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WINNIPEG, MB, Aug. 24, 2021 /CNW/ - Marwest Apartment Real Estate Investment Trust ("Marwest Apartment REIT" or the "REIT") (TSXV: MAR.UN) reported financial results for the second quarter ended June 30, 2021.
The Condensed Consolidated Interim Financial Statements and Management's Discussion and Analysis ("MD&A") for Q2 2021 and the six months ended June 30, 2021 are available on the REIT's website at www.marwestreit.com and at www.sedar.com.
Q2 2021 Highlights
- Purchase of two properties comprising an aggregate of 251 units in Winnipeg, Manitoba
- Average monthly rent per suite at June 30, 2021 of $1,509
- Occupancy rate of 98.6% at June 30, 2021
- Generated net property operating income ("NOI") of $492,877 since the acquisition of 251 units on April 30, 2021
- NOI margin of 63.3%
- Adjusted funds from operations ("AFFO") of $0.03 per unit
- Commencing distributions at approximately 20 percent of AFFO to Unitholders of record on December 31, 2021, with an estimated first payment date of January 15, 2022
Mr. William Martens, Chief Executive Officer and Trustee commented "We are very pleased to have completed our initial property acquisitions.The acquisition of 251 newer generation residential suites in prime locations within Winnipeg provides Marwest Apartment REIT with a solid base from which to grow. Following the initial property acquisitions, the Principals of Marwest Asset Management Inc. and their associates retained a significant equity ownership in the REIT. We believe that this support is indicative of the conviction that the principals of the Marwest Group have in our business strategy and provides significant alignment between us and our external asset and property manager. Furthermore, we are excited to have completed our first broadly marketed public offering, raising $4.7 million of gross proceeds, which closed subsequent to the quarter end. With the proceeds of the offering and cash on hand, Marwest will be focused on continuing to grow its portfolio and acquisition / development pipeline."
https://www.newswire.ca/news-releases/marwest-apartment-reit-announces-q2-results-845759711.html