MAR.UN Q2 results"The REIT continues to perform strong through 2024, occupancy rates have remained above 99% with continued rental rate growth. NAV continues an upward climb due to improved market conditions.", commented Mr. William Martens, Chief Executive Officer of the REIT.
Q2 2024 Quarterly Highlights
Same Property Net Operating Income1 ("Same Property NOI") increased by 10.72% in the six months ended June 30, 2024 compared to same period 2023
Reported funds from operations ("FFO") of $0.0601 per Unit for the six months ended June 30, 2024, compared to $0.0457 for 2023
Reported adjusted funds from operations ("AFFO") of $0.0467 per Unit for the six months ended 2024, compared to $0.0435 for 2023
Reported Net Asset Value per Unit ("NAV") of $2.03 at June 30, 2024 compared to $1.95 at December 31, 2023
Average occupancy rate of 99.25% reported for the six months ended June 30, 2024 compared to 98.70% in the same period 2023
Weighted average months to debt maturity of 69.55 months
Q2 2024 Quarterly Highlights
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Same Property Net Operating Income1 ("Same Property NOI") increased by 10.72% in the six months ended June 30, 2024 compared to same period 2023
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Reported funds from operations ("FFO") of $0.0601 per Unit for the six months ended June 30, 2024, compared to $0.0457 for 2023
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Reported adjusted funds from operations ("AFFO") of $0.0467 per Unit for the six months ended 2024, compared to $0.0435 for 2023
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Reported Net Asset Value per Unit ("NAV") of $2.03 at June 30, 2024 compared to $1.95 at December 31, 2023
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Average occupancy rate of 99.25% reported for the six months ended June 30, 2024 compared to 98.70% in the same period 2023
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Weighted average months to debt maturity of 69.55 months
Operations Summary
| | Three months ended June 30 | Six months ended June 30 |
| Portfolio Operation Information | 2024 | 2023 | 2024 | 2023 |
| Number of properties | 4 | 4 | 4 | 4 |
| Number of suites | 516 | 516 | 516 | 516 |
| Average occupancy ate | 99.49 % | 99.11 % | 99.25 % | 98.70 % |
| Average rental rate to date | $1,581 | $1,536 | $1,573 | $1,532 |
| | | | | |
| | Three months ended June 30 | Six months ended June 30 |
| Reconciliation of Same Property NOI1 to IFRS | 2024 | 2023 | 2024 | 2023 |
| Revenue from investment properties | $ 2,566,572 | $ 2,487,043 | $ 5,107,070 | $ 4,941,448 |
| Expenses: | | | | |
| Property operating expenses | 574,288 | 634,174 | 1,227,845 | 1,409,389 |
| Realty taxes | 238,220 | 219,181 | 468,595 | 451,716 |
| Total property operating expenses | 812,508 | 853,355 | 1,696,440 | 1,861,105 |
| Same Property NOI1 | $ 1,754,064 | $ 1,633,688 | $ 3,410,630 | $ 3,080,343 |
| 1 Same Property Portfolio consists of 4 multi-residential properties owned by the REIT for comparable periods in Q2 2024 and Q2 2023 – See "Notice with respect to Non-IFRS Measures" below. |