Mr. William Martens reports

MARWEST APARTMENT REAL ESTATE INVESTMENT TRUST ANNOUNCES Q3 2023 RESULTS

Marwest Apartment Real Estate Investment Trust has released financial results for the three and nine months ended Sept. 30, 2023. This press release should be read in conjunction with the REIT's unaudited condensed consolidated interim financial statements and management's discussion and analysis for the three and nine months ended Sept. 30, 2023, which are available on the REIT's website and at SEDAR+.

"We are closing in on a full year of operations with our current portfolio, which has generated 7.27 cents per unit of [adjusted funds from operations] for the first nine months of 2023, an increase of 37.95 per cent over the prior-year same period," commented William Martens, chief executive officer of the REIT. "Distribution increases of 2 per cent have been implemented, effective to unitholders on Aug. 31, 2023."

Third quarter 2023 quarterly highlights:

• Same-property net operating income increased by 11.51 per cent for the three months ended Sept. 30, 2023, compared with the same period 2022.
• Reported funds from operations per unit were 2.98 cents for the three months ended Sept. 30, 2023, compared with 2.50 cents for 2022.
• Reported adjusted funds from operations per unit were 2.92 cents for the three months ended Sept. 30, 2023, compared with 2.28 cents for 2022.
• Reported net asset value per unit was $1.66 at Sept. 30, 2023, compared with $1.44 at Dec. 31, 2022.
• Average occupancy rate was 99.52 per cent reported for the three months ended Sept. 30, 2023, compared with 98.33 per cent in the same period 2022.
• Weighted-average months to mortgage maturity were 70.29 months.

Outlook

Management is focused on expanding the portfolio and unitholder value through increasing rental rates where the market allows, and future acquisition opportunities that will increase the overall size and performance of the REIT, as well as maintaining a manageable debt structure. The majority of the REIT's debt is insured by the Canada Mortgage and Housing Corp. The REIT's mortgages all have fixed rates with an average remaining mortgage term of over five years. In the next 12 months, the Element phase 1 mortgage matures on Jan. 1, 2024, with a principal payment of $6,007,297 due. It is management's expectation that this mortgage will be refinanced using CMHC insurance although there is no guarantee that the mortgage refinancing using CMHC insurance will occur. The REIT is in discussion with the current lender to extend the current conventional mortgage while the CMHC approval process finalizes and a new lender is secured.

Management believes the organic growth in NAV, as well as lowering the REIT's debt to gross book value ratio, due to paydown of debt over the mortgage terms, is a positive outcome of the REIT's higher leveraged position, which is expected to further increase the NAV per unit over time.

Management anticipates that demand for rental housing will remain strong in the coming quarters due to insufficient housing supply and low construction activity that currently exists in the Canadian market.

About Marwest Apartment Real Estate Investment Trust

The REIT is an unincorporated open-ended trust governed by the laws of the Province of Manitoba. The REIT was formed to provide holders of units with the opportunity to invest in the Canadian multifamily rental sector through the ownership of high-quality income-producing properties, with an initial focus on stable markets throughout Western Canada.

We seek Safe Harbor.