05/28/2021

Alternative Investments: A Strategic Portfolio Inclusion

Authors

Grant Alexander Wilson, Ph.D., Assistant Professor, Faculty of Business Administration, University of Regina

Jason Jogia, MBA, M.Fin., Chief Investment Officer, Avenue Living

Author Bios

Dr. Wilson is an Assistant Professor at the Hill and Levene School of Business, University of Regina. His research focuses on marketing, strategy, and innovation. He has published over 20 peer-reviewed articles in top management journals including Journal of Small Business ManagementResearch-Technology Management, and Journal of Business Strategy. His research has been featured in the National Post and by the World Economic Forum. Dr. Wilson is also a research consultant and contributor to Avenue Living Asset Management.

Mr. Jogia is the Chief Investment Officer at Avenue Living and has over 15 years of experience in real estate capital markets, originating over $10 billion in real estate loans and $1 billion in equity. He has extensive experience in real estate investment analysis and capital structure across various real estate classes. In addition to holding 2 Masters’ degrees in Finance, Mr. Jogia is pursuing his Doctorate of Business Administration and currently serves as an instructor at the University of Calgary, specializing in real estate finance.

INTRODUCTION

According to the Bank of Montreal (2020), 77% of Canadians have investments. Of these investments, Canadians are “nearly split when it comes to investing their savings (53%) or keeping them as cash (47%)” (Bank of Montreal, 2020). The data further suggests that most of these positions are in conventional investments. Conventional investment “categories include stocks, bonds, and cash” (Chen, 2021). Paraphrasing Rose (2019), the average investor believes that the key to personal wealth is throwing money into the stock or bond market. In contrast, a study by Fidelity Investments found that wealthy individuals were likely to accumulate it through real estate investments (Sightings, 2018). Alternative investments such as real estate are “all the rage as advisors and clients search for fresh income” during the COVID-19 pandemic (Burton, 2020). Currently, the conventional portfolio is no longer adequate, as fixed-income investments (e.g. bonds) are offering nominal returns and equity markets (e.g. stocks) are more volatile due to market uncertainty (Bank of Canada, 2021; Yahoo Finance, 2021a). As such, participation in alternative investments is growing among savvy investors (Burton, 2020).

ALTERNATIVE INVESTMENTS

Alternative investments do not fall into conventional investment categories (e.g. stocks, bonds, or cash). Examples of alternative investments include private equity, hedge funds, managed futures, commodities, derivative contracts, and real estate (Chen, 2021). Traditionally, mostly accredited or institutional investors hold alternative investments (Chen, 2021). In Canada, an accredited investor is defined most commonly as an individual that has net assets of more than $5,000,000 or earns over $200,000 per year (The Ontario Securities Commission, 2009). “An institutional investor is a company or organization that invests money on behalf of other people” (Chen, 2020). According to Chen (2020), collectively, institutional investors are the “largest force behind supply and demand in securities markets.” Due to their size, institutional investors have opportunities not typically available to retail investors. “A retail investor is an individual or non-professional investor who buys and sells securities through brokerage firms or savings accounts” (Palmer, 2019). Today, accredited and institutional investors are actively participating in alternative investments due to their advantages over conventional investments and increasing accessibility. Specifically, alternative investments are becoming more feasible for retail investors via real estate investment trusts (REITs) and other securitized assets.

ADVANTAGES OF ALTERNATIVE INVESTMENTS

Alternative investments have numerous advantages over conventional investments. These advantages include counterweight to conventional assets, portfolio diversification, and inflation hedge. A counterweight investment is one that often responds inversely to another investment. For example, when stocks fall, bond prices often rise (Leonhardt, 2019). As such, alternative investments can act as counterweights to conventional investments, reducing the overall risk profile of an investment portfolio. Similar to counterweight investments, diversification reduces risk. “Diversification is a risk management strategy that mixes a wide variety of investments within a portfolio. A diversified portfolio contains a mix of distinct asset types and investment vehicles in an attempt at limiting exposure to any single asset or risk” (Segal, 2021). Due to the loss of purchasing power resulting from inflation, Milton Freidman describes it as “taxation without legislation” (Shaw, 2009). Accordingly, prudent investors have explored ways to hedge against inflation. “An inflation hedge involves investment in an asset that is expected to maintain or appreciate in an inflationary period” (Wilson, 2021). Historically, alternative investments such as Canadian residential real estate and farmland have served as inflationary hedges (Wilson, 2021). The greatest benefit of alternative investments is the potential return. Despite the articulated benefits, alternative investments have drawbacks.

DISADVANTAGES OF ALTERNATIVE INVESTMENTS

Shortcomings of alternative investments include valuation complexity, low liquidity, lack of regulation, and riskiness (Chen, 2021). Alternative investments are often difficult to value due to their non-public nature. Data collection and analysis are therefore problematic, as market prices are not widely available and the uniqueness of certain asset classes lack adequate comparables. A typically argued disadvantage of alternative investments is low liquidity (Chen, 2021). As compared to equities, most alternative investments are more difficult to sell. However, this argument is susceptible to a strong counterargument. The liquidity of any asset is dependent on the participation of buyers and sellers. Therefore, equities that are depreciating or not actively traded do not have such liquidity benefits, raising concerns related to the argument’s generalizability over alternative investments. “Alternative investments are often subject to a less clear legal structure than conventional investments” (Chen, 2021). In Canada, alternative investments themselves are not typically required to be licensed, authorized, or regulated (The Legal 500, 2021). Therefore, due diligence is paramount when participating in alternative investing. As with other investments, higher returns are most often accompanied by higher risks. However, this trait is not universal, as many alternative investments are more volatile than a conventional investment in the stock market.

CONVENTIONAL VERSUS ALTERNATIVE INVESTMENTS

To compare the historical performance of conventional and alternative investments in Canada, a series of analyses were performed utilizing publicly available data from some of the most common asset categories. Conventional investments included Canadian stocks, bonds, and interest on cash deposits. The Toronto Stock Exchange (TSX) is Canada’s primary stock exchange. Accordingly, the TSX Composite index was used to assess stock market performance. As the 10-year bond it is the most common fixed-income asset in Canada, it was used to assess the bond market. Canada’s cash deposit interest rate was used to evaluate cash market positions. Since alternative investments vary and publicly available information is limited, Canadian residential real estate, farmland, and commodities were selected for investigation. Canadian real estate was assessed by residential and agricultural properties. Canadian residential real estate was based on changes to existing home values and new home values. Farmland values were used to assess agricultural real estate performance. The performance of the commodity market performance was assessed based on the Bank of Canada’s (2021b) commodity price index (BCPI) because it includes 26 of the most important commodities produced in Canada and sold globally.

The 10-year appreciation of Canadian residential real estate supports Chen’s (2021) argument that alternative investments may generate stronger returns. Exploring changes to new and existing home values showed consistent annual appreciations totaling 21.50% and 11.18%, respectively (Statistics Canada, 2021; Global Property Guide, 2021) (Figure 1).

Graph: Cumulative Home Value Change

The appreciation of farmland was even more significant than residential real estate, as the average annual increase was 10.86% with a total appreciation of 119.50% (Farm Credit Canada, 2019; Farm Credit Canada, 2020) (Figure 2).

Graph: Cumulative Farmland Value Change

While Canadian alternative investments, including residential and agricultural real estate markets, showed consistent appreciations from 2010 to 2020, the same cannot be said for commodities. The BCPI’s 10-year average value change was -0.59% per year, totaling -6.53% (Bank of Canada, 2021b). Moreover, the examination of the annual changes to the commodity market relative to new home values and farmland explicates its volatility (Bank of Canada, 2021b) (Figure 3). Annual BCPI changes were extremely inconsistent,t ranging from gains of 21.37% to losses of 36.15%. Based on these comparisons in this timeframe, it can be concluded that Canadian real estate is advantaged over the commodities market. Furthermore, among the Canadian real estate investments analyzed, farmland investments were superior to residential real estate investments based on the 10-year appreciation.

Graph: New home, land, and commodity value change

Using new home values and farmland as comparables, they were analyzed with interest on cash deposits as well as 10-year bond yields and the TSX. Deposit interest in Canada fluctuated only moderately, averaging 1.00% from 2010 to 2020 (Trading Economics, 2021). Similar to cash deposits, 10-year Canadian Government bonds are characterized by low returns. From 2010 to 2020, with the exception of 2018, yields of newly issued bonds have consistently declined (Bank of Canada, 2021a). Unlike interest on cash deposits and the bond market, the TSX has shown annual gains of as much as 19.14% (Yahoo Finance, 2021a). A comparison of annual changes to new home values, land values, bond yields, and the TSX shows that real estate offers consistent appreciation and low volatility (Figure 4). Although annual appreciations of the TSX rival farmland values and exceed new home values, annual depreciation of similar magnitude are not uncommon. While the 10-year Canadian Government bond offers consistency, new bond values are low and continue to decline. It is apparent that in the Canadian context, positions in alternative investments such as real estate are more favorable than the considered conventional investments.

Graph: New Home, Land, Bond & TSX Value Change

Inferences based on this investigation are not without limitations, as the analysis was performed with select Canadian investments. However, broadening the investigative context to include similar U.S. assets produced congruent results.

In addition to the previously analyzed Canadian assets, the New York Stock Exchange (Stock Market B), 10-year U.S. Government bond (Bond B), and S&P Goldman Sachs Commodity Index (Commodity Market B) were included in a reward and risk analysis (Table 1). Reward was measured using the 10-year average annual change of the asset value and risk was the standard deviation of the mean score. Standard deviation is the amount of variance among a set of values. If the values are “further from the mean there is a higher deviation within the data set” and there is greater variance (Hargrave, 2021). Therefore, risk was assessed based on the standard deviation of the asset value change. The reward and risk comparison showed that alternative investments in real estate had moderate to high rewards and low to moderate risks. In contrast, the stock markets presented high rewards and high risks. Inversely, the bond market showed low rewards and low risks. Although the commodity markets differed, both presented high risks. Although the data set was expanded to include U.S. assets, it is recognized that the analysis remains limited in scope. However, it was apparent that alternative investments such as real estate had benefits over conventional assets.

Table: Reward and risk comparison of investments

CONCLUSION

Today, investors are finding that conventional investment categories such as stocks and bonds are simply not adequate to preserve or generate wealth. As the global pandemic endures, there is an acute awareness of the benefits related to alternative investments among savvy investors. And rightfully so, as the analysis of select Canadian and U.S. conventional and alternative investments showed that residential and agricultural real estate balanced potentially appealing rewards with potentially lower risk. As stock and bond markets present extreme volatility, Warren Buffett’s first rule to “never lose money” and second rule to “never forget rule number one” are proving more difficult. Simply, investors need to have a clear strategy to include alternative investments in their portfolio for growth and risk management purposes (Pricewaterhouse Coopers, 2018).

REFERENCES

Bank of Canada. (2021a). Commodity price index. https://www.bankofcanada.ca/rates/price-indexes/bcpi/

Bank of Canada. (2021b). Selected bond yields. https://www.bankofcanada.ca/rates/interest-rates/canadian-bonds/

Bank of Montreal. (2020). Majority of Canadians are investing, but many still prefer cash savings. BMO Financial Group. https://www.newswire.ca/news-releases/majority-of-canadians-are-investing-but-many-still-prefer-cash-savings-824362410.html

Burton, J. (2020). Rise of alternative assets part of ‘another revolution.’ Wealth Professional. https://www.wealthprofessional.ca/investments/alternative-investments/rise-of-alternative-assets-part-of-another-revolution/333598

Chen, J. (2020). Institutional investor. Investopedia. https://www.investopedia.com/terms/i/institutionalinvestor.asp

Chen, J. (2021). Alternative investments. Investopedia. https://www.investopedia.com/terms/a/alternative_investment.asp

Farm Credit Canada. (2019). 1985-2018 historic FCC farmland values report. https://www.fcc-fac.ca/fcc/about-fcc/reports/2018-farmland-values-historic-report-e.pdf

Farm Credit Canada. (2020). 2019 farmland values report. https://www.fcc-fac.ca/fcc/resources/2019-farmland-values-report-e.pdf

Global Property Guide. (2021). House prices in Canada. 

Google. (2021). S&P GSCI. https://www.google.com/search?client=firefox-b-e&q=S%26P+GSCI

Hargrave, M. (2021). Standard deviation. Investopedia. https://www.investopedia.com/terms/s/standarddeviation.asp

Palmer, B. (2019). Institutional vs. retail investors: What’s the difference? Investopedia. https://www.investopedia.com/ask/answers/06/institutionalinvestor.asp

Pricewaterhouse Coopers. (2018). Rediscovering alternative assets in changing times. https://www.pwc.com/gx/en/private-equity/assets/rediscovering-alternative-assets-in-changing-times.pdf

Rose, J. (2019). 5 things wealthy people invest their money into. Forbes. https://www.forbes.com/sites/jrose/2019/08/20/five-things-wealthy-people-invest-their-money-into/?sh=2b9226c87017

Segal, T. (2021). Diversification. Investopedia. https://www.investopedia.com/terms/d/diversification.asp

Shaw, G.A. (2009). Taxation without legislation. Wall Street Journal. https://www.wsj.com/articles/SB10001424052748704402404574525980041136234

Sightings, T. (2018). 7 myths about millionaires. U.S. News. https://money.usnews.com/money/blogs/on-retirement/articles/7-myths-about-millionaires

Statistics Canada. (2021). New housing price index, monthly. https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1810020501&pickMembers%5B0%5D=1.1&cubeTimeFrame.startMonth=12&cubeTimeFrame.startYear=1989&cubeTimeFrame.endMonth=12&cubeTimeFrame.endYear=2020&referencePeriods=19891201%2C20201201

The Legal 500. (2021). Canada: Alternative investment funds.

The Ontario Securities Commission. (2009). National Instrument 45-106. https://www.osc.ca/sites/default/files/pdfs/irps/rule_20090918_45-106_3238-supplement.pdf

Trading Economics. (2021). Deposit interest rate in Canada. https://tradingeconomics.com/canada/deposit-interest-rate

Wilson, G.A., & Jogia, J. (2021). Canadian real estate & farmland: A hedge against inflation. Avenue Living Asset Management. https://www.avenuelivingam.com/canadian-real-estate-farmland-a-hedge-against-inflation/

World Government Bonds. United States Government Bonds – Yields Curve. http://www.worldgovernmentbonds.com/country/united-states/

Yahoo Finance. (2021a). TSX Composite index. https://ca.finance.yahoo.com/quote/%5EGSPTSE/history?period1=1262217600&period2=1609372800&interval=1d&filter=history&frequency=1d&includeAdjustedClose=true

Yahoo Finance. (2021b). NYSE Composite index. https://finance.yahoo.com/quote/%5ENYA/history?p=%5ENYA

 

This commentary and the information contained herein are for educational and informational purposes only and do not constitute an offer to sell, or a solicitation of an offer to buy, any securities or related financial instruments. This article may contain forward-looking statements. Readers should refer to information contained on our website at www.avenuelivingam.com for additional information regarding forward-looking statements and certain risks associated with them.



Terms & Conditions

Acceptance of the Website Terms and Conditions of Use

These website terms and conditions of use constitute a legal agreement and are entered into by and between you and Avenue Living Asset Management Ltd. and its affiliated funds or entities (collectively the “Company,” “we,” “us,” “our”). The following terms and conditions (the “Terms and Conditions”), govern your access to and use, including any content and functionality offered on or through https://avenuelivingam.com (the “Website”).

By using the Website, you accept and agree to be bound and comply with these terms and conditions and our Privacy Policy incorporated herein by reference. If you do not agree to these terms and conditions or the Privacy Policy, do not access or use the Website.

Modifications to the Terms and Conditions and to the Website

We reserve the right in our sole discretion to revise and update these terms and conditions from time to time. Any and all such modifications are effective immediately upon posting and apply to all access to and continued use of the Website. You agree to periodically review the terms and conditions in order to be aware of any such modifications and your continued use shall be your acceptance of these.

The information and material on this Website, and the Website, may be changed, withdrawn, or terminated at any time in our sole discretion without notice. We will not be liable if, for any reason, all or any part of the Website is restricted to users or unavailable at any time or for any period.

Your Use of the Website and Account Set-Up and Security

The security of your personal information is very important to us. We use physical, electronic, and administrative measures designed to secure your personal information from accidental loss and from unauthorized access, use, alteration, and disclosure.

The safety and security of your information also depends on you. Users are responsible for obtaining their own access to the Website. Users are required to ensure that all persons who access the Website through a user’s internet connection are aware of these Terms and Conditions and comply with them. The Website, including content or areas of the Website, may require user registration. It is a condition of your use of the Website that all the information you provide on the Website is correct, current, and complete.

Unfortunately, the transmission of information via the Internet is not completely secure. Although we do our best to protect your personal information, we cannot guarantee the security of your personal information transmitted to our Website. Any transmission of personal information is at your own risk. We are not responsible for circumvention of any privacy settings or security measures contained on the Website.

Your provision of registration information and any submissions you make to the Website through any functionality such as applications, or investor portals (collectively, “Interactive Functions”) constitutes your consent to all actions we take with respect to such information consistent with our Privacy Policy.

You are prohibited from attempting to circumvent and from violating the security of this Website, including, without limitation: (a) accessing content and data that is not intended for you; (b) attempting to breach or breaching the security and/or authentication measures which are not authorized; (c) restricting, disrupting or disabling service to users, hosts, servers, or networks; (d) illicitly reproducing TCP/IP packet header; (e) disrupting network services and otherwise disrupting Website owner’s ability to monitor the Website; (f) using any robot, spider, or other automatic device, process, or means to access the Website for any purpose, including monitoring or copying any of the material on the Website; (g) introducing any viruses, trojan horses, worms, logic bombs, or other material that is malicious or technologically harmful; (h) attacking the Website via a denial-of-service attack, distributed denial-of-service attack, flooding, mailbombing, or crashing; and (i) otherwise attempting to interfere with the proper working of the Website.

Intellectual Property Rights and Ownership

You understand and agree that the Website and its entire contents, features, and functionality, including, but not limited to, all information, software, code, text, displays, graphics, photographs, video, audio, design, presentation, selection, and arrangement, are owned by the Company, its licensors, or other providers of such material and are protected in all forms by intellectual property laws including without limitation, copyright, trademark, patent, trade secret, and any other proprietary rights.

The Company’s name, all related names and names of affiliates, logos, product and service names, designs, images, and slogans are trademarks of the Company or its affiliates or licensors. You must not use such marks without the prior written permission of the Company. Other names, logos, product and service names, designs, images, and slogans mentioned, or which appear on this Website are the trademarks of their respective owners. Use of any such property, except as expressly authorized, shall constitute an infringement or violation of the rights of the property owner and may be a violation of federal or other laws and could subject the infringer to legal action.

You may only use the Website for your personal and non-commercial use. You shall not directly or indirectly reproduce, compile for an internal database, distribute, modify, create derivative works of, publicly display, publicly perform, republish, download, store, or transmit any of the material on our Website, in any form or medium whatsoever except:

(a) your computer and browser may temporarily store or cache copies of materials being accessed and viewed;

(b) a reasonable number of copies for personal use only may be printed keeping any proprietary notices thereon, which may only be used for non-commercial and lawful personal use and not for further reproduction, publication, or distribution of any kind on any medium whatsoever; and

(c) in the event social media are linked to certain content on our Website, you may take such actions as our Website and such third-party social media platforms permit.

Users are not permitted to modify copies of any materials from this Website nor delete or alter any copyright, trademark, or other proprietary rights notices from copies of materials from this site. You must not access or use for any commercial purposes any part of the Website or any services or materials available through the Website.

Conditions of Use and Site Content Standards

As a condition of your access and use, you agree that you may use the Website only for lawful purposes and in accordance with these Terms and Conditions.

The following content standards apply to any and all content, material, and information a user submits, posts, publishes, displays, or transmits (collectively, “submit”) to the website, to other users or other persons (collectively, “User Submissions”) and any and all Interactive Functions. Any and all User Submissions must comply with all applicable federal, provincial, local, and international laws, regulations, and terms of service.

Without limiting the foregoing, you warrant and agree that your use of the Website and any User Submissions shall not:

(a) In any manner violate any applicable federal, provincial, local, or international law or regulation including, without limitation, any laws regarding the export of data or software, patent, trademark, trade secret, copyright, or other intellectual property, legal rights (including the rights of publicity and privacy of others) or contain any material that could give rise to any civil or criminal liability under applicable laws or regulations or that otherwise may be in conflict with these Terms and Conditions and our Privacy Policy.

(b) In any manner violate the terms of use of any third-party website that is linked to the Website, including but not limited to, any third-party social media website.

(c) Include or contain any material that is exploitive, obscene, harmful, threatening, abusive, harassing, hateful, defamatory, sexually explicit or pornographic, violent, inflammatory, or discriminatory based on race, sex, religion, nationality, disability, sexual orientation, or age or other such legally prohibited ground or be otherwise objectionable, such determination to be made in Company’s sole discretion.

(d) Involve, provide, or contribute any false, inaccurate, or misleading information.

(e) Impersonate or attempt to impersonate the Company, a Company employee, another user, or any other person or entity (including, without limitation, by using email addresses, or screen names associated with any of the foregoing).

(f) Transmit, or procure the sending of, any advertisements or promotions, sales, or encourage any other commercial activities, including, without limitation, any “spam”, “junk mail”, “chain letter”, contests, sweepstakes and other sales promotions, barter, or advertising or any other similar solicitation.

(g) Encourage any other conduct that restricts or inhibits anyone’s use or enjoyment of the Website, or which, as determined by us, may harm the Company or users of the Website or expose them to liability.

(h) Cause annoyance, inconvenience, or needless anxiety or be likely to upset, embarrass, or alarm any other person.

(i) Promote any illegal activity, or advocate, promote, or assist any unlawful act.

(j) Give the impression that they originate from or are endorsed by us or any other person or entity, if this is not the case.

Site Monitoring and Enforcement, Suspension, and Termination

The company has the right, without provision of notice to:

At all times, take such actions with respect to any User Submission deemed necessary or appropriate in our sole discretion, including, without limitation, for violating the Website and User Submissions and Site Content Standards or Terms and Conditions.

Take appropriate legal action, including, without limitation, referral to law enforcement or regulatory authority, or notifying the harmed party of any illegal or unauthorized use of the Website. Without limiting the foregoing, we have the right to fully cooperate with any law enforcement authorities or court order requesting or directing us to disclose the identity or other information of anyone posting any materials on or through the Website.

Terminate or suspend your access to all or part of the Website for any or no reason, including, without limitation, any violation of these Terms and Conditions.

YOU WAIVE AND HOLD HARMLESS THE COMPANY AND ITS PARENT, SUBSIDIARIES, AFFILIATES, AND THEIR RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES, AGENTS, SERVICE PROVIDERS, CONTRACTORS, LICENSORS, LICENSEES, SUPPLIERS, AND SUCCESSORS FROM ANY AND ALL CLAIMS RESULTING FROM ANY ACTION TAKEN BY THE COMPANY AND ANY OF THE FOREGOING PARTIES RELATING TO ANY, INVESTIGATIONS BY EITHER THE COMPANY OR SUCH PARTIES OR BY LAW ENFORCEMENT AUTHORITIES.

We have no obligation, nor any responsibility to any party to monitor the Website or its use, and do not and cannot undertake to review material that you or other users submit to the Website. We cannot ensure prompt removal of objectionable material after it has been posted and we have no liability for any action or inaction regarding transmissions, communications, or content provided by any user or third party, subject to applicable laws.

No Reliance

The content on our Website is provided for general information purposes only. It is not intended to amount to advice on which you should rely. You must obtain more specific or professional advice before taking, or refraining from, any action or inaction on the basis of the content on our site.

Although we make reasonable efforts to update the information on our Website, we make no representations, warranties, or guarantees, whether express or implied, that the content on our Website is accurate, complete, or up to date. Your use of the Website is at your own risk and neither the Company nor its parent, subsidiaries, affiliates, and their respective directors, officers, employees, agents, service providers, contractors, licensors, licensees, suppliers, or successors have any responsibility or liability whatsoever for your use of this Website.

This Website may include content provided by third parties, including from other users and third-party licensors. All statements and/or opinions expressed in any such third-party content, other than the content provided by the Company, are solely the opinions and the responsibility of the person or entity providing those materials. Such materials do not necessarily reflect the opinion of the Company. Neither the Company nor its parent, subsidiaries, affiliates, and their respective directors, officers, employees, agents, service providers, contractors, licensors, licensees, suppliers, or successors have any responsibility or liability whatsoever to you, or any third party, for the content or accuracy of any third-party materials.

Privacy

By submitting your personal information and using our Website, you consent to the collection, use, reproduction, hosting, transmission, and disclosure of any such user content submissions by the Company and relevant third parties in compliance with our Privacy Policy as we deem necessary for use of the Website and provision of services.

By using this Website you are consenting to the use of cookies which allow a server to recall previous requests or registration and/or IP addresses to analyze website use patterns. You can set your browser to notify you before you receive a cookie, giving you the chance to decide whether to accept it. You can also set your browser to turn off cookies. If you do, however, some areas of the Website may not function adequately. For more information on this automated information gathering practices, see our Cookies Policy.

Third-Party Websites

For your convenience, this Website may provide links or pointers to third-party sites. We make no representations about any other websites that may be accessed from this Website. If you choose to access any such sites, you do so at your own risk. We have no control over the contents of any such third-party sites and accept no responsibility for such sites or for any loss or damage that may arise from your use of them. You are subject to any terms and conditions of such third-party sites.

Password Protected Links

Some pages on the Website are available only to investors with registered accounts and log-on credentials. You are responsible for the confidentiality of your log-on credentials and account information, and for all actions taken on the Website while logged on with your credentials. You should not disclose your log-on credentials or account information and you should choose a unique password. The Company reserves the right to suspend or cancel Website accounts and log-on credentials at any time, for any, or no, reason and without notice. If you suspect that your log-on credentials have been compromised, please notify us immediately using the support contact information provided on the relevant account log-on page

Geographic Restrictions

The owner of the Website is based in Calgary, Alberta, Canada. We provide this Website for use only by persons located in Canada. This Website is not intended for use in any jurisdiction where its use is not permitted. If you access the Website from outside Canada, you do so at your own risk and you are responsible for compliance with local laws of your jurisdiction.

Disclaimer of Warranties

YOU UNDERSTAND AND AGREE THAT YOUR USE OF THE WEBSITE, ITS CONTENT, AND ANY SERVICES OR ITEMS FOUND OR ATTAINED THROUGH THE WEBSITE IS AT YOUR OWN RISK. THE WEBSITE, ITS CONTENT, AND ANY SERVICES OR ITEMS FOUND OR ATTAINED THROUGH THE WEBSITE ARE PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS, WITHOUT ANY WARRANTIES OR CONDITIONS OF ANY KIND, EITHER EXPRESS OR IMPLIED INCLUDING, BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR NON-INFRINGEMENT. THE FOREGOING DOES NOT AFFECT ANY WARRANTIES THAT CANNOT BE EXCLUDED OR LIMITED UNDER APPLICABLE LAW.

NEITHER THE COMPANY NOR ITS PARENT, SUBSIDIARIES, AFFILIATES, OR THEIR RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES, AGENTS, SERVICE PROVIDERS, CONTRACTORS, LICENSORS, LICENSEES, SUPPLIERS, OR SUCCESSORS MAKE ANY WARRANTY, REPRESENTATION, OR ENDORSEMENT WITH RESPECT TO THE COMPLETENESS, SECURITY, RELIABILITY, SUITABILITY, ACCURACY, CURRENCY, OR AVAILABILITY OF THE WEBSITE OR ITS CONTENTS. WITHOUT LIMITING THE FOREGOING, NEITHER THE COMPANY NOR ITS PARENT, SUBSIDIARIES, AFFILIATES OR THEIR RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES, AGENTS, SERVICE PROVIDERS, CONTRACTORS, LICENSORS, LICENSEES, SUPPLIERS, OR SUCCESSORS REPRESENT OR WARRANT THAT THE WEBSITE, ITS CONTENT, OR ANY SERVICES OR ITEMS FOUND OR ATTAINED THROUGH THE WEBSITE WILL BE ACCURATE, RELIABLE, ERROR-FREE, OR UNINTERRUPTED, THAT DEFECTS WILL BE CORRECTED, THAT OUR WEBSITE OR THE SERVER THAT MAKES IT AVAILABLE ARE FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS.

WE CANNOT AND DO NOT GUARANTEE OR WARRANT THAT FILES OR DATA AVAILABLE FOR DOWNLOADING FROM THE INTERNET OR THE WEBSITE WILL BE FREE OF VIRUSES OR OTHER DESTRUCTIVE CODE. YOU ARE SOLELY AND ENTIRELY RESPONSIBLE FOR YOUR USE OF THE WEBSITE AND YOUR COMPUTER, INTERNET, AND DATA SECURITY. TO THE FULLEST EXTENT PROVIDED BY LAW, WE WILL NOT BE LIABLE FOR ANY LOSS OR DAMAGE CAUSED BY DENIAL-OF-SERVICE ATTACK, DISTRIBUTED DENIAL-OF-SERVICE ATTACK, OVERLOADING, FLOODING, MAILBOMBING, OR CRASHING, VIRUSES, TROJAN HORSES, WORMS, LOGIC BOMBS, OR OTHER TECHNOLOGICALLY HARMFUL MATERIAL THAT MAY INFECT YOUR COMPUTER EQUIPMENT, COMPUTER PROGRAMS, DATA, OR OTHER PROPRIETARY MATERIAL DUE TO YOUR USE OF THE WEBSITE OR ANY SERVICES OR ITEMS FOUND OR ATTAINED THROUGH THE WEBSITE OR TO YOUR DOWNLOADING OF ANY MATERIAL POSTED ON IT, OR ON ANY WEBSITE LINKED TO IT.

Limitation on Liability

EXCEPT WHERE SUCH EXCLUSIONS ARE PROHIBITED BY LAW, UNDER NO CIRCUMSTANCE WILL THE COMPANY NOR ITS PARENT, SUBSIDIARIES, AFFILIATES OR THEIR RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES, AGENTS, SERVICE PROVIDERS, CONTRACTORS, LICENSORS, LICENSEES, SUPPLIERS, OR SUCCESSORS BE LIABLE FOR NEGLIGENCE, GROSS NEGLIGENCE, NEGLIGENT MISREPRESENTATION, FUNDAMENTAL BREACH, DAMAGES OF ANY KIND, UNDER ANY LEGAL THEORY, INCLUDING ANY DIRECT, INDIRECT, SPECIAL, INCIDENTAL, CONSEQUENTIAL, OR PUNITIVE DAMAGES, INCLUDING, BUT NOT LIMITED TO, PERSONAL INJURY, PAIN AND SUFFERING, EMOTIONAL DISTRESS, LOSS OF REVENUE, LOSS OF PROFITS, LOSS OF BUSINESS OR ANTICIPATED SAVINGS, LOSS OF USE, LOSS OF GOODWILL, LOSS OF DATA, AND WHETHER CAUSED BY TORT (INCLUDING NEGLIGENCE), BREACH OF CONTRACT, BREACH OF PRIVACY, OR OTHERWISE, EVEN IF THE PARTY WAS ALLEGEDLY ADVISED OR HAD REASON TO KNOW, ARISING OUT OF OR IN CONNECTION WITH YOUR USE, OR INABILITY TO USE, OR RELIANCE ON, THE WEBSITE, ANY LINKED WEBSITES OR SUCH OTHER THIRD-PARTY WEBSITES, NOR ANY WEBSITE CONTENT, MATERIALS, POSTING, OR INFORMATION THEREON EVEN IF THE PARTY WAS ALLEGEDLY ADVISED OR HAD REASON TO KNOW.

Indemnification

To the maximum extent permitted by applicable law, you agree to defend, indemnify, and hold harmless the Company, its parent, subsidiaries, affiliates, and their respective directors, officers, employees, agents, service providers, contractors, licensors, suppliers, successors, and assigns from and against any claims, liabilities, damages, judgments, awards, losses, costs, expenses, or fees (including reasonable attorneys’ fees) arising out of or relating to your breach of these Terms and Conditions or your use of the Website, including, but not limited to, your User Submissions, third-party sites, any use of the Website’s content, services, and products other than as expressly authorized in these Terms and Conditions.

Governing Law and Choice of Forum

The Website and these Terms and Conditions will be governed by and construed in accordance with the laws of the Province of Alberta and the federal laws of Canada applicable therein, without giving effect to any choice or conflict of law provision, principle, or rule (whether of the laws of the Province of Alberta or any other jurisdiction) and notwithstanding your domicile, residence, or physical location.

Any action or proceeding arising out of or relating to this Website and under these Terms and Conditions will be instituted in the courts of the Province of Alberta and/or the Federal Court of Canada, and each party irrevocably submits to the exclusive jurisdiction of such courts in any such action or proceeding. You waive any and all objections to the exercise of jurisdiction over you by such courts and to the venue of such courts.

Waiver

No failure to exercise, or delay in exercising, any right, remedy, power, or privilege arising from these Terms and Conditions operates, or may be construed, as a waiver thereof. No single or partial exercise of any right, remedy, power, or privilege hereunder precludes any other or further exercise thereof or the exercise of any other right, remedy, power, or privilege.

Severability

If any term or provision of these Terms and Conditions is invalid, illegal, or unenforceable in any jurisdiction, such invalidity, illegality, or unenforceability shall not affect any other term or provision of these Terms and Conditions or invalidate or render unenforceable such term or provision in any other jurisdiction.

Entire Agreement

The Terms and Conditions and our Privacy and Cookies Policies constitute the sole and entire agreement between you and Avenue Living Asset Management Ltd. regarding the Website and supersedes all prior and contemporaneous understandings, agreements, representations and warranties, both written and oral, regarding such subject matter.

Reporting and Contact

This website is operated by Avenue Living Asset Management Ltd. located at 600-1201 Glenmore Trail SW Calgary, AB T2V 4Y8.

Should you become aware of misuse of the website including libelous or defamatory conduct, you must report it to the Company at investor-relations@avenueliving.ca.

All feedback, comments, requests for technical support, and other communications relating to the Website should also be directed to investor-relations@avenueliving.ca.


Related Posts

It is a long established fact that a reader will be distracted by the readable content of a page when looking at its layout.


Tessa Bartlett 07 July, 2025

Elevating the Resident Experience with Best-in-Class Training

Part 2: HOW TEAM TRAINING AT THE CENTRE OF EXCELLENCE LEADS TO MORE SATISFIED RESIDENTS At Avenue…

Tessa Bartlett 12 May, 2025

Avenue Living Completes $250 Million Inaugural Senior Unsecured Notes Offering

Calgary, Alberta, May 12, 2025 (GLOBE NEWSWIRE) — Avenue Living (2014) LP (“Avenue Living”)…

Tessa Bartlett 01 May, 2025

Introducing the Avenue Living Centre of Excellence

Creating a Foundation for Service Excellence