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.
Q3 2025 HIGHLIGHTS
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
"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.
Mr. Cook continued, "With the sale of the Moncton portfolio completed in October, we have completed $164 million in non-core asset sales ahead of schedule. This has contributed to over 200 bps in leverage reduction and reduced our floating rate exposure to 13.0%, further strengthening our balance sheet and enhancing our capacity to deliver long-term value creation to Unitholders."
"Our commercial portfolio has seen positive momentum. With over 60,000 sq. ft. of signed leases and accepted offers to lease, we expect that occupancy could improve by almost 500 bps by mid-2026. This positive momentum in our commercial portfolio combined with our continued solid multi-residential performance positions us well to continue to deliver strong financial results," concluded Mr. Cook.
FINANCIAL CONDITIONS AND OPERATING RESULTS
(thousands of dollars, except as indicated)
As atSeptember 30, 2025
As atDecember 31, 2024
Total assets
2,630,465
2,680,323
Total liabilities
1,820,059
1,873,848
Credit facilities
224,487
266,949
Mortgages payable
1,381,204
1,394,734
Debt to gross book value(1)
63.4%
64.8%
Weighted average mortgage interest rate
3.92%
3.86%
Weighted average mortgage term to maturity (years)
4.5
4.7
Weighted average capitalization rate
6.60%
6.62%
Weighted average credit facility interest rate
5.80%
8.19%
Multi-residential occupancy(2)
95.9%
95.8%
AMR ($)(2)
1,492
1,427
Three Months EndedSeptember 30
Nine Months EndedSeptember 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
