The boards of trustees for Avenue Living Real Estate Core Trust and Mini Mall Storage Properties Trust have initiated comprehensive strategic reviews following management’s recommendation to pursue a go-public transaction.

The two trusts are controlled by Avenue Living Asset Management, which announced that the boards overseeing Avenue Living Real Estate Core Trust (Core Trust) and Mini Mall Storage Properties Trust (MMST) have each formed independent special committees to evaluate a range of strategic alternatives, including a potential transition to public markets.

Calgary-based Avenue Living is regarding the albeit separate efforts as one collective strategic review, targeted for completion by the end of June 2026, subject to market conditions and committee recommendations.

The move comes as Avenue Living approaches its 20th year of operations and reflects on what the firm describes as a natural progression given the scale of both platforms within the Canadian REIT landscape.

“Avenue Living was founded on the principles of disciplined investment and active stewardship in the North American Heartland to drive value creation for our customers and investors,” said Anthony Giuffre, founder and CEO of Avenue Living. “Over two decades, we have built a premier platform with nearly $10 billion in assets under management, underpinned by exceptional operational performance and a robust capital management strategy.

“This proactive review is about aligning our capital structure with our market leadership and the maturity of the firm. We are evaluating strategic alternatives to leverage our scale as a top 10 institutional owner-operator and capitalize on the significant supply-demand imbalance in the workforce-housing and self-storage sectors, ensuring we have the optimal platform to continue this growth for decades to come.”

Jason Jogia, co-founder and chief investment officer, added that Canadian private capital markets have helped nurture the growth of the company’s platform into a multinational firm of institutional size and quality. Now, it important for the firm’s stakeholders to Avenue Living evolve to a structure that enhances liquidity, maintains best-in-class governance and disclosures, and demonstrates a commitment to continued strategic growth.

To preserve flexibility and ensure equitable treatment of unitholders, both trusts will delay settlement of redemptions for an initial period of up to six months effective March 31 and will cease accepting subscriptions for new equity capital during the review. Monthly distributions and dstribution reinvestment plans will continue, and net asset value will still be calculated monthly.

“Our portfolios are performing at record levels, a direct result of the operational expertise that allows us to drive occupancy and manage costs with a precision that is unique to our scale,” said Leigh Peters, president of Avenue Living. “This success is also a credit to the disciplined execution of our 1,100-plus professionals who manage our $9.8 billion AUM, ensuring we can seamlessly grow while maintaining our customer-centric management model for our residents and customers.”

The strategic review does not include Avenue Living’s agricultural land platform, Tract Farmland Partners LP.

Special committees of independent trustees are overseeing the respective evaluations, with Torys LLP, Norton Rose Fulbright Canada LLP and Burnet, Duckworth & Palmer LLP engaged as legal counsel. Management and the trusts are vetting financial advisors. Avenue Living said it does not intend to provide further updates unless a specific transaction is approved or the process is concluded.

Avenue Living is a property owner-operator with more than $9.8 billion in assets under management across over 50 markets in Canada and the United States.

Photo: Mini-Mall