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