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CALGARY, Alberta, Nov. 05, 2025 (GLOBE NEWSWIRE) — Northview Residential REIT (“Northview” or the “REIT”) (NRR.UN – TSX), today announced financial results for the three and nine months ended September 30, 2025.
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Q3
2025 HIGHLIGHTS
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- FFO per basic Unit grew 8.3% and the FFO payout ratio improved 390 bps on strong same door operating performance following the sales of over 1,600 multi-residential suites
- Same door NOI grew 6.5% in the multi-residential portfolio with AMR gains across all regions
- Decrease in interest expense of $3.5 million driven by significant reductions in credit facility interest expense
- Leverage reduction of 140 bps from December 31, 2024
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“Northview delivered another strong quarter driven by continued interest savings and solid same door residential NOI growth across all regions,” comments Mr. Todd Cook, President and Chief Executive Officer of Northview.
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Mr. Cook continued, “With the sale of the Moncton portfolio completed in October, we have completed $164 million in non-core asset sales ahead of schedule. This has contributed to over 200 bps in leverage reduction and reduced our floating rate exposure to 13.0%, further strengthening our balance sheet and enhancing our capacity to deliver long-term value creation to Unitholders.”
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“Our commercial portfolio has seen positive momentum. With over 60,000 sq. ft. of signed leases and accepted offers to lease, we expect that occupancy could improve by almost 500 bps by mid-2026. This positive momentum in our commercial portfolio combined with our continued solid multi-residential performance positions us well to continue to deliver strong financial results,” concluded Mr. Cook.
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FINANCIAL
CONDITIONS
AND
OPERATING
RESULTS
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| (thousands of dollars, except as indicated) | As at September 30, 2025 | As at December 31, 2024 |
| Total assets | 2,630,465 | 2,680,323 |
| Total liabilities | 1,820,059 | 1,873,848 |
| Credit facilities | 224,487 | 266,949 |
| Mortgages payable | 1,381,204 | 1,394,734 |
| Debt to gross book value(1) | 63.4% | 64.8% |
| Weighted average mortgage interest rate | 3.92% | 3.86% |
| Weighted average mortgage term to maturity (years) | 4.5 | 4.7 |
| Weighted average capitalization rate | 6.60% | 6.62% |
| Weighted average credit facility interest rate | 5.80% | 8.19% |
| Multi-residential occupancy(2) | 95.9% | 95.8% |
| AMR ($)(2) | 1,492 | 1,427 |
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| Three Months Ended September 30 | Nine Months Ended September 30 | |||
| (thousands of dollars, except as indicated) | 2025 | 2024 | 2025 | 2024 |
| Revenue | 69,839 | 69,059 | 208,486 | 206,686 |
| NOI | 43,598 | 42,192 | 124,288 | 121,593 |
| NOI margin(2) | 62.4% | 61.1% | 59.6% | 58.8% |
| Cash flows provided by operating activities | 31,570 | 22,040 | 78,264 | 55,561 |
| Distributions declared to Unitholders(1) | 9,862 | 9,858 | 29,585 | 29,577 |
| Distributions declared per Trust Unit ($/Unit) | 0.2734 | 0.2734 | 0.8203 | 0.8203 |
| FFO payout ratio – basic(3) | 53.0% | 56.9% | 43.3% | 60.4% |
| AFFO payout ratio – basic(3) | 64.2% | 70.9% | 50.7% | 76.7% |
| Net and comprehensive income (loss) | 10,475 | 2,289 | 30,596 | (1,027) |
| Per basic unit ($/Unit) | 0.29 | 0.06 | 0.85 | (0.03) |
| Per diluted unit ($/Unit) | 0.27 | 0.06 | 0.78 | (0.03) |
| FFO(3) | 18,614 | 17,327 | 68,316 | 48,929 |
| Per basic unit ($/Unit)(3) | 0.52 | 0.48 | 1.89 | 1.36 |
| Per diluted unit ($/Unit)(3) | 0.48 | 0.45 | 1.75 | 1.26 |
| AFFO(3) | 15,354 | 13,901 | 58,380 | 38,573 |
| Per basic unit ($/Unit)(3) | 0.43 | 0.39 | 1.62 | 1.07 |
| Per diluted unit ($/Unit)(3) | 0.40 | 0.36 | 1.49 | 0.99 |
| Measurements excluding insurance proceeds: | ||||
| FFO(3) | 18,567 | 17,089 | 53,202 | 46,608 |
| FFO per Unit – basic ($/Unit)(3) | 0.51 | 0.47 | 1.48 | 1.29 |
| FFO payout ratio – basic(3) | 53.1% | 57.7% | 55.6% | 63.5% |
| AFFO(3) | 15,307 | 13,663 | 43,266 | 36,252 |
| AFFO per Unit – basic ($/Unit)(3) | 0.42 | 0.38 | 1.20 | 1.01 |
| AFFO payout ratio – basic(3) | 64.4% | 72.2% | 68.4% | 81.6% |
| Weighted average number of Units – basic | 36,064 | 36,056 | 36,064 | 36,056 |
| (000’s)(2) | ||||
| Weighted average number of Units – diluted | 38,770 | 38,198 | 39,061 | 38,948 |
| (000’s)(2) | ||||
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| (1) | Capital Management Measure. See “Non-GAAP and Other Financial Measures” section of this news release. |
| (2) | Other Key Performance Indicator. See “Non-GAAP and Other Financial Measures” section of this news release. |
| (3) | Non-GAAP financial measure, non-GAAP ratio, or measurement excluding insurance proceeds. See “Non-GAAP and Other Financial Measures” section of this news release. |
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DELIVERED
STRONG
FFO
GROWTH
AND
IMPROVED
FFO
PAYOUT
RATIO
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For the three months ended September 30, 2025, FFO per basic Unit increased by 8.3% to $0.52 from $0.48 compared to 2024. The growth in FFO was attributable to interest savings in financing costs and same door NOI growth, partially offset by one-time costs related to dispositions. This contributed to the strong year-to-date growth of 14.7% FFO per basic Unit, excluding insurance proceeds. Strong FFO improved the FFO payout ratio to 53.0% for the third quarter of 2025 compared to 56.9% in the comparative period.
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GENERATED
SAME
DOOR
MULTI-RESIDENTIAL
NOI
GROWTH
ACROSS
ALL
THE
REGIONS
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During the third quarter, total NOI increased by $1.4 million, or 3.3%, reflecting strong same door NOI growth that outpaced the reduction in NOI from assets sold in 2024 and 2025. Same door NOI grew 6.5% year-over-year in the multi-residential portfolio with gains in all regions. This was driven by 4.3% multi-residential same door revenue growth, as AMR increased 4.8% on stable occupancy of 95.8%. Western and Atlantic Canada regions contributed the largest to AMR gains with 5.1% and 7.6%, respectively.
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ACHIEVED
INTEREST
EXPENSE SAVINGS
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Northview reduced its interest expense compared to the prior year driven by the $3.5 million decrease in credit facility interest expense. These credit facility interest savings are from the significant reduction in the outstanding credit facilities balance, a 95 bps credit spread reduction from the October 24, 2024 credit facilities amendment, and an overall favourable interest rate environment.
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During the third quarter of 2025, Northview made $18.9 million in net repayments from net proceeds on mortgage refinancing and non-core asset sales, lowering the outstanding balance to $225.9 million.
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EXCEEDED
THE
NON-CORE
ASSET
DISPOSITION
TARGET
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As part of Northview’s focus on strengthening its balance sheet, Northview targeted approximately $100 to 150 million in non-core assets for sale by the end of 2026, with net proceeds to be used for debt repayment.
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During the third quarter of 2025, Northview completed $49.5 million of dispositions, including a portfolio in St. John’s, NL comprising of 340 multi-residential suites and 3,100 sq. ft. of commercial space. On October 29, 2025, Northview completed the sale of a 307 multi-residential suite portfolio in Moncton, NB for $40.0 million.
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These sales complete Northview’s targeted non-core asset sales reaching $164 million in gross sale proceeds with pricing collectively above Northview’s IFRS investment property values. Northview exceeded the targeted sales ahead of the expected timeline generating debt repayments which will have contributed to over 200 bps leverage reduction.
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NON-GAAP
AND
OTHER
FINANCIAL
MEASURES
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Certain measures in this earnings release do not have any standardized meaning as prescribed by generally accepted accounting principles (“GAAP”) and may, therefore, be considered non-GAAP financial measures, non- GAAP ratios, or other measures and may not be comparable to similar measures presented by other issuers. These measures are provided to enhance the readers’ overall understanding of Northview’s current financial condition and financial performance. They are included to provide investors and management with an alternative method for assessing our operating results in a manner that is focused on the performance of our ongoing operations and to provide a more consistent basis for comparison between periods. These measures include widely accepted measures of performance for Canadian real estate investment trusts; however, the measures are not defined by GAAP. In addition, these measures are subject to the interpretation of definitions by the preparers of financial statements and may not be applied consistently between real estate entities. These measures include:
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- Non-GAAP Financial Measures: Adjusted funds from operations (“AFFO”) and funds from operations (“FFO”)
- Non-GAAP
Ratios: AFFO payout ratio; AFFO per Unit, FFO payout ratio; and FFO per Unit - Measurements Excluding Insurance Proceeds: AFFO, AFFO payout ratio, AFFO per Unit, FFO, FFO payout ratio, and FFO per Unit.
- Capital
Management
Measures: Distributions declared to Unitholders and debt to gross book value - Other Key Performance Indicators: AMR; NOI margin; occupancy; same door revenue, expenses, net operating income, occupancy, and AMR; weighted average number of Units – basic; and weighted average number of Units – diluted
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For information on the most directly comparable GAAP measures, composition of the measures, a description of how Northview uses these measures, and an explanation of how these measures provide useful information to investors, refer to the “Non-GAAP and Other Financial Measures” section of Northview’s Management Discussion and Analysis as at and for the three and nine months ended September 30, 2025 and 2024, available on Northview’s profile on SEDAR+ at www.sedarplus.com, which is incorporated by reference into this news release.
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NON-GAAP
RECONCILIATION
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The following table reconciles FFO and AFFO from net and comprehensive income (loss), the most directly comparable GAAP measure as presented in the unaudited condensed consolidated interim financial statements:
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| Three Months Ended | Nine Months Ended September | |||
| (thousands of dollars, except as indicated) | 2025 | 2024 | 2025 | 2024 |
| Net and comprehensive income (loss) | 10,475 | 2,289 | 30,596 | (1,027) |
| Adjustments: | ||||
| Distributions on Exchangeable Units | 929 | 929 | 2,787 | 2,787 |
| Fair value loss on investment properties | 4,746 | 7,116 | 27,855 | 20,501 |
| Fair value loss on Exchangeable Units | 884 | 3,500 | 2,719 | 16,920 |
| Fair value loss on Restricted Units | 47 | 53 | 89 | 97 |
| Accretion on Redeemable Units | — | 2,176 | 1,362 | 6,743 |
| Transaction costs on dispositions | 1,009 | 408 | 1,439 | 408 |
| Depreciation | 317 | 729 | 942 | 2,200 |
| Other(1) | 207 | 127 | 527 | 300 |
| FFO(2) | 18,614 | 17,327 | 68,316 | 48,929 |
| Maintenance capex reserve – multi-residential | (3,046) | (3,244) | (9,299) | (9,810) |
| Maintenance capex reserve – commercial | (214) | (182) | (637) | (546) |
| AFFO(2) | 15,354 | 13,901 | 58,380 | 38,573 |
| FFO per Unit ($/Unit)(2) | ||||
| Basic | 0.52 | 0.48 | 1.89 | 1.36 |
| Diluted | 0.48 | 0.45 | 1.75 | 1.26 |
| FFO payout ratio(2) | ||||
| Basic | 53.0% | 53.3% | 43.3% | 60.4% |
| Diluted | 57.0% | 57.8% | 46.9% | 65.3% |
| AFFO per Unit ($/Unit)(2) | ||||
| Basic | 0.43 | 0.39 | 1.62 | 1.07 |
| Diluted | 0.40 | 0.36 | 1.49 | 0.99 |
| AFFO payout ratio(2) | ||||
| Basic | 64.2% | 70.9% | 50.7% | 76.7% |
| Diluted | 69.0% | 75.1% | 54.9% | 82.8% |
| Other Adjustments: | ||||
| Insurance Proceeds | (47) | (238) | (15,114) | (2,321) |
| Measurements excluding insurance proceeds: | ||||
| FFO(2) | 18,567 | 17,089 | 53,202 | 46,608 |
| FFO per Unit – basic ($/Unit)(2) | 0.51 | 0.47 | 1.48 | 1.29 |
| FFO payout ratio – basic(2) | 53.1% | 57.7% | 55.6% | 63.5% |
| AFFO(2) | 15,307 | 13,663 | 43,266 | 36,252 |
| AFFO per Unit – basic ($/Unit)(2) | 0.42 | 0.38 | 1.20 | 1.01 |
| AFFO payout ratio – basic(2) | 64.4% | 72.2% | 68.4% | 81.6% |
| Distributions | ||||
| Basic | 9,862 | 9,858 | 29,585 | 29,577 |
| Diluted | 10,601 | 10,445 | 32,042 | 31,949 |
| Weighted average number of Units | ||||
| Basic (‘000s)(3) | 36,064 | 36,056 | 36,064 | 36,056 |
| Diluted (‘000s)(3) | 38,770 | 38,198 | 39,061 | 38,948 |
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| (1) | “Other” is comprised of non-controlling interest, amortization of other long-term assets, amortization of tenant inducements, and fair value adjustments for non-controlling interest and equity investments. |
| (2) | Non-GAAP financial measure, non-GAAP ratio, or measurement excluding insurance proceeds. See “Non-GAAP and Other Financial Measures”. |
| (3) | See “Non-GAAP and Other Financial Measures – Other Key Performance Indicators”. |
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FINANCIAL
INFORMATION
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Northview’s unaudited condensed consolidated interim financial statements, the notes thereto, and Management’s Discussion and Analysis for the three months and nine months ended September 30, 2025 and 2024, can be found on Northview’s website at www.rentnorthview.com and on SEDAR+ at www.sedarplus.com.
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ABOUT
NORTHVIEW
RESIDENTIAL
REIT
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Northview is a publicly-traded real estate investment trust established pursuant to a declaration of trust under the laws of the province of Ontario for the primary purpose of acquiring, owning, and operating a portfolio of income- producing rental properties in secondary markets within Canada.
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CAUTIONARY
AND
FORWARD-LOOKING
INFORMATION
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Certain information contained in this news release constitutes forward-looking information within the meaning of applicable securities laws. Statements that reflect Northview’s objectives, plans, goals, and strategies are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from future results expressed, projected, or implied by such forward-looking information. In some instances, forward-looking information can be identified by the use of terms such as “may”, “should”, “expect”, “will”, “anticipate”, “believe”, “intend”, “estimate”, “predict”, “potentially”, “starting”, “beginning”, “begun”, “moving”, “continue”, or other similar expressions concerning matters that are not historical facts. Forward-looking information in this news release includes, but is not limited to, future maintenance expenditures, financing and the availability of financing and the terms thereof, the replacement of floating-rate debt with fixed-rate debt, the ability to sell select assets, terms, or timing to be completed, the use of proceeds from any such sales, future economic conditions, the expected distributions of Northview, liquidity and capital resources, market trends, future operating efficiencies, tenant incentives, and occupancy levels. Such statements involve significant risks and uncertainties and are not meant to provide guarantees of future performance or results. These cautionary statements qualify all of the statements and information contained in this news release incorporating forward-looking information.
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Forward-looking information is made as of November 5, 2025 and is based on information available to management as of that date. Management believes that the expectations reflected in forward-looking information are based upon reasonable assumptions; however, management can give no assurance that the actual results will be consistent with this forward-looking information. Factors that could cause actual results, performance, or achievements to differ materially from those expressed or implied by forward-looking information include, but are not limited to, the risks identified in Northview’s Management’s Discussion and Analysis for the three and nine months ended September 30, 2025 and 2024 and those discussed in Northview’s other materials filed with the Canadian securities regulatory authorities from time to time, general economic conditions; the availability of a new competitive supply of real estate which may become available through construction; Northview’s ability to maintain distributions at their current level; Northview’s ability to maintain occupancy and the timely lease or re-lease of multi-residential suites, execusuites, and commercial space at current market rates; tenant defaults; changes in interest rates, which continue to be volatile and have trended upward since Northview’s formation in 2020; changes in inflation rates, including increased expenses as a result thereof; Northview’s qualification as a real estate investment trust; changes in operating costs; governmental regulations and taxation; fluctuations in commodity prices; and the availability of financing. Additional risks and uncertainties not presently known to Northview, or those risks and uncertainties that Northview currently believes to not be material, may also adversely affect Northview. Northview cautions readers that this list of factors is not exhaustive and that should certain risks or uncertainties materialize, or should underlying estimates or assumptions, including those outlined in Note 2 of Northview’s annual audited financial statements for the year ended December 31, 2024, prove incorrect, actual events, performance, and results may vary materially from those expected. Except as specifically required by applicable Canadian law, Northview assumes no obligation to update or revise publicly any forward-looking information to reflect new events or circumstances that may arise after November 5, 2025.
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To
learn
more
about
Northview,
visit
www.rentnorthview.com
or
contact:
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| Todd Cook | Sarah Walker | ||
| President and Chief Executive Officer | Chief Financial Officer | ||
| Northview Residential REIT | Northview Residential REIT | ||
| Tel: | (403) 531-0720 | Tel: | (403) 531-0720 |
| Email: | [email protected] | Email: | [email protected] |
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English (US)