Dear Fellow All Island Equity REIT Unitholders,
On behalf of the management team at All Island REIT, please find attached the Audited Financial Statements for the fiscal year ended December 31, 2024.
In light of our audited 2024 results, we are happy to announce an increase in All Island REIT’s Net Asset Value (NAV) per Unit to $18.15 as of March 14, 2025.
A Note from Management – 2024 Year End
Management is encouraged by All Island REIT’s strong performance throughout 2024, driven by operational efficiencies and rental growth.
Class F DRIP unitholders achieved a 12.14% total return for 2024, while Class A DRIP unitholders realized an 11.06% total return.
Total rental revenue increased by 7% ($965K) to $15.25M, while net operating income rose by 11% ($335K) to $3.38M. This growth reflects our strategic focus on suite turnovers and maintaining disciplined expense management. While rental rates have softened in British Columbia overall, All Island REIT’s focus on centrally-located assets with 25% below-market in-place rents has buffered us from these conditions.
Assets under management expanded by $15.10M, reaching $239.53M. With cap rates in our core communities staying relatively flat, the 3.85% ($8.77M) increase in investment property value over cost was directly attributable to income growth.
All Island REIT continues to maintain a prudent capital structure, with a loan-to-value ratio of 44% and a weighted average interest rate of 2.90% with 5.4 years remaining to maturity. This reflects our commitment to long-term, fixed-rate debt that generates value for our unitholders.
As we enter 2025, we remain focused on identifying new opportunities for portfolio expansion within our core markets, while optimizing existing assets to maximize value per unit growth. We sincerely appreciate your trust and confidence in our Board and management team.
Upcoming Capital Raise
All Island REIT is targeting a capital raise closing in late April or early May 2025. For further details or to discuss investment opportunities, please contact Andre and Daniel at Integral Wealth.
Should you have any questions, please do not hesitate to reach out.