At Avenue Living, we understand the importance of being responsible stewards of people’s homes, businesses, and investments. We recognize the impact our business decisions can have on our stakeholders and the world around us. That’s why we are committed to considering these factors in all that we do.  

In 2022, we made great strides in formalizing our Environmental, Social, and Governance (ESG) work, and in adhering to a detailed framework that holds us accountable to our commitments.   

We are pleased to share our 2022 ESG Report to demonstrate our approach to sustainability and responsible practices, highlight our key initiatives, and explore how we intend to progress in the coming years. 

In 2022, Avenue Living grew to $4.6B in assets under management across our four asset classes, and now operates in one third of the provinces and states throughout North America. With a cycle-tested business model and a steadfast commitment to the everyday, Avenue Living continued to make great strides. Our expanded footprint includes new offices in Toronto and Dallas. 

Throughout the year, we focused on improving our customer satisfaction through active management, invested in technology to create operational efficiencies, and elevated our ESG efforts. In 2022, accelerating inflation and rising interest rates created a challenging investment environment, with negative returns flashing across the asset spectrum. Still, that didn’t stop Avenue Living’s 16-year growth streak. 

It speaks to the durability of Avenue Living’s business model across multiple market cycles,” says Gabriel Millard, SVP, Capital Markets – Equity & Research. “2008 (GFC) and 2014 (Commodity Crisis) were lost years for many other players, but they were periods of growth for Avenue Living as we leaned into the opportunities. 2022 was another very formative year for us. 

Amid serious economic, social, and geo-political disruption, we have seen individuals and businesses worry about their homes, investments, and even their futures. I am extremely thankful to our team members, who have responded to the current state of the world by working harder than ever to provide superior service to those living, working, and investing with us. This is the most meaningful way our organization can contribute to those around us, and we have managed to maintain a steady path forward as a result. By continuing to invest in the everyday, adding value to the buildings and businesses we own, we have been able to expand our footprint, our workforce, and our brand advantage. Through informed, responsive, and compassionate management of those assets, we have also grown our customer base and their satisfaction level with their Avenue Living experience.  

As we look toward the next year, we do so with a solid vision of our next steps. The milestones we met in 2021 and early 2022 have laid the groundwork for our continued growth, and we’re honoured our investors, customers, and employees have chosen to make this journey with us. 

It’s not a stretch to say the past year has been full of surprises. The COVID-19 pandemic has plunged us all into uncharted waters, presenting us with a series of challenges that demanded innovation and responsiveness. For Avenue Living, 2020 was a year that demonstrated how the investments we had made in our business were about to pay off, in ways we had never quite imagined. 

Thanks to the Avenue Living platform and the skills of our talented teams, we managed to pivot early to meet the new demands of public health restrictions and the ripple effects, felt by every one of us. Our investments in technology meant we were ready to transition to work from home wherever possible; it also meant we were able to implement changes, such as virtual viewings and online forms to keep prospective and current residents safe. Our commitment to health and safety protocols meant we were prepared to adapt to new public health orders, both in our offices and our properties. 

What these adaptations meant in real terms for our investors: we were able to keep tight control over our business, no matter how unsettled the broader environment was. We made a smooth transition to operational changes and were able to continue to operate uninterrupted during a time when our residents needed us most. 

This next year brings with it new opportunities and new challenges, and we’ll continue to hold the same course, looking for ways to grow, improve and innovate and, as always, keeping our focus on the well-being of our residents, employees, and capital partners. 

Avenue Living is looking back on a transformative year. In 2019, against the backdrop of the stagnant regional economy, we focused on a primary goal, creating value, through our vertically integrated management platform. Our focus was to ensure that our stakeholders could see the strength and benefits of the “workforce housing” asset class, which continues to be resilient. As a result, Avenue Living focused on investing in our employees, our portfolio, and our resident experience. 

Last year, our investments further established us as a sustainable platform for future growth and value accretion. Our commitment to the overall Avenue Living vision, “to be the clear choice for where to call home,” is being demonstrated at all levels of the organization and translating into an exceptional resident experience. We are embracing 2020 and look forward to the continuous creation of value.