07:24 AM EDT, 05/17/2024 (MT Newswires) -- Marwest Apartment Real Estate Investment Trust (MAR-UN.V) overnight Thursday reported lower earnings for the first quarter while revenue remained unchanged.

The company reported first-quarter net income and comprehensive income of $618,024, down from $3.2 million a year earlier.

Revenue from investment properties for the quarter ended March 31 was $2.5 million, the same as the equivalent quarter of the previous year. Adjusted funds from operations for Q1 were $514,376, or $0.0264 per unit, up from $321,999, or $0.0165.

The same property net operating income increased by 14.51% in Q1, as compared with the year-ago quarter. The average occupancy rate in Q1 was 99.01% versus 98.30% a year earlier.

The same property net operating income in Q1 was $1.7 million, up from $1.4 million a year ago. The REIT reported net asset value per unit of $1.93 at March 31, up from $1.90 at Dec. 31, 2023.

Looking ahead, the REIT intends to grow the portfolio and unitholder value by increasing rental rates where the market allows, future acquisition opportunities that will increase the overall size and performance of the REIT, as well as maintaining a manageable debt structure.

"Q1 operations provided the REIT with a 14.51% increase in Same Property NOI1 compared to Q1 2023," William Martens, chief executive officer and trustee, said. "Continued stable occupancy levels due to the current rental market in Winnipeg, has allowed management to increase rental rates across the portfolio. Management expects similar demand and low vacancy rates to continue throughout 2024."