MARWEST APARTMENT REAL ESTATE INVESTMENT TRUST ANNOUNCES 2024 ANNUAL RESULTS
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
WINNIPEG, MB, March 20, 2025 /CNW/ - Marwest Apartment Real Estate Investment Trust (the "REIT") (TSXV:MAR) reported financial results for the year ended December 31, 2024. This press release should be read in conjunction with the REIT's Consolidated Financial Statements and Management's Discussion and Analysis ("2024 Annual MD&A") for the year ended December 31, 2024, which are available on the REIT's website at www.marwestreit.com and at www.sedarplus.ca1.
Mr. William Martens, Chief Executive Officer and Trustee commented, "The REIT performed well throughout 2024 reporting strong results with an increase of 8.11% in Same Property NOI. With continued growth in the portfolio's rental rates, we have seen continued increases in our NAV per Unit. As we look ahead, we believe the strong fundamentals for rentals in Winnipeg will allow us to continue to deliver positive financial results for our Unitholders."
2024 Annual Highlights
Increased distributions by approximately 2% to Unitholders on record at June 30, 2024
Reported Net Asset Value per Unit ("NAV") of $2.37 at December 31, 2024 compared to $1.90 at December 31, 2023
Same Property Net Operating Income1 ("Same Property NOI") increased by 8.11% in 2024 compared to 2023
Reported funds from operations ("FFO") per Unit of $0.1224 for the year ended December 31, 2024, compared to $0.0970 for 2023
Reported adjusted funds from operations ("AFFO") per Unit of $0.1022 for year ended December 31, 2024, compared to $0.0936 for 2023
Average Occupancy rate of 99.29% reported for the year ended December 31, 2024
Operations Summary
Year ended December 31, 2024
Year ended December 31, 2023
Portfolio Operational Information
Number of properties
4
4
Number of suites
516
516
Average Occupancy Rate
99.29 %
99.00 %
Average rental rate
$1,597
$1,540
Same property Net Operating Income
$ 6,875,434
$ 6,359,930
Three months ended
Year ended
December 31
December 31
Reconciliation of Same Property NOI2 to IFRS
2024
2023
2024
2023
Revenue from investment properties
$ 2,631,643
$ 2,521,270
$10,346,107
$ 9,958,861
Expenses:
Property operating expenses
681,190
675,977
2,533,484
2,695,493
Realty taxes
233,688
225,864
937,189
903,438
Total property operating expenses
914,878
901,841
3,470,673
3,598,931
Same Property NOI2
$ 1,716,765
$ 1,619,429
$ 6,875,434
$ 6,359,930
1 This news release contains certain non-IFRS and other financial measures. Refer to "Notice with respect to Non-IFRS Measures" in this news release for a complete list of measures and their meaning.
2 Same Property Portfolio consists of all the multi-residential properties owned by the REIT for comparable periods in Q4 2024 and Q4 2023, See "Notice with respect to Non-IFRS Measures" below.
Reconciliation of Debt-to-Gross Book Value ratio
Total interest-bearing debt
$101,678,601
Total assets on balance sheet
150,093,432
Debt-to-Gross Book Value ratio
67.74 %
Reconciliation of Debt Service Coverage ratio
Net Operating Income for the year ended December 31, 2024
$6,875,434
Mortgage payments for the year ended December 31, 2024
4,959,081
Debt Service Coverage ratio
1.39
Weighted average term to maturity on fixed rate debt
63.56 months
Weighted average interest rate on fixed debt
3.09 %
Financial Summary
The REIT generated FFO and AFFO per Unit of