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 – 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

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.

StoreWest Dufferin LP – Spring 2020 Update

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Despite our next scheduled update not being until July, the General Partners (GP) of StoreWest Dufferin LP felt it was important to communicate with everyone considering the current uncertainty surrounding COVID-19. We will cover off both segments of the business in order.

 

Great White Car & Truck Wash

This business is currently open and operational. However, in the wake of the COVID-19 Pandemic, we have made adjustments on an operational basis to ensure we are adhering to current and evolving provincial guidelines. First, effective March 30, we have adjusted our hours of business to 8AM to 8PM in order to provide more flexibility for our employees in these extraordinary times. The safety of our employees and customers is the top priority. This adjusment has allowed employees to more easily arrange transportation and childcare for their families, while allowing us to stay open and maintain a properly staffed work environment. This change was implemented only after considerable review of operational data and analysis of the highest income-generating hours.

At Great White Car and Truck Wash, we have been blessed with a very dedicated staff, many of whom have been with us since we opened. While the car wash is considered a low risk environment with respect to the virus, their loyalty and reliability has been exceptional. To offset the overall reduction of working hours available to our employees, we have implemented a temporary $2.00/hour raise. We want to ensure that the efforts of our staff during this difficult time are being recognized and appreciated, and we anticipate that these changes will help them weather the challenges of the situation.

As we analyze government protocols and newly implemented rules, our partners have taken the firm stance that we are presently classified as an essential service. Car washes have generally fallen into this classification and our truck wash with 90+ fleets under contract only strengthens this point. Great White is currently providing needed cleaning and washing services to a wide variety of essential companies including food transportation companies, towing companies, utility companies and Alberta Health Services. We will continue to monitor the situation, and, should this categorization change, we will inform all stakeholders of the same. Otherwise we will continue to operate the wash and keep our staff employed.

Alignvest Student Housing – Flash Report

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Please find below the most recent update on Alignvest Student Housing. Management wanted to share the latest numbers regarding the lease up for the 2020/2021 school year and the collection of April rents. In summary, we are ahead of where we were last year with respect to leasing for the upcoming school year. Our properties are proving to be highly desirable and some of the feedback received has been that higher quality properties are even more in favour during these times of uncertainty. With respect to April rents, we are tracking to get over 97% of rent cheques. Although lower than usual, it is still far above any amount that would have management concerned about cash flow.

 

COVID-19 Flash Report

Adventus Realty Trust: Covid-19 Update

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Dear Adventus Investors,

Please see the below update from Adventus’ management team. As you will see, they are taking a prudent and conservative approach throughout these unprecedented times and we commend them for doing so. We will continue to engage with management to better understand the challenges they are facing as the COVID-19 situation continues to unfold. We will keep you informed as additional information is provided.

 

Please see below:

2020.04.09 – Adventus Realty Trust Provides COVID-19 Update, Temporary Suspension of Distributions and Termination of New Dallas Property Acquisition

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