WINNIPEG, MB –November 16, 2022 – Marwest Apartment Real Estate Investment Trust (“Marwest Apartment REIT” or the “REIT”) (TSXV: MAR.UN) reported financial results for the three and nine months ended September 30, 2022.  This press release should be read in conjunction with the REIT’s Condensed Consolidated Interim Financial Statements and Management’s Discussion and Analysis (“MD&A”) for the three and nine months ended September 30, 2022, which are available on the REIT’s website at and at

Mr. William Martens, Chief Executive Officer and Trustee commented  “During this inflationary period we are fortunate that the REIT has long term mortgages, at fixed interest rates, which will help us to weather the interest rate increases that the market is experiencing.  Our portfolio remains stable with high occupancy and strong rental rates.  We are optimistic that with the proposed immigration targets, set by the Government of Canada, combined with the affordability gap between rental and home ownership, and the potential decrease in development of new supply resulting from current interest rate environment, the demand for multi-family housing will continue to remain strong.”

Q3 2022 Highlights

  • Generated net operating income (“NOI”) of $1,042,689 and $2,908,229 for the three and nine months ended September 30, 2022
  • Funds from operations (“FFO”) of $0.0250 per unit for the three months ended September 30, 2022
  • Adjusted funds from operations (“AFFO”) of $0.0228 per unit for the three months ended September 30, 2022
  • Occupancy rate of 98.33% reported for the three months ended September 30, 2022
  • Weighted average months to debt maturity of 96.75 months
  • Increase in Net Asset Value per Unit (“NAV per unit”) from $1.27 at December 31, 2021 to $1.55 at September 30, 2022

Operations Summary

Financial Summary

The REIT generated FFO and AFFO per unit of $0.0250 and $0.0228 during the three months ended September 30, 2022. 

FFO and AFFO are defined in “Non-IFRS Measures” in the Q3 2022 Management’s Discussion and Analysis.


Management anticipates a seamless integration of Prairie View Pointe, the 153 unit property in Winnipeg, Manitoba acquired by the REIT on October 31, 2022, into the REIT’s portfolio.  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 terms with an average remaining mortgage term of over eight 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.   The increase in the portfolio’s operating costs due to inflation may be offset by increases in rental rates, where the market allows, as 74 percent of the portfolio at September 30, 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 Unitholders 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 Trust 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 Q3 2022 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 Q3 2022 MD&A, which is incorporated by reference herein, for further information (available on SEDAR at or the REIT’s website


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