CALGARY, Alberta, March 16, 2026 (GLOBE NEWSWIRE) -- Northview Residential REIT ("Northview" or the "REIT") (NRR.UN, TSX), today announced financial results for the three months and year ended December 31, 2025.
2025 ANNUAL HIGHLIGHTS
Excluding insurance proceeds, FFO per basic Unit grew 14.9% and the FFO payout ratio improved 830 bps to 56.6% on strong operating performance and significant credit facility interest savings
Total NOI of $164.1 million increased 2.1% over 2024 with strong same door NOI growth across the portfolio, successfully offsetting the loss of NOI from the sale of non-core assets
Same door NOI growth of 4.2% led by multi-residential Western and Atlantic Canada growth of 9.2% and 8.6%, respectively
Surpassed the non-core asset sale target of $100 - $150 million set in 2024 having sold $164 million in non-core assets. Of this, $102.9 million was completed in 2025
In addition to refinancing activities, net proceeds from non-core asset sales reduced the credit facilities, decreasing the balance by $122.7 million and reducing leverage by 240 bps from December 31, 2024
Q4 2025 HIGHLIGHTS
FFO per basic Unit grew 6.7% to $0.48, improving the FFO payout ratio by 360 bps to 57.6%, driven by same door multi-residential NOI growth of 5.6%, with AMR gains across all regions, and 14.2% decrease in interest expense
Completion of non-core asset sale target with the closing of a $40 million sale of a multi-family residential portfolio in Moncton. Non-core asset sale and refinancing net proceeds, led to a significant reduction in credit facilities driving interest expense savings
"Strong same door NOI growth driven by AMR growth across all regions and interest savings from active debt management led Northview to another year of exceptional FFO growth," comments Mr. Todd Cook, President and Chief Executive Officer of Northview.
"Looking forward, Northview expects its unique exposure to secondary markets to partially offset some of the downward pressure on rents and occupancy currently affecting the multi-residential sector resulting from new market supply. Northview's solid financial foundation and diversified portfolio in secondary markets, leaves it well positioned to continue to deliver strong results and deliver long term unitholder value." concluded Mr. Cook.
FINANCIAL CONDITIONS AND OPERATING RESULTS
(thousands of dollars, except as indicated)
As at December 31, 2025
As at December 31, 2024
Financial position
Total assets
2,578,417
2,680,323
Total liabilities
1,752,642
1,873,848
Credit facilities
148,655
266,949
Mortgages payable
1,389,080
1,394,734
Investment properties capitalization rate (Cap Rate)
6.50%
6.62%
Debt metrics
Debt to gross book value (1)
62.4%
64.8%
Debt to adjusted EBITDA (1)
10.8x
12.0x
Interest coverage ratio (1)
2.2x
1.8x
Debt service coverage ratio (1)
1.5x
1.3x
Weighted average mortgage interest rate
3.94%
3.86%
Weighted average mortgage term to maturity (years)
4.5
4.7
Weighted average credit facilities interest rate (2)
5.69%
8.19%
Rental metrics
Same door multi-residential occupancy (1)
95.4%
96.2%
Same door AMR ($) (1)
1,515
1,452
Year Ended December 31
(thousands of dollars, except as indicated)
2025
2024
Revenue
278,010
276,026
NOI
164,130
160,832
NOI margin (1)
59.0%
58.3%
Same door NOI (1)
160,197
153,767
Cash flows provided by operating activities (3)
100,271
72,562
Distributions declared to unitholders (1)
39,446
39,437
Distributions declared per Trust unit ($/Unit)
1.0938
1.0938
FFO payout ratio - basic (1)
46.2%
60.6%
AFFO payout ratio - basic (1)
54.5%
76.8%
Net and comprehensive income
54,897
13,446
Per basic unit ($/Unit)
1.52
0.37
Per diluted unit ($/Unit)
1.41
0.35
FFO (1)
85,448
65,040
Per basic unit ($/Unit) (1)
2.37
1.80
Per diluted unit ($/Unit) (1)
2.19
1.67
AFFO (1)
72,318
51,333
Per basic unit ($/Unit) (1)
2.01
1.42
Per diluted unit ($/Unit) (1)
1.85
1.32
Measurements excluding insurance proceeds:
FFO (1)
69,634
60,735
FFO per Unit - basic ($/Unit) (1)
1.93
1.68
FFO payout ratio, basic (1)
56.6%
64.9%
AFFO (1)
56,504
47,028
AFFO per Unit - basic ($/Unit) (1)
1.57
1.30
AFFO payout ratio, basic (1)
69.8%
83.9%
Weighted average number of units, basic (000's) (1)
36,064
