.jpg)
4 hours ago
1
Article content
- 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
- 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; weighted average number of Units – diluted
Article content
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 months ended March 31, 2025 and 2024, available on Northview’s profile on SEDAR+ at www.sedarplus.com, which is incorporated by reference into this news release.
Article content
NON-GAAP RECONCILIATION
Article content
The following table reconciles FFO and AFFO from net and comprehensive loss, the most directly comparable GAAP measure as presented in the unaudited condensed consolidated interim financial statements:
Article content
Article content
| Three Months Ended March 31 | ||||
| (thousands of dollars, except as indicated) | 2025 | 2024 | ||
| Net and comprehensive loss | (179 | ) | (159 | ) |
| Adjustments: | ||||
| Distributions on Exchangeable Units | 929 | 929 | ||
| Fair value loss on investment properties | 15,923 | 7,742 | ||
| Fair value (gain) loss on Exchangeable Units | (1,869 | ) | 1,530 | |
| Fair value gain on Restricted Units | (10 | ) | — | |
| Accretion on Redeemable Units | 964 | 2,258 | ||
| Transaction costs on dispositions | 389 | — | ||
| Depreciation | 311 | 734 | ||
| Other(1) | 138 | 72 | ||
| FFO(2) | 16,596 | 13,106 | ||
| Maintenance capex reserve – multi-residential | (3,140 | ) | (3,284 | ) |
| Maintenance capex reserve – commercial | (209 | ) | (182 | ) |
| AFFO(2) | 13,247 | 9,640 | ||
FFO per Unit ($/Unit)(2) | ||||
| Basic | 0.46 | 0.36 | ||
| Diluted | 0.42 | 0.33 | ||
| FFO payout ratio(2) | ||||
| Basic | 59.4 | % | 75.2 | % |
| Diluted | 64.9 | % | 82.8 | % |
| AFFO per Unit ($/Unit)(2) | ||||
| Basic | 0.37 | 0.27 | ||
| Diluted | 0.34 | 0.24 | ||
| AFFO payout ratio(2) | ||||
| Basic | 74.4 | % | 102.3 | % |
| Diluted | 81.3 | % | 112.6 | % |
| Distributions | ||||
| Basic | 9,861 | 9,858 | ||
| Diluted | 10,765 | 10,858 | ||
| Weighted average number of Units | ||||
| Basic (‘000s)(3) | 36,064 | 36,056 | ||
| Diluted (‘000s)(3) | 39,371 | 39,712 | ||
| (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 or non-GAAP ratio. See “Non-GAAP and Other Financial Measures” | ||||
| (3) See “Non-GAAP and Other Financial Measures – Other Key Performance Indicators”. | ||||
Article content
Article content
FINANCIAL INFORMATION
Article content
Northview’s unaudited condensed consolidated interim financial statements, the notes thereto, and Management’s Discussion and Analysis for the three months ended March 31, 2025 and 2024, can be found on Northview’s website at www.rentnorthview.com and on SEDAR+ at www.sedarplus.com.
Article content
All amounts in this news release are in thousands of Canadian dollars unless otherwise indicated. In August 2023, Northview’s units were consolidated on a 1.75 to 1.00 basis. All references to the number of units and per unit amounts in this news release have been restated and are reflected on a post-consolidation basis.
Article content
ABOUT NORTHVIEW RESIDENTIAL REIT
Article content
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.
Article content
CAUTIONARY AND FORWARD-LOOKING INFORMATION
Article content
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.
Forward-looking information is made as of May 8, 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 months ended March 31, 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 May 8, 2025.
Article content
To learn more about Northview, visit www.rentnorthview.com
or contact:
Article content
Todd Cook
President and Chief Executive Officer Northview Residential REIT
Tel: (403) 531-0720
Email: [email protected]
Article content
Sarah Walker
Chief Financial Officer Northview Residential REIT Tel: (403) 531-0720
Email: [email protected]
Article content
Article content
Article content
Article content
Article content
Article content
English (US)