/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/ WINNIPEG, MB, Aug. 8, 2024 /CNW/ - Marwest Apartment Real Estate Investment Trust (the "REIT") (TSXV:MAR) reported financial results for the three and six months ended June 30, 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 ("Q2 2024 MD&A") for the three and six months ended June 30, 2024, which are available on the REIT's website at www.marwestreit.com and at www.sedarplus.ca. "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 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.   Reconciliation of Debt-to-Gross Book Value ratio Total interest-bearing debt $                  102,320,082 Total assets on balance sheet 143,900,306 Debt-to-Gross Book Value ratio 71.10 % Reconciliation of Debt Service Coverage ratio Net Operating Income for the period ended June 30, 2024 $                      3,410,630 Mortgage payments for the period ended June 30, 2024 2,470,821 Debt Service Coverage ratio 1.38 Weighted average term to maturity on fixed rate debt 69.55 months Weighted average interest rate on fixed debt 3.09 % Financial Summary The REIT generated FFO and AFFO per Unit of $0.0329 and $0.0203 during the three months ended June 30, 2024.  FFO and AFFO are defined in "Non-IFRS Measures" in the June 30, 2024 MD&A and below under "notice with respect to Non-IFRS Measures".