MARWEST APARTMENT REIT ANNOUNCES Q1 2022 RESULTS
WINNIPEG, MB – May 11, 2022 – Marwest Apartment Real Estate Investment Trust (“Marwest Apartment REIT” or the “REIT”) (TSXV: MAR.UN) reported financial results for the three months ended March 31, 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 months ended March 31, 2022, which are available on the REIT’s website at www.marwestreit.com and at www.sedar.com.
Mr. William Martens, Chief Executive Officer and Trustee commented “We are pleased with the performance of the assets that we have acquired for the REIT. We continue to look for other acquisition opportunities and implement measures to increase Unitholder value, such as the introduction of the Normal Course Issuer Bid (“NCIB”) in Q1 2022.“
Q1 2022 Highlights
- Increase in Net Asset Value per Unit (“NAV per unit”) from $1.27 at December 31, 2021 to $1.44 at March 31, 2022
- Generated net operating income (“NOI”) of $910,601 for the three months ended March 31, 2022
- Funds from operations (“FFO”) of $0.0272 per unit for the three months ended March 31, 2022
- Adjusted funds from operations (“AFFO”) of $0.0232 per unit for the three months ended March 31, 2022
- Occupancy rate of 94.78% reported for Q1 2022
The REIT generated FFO and AFFO per unit of $0.0272 and $0.0232 during the three months ended March 31, 2022.
FFO and AFFO are defined in “Non-IFRS Measures” in the Q1 2022 Management’s Discussion and Analysis.
The REIT expects the demand for rental housing to continue and potentially grow, as does the industry evidenced by the 2022 CBRE Canada Real Estate Market Outlook, due to a number of factors including, the return of immigration policies post COVID-19 and rising home prices.
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.
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 return. 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 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. Refer to the Non-IFRS measures in the REIT’s Q1 2022 MD&A, which is incorporated by reference herein, for further information (available on SEDAR at www.sedar.com or the REIT’s website www.marwestreit.com)
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