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2024

Raising the Bar
with Operational Excellence

A Message
From Our CEO

Our proven strategy to “invest in the everyday” has always been the Avenue Living advantage. By focusing on essential, resilient assets that serve real people in real communities, we have effectively navigated both headwinds and tailwinds. In a world where uncertainty is the only certainty, we lean into our defensible strategy and rise to every occasion.

 

2024 was a year of building on the momentum of the past two decades, culminating in tremendous growth and operational success.

 

We responded to Canada’s housing challenges — driven by rapid population growth and limited supply — with targeted investments in customer service and infrastructure. Demand for multi-family housing surged, fueled by both international immigration and interprovincial migration. In 2024, we focused on boosting the performance of our existing assets and thoughtfully explored new markets for growth.

 

And it worked.

 

By increasing our operational efficiency, elevating our brand presence, and continuing to make smart investments, we optimized same-door performance and fostered resident satisfaction in the assets we own and the assets we acquired. This continued growth allowed us to serve even more communities across the Prairies.

 

In the self-storage sector, our market-aligned pricing strategies enabled us to maximize our revenue, while smart capital investments increased brand consistency and awareness across North America. By the end of the year, we grew our storage capacity, upgraded existing facilities, and enhanced our service standards. This solidified our position as a Top 15 owner-operator in North America.

 

Our farmland assets are also primed for long-term growth, with over 50,000 acres of productive farmland under ownership. Collaborating with our tenant farmers and using new technology to improve land management, we continue to address immediate food security needs and meet growing global demand for arable land, while diversifying our asset mix.

 

As we look ahead, we do so with the confidence we have built from looking behind. We don’t chase trends — we build for the long term. Leaning into our vertically integrated platform has allowed our business to stay resilient through multiple economic cycles, financial crises, and inflationary pressures. Through each major cycle, we’ve increased our AUM, while remaining steadfast, disciplined, and agile.

 

As Warren Buffett once said, “Someone’s sitting in the shade today because someone planted a tree a long time ago.” At Avenue Living, we have planted those trees, and we continue to nurture them – ensuring that our momentum isn’t just sustained, but strengthened, no matter what lies ahead.

 

Thank you for your continued support,

Our proven strategy to “invest in the everyday” has always been the Avenue Living advantage. By focusing on essential, resilient assets that serve real people in real communities, we have effectively navigated both headwinds and tailwinds. In a world where uncertainty is the only certainty, we lean into our defensible strategy and rise to every occasion.

 

2024 was a year of building on the momentum of the past two decades, culminating in tremendous growth and operational success.

We responded to Canada’s housing challenges — driven by rapid population growth and limited supply — with targeted investments in customer service and infrastructure. Demand for multi-family housing surged, fueled by both international immigration and interprovincial migration. In 2024, we focused on boosting the performance of our existing assets and thoughtfully explored new markets for growth.

 

And it worked.

 

By increasing our operational efficiency, elevating our brand presence, and continuing to make smart investments, we optimized same-door performance and fostered resident satisfaction in the assets we own and the assets we acquired. This continued growth allowed us to serve even more communities across the Prairies.

 

In the self-storage sector, our market-aligned pricing strategies enabled us to maximize our revenue, while smart capital investments increased brand consistency and awareness across North America. By the end of the year, we grew our storage capacity, upgraded existing facilities, and enhanced our service standards. This solidified our position as a Top 15 owner-operator in North America.

Our farmland assets are also primed for long-term growth, with over 50,000 acres of productive farmland under ownership. Collaborating with our tenant farmers and using new technology to improve land management, we continue to address immediate food security needs and meet growing global demand for arable land, while diversifying our asset mix.

 

As we look ahead, we do so with the confidence we have built from looking behind. We don’t chase trends — we build for the long term. Leaning into our vertically integrated platform has allowed our business to stay resilient through multiple economic cycles, financial crises, and inflationary pressures. Through each major cycle, we’ve increased our AUM, while remaining steadfast, disciplined, and agile.

 

As Warren Buffett once said, “Someone’s sitting in the shade today because someone planted a tree a long time ago.” At Avenue Living, we have planted those trees, and we continue to nurture them – ensuring that our momentum isn’t just sustained, but strengthened, no matter what lies ahead.

 

Thank you for your continued support,

Anthony Giuffre

Anthony Giuffre

FOUNDER, CHIEF EXECUTIVE OFFICER & EXECUTIVE CHAIRMAN, AVENUE LIVING

FOUNDER, CHIEF EXECUTIVE OFFICER & EXECUTIVE CHAIRMAN, AVENUE LIVING

About Us

Avenue Living is a vertically integrated real-estate owner and operator with over $7 billion in assets under management (AUM). Established in 2006, we acquire, reposition, and operate real estate assets across Canada and the United States. Centered around the ethos of “Investing in the Everyday,” we actively manage multi-family residential, self-storage, and farmland assets. We consider ourselves stewards of capital — our goal is to create long-term value and drive returns through our proven investment strategy.

core-trust

2006*

Inception date

Multi-family

Canada/u.s.

8-12%

10-Year target returns
Per Annum (Net of fees)

*Through predecessor entities
Core Trust was formed in 2017

2020

Inception date

self-storage

Self-storage

Canada/u.s.

12-15%

10-Year target returns
Per Annum (Net of fees)

2022

Inception date

Farmland

tract-2

Saskatchewan

10-14%

10-Year target returns
Per Annum (Net of fees)

2016

Inception date

farmland

Farmland

Saskatchewan

Saskatchewan

11-14%

TARGET RETURNS
PER ANNUM (NET OF FEES)

Note: Figures presented for the year ended December 31, 2024

About Us

Avenue Living is a vertically integrated real-estate owner and operator with over $7 billion in assets under management (AUM). Established in 2006, we acquire, reposition, and operate real estate assets across Canada and the United States. Centered around the ethos of “Investing in the Everyday,” we actively manage multi-family residential, self-storage, and farmland assets. We consider ourselves stewards of capital — our goal is to create long-term value and drive returns through our proven investment strategy.

core-trust

2006*

Inception date

*Through predecessor entities
Core Trust was formed in 2017

Multi-family

Canada/u.s.

8-12%

10-Year target returns Per Annum (Net of fees)

Note: Figures presented for the year ended December 31, 2024

2020

Inception date

self-storage

Self-storage

Canada/u.s.

12-15%

10-Year target returns Per Annum (Net of fees)

Note: Figures presented for the year ended December 31, 2024

2022

Inception date

Farmland

tract-2

Saskatchewan

10-14%

10-Year target returns Per Annum (Net of fees)

Note: Figures presented for the year ended December 31, 2024

2016

Inception date

farmland

Farmland

Saskatchewan

Saskatchewan

11-14%

10-Year target returns Per Annum (Net of fees)

Note: Figures presented for the year ended December 31, 2024

Core Values

Our values and principles guide us every day.

We look to them every time we make decisions for our team members, customers, or investors in the immediate future or the long term.

Duty of Care

We go the extra mile for our customers, investors, and employees.

Entrepreneurial Spirit

We own it, we adapt in the face of challenges, and we relentlessly pursue progress.

Integrity

Integrity

We act with integrity, and we always work to do the right thing.

honest

Honest Communication

We’re transparent in how we communicate and act.

together

In It Together

We stand together and work together to get things done.

Duty of Care

We go the extra mile for our customers, investors, and employees.

Entrepreneurial Spirit

We own it, we adapt in the face of challenges, and we relentlessly pursue progress.

Integrity

Integrity

We act with integrity, and we always work to do the right thing.

honest

Honest Communication

We’re transparent in how we communicate and act.

together

In It Together

We stand together and work together to get things done.

2024 Wealth Professional Top Employer

Avenue Living was recognized as one of Wealth Professional Canada’s (WPC) Top Employers in 2024, with an impressive employee satisfaction rating of 86%. This rating was measured through an anonymous employee survey conducted by WPC. Being named a Top Employer reflects our commitment to excellence, investing in our people, and fostering a winning culture.

Macroeconomic Commentary

Entering 2024, both Canada and the United States experienced elevated interest rates as central banks continued efforts to combat inflation. Toward the latter half of the year, both central banks signalled a shift toward a rate-cutting cycle, with the Bank of Canada implementing five reductions, closing the year at 3.25%. Looking ahead to 2025, monetary policy is expected to be accommodative. Economic conditions are predicted to boost borrowing activity and support real estate investment and asset valuations.

 

The multi-family housing sector continued to be driven by strong population growth and supply constraints, particularly in Canada’s Prairie provinces and the U.S. Heartland. Alberta’s 3.9% population growth far exceeded the national average of 2.3%, intensifying demand for rental housing.1 Supply growth in Canada is projected to continue at a moderate pace in 2025; however, extended construction timelines are expected to delay completions, maintaining tight rental markets.

 

The United States multi-family housing landscape in 2024 was dynamic, characterized by a sharp decline in multi-family starts and permits despite elevated completions, while absorptions continued to be robust. As a result, rental demand remained strong, driven by structural affordability challenges that kept many households in rental properties rather than transitioning to homeownership. Exiting 2024, the sector appears to be entering a new phase where supply constraints are expected to return, with multi-family starts down 25% in 2024,2 indicating a potential supply deficit by 2026, with the gap between housing starts and completions widening to a 50-year record.

 

The self-storage sector demonstrated resilience in 2024 despite lower housing market activity in both Canada and the United States. Key drivers of demand continue to be influenced by urban densification and migration to Sunbelt states, driven by enhanced regional economic prospects, leading to a rise in personal- and business-related storage use. While self-storage demand remains strong, supply growth is expected to slow in 2025. In Canada, new construction is forecasted to decline to 5%, allowing occupancy rates to stabilize. In the United States, new storage development starts dropped precipitously in 2024 by 28%, and new supply growth is projected to decline an estimated 55% between 2023 and 20283.

The farmland sector in Saskatchewan remained resilient, supported by strong global food demand, limited availability of farmland, and improved weather and topsoil moisture conditions. Overall, provincial yields were above the 10-year average for most crops with regional differences based on varied growing season conditions. The province’s farmland price appreciation during the six-month period from January to June 2024 was 7.4%, outpacing the national growth rate of 5.5%.4 Although commodity prices experienced volatility, government-backed funding and crop insurance programs remained available to stabilize farm operators. As a result, Saskatchewan farmland remains an attractive investment, particularly as global supply chains evolve and investors continue to seek the potential for inflation-hedging assets.

 

Another key factor influencing 2025 market conditions is the evolving economic policy landscape. The new U.S. administration’s “America First” approach, focused on tariff implementation on foreign goods, could reshape North American investment strategies. This policy may stimulate job creation and drive rental housing demand in key industrial hubs, further strengthening Avenue Living’s market positioning.

 

However, potential tariffs may not be without their challenges, raising input costs of materials and labour on new construction. The commensurate increase in development costs has the potential to drive up the replacement cost of existing assets. In turn, this would be expected to necessitate higher rental rates to meet target development returns — ultimately catalyzing enhanced demand for legacy rental stock. Interest rate cuts may be used as a counterbalance to any economic slowdowns, and while this carries the risk of renewed inflationary pressures, it is also a driver of positive asset valuations.

 

The macroeconomic outlook for 2025 remains dynamic but favourable, particularly for multi-family housing, self-storage, and farmland investments. As interest rates decline, borrowing costs will become more advantageous, while supply-demand imbalances will continue to drive asset value growth. The multi-family sector is expected to remain tight in the Prairies, while self-storage demand in the Sunbelt is projected to stay robust. Saskatchewan’s farmland market is likely to remain in demand, and farmland price appreciation has historically outpaced inflation. With regional resilience in Canada and onshoring trends shaping new investment opportunities in the United States, Avenue Living is well-positioned for continued growth and value creation in 2025.

Citations

  1.   ATB Economics
  2.   National Association of Home Builders
  3.   Yardi Matrix
  4.   Farm Credit Canada

A Strategy Informed by Research

Our data-informed strategy enables us to deliver superior service to our customers while driving value for our investors, ensuring our business thrives in any environment. In 2024, we continued to dedicate time and resources to researching the forces impacting the real estate industry. This research has optimized our operations, enabling us to make informed decisions that benefit all our partners.   

Financialization and Vertical Integration Enhance Renter-Perceived Property Owner Effectiveness

Addressing Canada’s Housing Supply Shortage: A Call for Cross-Disciplinary Collaboration

Riding Waves: How Avenue Living is Navigating the Dynamic Self-Storage Space

Sustainability

With our unique active management approach, our multi-family residential team effectively delivers capital improvements and enhancements that benefit our residents and properties. These changes contribute to our portfolio’s ongoing sustainability, which enables us to address climate-related challenges at a significant scale. The World Economic Forum estimates that 80% of today’s buildings will exist in 2050, making it crucial to retrofit older buildings to operate more efficiently. As one of Canada’s largest residential rental property owners, we understand the important role we play in this undertaking. We are committed to initiatives aimed at reducing our carbon footprint and are proud to be industry leaders in sustainable solutions.

Breathing New Life into Canada’s Housing Supply: Deep Energy Retrofitting at Scale

At Avenue Living, we’re proud to lead the way in creating a blueprint for sustainable solutions to improve Canada’s housing supply. By extending the life of aging rental properties while enhancing their efficiency, we’re addressing a critical need for responsible housing. Our partnership with the Canada Infrastructure Bank (CIB) sets a new standard for deep energy retrofits, aiming to reduce GHG emissions and improve the homes of over 10,000 residents. In 2024, we continued this important work, demonstrating our commitment to ensuring Canada’s housing stock remains efficient, affordable, and environmentally conscious.

Investing in Solar, Submeters, and Water Conservation

At Avenue Living, sustainability is more than a goal — it’s a story of progress and innovation. We’re reducing our footprint by generating renewable energy to power our common areas, cutting both costs and reliance on traditional energy sources. By installing submeters, we’re providing our residents with the tools to understand and reduce their energy consumption. Through detailed utility analysis, reporting, and water-saving initiatives, we’re building a portfolio that’s efficient, sustainable, and future-ready.

Bulk Utility Procurement

Avenue Living’s centralized utility procurement model leverages extensive utility accounts and consumption to reduce costs through preferred rates and fees. By leveraging our scale and scope, we’re able to secure preferred pricing when purchasing fixed contracts in bulk. This approach enhances visibility, control, and long-term energy cost management.

Read more about our sustainable solutions in our most recent ESG report:

ESG Report
Learn More on Our Environment Page

Zenbase

Zenbase is a budgeting and rental payment solution that increases operational efficiency for property managers while helping renters improve their financial well-being. By automatically reporting rent payments to Equifax, Zenbase enables renters to build their credit history through their rent, which is often their largest monthly expense. Additionally, Zenbase’s split rent option allows renters to divide their payments and align to their bi-monthly paycheque cycles, so they never have to worry about missing a payment. These features address common rental challenges, making it easier for renters to manage their monthly expenses and empowering them to achieve their long-term financial goals.

LEARN MORE ABOUT ZENBASE

Fostering Respect & Collaboration

We value our employees and ensure that each individual can achieve their full potential by encouraging a culture of respect, inclusivity, and diversity. By creating equal opportunities for all employees, we have built a stronger business poised to serve our customers and communities. Through important partnerships and benefits that include access to family, financial, and mental health support, we strive to create safe spaces and opportunities regardless of identity, nationality, or beliefs.

Supporting the Community

Every year, we enhance our commitment to support our communities through sponsorships, donations, partnerships, and volunteering. We are proud to have team members across the organization who actively support important causes that align with our three social impact pillars:

CHILDREN
& FAMILIES

HEALTHY
COMMUNITIES

DIVERSITY, EQUITY
& INCLUSION

Employer-Supported Volunteerism

Our teams have always shown a passion for community causes, dedicating their time and resources to help various impactful organizations outside of work. 

 

Our Employer-Supported Volunteerism program made a significant impact on the community in 2024. Over 100 employees from two countries and five cities volunteered over 350 hours to support eight charitable organizations, including food banks, blood donation centres, seniors care facilities, and community shelters. Highlights include volunteering at the Meewasin Valley Clean Up in Saskatoon, donating items to the NICU at Medical City Children’s Hospital in Dallas, sponsoring the YWCA Regina’s Walk a Mile in Their Shoes,  and participating in the Calgary Police Youth Foundation’s back-to-school initiative. 

Learn More on Our Social Page

Avenue Living conducts business with integrity, honesty, and transparency. We have established policies and procedures to reduce risk and effectively handle various business scenarios. As custodians of capital and responsible building owner-operators, we recognize the importance of applying top-tier governance practices throughout our operations to safeguard the best interests of our investors. Each Avenue Living fund has its own governance structure and board providing oversight on management.

Ethics

Avenue Living adheres to a comprehensive Code of Business Conduct with ethical standards to guide our decision-making. This code communicates expected employee behaviour and compliance with laws, promotes professionalism, and deters misconduct. Each of our funds’ boards has adopted a Whistleblower Policy to facilitate secure reporting and a culture of openness without fear of discrimination, retaliation, or harassment, whether reported anonymously or otherwise.

Security

Our cybersecurity policy is designed to enhance the security of our digital infrastructure. This proactive measure reflects our commitment to safeguarding our data and, in turn, provides customers and partners with confidence in the security of their information. By prioritizing security, we aim to mitigate potential risks and ensure the resilience of our operations in an increasingly digital landscape.

Affiliations

We have strong relationships with industry-leading organizations that bolster our commitment to delivering stable results, making conscientious decisions, and creating safe and welcoming environments for our team and customers.

Independent Board Members

Catriona Le May Doan

President & CEO, Sport Calgary

Robert Verbuck

Managing Partner, Western Canada, DS Lawyers LLP

JT Dhoot

Founder and Principal, Omnis Valuations & Advisory Ltd.

Jerry L. Kavanagh

Corporate Director and Consultant, Private International Family Business; Advisory Board Member, Scorpio Masonry; Partner, PwC

Shelley Allchurch

Past Chief Legal Officer, Avenue Living

Dr. Brian Brodie

Physician; Past Chair, Board of Directors, Canadian Medical Association; Former President, Doctors of B.C.

John Fisher

Executive Vice President, CBRE

Salima Shivji

Inaugural Executive Director, Movement 51; Former Senior Associate, Dentons Canada LLP

Catherine Connolly

Founder and President, Gist Capital Solutions Inc.; Past Chair of Institute of Corporate Directors (Calgary Chapter), Former Chair of Alberta Teachers’ Pension Plan Investment Committee

Jack Coldwell

Chartered Professional Accountant; Former Board Member, Calgary Heritage Foundation

Samira Alibhai

Managing Principal, Mirada Investments Ltd.; Managing Director, LLS Hospitality, Inc.

Brad Wall

Special Advisor, Osler, Hoskin & Harcourt LLP; Former Premier of Saskatchewan

Avenue Living Real Estate Core Trust

Mini Mall Storage Properties Trust

Tract Farmland Partners

Avenue Living Agricultural Land Trust

Learn More on Our Governance Page

Operating Platforms

Thanks to the support of our customers, investors, and employees, 2024 has been our best year on record. This success is a direct result of prioritizing an outstanding service experience and staying committed to continuous growth. This year, we expanded our portfolio, invested in our assets, and prioritized operational excellence, all of which strengthened our position as an owner and operator of choice. We were also incredibly proud to be named a 2024 Top Employer by Wealth Professional — this recognition reflects our commitment to creating a supportive and growth-focused workplace where everyone can thrive.

Leigh Peters

President of Avenue Living Group of Companies

Avenue Living
Asset Management

Avenue Living
Residential

Mini Mall
Storage Properties

Tract Farmland Partners

Our Funds

Investing in the Everyday

We target opportunities across several real estate asset classes, including multi-family, self-storage, and farmland. We draw on our proven track record across every stage of the investment life cycle, making strategic decisions based on analytics, research, and a deep understanding of the real estate investment landscape.

Avenue Living Real Estate Core Trust

Mini Mall Storage
Properties Trust

Farmland

Our Portfolio

Interactive Map

Hover or tab over a state or province to see the number of properties managed by Avenue Living

This report has been prepared for informational purposes only.  It does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction and it does not, and is not intended to, provide any financial, legal, accounting, or tax advice or counsel and must not be relied upon in that regard. This report is not to be distributed, reproduced, or communicated to any third party without the express written consent of Avenue Living Asset Management Ltd. Certain information set forth in this report may contain “forward-looking information” under applicable securities legislation. Such forward-looking statements may include, without limitation: expansion plans for the Avenue Living Group and its business and projects; execution of the Avenue Living Group’s vision and growth strategy; and sources and availability of third-party financing for the Avenue Living Group’s projects. Forward-looking statements are based on a number of assumptions, including without limitation: expectations about general economic conditions and conditions in the real estate markets where the projects are located or where the Avenue Living Group operates; expectations about the ability to raise sufficient funds to complete business objectives; and expectations about the Avenue Living Group’s ability to continue to execute on its business plans.  Although forward-looking statements contained in this report are based upon what management believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.  Management undertakes no obligation to update any such forward-looking statements if circumstances or management’s estimates or opinions should change, except as may be required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. Past performance is not a guarantee of future results, and no representation or warranty, express or implied, is made regarding future performance or any other factor mentioned in this report. Avenue Living Asset Management Ltd. accepts no liability for any loss arising from the use of the information contained herein.  Information, opinions or statistical data contained herein was obtained or derived from sources believed to be reliable, including from third-party sources, but Avenue Living Asset Management Ltd. does not represent that any such information, opinion, or statistical data is accurate or complete, and they should not be relied upon as such. All estimates and opinions expressed herein constitute judgements as of the date of this report and are subject to change without notice. Avenue Living Asset Management Ltd. may have prepared certain information internally using proprietary analysis (unaudited). The properties discussed in this report are not indicative of the full portfolio of properties held by the Avenue Living Group and there is no guarantee that future acquisitions will be comparable to the properties presented or will have similar results.

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