/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
WINNIPEG, MB, Aug. 19, 2025 /CNW/ – Marwest Apartment Real Estate Investment Trust (the “REIT”) (TSXV:MAR) reported financial results for the three and six months ended June 30, 2025. This press release should be read in conjunction with the REIT’s Unaudited Condensed Consolidated Interim Financial Statements and Management’s Discussion and Analysis (“Q2 2025 MD&A”) for the three and six months ended June 30, 2025, which are available on the REIT’s website at www.marwestreit.com and at www.sedarplus.ca.
Mr. William Martens, Chief Executive Officer and Trustee commented, “This quarter we have seen higher turnover than anticipated and a longer re-lease period for our rental inventory. The increase in vacancy is offset by rental increases providing a modest same period revenue growth of 2.10%. We anticipate a stronger occupancy rate for the remainder of the year. Operating expenses increased over the prior year same period due to the removal of the provincial school tax rebate which reduced property taxes by $146,990 for the six months ended June 30, 2024. On July 15th, Unitholders received an increase of approximately 10 percent in their distribution. With continued growth in the portfolio’s rental rates we look forward to continue to deliver positive financial results for our Unitholders in the future.”
Q2 2025 Quarterly Highlights
- Distribution increase of 9.62%. Effective June 30, 2025 distributions increased from $0.0156 to $0.0171 per Trust Unit on an annualized basis.
- Same Property Revenue from Investment Properties increased by 2.10% in the six months ended June 30, 2025 compared to same period 2024
- Reported Net Asset Value per Unit (“NAV“) of $2.43 at June 30, 2025 compared to $2.37 at December 31, 2024
- Reported adjusted funds from operations (“AFFO“) of $0.0401 per Unit for the six months ended 2025, compared to $0.0467 for 2024
- Average occupancy rate of 96.82% reported for the six months ended June 30, 2025 compared to 99.25% in the same period 2024
- Weighted average months to debt maturity of 57.58 months
Operations Summary
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Three months ended June 30 |
Six months ended June 30 |
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Portfolio Operation Information |
2025 |
2024 |
2025 |
2024 |
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Number of properties |
4 |
4 |
4 |
4 |
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Number of suites |
516 |
516 |
516 |
516 |
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Average occupancy rate |
95.51 % |
99.11 % |
96.82 % |
99.25 % |
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Average rental rate to date |
$1,730 |
$1,668 |
$1,728 |
$1,658 |
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Three months ended June 30 |
Six months ended June 30 |
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Reconciliation of Same Property NOI1 to IFRS |
2025 |
2024 |
2025 |
2024 |
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Revenue from investment properties |
$ 2,579,050 |
$ 2,566,572 |
$ 5,214,192 |
$ 5,107,070 |
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Expenses: |
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Property operating expenses |
679,926 |
574,288 |
1,374,218 |
1,227,845 |
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Realty taxes |
348,040 |
238,220 |
665,472 |
468,595 |
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Total property operating expenses |
1,027,966 |
812,508 |
2,039,690 |
1,696,440 |
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Same Property NOI1 |
$ 1,551,084 |
$ 1,754,064 |
$ 3,174,502 |
$ 3,410,630 |
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1 Same Property Portfolio consists of 4 multi-residential properties owned by the REIT for comparable periods in Q2 2025 and Q2 2024 – See “Notice with respect to Non-IFRS Measures” below. |
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Reconciliation of Debt-to-Gross Book Value ratio |
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Total interest-bearing debt |
$ 101,022,365 |
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Total assets on balance sheet |
150,054,854 |
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Debt-to-Gross Book Value ratio |
67.32 % |
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