WINNIPEG, MB, May 21, 2026 /CNW/ - Marwest Apartment Real Estate Investment Trust (the "REIT") (TSXV:MAR) reported financial results for the three months ended March 31, 2026. This press release should be read in conjunction with the REIT's Unaudited Condensed Consolidated Interim Financial Statements and Management's Discussion and Analysis ("Q1 2026 MD&A") for the three months ended March 31, 2026, which are available on the REIT's website at www.marwestreit.com and at www.sedarplus.ca.
"Q1 has shown stable occupancy with rental increases of 1.9% over the same period last year. We anticipate continued modest increases throughout the remainder of 2026, due to reduced immigration and non-renewal of existing non-resident visa's" commented Mr. William Martens, Chief Executive Officer of the REIT.
Q1 2026 Quarterly Highlights
Same Property Revenue increased by 2.22% in the three months ended March 31, 2026 compared to same period 2025
$79,261 of positive cash was generated during the three months ended March 31, 2026
Reported Net Asset Value per Unit ("NAV") of $2.47 at March 31, 2026 compared to $2.46 at December 31, 2025
Average occupancy rate of 98.37% reported for the three months ended March 31, 2026 in line with 98.14% in the same period 2025
Operations Summary
Three months ended March 31
Portfolio Operation Information
2026
2025
Number of properties
4
4
Number of suites
516
516
Average occupancy ate
98.37 %
98.14 %
Average rental rate to date
$1,760
$1,727
Three months ended March 31
Reconciliation of Same Property NOI1 to IFRS
2026
2025
Revenue from investment properties
$ 2,694,078
$ 2,635,142
Expenses:
Property operating expenses
693,151
694,292
Realty taxes
357,204
317,432
Total property operating expenses
1,050,355
1,011,724
Same Property NOI1
$ 1,643,723
$ 1,623,418
1 Same Property Portfolio consists of 4 multi-residential properties owned by the REIT for comparable periods in Q1 2026 and Q1 2025, See "Notice with respect to Non-IFRS Measures" below.
Reconciliation of Debt-to-Gross Book Value ratio
At March 31, 2026
At December 31, 2025
Total interest-bearing debt
$ 100,015,308
$ 100,358,349
Total assets on balance sheet
150,363,625
150,588,106
Debt-to-Gross Book Value ratio
66.52 %
66.64 %
Reconciliation of Debt Service Coverage ratio
Three months endedMarch 31, 2026
Year endedDecember 31, 2025
Net Operating Income for the period ended
$ 1,643,723
$ 6,394,714
Mortgage payments for the period ended
1,244,130
4,976,521
Debt Service Coverage ratio
1.32
1.28
Weighted average term to maturity on fixed rate debt
48.61 months
51.60 months
Weighted average interest rate on fixed debt
3.10 %
3.09 %
Financial Summary
The REIT generated FFO and AFFO per Unit of $0.0267 and $0.0256, respectively, during ...
