reports
- Sid Rajeev
Tailwinds from Robust Affordable Housing Demand and Falling Rates
The company has completed its shift into a pure-play student housing operator after selling Sprott Shaw College for $35 M. Student housing typically outperforms traditional multifamily with higher rents per square foot and stronger investor yields. Recent market activity supports the sector’s strength: Morgan Stanley Investment Management and its partner acquired an eight-property, 6,200-unit U.S. student-housing portfolio for $1.4 B, valuing beds at roughly $162k—close to the $165k per-bed valu...
- Nicholas Cortellucci
- CFA
GEC: Strong Progress with Development Assets
What you need to know: • GEC reported FY25 and Q4 financial results yesterday with Q4 revenue of $8.4M (flat YoY). Q4 Adjusted EBITDA was ($3.9M) as the quarter represented a transition for the Company with the sale of SSC. • GEC continues to advance its development assets, with GEC Oakridge expected to be completed in early 2027, adding ~450 beds (+35%). • GEC Langara and the EMC are also progressing as scheduled. Yesterday, after market close, Global Education Communities Corp. (GEC:TSX, GECS...
- Ben Pirie
- Nicholas Cortellucci
- CFA
Q3/25 Recap: All Our Research in One Place!
Q3/25 marked a particularly strong quarter for Atrium, as precious metal prices continued to rise rapidly, driving notable outperformance across our coverage. Our covered stocks increased 46% on average in Q3/25 and are up 227% over the past year, outperforming the TSX, which gained 12% during the quarter and 37% YoY, and TSXV, which gained 29% and 67%, respectively. This builds on the 27% increase from our coverage universe in Q2/25. Top performers from our coverage this quarter include Andean ...
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- Nicholas Cortellucci
- CFA
GEC: Making Solid Advancements
What you need to know: • GEC provided a corporate update on its achievements in FY25 including the sale of SSCC, record performance in its student housing portfolio, and successful project financing and development progress. • GEC remains well positioned to transition to a student housing pure-play and take advantage of the supply shortage in British Columbia. • The Company has a large cash balance following the divestiture and strong development plans with a group of elite partners. This morni...
- Nicholas Cortellucci
- CFA
GEC: Pioneering Integrated Student Housing Solutions
What you need to know: • GEC has over 33 years of operating history with deep education roots, offering student housing and academic services across 24 locations. • GEC has a proven track record of value creation with a 3x return on the sale of SSCC and strong gains on multiple real estate assets; GEC will now focus on transitioning to a student housing pure play company. • The Company has a development pipeline of ~2,900 beds and over $40M in revenue coming online over the next five years, sup...
- Sid Rajeev
GEC’s Pure-Play Pivot: Exits Education, Doubles Down on Student Housin...
Fundamental Research resumes coverage on GEC after a two-year pause. GEC divested Sprott Shaw College for $35M, achieving a 517% ROI, and is now a pure-play student housing company. With a $30M+ revenue run rate, its portfolio includes 14 Vancouver buildings (4,200 beds, $1.4B value). Operating projects generate ~$14M NOI; development projects could add $48M NOI. Despite immigration challenges, low vacancies (
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