well received by the public!

 

Shark Week- Highlights

  • 10 Free Days of Washes
  • Over 5000 free washes
  • Close to 500 Memberships were sold
  • Last day of event we processed over 800 cars

*Over 1000 members to date

 

From all of us, thank-you for being part of this great journey

 

 

Alignvest Student Housing – Q4 2021 Management Report

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DECEMBER 31, 2021 – MANAGEMENT REPORT

We are pleased to send you the December 31, 2021 Management Report of Alignvest Student Housing Real Estate Investment Trust (“ASH REIT”).

We are proud of ASH REIT’s achievements in 2021. We finished the year with three transformative acquisitions, which increased the REIT’s asset base by 1,323 beds and over $215 million in asset value; we maintained near-full occupancy and very attractive collection rates across the portfolio through another year under COVID-19; and we have experienced positive leasing and operational results which have set the foundation for a successful 2022/23 academic year. With these achievements, we were able to deliver a net return of 12.1% in 2021, and an annualized return since inception of 11.1% (applicable to Class F unitholders, assuming DRIP participation).

While we are currently persevering through another wave of the COVID-19 pandemic, we remain optimistic that the impacts on the economy and student demographic will not hinder our operations, similar to the prior two years. We are at 98% occupancy and we expect our buildings to have near-full physical occupancy as students return to campus over the next several weeks.

Student housing continues to prove itself to be a resilient asset class and we remain excited about the outlook for the sector. Following a successful fundraising period in Q4 2021, we are now focused on acquiring additional properties in 2022 to continue to build on our track record of delivering attractive risk-adjusted returns to our investors.

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

Management Report

Henri Bourassa LP – Q3 Update

with No Comments

 

 

 

 

Operational Update

Acquired by StoreWest & Bluebird in August 2020 located in Saint-Laurent, Montreal.

  • 97,119 SF net rentable with 794 storage units

Bluebird Storage Management continues to focus on increasing revenues and the overall economic occupancy for Henri Bourassa. The Montreal market has proven to be very strong with current occupancy levels still over 90% despite aggressive rate increases at the facility.

Financial Update

Management is currently working on a refinance package with BMO on the facility which is expected to drop our overall cost of borrowing. It is expected that such a refinance should free up significant capital to enable a distribution . As part of this refinance, management is seeking an updated appraisal on the property. Additionally, we are seeking an opinion on the value of the property with residential zoning in place to determine which exit option could provide the best value for investors. We expect to announce a distribution once the financing is finalized.

Rezoning Update

Management has been working with our consultant, BC2 to advance the zoning for a multi-family development. Council has given feedback on our current plan and indicated it would be accepted. We are currently waiting until municipal elections are completed in Montreal to determine if any further densification can be negotiated. This process is likely 6-8 months out.

Wright-Parkway LP – Q3 2021 Update

with No Comments

Operational Update

In February 2021, Wright-Parkway Self-Storage LP was formed by StoreWest & Bluebird to acquire two facilities, one in Truro, Nova Scotia and the other in Dartmouth, Nova Scotia. The Parkway facility in Truro is 21,786 SF net rentable with 259 units. While, the Wright facility in Dartmouth is 68,957 SF net rentable with 607 units.

Financial Update

Parkway (Truro)

  • Revenues of $340K YTD with 89% occupancy, Profitable

Wright facility (Dartmouth)

  • Revenues of $1.2M YTD with 90.5% occupancy, Profitable (below)

Revenue management has continued to be Bluebird’s focus with these stabilized assets. It has instituted a two-pronged revenue management program targeting both new & existing clients.

StoreWest Dufferin LP – Q3 2021 Update

with No Comments

 

Car and Truck Wash Update

• Retrofit of the Automatic Truck bay is complete. New foam cannons and brushes are a big hit. Significant amount of maintenance fixes completed year-to-date.

• Memberships continue to grow with over 1300 members currently. This is up from ~700 members at start of year. We now have over 165 fleet clients as well.

• Sales in the overall car/truck wash are up 33% YoY. We have also dropped our labour by close 20% this year, while getting our chemical cost down as well.

Self-Storage Update

Dufferin Storage celebrated its first anniversary at the end of August. The facility achieved 35% occupancy in its first year – well ahead of projections (20% is considered normal).

At its current level of occupancy the storage facility is essentially at operational breakeven (an impressive feat in one year).

Storage is now entering the quieter period (Nov. – March), but management will continue to focus on financial occupancy while looking forward to the 2022 lease up season.

*Please note our pricing vs our competitors below

 

 

Financial Update

 

Management is currently working with our lender on terming out the construction loan for Dufferin Storage. As part of this process, updated appraisals were obtained on both the storage and wash from Colliers.

Colliers appraised the wash at $15.1M and storage at $28.3M (as is). This provides a total project appraisal of $43.4M with a total project cost of ~$29M (~$14.4M gain on $11M equity). While this is no guarantee of exit value it is encouraging.

Aviation Car Wash LP Update

with No Comments

 

Construction Update

  • Currently finalizing building envelope construction, and anticipate fully insulated envelope by mid November
  • Vehicle conveyance system install complete
  • Majority of car wash equipment has been received/secured on-site and installation initiated
  • Bulk of equipment installation will continue with full envelope enclosure in November

Opening January 2022

  • Enmax transformer has been energized with power and gas to site which will aid in keeping our costs down with alleviating any need for internal propane heating
  • Internal framing and drywall is substantially complete
  • Project construction is over 70% complete to-date

  • Currently tracking for construction completion late December 2021, with operational opening date anticipated to be in January 2022
  • The project is still tracking to construction budget

Alignvest Student Housing – Q3 Management Report

with No Comments

We are pleased to send you the September 30, 2021 Management Report of Alignvest Student Housing Real Estate Investment Trust (“ASH REIT”).

Q3 2021 included the long-anticipated resumption of in-person classes at Canadian universities, making this arguably the most important period in our short history. We are extremely pleased to see students return to campus and confirm that online classes have not disrupted the traditional in-person teaching model.

In Q3 2021, we experienced robust leasing activity. We have returned to pre-pandemic occupancy with 96% of our beds leased for the 2021/2022 school year, and we are continuing to see additional interest from students who are still making plans to return for January 2022. Importantly, we have achieved this occupancy while also growing our gross and net rent on a year-over-year basis.

We also successfully closed our previously announced acquisition of THEO, a 507-bed property with ~18,000 square feet of retail space, on July 30, 2021. Since closing, renovations were completed to increase the bed count to 528 beds. We were successful in securing attractive financing for this deal and are proud to add this high quality property to our portfolio.

 

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

 

 

THEO, OTTAWA

On July 30, 2021, we closed the acquisition of THEO, a recently renovated, multi-unit student housing building located at 305 Rideau Street in Ottawa, Ontario. The 12-storey building is comprised of 193 units and 528 beds. THEO offers top of the market interior finishes including a premium modern furniture package, stainless steel appliances, quartz countertops and in suite laundry. In addition to the residential space, there is approximately 18,000 square feet of street level retail space with tenants such as Bank of Montreal, PiCo and Dollarama.
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