None
SEDAR Interim Financial Statements
MAR · Price
[
{
"companyName": "MARWEST APARTMENT REAL ESTATE INVESTMENT TRUST",
"reportingPeriodEnd": "2025-09-30",
"reportStatus": "Unaudited",
"auditorName": null,
"auditorKeyMatters": [],
"balanceSheet": {
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},
"nonCurrentAssets": {
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}
},
"liabilities": {
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"securityDepositsAndPrepaidRent": 653119,
"exchangeableUnits": 7420198,
"mortgagesPayable": 1357613,
"unitBasedCompensationLiability": 145345
},
"nonCurrentLiabilities": {
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"securityDepositsAndPrepaidRent": 37066
}
},
"equity": {
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},
"derivedMetrics": {
"cashPerShare": null,
"workingCapitalPerShare": null
}
},
"incomeStatement": {
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{
"period": "three months ended September 30, 2025",
"revenueFromInvestmentProperties": 2658175,
"propertyOperatingExpenses": 702017,
"realtyTaxes": 355373,
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"netPropertyOperatingIncome": 1600785,
"generalAndAdministrative": 210883,
"interestIncome": -31236,
"financeCosts": 983282,
"fairValueLossGainOnInvestmentProperties": 374898,
"fairValueGainLossOnUnitBasedCompensation": -9291,
"fairValueGainLossOnExchangeableUnits": -928922,
"otherExpensesIncome": 599614,
"netIncomeAndComprehensiveIncome": 1001171
},
{
"period": "three months ended September 30, 2024",
"revenueFromInvestmentProperties": 2607394,
"propertyOperatingExpenses": 624449,
"realtyTaxes": 234906,
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"netPropertyOperatingIncome": 1748039,
"generalAndAdministrative": 219875,
"interestIncome": -47270,
"financeCosts": 992981,
"fairValueLossGainOnInvestmentProperties": -2878570,
"fairValueGainLossOnUnitBasedCompensation": -11980,
"fairValueGainLossOnExchangeableUnits": -744971,
"otherExpensesIncome": -2469935,
"netIncomeAndComprehensiveIncome": 4217974
},
{
"period": "nine months ended September 30, 2025",
"revenueFromInvestmentProperties": 7872367,
"propertyOperatingExpenses": 2076235,
"realtyTaxes": 1020845,
"totalOperatingExpenses": 3097080,
"netPropertyOperatingIncome": 4775287,
"generalAndAdministrative": 674125,
"interestIncome": -96332,
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"fairValueLossGainOnInvestmentProperties": -58364,
"fairValueGainLossOnUnitBasedCompensation": 19161,
"fairValueGainLossOnExchangeableUnits": 1055360,
"otherExpensesIncome": 4537207,
"netIncomeAndComprehensiveIncome": 238080
},
{
"period": "nine months ended September 30, 2024",
"revenueFromInvestmentProperties": 7714464,
"propertyOperatingExpenses": 1852294,
"realtyTaxes": 703501,
"totalOperatingExpenses": 2555795,
"netPropertyOperatingIncome": 5158669,
"generalAndAdministrative": 620806,
"interestIncome": -127927,
"financeCosts": 2993752,
"fairValueLossGainOnInvestmentProperties": -4341616,
"fairValueGainLossOnUnitBasedCompensation": -20632,
"fairValueGainLossOnExchangeableUnits": -1306918,
"otherExpensesIncome": -2182535,
"netIncomeAndComprehensiveIncome": 7341204
}
]
},
"cashFlowStatement": {
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{
"period": "three months ended September 30, 2025",
"operatingActivities": {
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"adjustmentsFor": {
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"fairValueLossGainOnInvestmentProperties": 374898,
"fairValueGainLossOnUnitBasedCompensation": -9291,
"fairValueGainLossOnExchangeableUnits": -928922,
"financeCosts": 983282,
"interestPaid": -788926,
"distributionsPaidOnExchangeableUnits": -43860,
"changeInNonCashWorkingCapital": -11372
},
"cashProvidedByOperatingActivities": 595671
},
"investingActivities": {
"capitalExpenditures": -74898,
"directLeasingCosts": 0,
"cashUsedInInvestingActivities": -74898
},
"financingActivities": {
"cmhcPremiumsPaid": 0,
"distributionsPaidOnTrustUnits": -39494,
"financingFees": 0,
"debtAdvanced": 0,
"debtPrincipalPayments": -455204,
"cashUsedInFinancingActivities": -494698
},
"increaseInCash": 26075,
"cashBeginningOfPeriod": 4352115,
"cashEndOfPeriod": 4378190
},
{
"period": "three months ended September 30, 2024",
"operatingActivities": {
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"adjustmentsFor": {
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"fairValueLossGainOnInvestmentProperties": -2878570,
"fairValueGainLossOnUnitBasedCompensation": -11980,
"fairValueGainLossOnExchangeableUnits": -744971,
"financeCosts": 992981,
"interestPaid": -800664,
"distributionsPaidOnExchangeableUnits": -41505,
"changeInNonCashWorkingCapital": 7508
},
"cashProvidedByOperatingActivities": 741424
},
"investingActivities": {
"capitalExpenditures": -111653,
"directLeasingCosts": -4777,
"cashUsedInInvestingActivities": -116430
},
"financingActivities": {
"cmhcPremiumsPaid": 0,
"distributionsPaidOnTrustUnits": -34540,
"financingFees": 0,
"debtAdvanced": 0,
"debtPrincipalPayments": -443467,
"cashUsedInFinancingActivities": -478007
},
"increaseInCash": 146987,
"cashBeginningOfPeriod": 3847216,
"cashEndOfPeriod": 3994203
},
{
"period": "nine months ended September 30, 2025",
"operatingActivities": {
"netIncomeAndComprehensiveIncome": 238080,
"adjustmentsFor": {
"unitBasedCompensationExpense": 39719,
"fairValueLossGainOnInvestmentProperties": -58364,
"fairValueGainLossOnUnitBasedCompensation": 19161,
"fairValueGainLossOnExchangeableUnits": 1055360,
"financeCosts": 2943257,
"interestPaid": -2367578,
"distributionsPaidOnExchangeableUnits": -125321,
"changeInNonCashWorkingCapital": 62513
},
"cashProvidedByOperatingActivities": 1806827
},
"investingActivities": {
"capitalExpenditures": -191636,
"directLeasingCosts": 0,
"cashUsedInInvestingActivities": -191636
},
"financingActivities": {
"cmhcPremiumsPaid": 0,
"distributionsPaidOnTrustUnits": -110124,
"financingFees": -315,
"debtAdvanced": 0,
"debtPrincipalPayments": -1364812,
"cashUsedInFinancingActivities": -1475251
},
"increaseInCash": 139940,
"cashBeginningOfPeriod": 4238250,
"cashEndOfPeriod": 4378190
},
{
"period": "nine months ended September 30, 2024",
"operatingActivities": {
"netIncomeAndComprehensiveIncome": 7341204,
"adjustmentsFor": {
"unitBasedCompensationExpense": 1921,
"fairValueLossGainOnInvestmentProperties": -4341616,
"fairValueGainLossOnUnitBasedCompensation": -20632,
"fairValueGainLossOnExchangeableUnits": -1306918,
"financeCosts": 2993752,
"interestPaid": -2410823,
"distributionsPaidOnExchangeableUnits": -124186,
"changeInNonCashWorkingCapital": 67243
},
"cashProvidedByOperatingActivities": 2199945
},
"investingActivities": {
"capitalExpenditures": -365705,
"directLeasingCosts": -12679,
"cashUsedInInvestingActivities": -378384
},
"financingActivities": {
"cmhcPremiumsPaid": -347700,
"distributionsPaidOnTrustUnits": -101023,
"financingFees": -206936,
"debtAdvanced": 8387700,
"debtPrincipalPayments": -7325014,
"cashProvidedByFinancingActivities": 407027
},
"increaseInCash": 2228588,
"cashBeginningOfPeriod": 1765615,
"cashEndOfPeriod": 3994203
}
]
},
"investmentsAndOtherAssets": [
{
"type": "Investment Properties",
"description": "Multi-family investment properties located in Western Canada (Kenwood Court, Brio Brownstones, Element, Prairie View Pointe)",
"ownershipPercentage": 100,
"value": 142250000,
"notes": "Held 100% by subsidiary MAR REIT L.P., either directly or through limited partnerships"
}
],
"shareStructure": {
"authorizedShares": "unlimited",
"issuedShares": 9605242,
"classesOfShares": ["Trust Units", "Special Voting Units"],
"warrants": [],
"options": [],
"rightsConvertibleInstruments": "Exchangeable Units (convertible into Trust Units)"
},
"managementCompensation": {
"currency": "CAD",
"periods": [
{
"period": "three months ended September 30, 2025",
"propertyManagementFees": 111964,
"salaryReimbursement": 101406,
"constructionCosts": 1721,
"constructionManagementFees": 85,
"baseAssetManagementFees": 94318
},
{
"period": "nine months ended September 30, 2025",
"propertyManagementFees": 332881,
"salaryReimbursement": 261876,
"constructionCosts": 1721,
"constructionManagementFees": 85,
"baseAssetManagementFees": 279843
},
{
"period": "three months ended September 30, 2024",
"propertyManagementFees": 109739,
"salaryReimbursement": 64995,
"constructionCosts": 66119,
"constructionManagementFees": 2068,
"baseAssetManagementFees": 90054
},
{
"period": "nine months ended September 30, 2024",
"propertyManagementFees": 333367,
"salaryReimbursement": 155891,
"constructionCosts": 281044,
"constructionManagementFees": 13351,
"baseAssetManagementFees": 265799
}
],
"namedIndividuals": [],
"otherRelatedPartyTransactions": [
{
"counterparty": "Manager and related parties",
"description": "Property management fees, asset management fees, and salary/expense reimbursements",
"amount": 173945,
"period": "As at September 30, 2025"
},
{
"counterparty": "Board of Trustees",
"description": "Deferred units, distributions on outstanding units, and quarterly compensation",
"amount": 59113,
"period": "three months ended September 30, 2025"
},
{
"counterparty": "Board of Trustees",
"description": "Deferred units, distributions on outstanding units, and quarterly compensation",
"amount": 149027,
"period": "nine months ended September 30, 2025"
}
]
},
"subsequentEvents": [
{
"eventDate": "2025-10-15",
"description": "Paid monthly distributions of $0.001425 per Trust Unit and Exchangeable Unit",
"impactValue": null
},
{
"eventDate": "2025-10-15",
"description": "Declared distribution of $0.001425 per Trust Unit payable November 17, 2025 to Unitholders of record October 31, 2025. Exchangeable Unit holders will also receive $0.001425 per Unit",
"impactValue": null
}
]
}
]
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