Northview Residential REIT Reports Q2 2026 Financial Results With Steady Revenue Growth Amid Expense Pressures

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CALGARY, Alberta, Aug. 07, 2026 (GLOBE NEWSWIRE) -- Northview Residential REIT (“Northview” or the “REIT”) (NRR.UN – TSX), today announced financial results for the three and six months ended June 30, 2026.

Q2 2026 HIGHLIGHTS

FFO per Unit – $0.52 FFO per unit, excluding insurance proceeds, was supported by steady Same Door NOI and interest savings.

Steady Same Door NOI – Same door NOI was $40.9 million as Same Door revenue growth of 2.8% was offset by higher Same Door operating expenses of 7.3% primarily driven by colder weather conditions and elevated repair and maintenance costs.

Continued AMR Growth on Stabilized Occupancy – AMR increased 3.9% to $1,542, compared to $1,484 in the second quarter of 2025. AMR growth more than offset the 120 bps decline of Same door multi-residential occupancy compared to the same period in 2025, however at 94.9% occupancy remained stable compared to Q1 2026.

Commercial leasing activity continued to improve – Commercial occupancy improved 240 bps. As of June 30, 2026, Northview has renewed 91,000 square feet of lease maturities and has secured a further 55,000 square feet of additional fixed-term leases. The remaining year-to-date maturities of 73,000 square feet are under various stages of renewal.

Amendment of Credit Facilities – Subsequent to the quarter, Northview successfully amended its Syndicated facility and LC facility and terminated its Term facility. As part of Northview’s active treasury management strategy, the Syndicate’s facility commitment was reduced to $200 million from $265 million, the existing rate spread was reduced by 70 basis points and the maturity was extended to December 31, 2027.

Commenced construction on two properties – During the second quarter, Northview commenced construction on two development projects: a mixed-use property in Iqaluit, Nunavut, comprising 68 residential suites and 4,980 square feet of commercial space, and a 12-suite residential property in Yellowknife, Northwest Territories. The projects represent a combined estimated investment of $50 million and are expected to be completed in mid-2027.

“Lower financing costs, steady multi-family occupancy and AMR growth during the quarter, offset increasing operating cost pressures resulting in FFO per unit in-line with the prior year. Operating cost pressures were driven by prolonged winter conditions, higher utility prices and property tax increases. During the year, Northview has continued to implement cost management initiatives aimed at reducing the impact of rising costs that should strengthen financial performance and create long-term value for shareholders,” commented Mr. Todd Cook, President and Chief Executive Officer of Northview.

Mr. Cook continued, “With the sale of six underperforming properties in Yellowknife, previously identified as transitioning to market rental housing and the closing of the credit facility amendments in July, Northview has further strengthened our financial position by providing additional financial flexibility and cost savings while maintaining a prudent approach to capital management,” concluded Mr. Cook.

2026 SECOND QUARTER RESULTS
The following chart summarizes key metrics associated with Northview’s financial performance:

(thousands of dollars, except as indicated)	As at June 30, 2026	As at December 31, 2025
Financial position
Total assets	2,582,095	2,578,417
Total liabilities	1,763,359	1,752,642
Credit facilities	166,647	148,655
Mortgages payable	1,378,814	1,389,080
Investment properties capitalization rate (Cap Rate)	6.50%	6.50%
Debt-to-gross book value ⁽¹⁾	62.9%	62.4%

	Three Months Ended June 30		Six Months Ended June 30
(thousands of dollars, except as indicated)	2026	2025	2026	2025
Debt metrics
Debt to adjusted EBITDA (TTM) ⁽¹⁾	10.8x	11.6x	10.8x	11.6x
Interest coverage ratio (TTM) ⁽¹⁾	2.3x	2.0x	2.3x	2.0x
Debt service coverage ratio (TTM) ⁽¹⁾	1.6x	1.4x	1.6x	1.4x
Weighted average mortgage interest rate	3.98%	3.92%	3.98%	3.92%
Weighted average mortgage term to maturity (years)	4.4	4.4	4.5	4.7
Weighted average credit facilities interest rate ⁽²⁾	5.20%	5.67%	5.19%	5.86%
Operating metrics
Same door multi-residential occupancy ⁽¹⁾	94.9%	96.1%	94.9%	96.1%
Same door AMR ($) ⁽¹⁾	1,542	1,484	1,542	1,484
Revenue	69,188	69,325	139,075	138,647
NOI	40,960	42,215	79,053	80,690
NOI margin ⁽¹⁾	59.2%	60.9%	56.8%	58.2%
Same door NOI ⁽¹⁾	40,916	40,925	78,954	78,294
Same door NOI margin ⁽¹⁾	59.2%	60.9%	56.8%	58.3%
Cash flows provided by operating activities	20,901	24,928	32,683	46,693
Distributions declared to unitholders ⁽¹⁾	9,868	9,862	19,737	19,722
Distributions declared per trust unit ($/Unit)	0.2734	0.2734	0.5469	0.5469
FFO payout ratio – basic ⁽¹⁾	52.4%	29.8%	54.9%	39.7%
AFFO payout ratio – basic ⁽¹⁾	64.7%	33.1%	68.6%	45.8%
Net and comprehensive income	4,760	20,300	10,424	20,121
FFO ⁽¹⁾	18,815	33,106	35,919	49,702
Per basic unit ($/Unit) ⁽¹⁾	0.52	0.92	1.00	1.38
Per diluted unit ($/Unit) ⁽¹⁾	0.49	0.85	0.93	1.27
AFFO ⁽¹⁾	15,248	29,779	28,786	43,026
Per basic unit ($/Unit) ⁽¹⁾	0.42	0.83	0.80	1.19
Per diluted unit ($/Unit) ⁽¹⁾	0.39	0.76	0.75	1.10
Measurements excluding insurance proceeds:
FFO ⁽¹⁾	18,815	19,025	35,689	34,635
FFO per unit – basic ($/Unit) ⁽¹⁾	0.52	0.53	0.99	0.96
FFO payout ratio – basic ⁽¹⁾	52.4%	51.8%	55.3%	56.9%
AFFO ⁽¹⁾	15,248	15,698	28,556	27,959
AFFO per unit – basic ($/Unit) ⁽¹⁾	0.42	0.44	0.79	0.78
AFFO payout ratio – basic ⁽¹⁾	64.7%	62.8%	69.1%	70.5%
Weighted average number of units – basic (000’s) ⁽¹⁾	36,090	36,064	36,085	36,064
Weighted average number of units – diluted (000’s) ⁽¹⁾	38,677	39,079	38,587	39,217
_{⁽¹⁾ See “Non-IFRS and Other Financial Measures”.} _{⁽²⁾ The weighted average credit facilities interest rate represents the aggregate rate applicable to the Syndicated and Term facilities.}

AMR GROWTH DRIVES CONSISTENT MULTI-RESIDENTIAL SAME DOOR NOI AMID EXPENSE PRESSURE

During the second quarter, multi-residential Same door NOI remained steady at $34.8 million, representing a modest 0.2% increase over the same period in 2025. However, NOI margin compressed by 180 bps due to higher operating expenses in select markets.

Same door multi-residential revenue grew across the portfolio in the second quarter, primarily driven by market rental rates achieved on turnovers and steady renewals. While the uplift in rental rates supported revenue growth, the gains were partially offset by a decline in occupancy. AMR was $1,542 as at June 30, 2026, an increase of 3.9% compared to $1,484 from the second quarter of 2025. Same door occupancy of 94.9% in the second quarter remained sequentially stable. The slight decrease of 120 bps compared to the same period in 2025 was primarily concentrated in select Western and Central Canada markets, which are currently navigating new market supply absorption that began in the second half of 2025 and the ongoing changeover to address temporary operational gaps. Furthermore, Northern Canada experienced temporary occupancy contraction due to the planned transition to market rental housing for six properties, comprising 129 suites in Yellowknife, Northwest Territories. These properties were subsequently sold on July 30, 2026.

Same door operating expenses increased by 7.8% during the second quarter, compared to the same period in 2025 primarily driven by a combination of broader market pressures and seasonal weather variances. Unseasonably cold weather conditions increased utility consumption and elevated seasonal repair and maintenance costs. Furthermore, expenses reflect increased tenant-related maintenance spending across certain markets in the Northern, Atlantic, and Central Canada portfolios. These regional pressures were compounded by property tax increases in certain municipalities, most notably in Western and Atlantic Canada, and surging fuel oil prices amid global energy market volatility predominantly in Northern Canada.

CONTINUING IMPROVEMENTS IN COMMERCIAL LEASING ACTIVITIES

During the second quarter, Northview continues to see improvements in commercial leasing activities, particularly in Northern, Atlantic and Central Canada improving commercial portfolio Same door occupancy by 240 bps over the same period in 2025. In Northern Canada, Northview successfully renewed 91,000 sq. ft. with a weighted average lease term of 5 years, commencing during the second quarter. Most renewals were with anchor tenants for 5-year terms, including options for an additional five-year term at prevailing market rates.

In addition, Northview secured an additional 55,000 sq. ft. of fixed term leases for previously vacant space, with a weighted average lease term of 6 years, primarily in Atlantic and Central Canada.

CONSISTENT FFO, EXCLUDING IMPACT OF INSURANCE PROCEEDS, AND STABLE FFO PAYOUT RATIO

During the second quarter, FFO per basic unit, excluding the impact of insurance proceeds (other income), remained consistent at $0.52 compared to $0.53 in the same period of 2025. Excluding the impact of insurance proceeds, the FFO payout ratio of 52.4% was stable, up slightly from 51.8% in the previous year’s quarter. During the second quarter, FFO per basic unit was $0.52, representing a decrease of $0.40 compared to $0.92 in the same period of 2025, which included $14 million in insurance proceeds or $0.39 per basic unit.

MAINTAINING RESILIENT DEBT METRICS FOR FUTURE FLEXIBILITY

Northview continues to demonstrate resilient debt metrics in the second quarter, reflecting a consistent commitment to prudent leverage management. As at June 30, 2026, the debt-to-gross book value increased to 62.9%, up 50 bps from December 31, 2025, primarily due to additional funds drawn from Northview’s syndicated credit facility to support the ongoing construction of investment properties under development, and general working capital needs.

During the second quarter, the trailing twelve-month (“TTM”) debt-to-adjusted EBITDA ratio significantly strengthened to 10.8 times, representing an additional 0.8 times improvement, primarily driven by a combination of lower total debt and higher TTM Same door NOI. Over the same period, the interest coverage ratio (TTM) improved by 0.3 times to 2.3 times and the debt service coverage ratio (TTM) improved by 0.2 times to 1.6 times. These improvements in coverage metrics were primarily driven by a 5.20% weighted average interest on the facilities, representing a 47 bps decrease in rate, the prudent paydown of outstanding facilities’ balances, and improved EBITDA.

SYNDICATED CREDIT FACILITY SUCCESSFULLY RENEWED ON FAVORABLE TERMS

On July 14, 2026, Northview successfully completed the refinancing of its Syndicated credit facility, extending the maturity to December 31, 2028. As part of an active treasury management strategy, the total facility commitment was reduced to $200 million, previously $265 million, and the existing rate spread was reduced by 70 bps.

Northview drew down on its existing Syndicated facility to fully repay the Term facility, subsequently rolling the aggregated outstanding balance into the new Syndicated facility to secure a reduced interest rate and optimize debt servicing costs.

The renewal of the Syndicated facility and the full repayment of the Term facility are expected to deliver a simpler, more efficient debt structure and provide additional financial flexibility along with future interest savings.

NON-IFRS AND OTHER FINANCIAL MEASURES

Certain measures in this earnings release do not have any standardized meaning as prescribed by IFRS Accounting Standards (“IFRS”) and may, therefore, be considered non-IFRS financial measures, non-IFRS ratios, or other measures and may not be comparable to similar measures presented by other issuers. These measures are provided to enhance the readers’ overall understanding of Northview’s current financial condition and financial performance.
They are included to provide investors and management with an alternative method for assessing our operating results in a manner that is focused on the performance of our ongoing operations and to provide a more consistent basis for comparison between periods. These measures include widely accepted measures of performance for Canadian real estate investment trusts; however, the measures are not defined by IFRS. In addition, these measures are subject to the interpretation of definitions by the preparers of financial statements and may not be applied consistently between real estate entities. These measures include:

Non-IFRS Financial Measures: Adjusted funds from operations (“AFFO”) and funds from operations (“FFO”).
Non-IFRS Ratios: AFFO payout ratio; AFFO per unit, FFO payout ratio, and FFO per unit
Measurements Excluding Insurance Proceeds: AFFO, AFFO payout ratio, AFFO per unit, FFO, FFO payout ratio, and FFO per unit.
Capital Management And Other: Distributions declared to unitholders, debt-to-adjusted earnings before interest, tax, depreciation and amortization (EBITDA), interest coverage ratio, debt service coverage ratio and debt to gross book value.
Other Key Performance Indicators: Average monthly rent (“AMR”); net operating income (“NOI”) margin; occupancy; Same door revenues, expenses, net operating income, occupancy, and AMR; weighted average number of units – basic; and weighted average number of units – diluted

For further information on the most directly comparable IFRS measures, composition of the measures, a description of how Northview uses these measures, and an explanation of how these measures provide useful information to investors, refer to the “Non-IFRS and Other Financial Measures” section of Northview’s Management Discussion and Analysis as at and for the six months ended June 30, 2026 and 2025, available on Northview’s profile on SEDAR+ at www.sedarplus.com, which is incorporated by reference into this news release.

NON-IFRS RECONCILIATION
The following table reconciles FFO and AFFO from net and comprehensive income, the most directly comparable IFRS measure as presented in the unaudited condensed consolidated interim financial statements:

	Three Months Ended June 30		Six Months Ended June 30
(thousands of dollars, except as indicated)	2026	2025	2026	2025
Net and comprehensive income	4,760	20,300	10,424	20,121
Adjustments:
Distributions on exchangeable units	929	929	1,858	1,858
Fair value loss on investment properties	11,472	7,186	20,870	23,109
Fair value loss on units	1,272	3,756	1,824	1,877
Accretion on redeemable units	—	398	—	1,362
Transaction costs on sale of investment properties	—	41	—	430
Depreciation	324	314	648	625
Other ⁽¹⁾	58	182	295	320
FFO ⁽²⁾	18,815	33,106	35,919	49,702
Maintenance capex reserve – multi-residential	(3,252)	(3,113)	(6,504)	(6,253)
Maintenance capex reserve – commercial	(315)	(214)	(629)	(423)
AFFO ⁽²⁾	15,248	29,779	28,786	43,026
FFO per Unit ($/Unit) ⁽²⁾
Basic	0.52	0.92	1.00	1.38
Diluted	0.49	0.85	0.93	1.27
FFO payout ratio ⁽²⁾
Basic	52.5%	29.8%	54.9%	39.7%
Diluted	56.2%	32.3%	58.8%	43.2%
AFFO per Unit ($/Unit) ⁽²⁾
Basic	0.42	0.83	0.80	1.19
Diluted	0.39	0.76	0.75	1.10
AFFO payout ratio ⁽²⁾
Basic	64.7%	33.1%	68.6%	45.8%
Diluted	69.4%	35.9%	73.3%	49.8%
Other Adjustments:
Insurance proceeds	—	(14,081)	(230)	(15,067)
Measurements excluding insurance proceeds:
FFO ⁽²⁾	18,815	19,025	35,689	34,635
FFO per unit – basic ($/Unit) ⁽²⁾	0.52	0.53	0.99	0.96
FFO per unit – diluted ($/Unit) ⁽²⁾	0.49	0.49	0.92	0.88
FFO payout ratio – basic ⁽²⁾	52.4%	51.8%	55.3%	56.9%
FFO payout ratio – diluted ⁽²⁾	56.2%	56.2%	59.1%	61.9%
AFFO ⁽²⁾	15,248	15,698	28,556	27,959
AFFO per unit – basic ($/Unit) ⁽²⁾	0.42	0.44	0.79	0.78
AFFO per unit – diluted ($/Unit) ⁽²⁾	0.39	0.40	0.74	0.71
AFFO payout ratio – basic ⁽²⁾	64.7%	62.8%	69.1%	70.5%
AFFO payout ratio – diluted ⁽²⁾	69.4%	68.1%	73.9%	76.7%
Distributions
Basic	9,868	9,862	19,737	19,722
Diluted	10,576	10,685	21,105	21,447
Weighted average number of units
Basic (‘000s) ⁽²⁾	36,090	36,064	36,085	36,064
Diluted (‘000s) ⁽²⁾	38,677	39,079	38,587	39,217
_{⁽¹⁾ “Other” is comprised of amortization of tenant inducements, amortization of property, plant and equipment, and other items included in equity income from joint ventures.} _{⁽²⁾ See “Non-IFRS and Other Financial Measures”.}

FINANCIAL INFORMATION

Northview’s unaudited condensed consolidated interim financial statements, the notes thereto, and Management’s Discussion and Analysis for the three and six months ended June 30, 2026 and 2025, can be found on Northview’s website at www.rentnorthview.com and on SEDAR+ at www.sedarplus.com.

ABOUT NORTHVIEW RESIDENTIAL REIT

Northview is a publicly-traded real estate investment trust established pursuant to a declaration of trust under the laws of the province of Ontario for the primary purpose of acquiring, owning, and operating a portfolio of income-producing rental properties in secondary markets within Canada.

CAUTIONARY AND FORWARD-LOOKING INFORMATION

Certain information contained in this news release constitutes forward-looking information within the meaning of applicable securities laws. Statements that reflect Northview’s objectives, plans, goals, and strategies are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from future results expressed, projected, or implied by such forward-looking information. In some instances, forward-looking information can be identified by the use of terms such as “may”, “should”, “expect”, “will”, “anticipate”, “believe”, “intend”, “estimate”, “predict”, “potentially”, “starting”, “beginning”, “begun”, “moving”, “continue”, or other similar expressions concerning matters that are not historical facts. Forward-looking information in this news release includes, but is not limited to, future maintenance expenditures, financing and the availability of financing and the terms thereof, the replacement of floating-rate debt with fixed-rate debt, the ability to sell select assets, terms, or timing to be completed, the use of proceeds from any such sales, future economic conditions, the expected distributions of Northview, liquidity and capital resources, market trends, future operating efficiencies, tenant incentives, and occupancy levels. Such statements involve significant risks and uncertainties and are not meant to provide guarantees of future performance or results. These cautionary statements qualify all of the statements and information contained in this news release incorporating forward-looking information.

Forward-looking information is made as of August 7, 2026 and is based on information available to management as of that date. Management believes that the expectations reflected in forward-looking information are based upon reasonable assumptions; however, management can give no assurance that the actual results will be consistent with this forward-looking information. Factors that could cause actual results, performance, or achievements to differ materially from those expressed or implied by forward-looking information include, but are not limited to, the risks identified herein, and those discussed in Northview’s other materials filed with the Canadian securities regulatory authorities from time to time including those discussed under the Risk Factors section disclosed in its MD&A for the year ended December 31, 2025. The risks include, but are not limited to, government regulation of residential tenancies; availability of favorable financing and changes in interest rates; general economic conditions; asset dispositions may fall short of projected terms, while acquired assets may underperform relative to financial and operational expectations; reliance on property appraisal reports; certain catastrophic risks are either impossible or prohibitively expensive to insure, adverse impact of environmental matters and climate change, inflationary pressures, tenants’ ability to pay, ability to maintain liquidity, reliance on information technology to conduct business, capital demands related to real estate ownership, and the potential non-renewal of land leases, fluctuations in commodity prices; Northview’s ability to maintain distributions at existing levels, and its ability to maintain its real estate investment trust and mutual fund trust status for Canadian income tax purposes. Additional risks and uncertainties not presently known to Northview, or those risks and uncertainties that Northview currently believes to not be material, may also adversely affect Northview. Northview cautions readers that this list of factors is not exhaustive and that should certain risks or uncertainties materialize, or should underlying estimates or assumptions, including those outlined in Note 2 of the 2025 annual financial statements, prove incorrect, actual events, performance, and results may vary materially from those expected.

Except as specifically required by applicable Canadian law, Northview assumes no obligation to update or revise publicly any forward-looking information to reflect new events or circumstances that may arise after August 7, 2026.

To learn more about Northview, visit www.rentnorthview.com or contact:

Todd Cook		Sarah Walker
President and Chief Executive Officer		Chief Financial Officer
Northview Residential REIT		Northview Residential REIT
Tel:	(403) 531-0720	Tel:	(403) 531-0720
Email:	tcook@nvreit.ca	Email:	swalker@nvreit.ca

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