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:
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
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:
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.
SEE-MORE, HALIFAX
We are pleased to announce that Alignvest Student Housing Real Estate Investment Trust (“ASH REIT”) has completed the acquisition of a purpose-built student accommodation (“PBSA”) asset known as See-More, located at 1402-1424 Seymour Street in Halifax, Nova Scotia.
See-More is a six-floor, newly constructed student housing facility located steps away from Dalhousie University. See-More is one of only a few purpose-built student housing properties serving Dalhousie University and is 100% leased for the 2022/23 academic year.
See-More is equipped with 491 beds in 141 fully furnished units, including studios, three-, four- and five-bedroom suites, which provides a wide variety of configurations for potential tenants. 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.
This strategic acquisition further diversifies ASH REIT’s portfolio and solidifies the REIT’s position as the leading owner and operator of Canadian PBSA. With this acquisition, ASH REIT owns in excess of 5,200 student housing beds across Canada. Further, this acquisition marks ASH REIT’s entry into Atlantic Canada, which is home to several universities and colleges in need of housing for their students. We look forward to further growth in the Maritimes.
Below is the link to the press release announcing the acquisition.
Click below to see reports
We are pleased to send you Alignvest Student Housing Real Estate Investment Trust’s (“ASH REIT”) Q3 2022 Management Report.
We are excited to have completed our September 2022 leasing season with record high occupancy of 99.9% across our portfolio. As of today, we only have four vacant beds across our entire privately-managed portfolio. We are also very pleased to have achieved an average net effective rent increase of 13.2% compared to September 2021.
Student housing continues to provide strong protection against the high inflation that we have been experiencing for several months now. In 2022, we turned over of 55% of our beds, resulting in the opportunity to close the gap-to-market on rental rates on these beds. With the remaining beds expected to turn over next year, we still have substantial upside ahead of us. Student housing offers a significant advantage compared to multi-family and other real estate sectors, which traditionally experience much lower turnover, especially in inflationary periods.
Below is the link to our Management Report. Please contact us if you have any questions or need additional information.
Management ReportWe are pleased to send you the June 30, 2022 Management Report of Alignvest Student Housing Real Estate Investment Trust (“ASH REIT”).
We continue to experience high inflation in Canada, with the inflation rate rising to 8.1% in June 2022. We are seeing that student housing provides very effective protection against inflation due to the natural, high turnover of student leases. For the 2022/2023 academic year, we are executing leases at rental rates that are 3% to 23% higher than the previous year. We also continue to experience very strong pre-leasing, with our portfolio being over 94% leased for September 2022 (compared to 76% at this time last year). The demand for high quality beds continues to be very strong and our portfolio is performing as expected.
In response to high inflation, the Bank of Canada continues to increase benchmark interest rates. We are pleased to have stable and attractive financing in place, with no material near-term financing requirements. With respect to potential acquisitions, we have been building up a robust cash reserve on our balance sheet to focus on acquiring strategic, high-quality acquisitions. We are seeing previously unavailable properties become available for purchase, providing us with the potential opportunity to further expand our portfolio across new markets.
Below is the link to our Management Report. Please contact us if you have any questions or need additional information
Management Report
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!
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.
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
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.
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!