WINNIPEG, MB – MARCH 23, 2023 – Marwest Apartment Real Estate Investment Trust (the “REIT”) (TSXV: MAR.UN) reported financial results for the year ended December 31, 2022.  This press release should be read in conjunction with the REIT’s Consolidated Financial Statements and Management’s Discussion and Analysis (2022 Annual MD&A) for the year ended December 31, 2022, which are available on the REIT’s website at and at

Mr. William Martens, Chief Executive Officer and Trustee commented  “We completed 2022 by acquiring another property to add to our portfolio.  The continued demand from immigration and support by the federal government will have a positive impact on the demand for multi-family rentals.  In addition, with the Bank of Canada having raised interest rates, home ownership costs have increased over the past year.”

2022 Annual Highlights

  • Reported funds from operations (“FFO”) of $0.0796 per Unit for 2022, compared to $0.0682 for 2021
  • Reported adjusted funds from operations (“AFFO”) of $0.0694 per Unit for 2022, compared to $0.0582 for 2021
  • Reported Net Asset Value per Unit (“NAV”) of $1.44 at December 31, 2022 compared to $1.27 at December 31, 2021
  • Same Property Net Operating Income (“NOI”) (as defined below) increased by 6.79% in 2022 compared to 2021
  • Occupancy rate of 97.23% reported for the year ended December 31, 2022
  • Implemented a normal course issuer bid (“NCIB”) on March 31, 2022, whereby 164,000 Trust Units (“Units”) of the REIT were repurchased and cancelled during 2022
  • Acquisition of Prairie View Pointe, a 153 unit property located in Winnipeg, Manitoba on October 31, 2022, increasing unit count to 516 units from 363 at December 31, 2021
  • Weighted average months to debt maturity of 80.27 months
  • Paid out the first monthly distribution on January 15, 2022, declared on December 31, 2021

Financial Summary

The REIT generated FFO and AFFO per Unit of $0.0796 and $0.0694 during the year ended December 31, 2022. 

FFO and AFFO are defined in “Non-IFRS Measures” in the 2022 Annual MD&A.

The overall increase in NAV from $1.27 at December 31, 2021 to $1.44 at December 31, 2022, was due to the implementation of the NCIB, increase in market value of the Class B limited partnership unit of MAR REIT LP, exchangeable on a one-for-one basis (subject to customary anti-dilution adjustments) for a Unit, accompanied by the increase in the valuation of the Element property compared to 2021 and market conditions throughout all properties.


Management is focused on growing the portfolio and unitholder value through increasing rental rates where the market allows, future acquisition opportunities that will increase the overall size and performance of the REIT, as well as maintaining a manageable debt structure.   The current debt of the REIT is all fixed rates [A1] with an average remaining mortgage term of over six years.  The majority of the REIT’s debt is CMHC insured.  Management believes the organic growth in NAV due to paydown of debt over the mortgage terms is a positive outcome of the higher leveraged position as well as lowering the REIT’s debt to GBV ratio and thereby increasing the NAV per Unit over time.

Management anticipates the demand for rental housing to continue to grow in the coming quarters due to increasing immigration and the affordability gap in rental vs. home ownership.  With the Bank of Canada increasing interest rates, home ownership costs are continuing to rise[A2] .   The increase in the portfolio’s operating costs due to inflation may be offset by increases in rental rates, where the market allows, as 56 percent of the portfolio at December 31, 2022 is not under rent control. 

REIT Contact

For further information, please contact Mr. William Martens, Chief Executive Officer, Telephone: (204) 947-1200.  

About Marwest Apartment Real Estate Investment Trust

The REIT is an unincorporated open-ended trust governed by the laws of the Province of Manitoba. The REIT was formed to provide holders of Units with the opportunity to invest in the Canadian multi-family rental sector through the ownership of high-quality income-producing properties, with an initial focus on stable markets throughout Western Canada.

Forward-looking Statements

The information in this news release includes certain information and statements about management’s views of future events, expectations, plans and prospects that constitute forward‐looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties.  Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward‐looking statements. A number of factors could cause actual results to differ materially from these forward‐looking statements, including the risks described in the REIT’s latest annual information form and management’s discussion and analysis.  The payment of cash distributions will be dependent upon a number of factors, including but not limited to the financial performance, financial condition and financial requirements of the REIT.  Although management of the REIT believes that the expectations reflected in forward‐looking statements are reasonable, it can give no assurances that the expectations of any forward‐looking statements will prove to be correct. Except as required by law, the REIT disclaims any intention and assumes no obligation to update or revise any forward‐looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward‐looking statements or otherwise.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

The Units are not registered under the United States Securities Act of 1933, as amended (the U.S. Securities Act) and may not be offered or sold within the United States or to or for the account or benefit of U.S. persons, except in certain transactions exempt from the registration requirements of the U.S. Securities Act. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, securities of the REIT in the United States or in any other jurisdiction.

Notice with respect to Non-IFRS Measures Disclosure

The REIT’s financial statements are prepared in accordance with IFRS.  In addition to IFRS measures, this news release and the REIT’s 2022 Annual MD&A disclose certain non-IFRS financial measures that are commonly used by Canadian real estate investment trusts as an indicator of performance.  Non-IFRS measures and ratios includes Net Operating Income (“NOI), Debt-Service Coverage Ratio, FFO, AFFO, FFO per Unit, AFFO per Unit, and NAV per Unit.

Management believes that these measures are helpful to investors because they are widely recognized measures of the REIT’s performance and provide a relevant basis for comparison among real estate entities.  These non-IFRS financial measures are not defined under IFRS and are not intended to represent financial performance, financial position or cash flows for the period and should not be viewed as an alternative to net income, cash flow from operations or other measures of financial performance calculated in accordance with IFRS.

The above measures are not standardized under the financial reporting framework used to prepare the financial statements of the REIT.  Readers should be further cautioned that the above measures as calculated by the REIT may not be comparable to similar measures presented by other issuers.  For further information, refer to the sections entitled “Non-IFRS measures” and “Financial Operations and Results” in the REIT’s 2022 Annual MD&A, which is incorporated by reference herein, for further information (available on SEDAR at or the REIT’s website


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