Henri-Bourassa Winter/Spring LP Update

by on May 13, 2022 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).

 

Dufferin LP Winter/Spring Update

by on May 9, 2022 with No Comments

Car and Truck Wash Update

 

  • As mentioned previously, 2021 saw a substantial retrofit for the wash which was necessary to set GWD up for long term success

 

  • Gross revenue in 2021 was $2,177,358 vs. $1,771,220 in 2020. This represents a 23% YoY increase despite Dufferin being down 1 truck bay most of the year and lingering COVID issues

 

  • In 2022 we continue to improve the wash. Projects include adding side blasters to our express tunnel to improve wash quality while reducing prep time; adding a new injection system which will reduce our chemical use by over 25%; and adding foam cannons to our other two truck bays as they are much in demand

 

  • The hard work has been paying off with Q1 revenues coming in just over $750,000 (a 30% YoY increase from Q1 last year) with an estimated EBITDA of ~$270,000

 

Our main focus for the remainder of 2022 will be continuing to grow our Shark Club members along with B2B revenue while reducing costs

 

 

Self-Storage Update

 

Dufferin Storage had a strong 2021, finishing the year at ~40% occupancy and operational break even. This is exceptional for a storage asset to achieve in less than 1.5 years.

This strong lease up trend continues in 2022. Dufferin is currently at 45.6% occupancy after an exceptional Q1. Although official targets are lower, management and our facility manager Bluebird have set a stretch goal of 60% occupancy for year end.

Revenues continue to increase and Dufferin Storage is now starting to eat into its debt coverage – a very promising sign. Management believes that full profitability is achievable by year end if Dufferin continues its strong lease up trend.

 

Financial Update

Management completed the 2021 year end and audit for Dufferin LP in April of this year. The audit is being sent out to all investors and an AGM will be scheduled for later this spring.

Our goals for 2022 are to focus on membership growth and profitability for Dufferin Wash, to achieve 60% occupancy and full break even for Dufferin Storage, and to hopefully be able to begin distributions to investors by the end of 2022.

 

Alignvest Student Housing – Q1 2021 Management Report

by on April 30, 2021 with No Comments

MARCH 31, 2021 – MANAGEMENT REPORT

 

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

Throughout Q1 2021, we continued to focus on operations and growth while maintaining the health and safety of our team and residents at our properties. With the roll-out of vaccines in Canada and our universities issuing “return-to-campus” announcements for Fall 2021, we are starting to see signs of a return to normalcy in Canada.

We expect that high-quality accommodations will be in demand as students return to campus. With this in mind, we completed a strategic acquisition of two properties in Waterloo that added 795 beds to our portfolio, and we have secured another attractive acquisition in Ottawa with over 500 beds that we expect to close in early Q3 2021. With these acquisitions completed, our assets will be valued at over $650 million. We are continuing to raise equity capital to fund these acquisitions.

Below is the link to our Management Report. In addition, below is a link to our recently issued 2020 audited financial statements. We have included enhanced financial disclosure and commentary in this report. Please contact us if you have any questions or need additional information.

 

March 31, 2021 - Management Report

2020 Audited Financial Statements

 

 

Insurance Division Giveaway

by on April 1, 2021 with No Comments

 

Our insurance division is running a contest for the month of April. CONTEST CLOSED: Winner has been announced April 29, 2021 on our social media. Thank you to all who participated in our contest.

 

Grand Prize:

Two night Staycation at your local Alt/Germain Hotel with a dinner or breakfast on us!*
Four Weekly Prizes: to be showcased on our social media pages

 

How to Enter:

Run a personal insurance quote on our website: Insurance | Meckelborg Financial Group (mfgltd.com)  under the “get a quote” section to be eligible. Be sure to include your full name and email address, limit one entry per person per week*. You will be entered to win that weeks prize as well as the Grand Prize Staycation. Contest is starting April 5th 2021, with the winner being drawn on April 29th, 2021.

 

For Additional Entries:

• Like & follow both of MFG’s Instagram and Facebook pages
• Share and tag us in this post on both Instagram and Facebook
• Tag 3 friends

 

Official Site | Alt Hotel Saskatoon (germainhotels.com)

*up to a maximum of $500.00 for a two night stay, $50.00 for dinner/breakfast

*eligibility will be based off legitimacy of insurance quotes

Alignvest Strategic Partners Fund Quarterly Report

by on May 20, 2020 with No Comments

 

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

 

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

 

COVID-19 Update from MFG

by on March 17, 2020 with No Comments

 

March 17, 2020

 

Dear clients and friends of MFG,

We are carefully monitoring the current novel coronavirus (COVID-19) outbreak. We must take appropriate actions to limit the impact of the virus on our community, particularly by focusing on the safety of our clients, employees and their families.

We have instituted our business continuity plan with a view to proactively anticipate and respond to any potential for business interruption, including restricted business travel, work from home protocols where appropriate, and encouraging the use of video and teleconference for interactions. We are also implementing social distancing measures that will also help reduce the spread of infectious diseases, such as reducing face to face meetings and ensuring our employees can work from home as required so we have a healthy workforce able to maintain our high standard of service. The same applies to our operational specialists who maintain the integrity of our systems and processes. Equally important, we maintain strong safeguards on information and identity.

We want to ensure that there are no interruptions or delays in contacting any of our MFG team members. Please find below our mobile #’s:

 

 Mark Meckelborg (306) 270-2221
 Mark Teal (306) 251-2429
 Benoit Gaudet (306) 229-1883
 Mindy Meckelborg (306) 380-4780
 Richie Stanviloff (306) 341-2814
 Zach Sim (306) 361-5228

 

Trade instructions will not be accepted via email or text, therefore please ensure you contact us by phone to verbally confirm your order.

Should there be further developments with COVID-19 that prevent access to our physical premises or disruptions with mail delivery by Canada Post, courier or messenger services, this may impact our ability to receive physical cheques. As a reminder, you can set up an “electronic bill payments” with your applicable banking institution should you wish to make an online deposit.

While the COVID-19 situation is ongoing, we are increasingly aware of its impact on both the global and local markets in which our clients operate. Our efforts will ensure that we are able to provide the highest level of client service while positioning ourselves to take advantage of the market opportunities that lie ahead.

 

We wish you all health and safety throughout the coming weeks.

The MFG Team

 

 

MFG – covid letter – March 17, 2020

1 2