WINNIPEG, MB – March 15, 2022 – Marwest Apartment Real Estate Investment Trust (“Marwest Apartment REIT” or the “REIT”) (TSXV: MAR.UN) reported financial results for the year ended December 31, 2021.

The Consolidated Financial Statements and Management’s Discussion and Analysis (“MD&A”) for the year ended December 31, 2021 are available on the REIT’s website at and at

2021 Highlights

  • Net Asset Value per Unit (“NAV per unit”) of $1.27 at December 31, 2021
  • Generated net operating income[A1]  (“NOI”) of $2,022,976 since the completion of the Qualifying Transaction (the “QT”) on April 30, 2021
  • Adjusted funds from operations (“AFFO”) of $0.06 per unit for the year ended December 31, 2021, reflecting eight months of operations since the QT
  • NOI margin of 60.57% for the year ended December 31, 2021
  • Occupancy rate of 98.49% since the Qualifying Transaction
  • Average monthly rent per suite to December 31, 2021 of $1,510

Mr. William Martens, Chief Executive Officer and Trustee commented “We are very pleased to have completed our first year of operations.  We look forward to further expanding our portfolio.“

Operations Summary

Financial Summary

The REIT generated Funds from Operations (“FFO”) per Unit and AFFO per unit of $0.07 and $0.06 during the year ended December 31, 2021.  The reporting of FFO and AFFO was attributable to the recent acquisitions of the REIT’s three properties.  As noted above, the REIT’s initial property acquisitions closed on April 30, 2021, thus the results for the year ended December 31, 2021 substantively reflect only the eight months that the REIT had operations.

FFO an AFFO are defined in “Non-IFRS Measures” in the Annual 2021 Management’s Discussion and Analysis.


Management believes it will continue to see a stable rental market for rental apartments.  With increased vaccination rates, provincial re-opening plans in effect, and the easing of border restrictions driving immigration, management believes the demand for multi-family rentals will increase. 

The rising cost of home ownership has widened the affordability gap between renting and home ownership within the market that the REIT operates, which further fuels the demand for multi-family rentals.  The REIT’s newer generation portfolio includes amenities such as clubhouses and gyms, further increasing demand.   

REIT Contact

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

About Marwest Apartment REIT

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. Forward‐looking statements in this news release include, but are not limited to, the implementation of a cash distribution policy.  A number of factors could cause actual results to differ materially from these forward‐looking statements.  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

In addition to IFRS measures, certain non-IFRS financial measures 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 Marwest’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.  Refer to the Non-IFRS measures in Marwest’s 2021 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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