Avenue Living Completes $250 Million Inaugural Senior Unsecured Notes Offering

/EIN News/ -- Calgary, Alberta, May 12, 2025 (GLOBE NEWSWIRE) -- Avenue Living (2014) LP (“Avenue Living”) announced today that it has completed an offering (the “Offering”) of $250 million aggregate principal amount of Series A senior unsecured notes (the “Notes”), maturing May 12, 2030. The Notes were offered on a private placement basis in each of the provinces of Canada, led by RBC Capital Markets.

“This has been an exciting time for Avenue Living, building on having been assigned an investment grade rating from Morningstar DBRS at BBB (low) with a Stable trend. We are very pleased to announce this Offering, which was met with strong and broad demand from institutional investors,” said Jason Jogia, Co-Founder and Chief Investment Officer. “As the only Canadian investment-grade multi-family entity rated by Morningstar DBRS, our differentiated financing strategy will provide flexibility to manage our property portfolio and additional access to competitive sources of capital.”

The Notes will bear interest at a fixed annual rate of 5.109% per annum, payable in equal semi-annual instalments in arrears on May 12 and November 12 in each year, commencing on November 12, 2025, until maturity, unless redeemed at an earlier date. The Notes will rank equally with all other unsecured and unsubordinated indebtedness.

The net proceeds from the Offering will be used to refinance existing indebtedness and for general corporate purposes.

Avenue Living is also pleased to announce that it has established a new revolving credit facility of C$250 million with a Canadian Schedule I bank, reinforcing its strong liquidity position.

About Avenue Living

Avenue Living is a property owner/operator with over $7.4 billion in assets under management across more than 50 markets in Canada and the United States. The firm’s multi-family division manages more than 19,000 doors throughout the North American heartland. Its self-storage fund owns and operates over 9.3 million square feet of self-storage space, while its agriculture funds oversee 50,000 acres of farmland. Avenue Living Group focuses on long-term investments in asset classes that impact the lives of everyday North Americans. The firm has strategically built an institutional, proprietary platform that sets it apart from its peers, enabling a customer-centric management model that drives value for its customers, investors, and employees.

Cautionary Statement Regarding Forward-Looking Information

This press release may contain forward-looking statements with respect to Avenue Living including the intended use of the net proceeds of the Offering. These statements generally can be identified by use of forward-looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or “continue” or the negative thereof or similar variations. The actual results and performance discussed herein could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Important factors that could cause actual results to differ materially from expectations include, among other things, financing and interest rates, general economic and market conditions and other relevant factors. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release and, except as required by applicable law, Avenue Living has no obligation to update such statements.

A credit rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

For More Information, Please Contact:

Danielle Vlemmiks
SVP, Public Affairs & Communications

(403) 966-4916

dvlemmiks@avenueliving.ca

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• Avenue Living Asset Management - Backgrounder

Danielle Vlemmiks
                    Avenue Living Asset Management
                    403-966-4916
                    dvlemmiks@avenueliving.ca