WINNIPEG, MB – August 10, 2022 – Marwest Apartment Real Estate Investment Trust (“Marwest Apartment REIT” or the “REIT”) (TSXV: MAR.UN) reported financial results for the three and six months ended June 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 six months ended June 30, 2022, which are available on the REIT’s website at and at

Mr. William Martens, Chief Executive Officer and Trustee commented “We are excited to report another increase to our Net Asset Value per unit (“NAV per unit”) in this quarters’ results, with an increase of over 18% since Dec. 31, 2021. In addition, we have an exceptional mortgage profile with the majority of our mortgages carrying low-risk CMHC insured debt, with an average term to maturity of over six years.“

Q2 2022 Highlights

  • Increase in Net Asset Value per Unit (“NAV per unit”) from $1.27 at December 31, 2021 to $1.50 at June 30, 2022
  • Generated net operating income (“NOI”) of $954,939 and $1,865,540 for the three and six months ended June 30, 2022
  • Funds from operations (“FFO”) of $0.0346 per unit for the six months ended June 30, 2022
  • Adjusted funds from operations (“AFFO”) of $0.0299 per unit for the six months ended June 30, 2022
  • Occupancy rate of 95.47% reported for the first six months of 2022
  • 164,000 Trust Units purchased and cancelled from the NCIB in Q2 2022 at an average price of $0.91

Operations Summary

Financial Summary

The REIT generated FFO and AFFO per unit of $0.0346 and $0.0299 during the six months ended June 30, 2022. 

FFO and AFFO are defined in “Non-IFRS Measures” in the Q2 2022 Management’s Discussion and Analysis.


Management is optimistic that with increased COVID-19 vaccination rates, lessening of COVID-19 restrictions, immigration as well as inflation and increasing interest rates, demand for multi-family rentals will continue to grow, as evidenced in the 2022 CBRE Canada Real Estate Market Outlook.  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 in fixed terms with an average remaining mortgage term of over six years.  The majority of debt is CMHC insured.  Upon refinancing the REIT could have the potential to see more favourable mortgage terms on the potential transitioning conventional debt to CMHC insured debt.  Management believes the organic growth in NAV due to the paydown of debt over the mortgage terms is a positive outcome of the higher leveraged position of the these mortgages will reduce over time lowering the debt to GBV and thereby increasing the NAV per unit.

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 to control inflation, home ownership costs continue to rise, widening the affordability gap between rentals and home ownership.   The increase in operating costs due to inflation may be offset by increases in rental rates, where the market allows, as 74 percent of the portfolio 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 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

The REIT’s financial statements are prepared in accordance with IFRS.  In addition to IFRS measures, this news release and the REIT’s Q2 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 Q2 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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