/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/ WINNIPEG, MB, May 16, 2024 /CNW/ - Marwest Apartment Real Estate Investment Trust (the "REIT") (TSXV:MAR) reported financial results for the three months ended March 31, 2024.  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 2024 MD&A") for the three months ended March 31, 2024, which are available on the REIT's website at www.marwestreit.com and at www.sedarplus.ca1. Mr. William Martens, Chief Executive Officer and Trustee commented, "Q1 operations provided the REIT with a 14.51% increase in Same Property NOI1 compared to Q1 2023.  Continued stable occupancy levels due to the current rental market in Winnipeg, has allowed management to increase rental rates across the portfolio.  Management expects similar demand and low vacancy rates to continue throughout 2024." Q1 2024 Quarterly Highlights Reported Net Asset Value per Unit ("NAV") of $1.93 at March 31, 2024 compared to $1.90 at December 31, 2023 Same Property Net Operating Income1 ("Same Property NOI") increased by 14.51% in Q1 2024 compared to Q1 2023 Reported funds from operations ("FFO") per Unit of $0.0272 for the three months ended March 31, 2024, compared to $0.0171 for the three months ended March 31, 2023 Reported adjusted funds from operations ("AFFO") per Unit of $0.0264 for the three months ended March 31, 2024, compared to $0.0165 for the three months ended March 31, 2023 Refinancing of the Element Phase I Property with a Canada Mortgage and Housing Corporation ("CMHC") insured mortgage has been completed Average occupancy rate of 99.01% reported for the three months ended March 31, 2024 Operations Summary Three months ended March 31, 2024 Three months ended March 31, 2023 Portfolio Operational Information Number of properties 4 4 Number of suites 516 516 Average occupancy rate 99.01 % 98.30 % Average rental rate $1,564 $1,528 Same Property NOI $                1,656,566 $                1,446,655   Three months ended March 31 Reconciliation of Same Property NOI2 to IFRS 2024 2023 Revenue from investment properties $ 2,540,498 $   2,454,405 Expenses: Property operating expenses 653,557 775,215 Realty taxes 230,375 232,535 Total property operating expenses 883,932 1,007,750 Same Property NOI2 $ 1,656,566 $   1,446,655 1 This news release contains certain non-IFRS and other financial measures.  Refer to "Notice with respect to Non-IFRS Measures" in this news release for a complete list of measures and their meaning.2 Same Property Portfolio consists of the entire multi-residential properties portfolio owned by the REIT for comparable periods in Q1 2024 and Q1 2023 – See "Notice with respect to Non-IFRS Measures" below.   Reconciliation of Debt-to-Gross Book Value ratio Total interest-bearing debt $102,634,154 Total assets on balance sheet 142,140,695 Debt-to-Gross Book Value ratio 72.21 % Reconciliation of Debt Service Coverage ratio NOI for the three months ended March 31, 2024 $    1,656,566 Mortgage payments for the three months ended March 31, 2024 1,226,690 Debt Service Coverage ratio 1.35 Weighted average term to maturity on fixed rate debt 72.54 months