MARWEST APARTMENT REAL ESTATE INVESTMENT TRUST ANNOUNCES 2022 ANNUAL RESULTS

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WINNIPEG, MB, March 23, 2023 /CNW/ – Marwest Condo Actual Property Funding Belief (the “REIT”) (TSXV: MAR.UN) reported monetary outcomes for the yr ended December 31, 2022.  This press launch ought to be learn at the side of the REIT’s Consolidated Monetary Statements and Administration’s Dialogue and Evaluation (“2022 Annual MD&A”) for the yr ended December 31, 2022, which can be found on the REIT’s web site at www.marwestreit.com and at www.sedar.com.

Mr. William MartensChief Govt Officer and Trustee commented  “We accomplished 2022 by buying one other property so as to add to our portfolio.  The continued demand from immigration and assist by the federal authorities can have a constructive influence on the demand for multi-family leases.  As well as, with the Financial institution of Canada having raised rates of interest, house possession prices have elevated over the previous yr.”

2022 Annual Highlights

• Reported funds from operations (“FFO“) of $0.0796 per Unit for 2022, in comparison with $0.0682 for 2021

• Reported adjusted funds from operations (“AFFO“) of $0.0694 per Unit for 2022, in comparison with $0.0582 for 2021

• Reported Web Asset Worth per Unit (“NAV“) of $1.44 at December 31, 2022 in comparison with $1.27 at December 31, 2021

• Identical Property Web Working Revenue (“WE“) (as outlined beneath) elevated by 6.79% in 2022 in comparison with 2021

• Occupancy price of 97.23% reported for the yr ended December 31, 2022

• Carried out a traditional course issuer bid (“NCIB“) on March 31, 2022whereby 164,000 Belief Models (“Models”) of the REIT had been repurchased and cancelled throughout 2022

• Acquisition of Prairie View Pointe, a 153 unit property situated in Winnipeg, Manitoba on October 31, 2022rising unit rely to 516 items from 363 at December 31, 2021

• Weighted common months to debt maturity of 80.27 months

• Paid out the primary month-to-month distribution on January 15, 2022declared on December 31, 2021

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Operations Abstract

Monetary Abstract

The REIT generated FFO and AFFO per Unit of $0.0796 and $0.0694 through the yr ended December 312022.

FFO and AFFO are outlined in “Non-IFRS Measures” within the 2022 Annual MD&A.

The general improve in NAV from $1.27 at December 31, 2021 to $1.44 at December 31, 2022was because of the implementation of the NCIB, improve in market worth of the Class B restricted partnership unit of MAR REIT LP, exchangeable on a one-for-one foundation (topic to customary anti-dilution changes) for a Unit, accompanied by the rise within the valuation of the Aspect property in comparison with 2021 and market circumstances all through all properties.

Outlook

Administration is targeted on rising the portfolio and unitholder worth by means of rising rental charges the place the market permits, future acquisition alternatives that may improve the general dimension and efficiency of the REIT, in addition to sustaining a manageable debt construction.  The present debt of the REIT is all mounted charges with a median remaining mortgage time period of over six years.  Nearly all of the REIT’s debt is CMHC insured.  Administration believes the natural progress in NAV as a consequence of paydown of debt over the mortgage phrases is a constructive final result of the upper leveraged place in addition to reducing the REIT’s debt to GBV ratio and thereby rising the NAV per Unit over time.

Administration anticipates the demand for rental housing to proceed to develop within the coming quarters as a consequence of rising immigration and the affordability hole in rental vs. house possession.  With the Financial institution of Canada rising rates of interest, house possession prices are persevering with to rise.  The rise within the portfolio’s working prices as a consequence of inflation could also be offset by will increase in rental charges, the place the market permits, as 56 % of the portfolio at December 31, 2022 is just not below hire management.

About Marwest Condo Actual Property Funding Belief

The REIT is an unincorporated open-ended belief ruled by the legal guidelines of the Province of Manitoba. The REIT was shaped to supply holders of Models with the chance to put money into the Canadian multi-family rental sector by means of the possession of high-quality income-producing properties, with an preliminary concentrate on steady markets all through Western Canada.

Ahead-looking Statements

The knowledge on this information launch consists of sure data and statements about administration’s views of future occasions, expectations, plans and prospects that represent ahead–wanting statements. These statements are based mostly upon assumptions which might be topic to important dangers and uncertainties.  Due to these dangers and uncertainties and because of a wide range of components, the precise outcomes, expectations, achievements or efficiency might differ materially from these anticipated and indicated by these ahead–wanting statements. Quite a few components might trigger precise outcomes to vary materially from these ahead–wanting statements, together with the dangers described within the REIT’s newest annual data kind and administration’s dialogue and evaluation.  The fee of money distributions will probably be dependent upon quite a few components, together with however not restricted to the monetary efficiency, monetary situation and monetary necessities of the REIT.  Though administration of the REIT believes that the expectations mirrored in ahead–wanting statements are affordable, it can provide no assurances that the expectations of any ahead–wanting statements will show to be appropriate. Besides as required by legislation, the REIT disclaims any intention and assumes no obligation to replace or revise any ahead–wanting statements to replicate precise outcomes, whether or not because of new data, future occasions, adjustments in assumptions, adjustments in components affecting such ahead–wanting statements or in any other case.

Neither the TSXV nor its Regulation Companies Supplier (as that time period is outlined within the insurance policies of the TSXV) accepts duty for the adequacy or accuracy of this information launch.

The Models aren’t registered below america Securities Act of 1933, as amended (the “U.S. Securities Act”) and will not be provided or bought inside america or to or for the account or advantage of U.S. individuals, besides in sure transactions exempt from the registration necessities of the U.S. Securities Act. This press launch doesn’t represent a suggestion to promote, or the solicitation of a suggestion to purchase, securities of the REIT in america or in another jurisdiction.

Discover with respect to Non-IFRS Measures Disclosure

The REIT’s monetary statements are ready in accordance with IFRS.  Along with IFRS measures, this information launch and the REIT’s 2022 Annual MD&A disclose sure non-IFRS monetary measures which might be generally utilized by Canadian actual property funding trusts as an indicator of efficiency.  Non-IFRS measures and ratios consists of Web Working Revenue (“WE“), Debt-Service Protection Ratio, FFO, AFFO, FFO per Unit, AFFO per Unit, and NAV per Unit.

Administration believes that these measures are useful to traders as a result of they’re widely known measures of the REIT’s efficiency and supply a related foundation for comparability amongst actual property entities.  These non-IFRS monetary measures aren’t outlined below IFRS and aren’t supposed to characterize monetary efficiency, monetary place or money flows for the interval and shouldn’t be seen as an alternative choice to web revenue, money circulate from operations or different measures of monetary efficiency calculated in accordance with IFRS.

The above measures aren’t standardized below the monetary reporting framework used to organize the monetary statements of the REIT.  Readers ought to be additional cautioned that the above measures as calculated by the REIT will not be corresponding to comparable measures offered by different issuers.  For additional data, consult with the sections entitled “Non-IFRS measures” and “Monetary Operations and Outcomes” within the REIT’s 2022 Annual MD&A, which is included by reference herein, for additional data (accessible on SEDAR at www.sedar.com or the REIT’s web site www.marwestreit.com).

SOURCE Marwest Condo Actual Property Funding Belief

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