MARWEST APARTMENT REAL ESTATE INVESTMENT TRUST ANNOUNCES Q3 2025 RESULTS

Executive Summary

• Marwest Apartment REIT reported Q3 2025 financial results, showing a modest increase in NAV per unit to $2.43 (up from $2.37 at year‑end 2024) and positive cash flow of $139,940 for the nine‑month period.
• Same‑property revenue rose 2.05% YoY; NOI margin remained around 60%, while the debt‑to‑GBV ratio improved to 67.03%.
• AFFO payout ratio held at ~20% and the REIT generated FFO of $1.38 M and AFFO of $1.19 M for the nine months ended September 30, 2025.

Key Details

• Cash Flow: Positive cash flow after principal paydown & distributions of $139,940 for the nine‑month period.
• NAV per Unit: $2.43 at Sept 30 2025 vs. $2.37 at Dec 31 2024.
• Payout Ratio (nine months): 20.02%.
• Weighted Avg. Debt Maturity: 54.59 months; average fixed‑rate debt interest 3.09%.
• Debt Metrics: Total interest‑bearing debt $100,694,035; Debt‑to‑GBV ratio 67.03%; Debt Service Coverage ratio 1.28.
• Operating Portfolio: 4 properties, 516 suites; average occupancy 97.63% (Q3 2025) vs. 99.48% (Q3 2024).
• Average Rental Rate: $1,752 per suite (three‑month period); up from $1,736 YoY.
• Revenue (nine months): $7,872,367, a 2.05% increase over 2024.
• Same‑Property NOI (nine months): $4,775,287 vs. $5,158,669 in 2024 (down 7.4%).
• NOI Margin: 60.66% (nine months) vs. 66.87% prior year.
• FFO: $1,380,080 (nine months); FFO per unit $0.0708.
• AFFO: $1,188,444 (nine months); AFFO per unit $0.0609; AFFO payout ratio 20.02%.
• Capital Expenditures: $(191,636) for nine months (down from $(365,705) in 2024).
• General & Administrative Expenses: $(674,125) for nine months.
• Interest Income: $96,332; Finance costs $(2,943,257) for nine months.
• Fair Value Adjustments: Net loss on investment properties $(58,364); gain on exchangeable units $1,055,360 (nine months).

Notable Quotes

“The REIT has reported positive cash flow of $139,940 for the nine months ended September 30 2025. This is the 7th straight quarter of positive cash flow… after principal paydown and implemented distribution increases.” – William Martens, CEO & Trustee.