WINNIPEG, MB, Nov. 13, 2025 /CNW/ - Marwest Apartment Real Estate Investment Trust (the "REIT") (TSXV:MAR) reported financial results for the three and nine months ended September 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 ("Q3 2025 MD&A") for the three and nine months ended September 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, "The REIT has reported positive cash flow of $139,940 for the nine months ended September 30, 2025. This is the 7th straight quarter of positive cash flow of the REIT after principal paydown and implemented distribution increases."
Q3 2025 Quarterly Highlights
Same Property Revenue from Investment Properties increased by 2.05% in the nine months ended September 30, 2025 compared to same period 2024
Reported Net Asset Value per Unit ("NAV") of $2.43 at September 30, 2025 compared to $2.37 at December 31, 2024
Payout ratio of 20.02% for the nine months ended September 30, 2025
Generated positive cash flow after principal paydown and distributions of $139,940 for the nine months ended September 30, 2025
Weighted average months to debt maturity of 54.59 months
Operations Summary
Three months ended September 30
NIne months ended September 30
Portfolio Operation Information
2025
2024
2025
2024
Number of properties
4
4
4
4
Number of suites
516
516
516
516
Average occupancy rate
97.63 %
99.48 %
97.09 %
99.32 %
Average rental rate to date
$ 1,752
$ 1,736
$ 1,689
$ 1,665
Three months ended September 30
Nine months ended September 30
Reconciliation of Same Property NOI1 to IFRS
2025
2024
2025
2024
Revenue from investment properties
$ 2,658,175
$ 2,607,394
$ 7,872,367
$ 7,714,464
Expenses:
Property operating expenses
702,017
624,449
2,076,235
1,852,294
Realty taxes
355,373
234,906
1,020,845
703,501
Total property operating expenses
1,057,390
859,355
3,097,080
2,555,795
Same Property NOI1
$ 1,600,785
$ 1,748,039
$ 4,775,287
$ 5,158,669
1 Same Property Portfolio consists of 4 multi-residential properties owned by the REIT for comparable periods in Q3 2025 and Q3 2024, See "Notice with respect to Non-IFRS Measures" below.
Reconciliation of Debt-to-Gross Book Value ratio
Total interest-bearing debt
$ 100,694,035
Total assets on balance sheet
150,227,247
Debt-to-Gross Book Value ratio
67.03 %
Reconciliation of Debt Service Coverage ratio
Net Operating Income for the period ended September 30, 2025
$ 4,775,287
Mortgage payments for the period ended September 30, 2025
3,732,391
Debt Service Coverage ratio
1.28
Weighted average term to maturity on fixed rate debt
54.59 months
Weighted average interest rate on fixed debt
3.09 %
Financial Summary
The REIT generated FFO and AFFO per Unit of $0.0247 and $0.0208, respectively, during the three months ended September 30, 2025.
Reconciliation of Net Income and Comprehensive Income to FFO and AFFO
Three months ended
Nine months ended
September 30
September 30
2025
