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WINNIPEG, MB, March 31, 2023 /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 January 1, 2023 through March 31, 2023, effective today, in accordance with REIT’s equity incentive plan adopted effective April 30, 2021, as amended, 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 4,483 Deferred Units, Mr. Jason Pellaers, Chair of the Audit Committee of the REIT, was issued 3,586 Deferred Units, Mr. James Green, Chair of the Governance, Compensation and Nominating Committee, was issued 3,362 Deferred Units, and Mr. Cornelius Martens was issued 2,241 Deferred Units reflecting monetary compensation of $4,931.30, $3,944.60, $3,698.20, and $2,465.10, respectively, rounded to the nearest unit. The balance of the compensation was paid in cash in the amounts of $4,931.71, $3,945.81, $3,699.06 and $2,466.41 respectively.
The compensation for the period October 1, 2022 through December 31, 2022 (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 on December 31, 2022. Mr. Luke Cain, Chair, was issued 4,582 Deferred Units, Mr. Jason Pellaers, Chair of the Audit Committee of the REIT, was issued 3,666 Deferred Units, Mr. James Green, Chair of the Governance, Compensation and Nominating Committee, was issued 3,437 Deferred Units, and Mr. Cornelius Martens was issued 2,291 Deferred Units reflecting monetary compensation of $5,040.20, $4,032.60, $3,780.70, and $2,520.10, respectively, rounded to the nearest unit. The balance of the compensation was paid in cash in the amounts of $5,041.99, $4,033.15, $3,780.94 and $2,521.00 respectively.
The REIT is an unincorporated open-ended trust governed by the laws of the Province of Manitoba. The REIT was formed to provide holders of trust units of the REIT 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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