Welcome to the Winter Edition of The Centurion. This year we’ve continued to make incredible strides and have wrapped up Q3 on a strong note. Centurion has grown its assets under management to approximately $6 billion, a 35% increase from last year that was supported by a strong acquisition strategy.

This quarter, Centurion won six awards demonstrating the success of our strategy, culture, and team. We also completed 3 acquisitions and were delighted to host our first in-person Advisor events since the beginning of the pandemic.

Q3 2022 Quarterly Report highlights:

• Property operating revenues were up 54.6% over same quarter last year (pg 2).
• Net Operating Income is up 71.8% over same quarter last year. (pg 29)
• Market Rent GAP for properties owned more than 3 years has risen to 22% (pg 30) meaning rental upside from current in place rents is about 28% (i.e. 22% gap / (100%-22% gap)), and the rental gap is now $23.3 million the largest ever (page 36).
• Average rent increase on stabilized Canadian apartments on unit turnover was 9.66% (pg 36) while properties owned longer than 3 years saw rent increases on turnover of 14.13%
• The student portfolio turned in its best performance ever with same store Net Operating Income up 70.33% (pg 17, 40) from the same period last year as the drag from Covid occupancy losses are now fully behind us
• Same store occupancy rose to 95.9% from 90.3% in the same quarter last year. Stabilized properties are 98.18% occupied (pg 35). Unstabilized (including lease up) properties are 85.93% leased (pg 35). Management stabilized 4,435 units from the same quarter in 2021 (pg 34), the largest number of units stabilized in a twelve month period ever
• Solid liquidity of $257 million (pg 3)
• Exceptional Trailing 12-Month returns of 17.12% and 18.10% on Class A and F Units respectively

A prerecorded webinar highlighting Q3 results and addressing some key areas of interest including market volatility, liquidity, interest rates, and our forward outlook will be shared the week of December 12th.

RECENT EVENTS

Centurion/Financial Advisors Luncheon with Greg Romundt

The Centurion Sales Team hosted luncheons in Toronto and Montreal this September. It was great seeing the Financial Advisor community in person after many years of virtual engagements.

During the luncheons, Centurion President and CEO Greg Romundt discussed Centurion's operating performance, recent acquisitions, the economic landscape, and the multi-residential apartment sector.

View the luncheon presentation.  

Annual General Meetings

The Annual General Meeting of Unitholders of Centurion Apartment Real Estate Investment Trust and the Annual General Meeting of Unitholders of Centurion Financial Trust were held via conference call on September 20, 2022.

Listen to the 2022 Annual General Meeting recording for Centurion Apartment Real Estate Investment Trust.

Listen to the 2022 Annual General Meeting recording for Centurion Financial Trust.

Read the 2022 Annual General Meeting transcript for Centurion Apartment Real Estate Investment Trust.



Read the 2022 Annual General Meeting transcript for Centurion Financial Trust.

IN THE NEWS

Centurion Recognized as Alternative Investment Solutions Provider of the Year

Centurion is proud to announce we have been recognized as Alternative Investment Solutions Provider of the Year at the 2022 Wealth Professional Awards. This award recognizes the alternative investment firm that has consistently provided outstanding advisor services while also demonstrating innovation and industry best practices over the past year.

Our core values of respect, integrity, simplicity, and excellence define who we are and drive our business practices to effectively serve our stakeholders.

On behalf of the whole Centurion Team, thank you for your ongoing support. We very much look forward to another year of growth and offering exceptional service to our Clients and Investors.

How Centurion Asset Management Became an Exemplar of Excellence in Alternative Investment Solutions

The 2022 Wealth Professional Awards saw Centurion named winner in the Alternative Investment Solutions Provider of the Year category. WPTV recently spoke with Centurion's President and CEO, Greg Romundt to hear about the company’s latest success, fund performance, and outlook for the future.

Centurion is Selected as the Recipient of The University of Waterloo Award for Next Generation Employment Innovation at the 2022 Canadian HR Awards

We are proud to announce that Centurion has been selected as the recipient of The University of Waterloo Award for Next Generation Employment Innovation at the 2022 Canadian HR Awards. This award recognizes the HR Team that has applied the most innovative approach to providing employment opportunities to young professionals and graduates.

Congratulations to Laura Salvatore, Vice President of Human Capital, and her team for this outstanding achievement. We look forward to pioneering innovative HR strategies that uphold our workplace culture and solidify Centurion as an employer of choice.

Centurion has been recognized on the 2022 List of Best Workplaces™ by Great Place to Work® for two categories:

2022 Best Workplaces™ for Real Estate, Property Development and Construction

2022 list of Best Workplaces™ for Professional Development

“Being recognized as a Best Workplaces™ is an honour.” commented Greg Romundt, President and Chief Executive Officer. “We look forward to leading by example and continuing to follow the Global Standard so that we can provide our people, the foundation of our company, with the best workplace experience.”

Centurion’s Human Resources Team has been selected by Canadian HR Reporter as one of 2022’s most Innovative HR Teams in addition to being selected by HRD Canada as one of Canada’s Best Places to Work for 2022.

Terry Fox Run

Centurion is pleased to announce our participation in another successful Terry Fox Run. We had a great turnout and were able to meet our fundraising goal, raising close to $3,500 to help support the Terry Fox Foundation in its mission to further cancer research in Canada. 

Thank you to everyone who helped support us by donating.

Return to Office

After over two years of work-from-home and social distancing, Centurion welcomed the team back to our Toronto Head Office in September.

Currently, Centurion has adopted a hybrid work model that enables flexibility and balance.

Since our last newsletter in May 2022, Centurion Apartment REIT has completed 3 acquisitions comprising a complex with three buildings, a single 16-storey building, and a medical office portfolio of nine buildings. During this time, we also announced the pending acquisition of a 6-storey mid-rise property with units spread across two buildings.

Les Terrasses Francesca – October 12, 2022

A multi-family apartment complex in Ottawa, Ontario

Built in 2018, this apartment complex consists of a 15-storey high-rise tower and adjoining 3 and 6-storey mid-rise buildings. It has a total of 276 rental apartment units. The properties offer a wealth of premium services and amenities to Residents, including an indoor saltwater swimming pool, a fully equipped exercise facility and yoga studio, a common social lounge, a courtyard with outdoor seating, storage, underground parking, and an on-site concierge. View full details.

Le SIX88 - August 31, 2022

A new multi-family apartment property in Old Montreal, Quebec

Completed in 2018, this 16-storey luxury apartment building known as the SIX88 offers a total of 145 rental apartment units with a variety of suite types, ranging from one to three-bedroom suites. This state-of-the-art apartment building offers its Residents various amenities and features including a roof-top terrace, fitness room, keyless entry system, modern security system, and a full-time concierge. One of the conveniences of living at Le SIX88 is its proximity to downtown Montreal. This key location is close to the business district, top-rated restaurants, shopping, public transportation, bicycle paths, and more. View full details.

Medical Office Portfolio - July 29, 2022

A portfolio of medical office buildings in Ontario and Alberta 

Centurion has acquired a 75% interest in a medical office portfolio in Ontario and Alberta. This transaction is Centurion’s third medical office acquisition to date. The portfolio comprises 9 medical office buildings totaling 359,220 square feet. Seven of the buildings are located throughout Ontario with four in Ottawa and the other three in Belleville, Stratford, and Vaughan. The remaining two buildings are located in Edmonton and Medicine Hat, Alberta.

Each medical office is located within proximity of a local hospital. This strategic location provides healthcare professionals the advantage of working within a network of general practitioners, specialists, and pharmacists to generate patient referrals. The buildings are also surrounded by residential neighbourhoods with access to public transit and highways making them well-situated for both doctors and patients. View full details.  

The Aurora

East Kelowna, BC

Anticipated Closing: 2022 (announced Sept 2, 2022)

NOX

Gatineau, Québec

Anticipated Closing: 2023

(announced Nov 29, 2022)

Announced earlier this year:

Metro Scott Road - Phase II

Surrey, BC

Anticipated Closing: 2023

(announced Feb 4, 2022)

Knox Village

Kelowna, BC

Anticipated Closing: 2023/2024

(announced March 30, 2022) 

MORTGAGE PORTFOLIO FUNDING

July 2022

Apartment building with 86 rental units located in Toronto, ON

$10,200,000 CAD Second Mortgage Acquisition and Repositioning Loan

80.2% LTV

July 2022

Development of a 37-storey concrete mixed-use rental building in Surrey, BC

$40,676,971 CAD Mezzanine Loan and $16,489,819 CAD Preferred Equity LP Investment

82% LTV

Sept 2022

Development of a 13-storey apartment building comprised of 161 units in Edmonton, AB

$37,000,000 CAD First Mortgage Construction Financing

82.6% LTV 

Centurion has grown to $6 billion in assets under management, and we look forward to continuing this momentum of growth and success.

OUR PORTFOLIO