From GlobeNewswire: 2025-03-05 19:54:00

Northview Residential REIT announced financial results for Q4 2024, with a net operating income of $39.2 million and same door revenue growth of 6.2%. For the full year 2024, NOI increased by 21.9% to $160.8 million, with FFO per basic unit at $1.80, up from $1.73 in 2023. Strong results were driven by multi-residential portfolio growth.

CEO Todd Cook highlighted Northview’s 8.7% same door NOI growth in Q4 and 10.7% for the full year, particularly in Western Canada with a 17.6% same door NOI growth. The balance sheet improved with over $100 million in credit facility repayments and $61 million in non-core asset sales, positioning Northview well for 2025.

Northview achieved 7.8% same door NOI growth in 2024, with a total of $124.3 million. Revenue growth outpaced operating expenses, resulting in NOI margin improvements of 130 bps. The company also reported net and comprehensive income of $13.4 million and FFO per unit of $1.80, an increase from the previous year.

Improving liquidity and reducing floating rate debt, Northview executed amendments to the syndicated credit facility in October 2024. Credit facility availability increased to $73.4 million, and the balance decreased to $268.8 million in 2024. Non-core asset sales contributed $28.6 million to credit facility repayments, lowering leverage to 64.8%.

In 2024, Northview completed $61.3 million in non-core asset sales, making progress towards its target of $100 to $150 million by 2026. These sales included 605 multi-residential suites and 4,334 commercial sq. ft. in various regions. Northview continues to focus on enhancing Unitholder value through strategic asset sales.

Certain measures in Northview’s financial reports, such as FFO, AFFO, and NOI margin, provide additional insight into the company’s financial performance. These non-GAAP measures are used to assess operating results and provide a consistent basis for comparison between periods. Detailed financial information and reconciliations can be found in the company’s financial statements and Management’s Discussion and Analysis.



Read more at GlobeNewswire:: Northview Residential REIT Reports Q4 and Full Year 2024