Mr. William Martens reports

MARWEST APARTMENT REAL ESTATE INVESTMENT TRUST ANNOUNCES MONTHLY CASH DISTRIBUTION

Marwest Apartment Real Estate Investment Trust's trustees have declared a monthly cash distribution of 0.1275 cent per trust unit of the REIT for the month of November, 2023, representing a cash distribution per trust unit of 1.53 cents on an annualized basis. The cash distributions will be made on Dec. 15, 2023, to unitholders on record as of Nov. 30, 2023.

As at the date hereof, there are an aggregate of 8,657,564 units and 10,841,274 exchangeable units issued and outstanding.

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 unitholders 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.

Marwest REIT's management team and trustees have over 100 years of combined experience in multiresidential real estate. They bring a strong combination of development, construction, management and financing experience, along with significant governance expertise. The REIT has an external asset and property management agreement through the Marwest group of companies. The Marwest group of companies is a fully integrated real estate group that specializes in development, construction and property management. Now in its third generation of operations, the Marwest group has developed over 12,000 units and currently manages over 2,500 units, providing the REIT with an array of top-calibre tools, industry know-how and strong relationships. Marwest Apartment REIT will continue to benefit from the expertise and strong infrastructure that is currently in place through the Marwest group.

We seek Safe Harbor.