/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
WINNIPEG, MB, June 14, 2024 /CNW/ – Marwest Apartment Real Estate Investment Trust (“Marwest Apartment REIT” or the “REIT”) (TSXV: MAR.UN) announced its Trustees approved an increase of approximately two percent over the current distributions payable to $0.0013 monthly per trust unit (“Trust Unit”) of the REIT commencing the month of June 2024, representing a cash distribution per Trust Unit of $0.0156 on an annualized basis. The cash distributions will be made on July 15, 2024 to Unitholders on record as of June 30, 2024.
As at the date hereof, there are an aggregate of 8,856,403 Units, and 10,642,435 Exchangeable Units issued and outstanding.
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 multi-family 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 multi-residential 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.
The information in this news release includes certain information and statements about the REIT’s current monthly cash distribution policy that constitute forward‐looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward‐looking statements. A number of factors could cause actual results to differ materially from these forward‐looking statements. The declaration and/or payment of future cash distributions will be dependent upon a number of factors, including but not limited to the financial performance, financial condition and financial requirements of the REIT. Although management of the REIT believes that the expectations reflected in forward‐ looking statements are reasonable, it can give no assurances that the expectations of any forward‐ looking statements will prove to be correct. Except as required by law, the REIT disclaims any intention and assumes no obligation to update or revise any forward‐looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward‐looking statements or otherwise.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
The Trust Units are not registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) and may not be offered or sold within the United States or to or for the account or benefit of U.S. persons, except in certain transactions exempt from the registration requirements of the U.S. Securities Act. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, securities of the REIT in the United States or in any other jurisdiction.
SOURCE Marwest Apartment Real Estate Investment Trust
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