Highlights 

  • FFO per basic Unit rose 8.3% to CAD 0.52, with the payout ratio improving to 53.0% in Q3 2025. 
  • Same-door NOI in the multi-residential portfolio increased by 6.5% across all regions. 
  • Leverage declined by 140 bps from December 31, 2024, following asset sales and debt repayments. 

Northview Residential REIT (TSX:NRR.UN) reported its financial results for the three and nine months ended September 30, 2025. 

Funds From Operations and Payout Ratios 

For the third quarter of 2025, Northview recorded FFO per basic Unit of CAD 0.52, up 8.3% from CAD 0.48 in Q3 2024. The FFO payout ratio improved to 53.0% from 56.9%, reflecting operational performance and interest savings. Year-to-date FFO per basic unit increased 14.7% excluding insurance proceeds. AFFO per basic unit reached CAD 0.43, rising from CAD 0.39 in Q3 2024, while the AFFO payout ratio decreased to 64.2% from 70.9%. 

Mr. Todd Cook, President and CEO, stated: “Northview delivered another strong quarter driven by continued interest savings and solid same door residential NOI growth across all regions. With the sale of the Moncton portfolio completed in October, we have completed CAD 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.” 

Same-Door NOI and Multi-Residential Performance 

Same-door NOI for the multi-residential portfolio increased 6.5% year-over-year, with gains recorded in all regions. Total NOI in Q3 2025 increased by CAD 1.4 million, or 3.3%, outpacing declines from asset sales in 2024 and 2025. Multi-residential average monthly rent rose 4.8% while occupancy remained stable at 95.8%. The Western and Atlantic Canada regions contributed the largest AMR gains, at 5.1% and 7.6%, respectively. 

Interest Expense and Leverage Reduction 

Interest expense declined by CAD 3.5 million compared with Q3 2024, primarily due to reduced credit facility interest and refinancing activity. During the quarter, net repayments of CAD 18.9 million were made from mortgage refinancing and non-core asset sale proceeds, lowering the outstanding balance of credit facilities to CAD 225.9 million. Leverage decreased by 140 bps compared to December 31, 2024. 

Non-Core Asset Sales 

In Q3 2025, Northview completed CAD 49.5 million in non-core asset sales, including a St. John’s, NL portfolio consisting of 340 multi-residential suites and 3,100 sq. ft. of commercial space. On October 29, 2025, the REIT sold a 307-suite portfolio in Moncton, NB for CAD 40.0 million. Total non-core asset sales to date reached CAD 164 million, surpassing the targeted disposals ahead of schedule. 

Financial Summary 

As of September 30, 2025, Northview’s total assets were CAD 2,630.5M, total liabilities CAD 1,820.1M, with debt to gross book value at 63.4%. The weighted average mortgage interest rate was 3.92%, and the weighted average credit facility interest rate was 5.80%. Multi-residential occupancy was 95.9%, with AMR at CAD 1,492. 

About Northview Residential REIT 

Northview Residential REIT is a publicly-traded real estate investment trust established under Ontario law, focused on acquiring, owning, and operating income-producing rental properties in secondary Canadian markets.