Northview Residential REIT Delivers Strong Q3 Results With Same Door NOI Growth Across All Regions and Leverage Reduction of 140 bps

Executive Summary

• Northview Residential REIT reported Q3 2025 results, with FFO per basic unit up 8.3% YoY to $0.52 and an improved FFO payout ratio of 53.0%.
• Same‑door NOI in the multi‑residential portfolio grew 6.5% year‑over‑year, driven by a 4.3% revenue increase and stable occupancy (95.8%).
• Non‑core asset dispositions totaled $164 million to date, exceeding the $100–150 million target and reducing leverage by over 200 basis points.

Key Details

• Financial Performance
• Revenue Q3 2025: $69.839 M vs. $69.059 M (2024).
• NOI Q3 2025: $43.598 M (+3.3% YoY).
• Net cash from operating activities: $31.570 M (up from $22.040 M).
• Distributions declared: $9.862 M (0.2734 $/Unit).

• FFO per basic unit: $0.52 vs. $0.48 YoY; AFFO per basic unit: $0.43 vs. $0.39 YoY.

• Operating Metrics

• Multi‑residential occupancy: 95.9% (up from 95.8%).
• AMR increase: $1,492 K vs. $1,427 K prior year.

• Same‑door revenue growth: +4.3%; AMR growth: +4.8%.

• Interest Expense & Debt Management

• Interest expense down $3.5 M YoY due to lower credit facility balances and a 95 bps spread reduction from the Oct 24, 2024 amendment.
• Net debt repayments of $18.9 M in Q3 2025; outstanding mortgage balance reduced to $225.9 M.

• Leverage (debt‑to‑gross book value) improved to 63.4% from 64.8% at year‑end 2024.

• Non‑Core Asset Dispositions

• Total dispositions to date: $164 M (exceeding the $100–150 M target).
• Q3 2025 disposals: $49.5 M, including:
  • St. John’s, NL portfolio – 340 multi‑residential suites + 3,100 sq ft commercial space.
  • Moncton, NB portfolio – 307 multi‑residential suites sold for $40.0 M on Oct 29 2025.

• Resulting leverage reduction: >200 bps; floating‑rate exposure now 13.0%.

• Outlook & Guidance

• Target to complete $100–150 M of non‑core sales by end‑2026, with proceeds earmarked for debt repayment.
• Commercial portfolio expects occupancy improvement of ~500 bps by mid‑2026, supported by >60,000 sq ft of signed leases/accepted offers.

Notable Quotes

• “Northview delivered another strong quarter driven by continued interest savings and solid same‑door residential NOI growth across all regions.” – Todd Cook, President & CEO
• “Our commercial portfolio has seen positive momentum… positioning us well to continue delivering strong financial results.” – Todd Cook