As we close out 2023, we do so with the following highlights:
Centurion Apartment REIT, Canada's largest private apartment REIT, $6.6Bn of AUM, currently owns and operates 21,000 rental units in 151 properties across 46 cities in North America and has delivered an annualized ROR of over 13%/y since its 2009 inception. Centurion has consistently illustrated solid performance over all periods. Centurion has continued to acquire more multi-residential apartment portfolios across Canada. The Board of Trustees has approved an increase in annual distributions of $0.12 per unit for Class A, taking effect in November.
AP Capital MIC, a Western Canadian non-bank alternative lender, operates a mortgage investment corporation (MIC). Launched in 2007, AP has funded more than $790MM in mortgages to borrowers in Canada. AP's 164th consecutive monthly distribution was made in November at 8.05% p.a. The loan-to-value (LTV) of 56.50% in November falls well below the fund's 70% target. Very strong mortgage liquidity, $140MM+ in payouts. Borrower quality stayed strong with average credit scores of 705 across the 330+ borrowers. New equity (investors) surpassed $36MM in '23. AP increased distribution to shareholders 3 times in '23 (from 6.50% to 8.05% currently). AP MIC is home to over 1,350 shareholders, with a 10-year average annual return of 7.61%. AP expects to stay above 8% throughout 2024, barring any material shocks to the market and having a defensive position as a lender.
Equiton Residential Income Fund Trust has consistently illustrated solid performance and returns in 2023, Class F DRIP: 1-YR 11.13%, 5-YR 10.63% since 2016 inception, the 90th consecutive monthly distribution was made in November. Fund approaching $1B in assets under management, over 11,100 investors. Equiton's exponential growth is driven by building a strong portfolio of real estate assets and increasing value through active management. Tax Efficient Income: monthly distributions comprised of 100% Return of Capital. No Variable rate Mortgages in their portfolio: Solely deploy 10-year fixed rate CMHC mortgages – current weighted average rate is 3.02% with 7.27 years remaining.
Invico Capital Corporation is an award-winning Canadian investment fund management firm providing alternative investment and financing solutions in North America. $2.5 billion of private capital under management. Invico announced a second additional distribution this year and is representative of the Fund's strong performance in the third quarter, led in part by a combination of robust cash flow and strengthening commodity pricing. Investors have now received a total aggregate of over $12.3 million in distributions above the target rate since Q1 2022, with the issuance of six additional distributions over the past seven quarters.
These investment products provide Monthly Income, Capital Appreciation, and are Tax Efficient (distributions are 100% return of capital), Registered Plan Eligible, Historically Low Volatility.
Mini Mall Storage Properties Trust is an open-ended mutual fund trust focused on consolidating self-storage assets with a strong existing cash flow and is fully funded/subscribed. Provides investors with the opportunity to participate passively and indirectly in the consolidation of private self-storage operations across Canada and the United States. The Trust seeks to generate investor returns via capital appreciation through asset and facility improvements, and via leasing revenues generated by the operations of the Mini Mall LPs. Annualized returns of 10.32% since inception 2020. Fund AUM $1.4B. 200+ facilities. Target annual return of 12-15%. Asset Manager is Avenue Living Group.
Dufferin Storage Asset Fund has successfully exited by sale to the ICM Bluebird Fund. The exit strategy minimized investor's tax exposure and alleviated potential double taxation on their profits.
We would like to wish you and your family a wonderful Holiday Season. We hope this joyous holiday season will bring you great health and happiness all through the New Year. We are looking forward to working with you in the years to come!
