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WINNIPEG, MB, June 30, 2022 /CNW/ -Marwest Apartment Real Estate Investment Trust (“Marwest Apartment REIT” or the “REIT”) (TSXV: MAR.UN) announces the issuance of deferred units of the REIT (“Deferred Units“) to certain of its trustees for the period of April 1, 2022 through June 30, 2022, effective today, in accordance with REIT’s equity incentive plan adopted effective April 30, 2021 (the “Equity Incentive Plan“) and the REIT’s policy regarding the automatic settlement of trustee compensation in Deferred Units.
The compensation payable to the trustees for the period noted (other than meeting fees which were paid in cash) was settled by issuing approximately 50 percent of the total compensation in Deferred Units at a price of $1.10 per Deferred Unit. Mr. Luke Cain, Chair, was issued 4,533 Deferred Units, Mr. Jason Pellaers, Chair of the Audit Committee, was issued 3,626 Deferred Units, Mr. James Green, Chair of the Governance, Compensation and Nominating Committee, was issued 3,399 Deferred Units, and Mr. Cornelius Martens was issued 2,266 Deferred Units reflecting monetary compensation of $4,986.30, $3,988.60, $3,738.90 and $2,492.60, respectively, rounded to the nearest unit. The balance of the compensation was paid in cash in the amounts of $4,986.30, $3,989.48, $3,740.55 and $2,493.70 respectively.
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.
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.
SOURCE Marwest Apartment Real Estate Investment Trust
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