Northview Residential REIT Delivers Another Strong Q2 2025 Results on Interest Savings and Same Door NOI Growth, With $92 Million in Non-Core Asset Sales Set to Close This Year

Not for distribution to U.S. newswire services or for dissemination in the United States.

CALGARY, Alberta, Aug. 07, 2025 (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, 2025.

Q2 2025 HIGHLIGHTS

• Funds from operations ("FFO")⁽¹⁾ per basic Unit increased by 15.2%, excluding insurance proceeds
• Total interest expense decreased by 15.6% due to the significant reduction of credit facility interest which more than offset increases in mortgage interest from refinancing
• Strong same door NOI⁽²⁾ growth of 3.8% more than offset the NOI earned from assets sold leading to a 1.4% increase in total NOI
• Basic FFO payout ratio⁽¹⁾ improved by 790 bps to 51.8%, excluding insurance proceeds
• Anticipate $92.4 million of asset sales to close in late 2025 with total non-core asset dispositions expected to reach $167.1 million, above the non-core asset sales target of $100 - $150 million

"Northview's financial metrics continued to improve this quarter driven by ongoing interest savings and solid AMR growth across the portfolio. We're proud of the strong portfolio performance, which more than offset the impact of asset sales completed over the past year," comments Mr. Todd Cook, President and Chief Executive Officer of Northview.

Mr. Cook continued, "With the anticipated closing of $92 million in assets sales in late 2025, we will have exceeded our disposition target. The net proceeds from these dispositions have been earmarked for debt reduction and, when complete, will have reduced leverage by over 200 basis points."

"Ongoing improvements in operating results, combined with exceeding our non-core asset disposition target and successful debt management activities has well positioned Northview to deliver long-term value for our Unitholders," concluded Mr. Cook.

_______________
⁽¹⁾ Measurement excluding insurance proceeds. See "Non-GAAP and Other Financial Measures" section of this news release.
⁽²⁾ Other Key Performance Indicator. See "Non-GAAP and Other Financial Measures" section of this news release.

FINANCIAL CONDITIONS AND OPERATING RESULTS

(thousands of dollars, except as indicated)	As at June 30, 2025		As at December 31, 2024
Total assets	2,659,068		2,680,323
Total liabilities	1,850,203		1,873,848
Credit facilities	243,249		266,949
Mortgages payable	1,393,942		1,394,734
Debt to gross book value(1)	64.5	%	64.8	%
Weighted average mortgage interest rate	3.92	%	3.86	%
Weighted average mortgage term to maturity (years)	4.6		4.7
Weighted average capitalization rate	6.60	%	6.62	%
Weighted average credit facility interest rate	5.86	%	8.19	%
Multi-residential occupancy(2)	96.2	%	95.8	%
AMR ($)(2)	1,463		1,427

	Three Months Ended June 30				Six Months Ended June 30
(thousands of dollars, except as indicated)	2025		2024		2025		2024
Revenue	69,325		68,782		138,647		137,627
NOI	42,215		41,634		80,690		79,401
NOI margin(2)	60.9	%	60.5	%	58.2	%	57.7	%
Cash flows provided by operating activities	24,928		23,719		46,693		33,521
Distributions declared to Unitholders(1)	9,862		9,861		19,722		19,719
Distributions declared per Trust Unit ($/Unit)	0.2734		0.2734		0.5469		0.5469
FFO payout ratio - basic(3)	29.8	%	53.3	%	39.7	%	62.4	%
AFFO payout ratio - basic(3)	33.1	%	65.6	%	45.8	%	79.9	%
Net and comprehensive income (loss)	20,300		(3,157	)	20,121		(3,316	)
Per basic unit ($/Unit)	0.56		(0.09	)	0.56		(0.09	)
Per diluted unit ($/Unit)	0.52		(0.08	)	0.51		(0.08	)
FFO(3)	33,106		18,496		49,702		31,602
Per basic unit ($/Unit)(3)	0.92		0.51		1.38		0.88
Per diluted unit ($/Unit)(3)	0.85		0.47		1.27		0.80
AFFO(3)	29,779		15,032		43,026		24,672
Per basic unit ($/Unit)(3)	0.83		0.42		1.19		0.68
Per diluted unit ($/Unit)(3)	0.76		0.38		1.10		0.63
Measurements excluding insurance proceeds:
FFO(3)	19,025		16,522		34,635		29,519
FFO per Unit - basic ($/Unit)(3)	0.53		0.46		0.96		0.82
FFO payout ratio - basic(3)	51.8	%	59.7	%	56.9	%	66.8	%
AFFO(3)	15,698		13,058		27,959		22,589
AFFO per Unit - basic ($/Unit)(3)	0.44		0.36		0.78		0.63
AFFO payout ratio - basic(3)	62.8	%	75.5	%	70.5	%	87.3	%
Weighted average number of Units - basic (000's)(2)	36,064		36,056		36,064		36,056
Weighted average number of Units - diluted (000's)(2)	39,079		39,099		39,217		39,388

_______________
⁽¹⁾ Capital Management Measure. See "Non-GAAP and Other Financial Measures" section of this news release.
⁽²⁾ Other Key Performance Indicator. See "Non-GAAP and Other Financial Measures" section of this news release.
⁽³⁾ Non-GAAP financial measure, non-GAAP ratio, or measurement excluding insurance proceeds. See "Non-GAAP and Other Financial Measures" section of this news release.

DELIVERED STRONG FFO GROWTH AND IMPROVED FFO PAYOUT RATIO

For the three months ended June 30, 2025, FFO per basic Unit was $0.92 including insurance proceeds of $14.1 million or $0.39 in FFO per basic Unit. Excluding insurance proceeds recognized in both periods, FFO per basic Unit increased by 15.2% to $0.53 from $0.46 compared to 2024. The growth in FFO was attributable to interest savings in financing costs and same door NOI growth. These FFO improvements also led to an improved FFO payout ratio, excluding insurance proceeds, of 51.8% for the second quarter of 2025 compared to 59.7% from the comparative period.

GENERATED SAME DOOR NOI GROWTH OF 3.8% ON STRONG AMR GROWTH

Same door NOI of $42.2 million grew 3.8% for the three months ended June 30, 2025 compared to the prior year, driven by 4.8% NOI growth in the multi-residential portfolio.

Same door revenue for the multi-residential portfolio increased by 4.1%, driven by AMR improvements across all regions. Same door AMR was $1,463 as of June 30, 2025, up 5.5% compared to June 30, 2024, led by the Atlantic and Western Canada regions, with 8.5% and 6.2% growth, respectively. Same door occupancy remained stable at 96.2% compared to the prior year of 96.5% and the first quarter of 2025 of 96.1%.

Total NOI increased by $0.6 million or 1.4% for the three months ended June 30, 2025 as strong same door NOI growth more than offset the NOI earned from assets sold in 2024 and 2025.

REPORTED NET AND COMPREHENSIVE INCOME OF $20.3 MILLION

For the three months ended June 30, 2025, net and comprehensive income was $20.3 million, an improvement compared to a net and comprehensive loss of $3.2 million in the same period last year. The increase reflects the recognition of insurance proceeds, savings on interest expense, as well as improved NOI performance.

ACHIEVED INTEREST EXPENSE SAVINGS AND IMPROVED LIQUIDITY

Northview reduced its overall financing costs compared to the prior year, primarily driven by a 52.5% decrease in interest expense on credit facilities, which more than offset the increase in mortgage interest from refinancing activities. The significant savings on credit facilities were driven by management's strategic actions in reducing outstanding credit facilities balances and amending the credit facilities agreements on October 24, 2024, in addition to benefiting from a lower interest rate environment.

During the second quarter of 2025, Northview made $3.3 million in net payments on credit facilities, for a total of $24.0 million in 2025, driving the increase in available undrawn credit to $97.4 million as at June 30, 2025, compared to $73.4 million as at December 31, 2024.

NON-CORE ASSET DISPOSITIONS NEARING TARGET

During the six months ended June 30, 2025, Northview completed $74.7 million of non-core asset sales, all of which occurred during the three months ended March 31, 2025. These sales consisted of a total of 353 multi-residential suites and 1,152 commercial sq. ft. located in Fort Nelson, BC, Brooks, AB, and Prince George, BC with pricing inline with Northview's IFRS fair value of investment properties.

During the second quarter of 2025, a $40.5 million portfolio in Moncton, NB has been classified as assets held for sale following the waiver of sale conditions. In addition, a St. John's, NL portfolio of $51.9 million is under contract and subject to the waiver of customary closing conditions. Both transactions reflect pricing inline with Northview's IFRS fair value of investment properties. Subject to closing, which is anticipated in late 2025, these dispositions are expected to bring total sales to $167.1 million, above Northview's asset sale target of $100 - $150 million and ahead of the original 2026 timeline.

RECEIVED $14.1 MILLION OF INSURANCE PROCEEDS TO SUPPORT REBUILD

During the second quarter of 2025, Northview recognized $14.1 million of insurance proceeds compared to $2.0 million in 2024. The 2025 insurance proceeds mainly related to a property with 37 multi-residential units and 4,450 commercial sq. ft. located in Iqaluit, NU that was lost to a fire in early 2025. Northview is currently in the development permitting process, with construction to rebuild the property expected to commence in 2026.

NON-GAAP AND OTHER FINANCIAL MEASURES

Certain measures in this earnings release do not have any standardized meaning as prescribed by generally accepted accounting principles ("GAAP") and may, therefore, be considered non-GAAP financial measures, non- GAAP 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 GAAP. 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-GAAP Financial Measures: Adjusted funds from operations ("AFFO") and funds from operations ("FFO")
• Non-GAAP 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 Measures: Distributions declared to Unitholders and debt to gross book value
• Other Key Performance Indicators: AMR; NOI margin; occupancy; same door revenue, expenses, net operating income, occupancy, and AMR; weighted average number of Units - basic; and weighted average number of Units - diluted

For information on the most directly comparable GAAP 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-GAAP and Other Financial Measures" section of Northview's Management Discussion and Analysis as at and for the three and six months ended June 30, 2025 and 2024, available on Northview's profile on SEDAR+ at www.sedarplus.com, which is incorporated by reference into this news release.

NON-GAAP RECONCILIATION

The following table reconciles FFO and AFFO from net and comprehensive income (loss), the most directly comparable GAAP 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)	2025		2024		2025		2024
Net and comprehensive income (loss)	20,300		(3,157	)	20,121		(3,316	)
Adjustments:
Distributions on Exchangeable Units	929		929		1,858		1,858
Fair value loss on investment properties	7,186		5,643		23,109		13,385
Fair value loss on Exchangeable Units	3,704		11,890		1,835		13,420
Fair value loss on Restricted Units	52		44		42		44
Accretion on Redeemable Units	398		2,309		1,362		4,567
Transaction costs on dispositions	41		-		430		-
Depreciation	314		737		625		1,471
Other(1)	182		101		320		173
FFO(2)	33,106		18,496		49,702		31,602
Maintenance capex reserve - multi-residential	(3,113	)	(3,282	)	(6,253	)	(6,566	)
Maintenance capex reserve - commercial	(214	)	(182	)	(423	)	(364	)
AFFO(2)	29,779		15,032		43,026		24,672
FFO per Unit ($/Unit)(2)
Basic	0.92		0.51		1.38		0.88
Diluted	0.85		0.47		1.27		0.80
FFO payout ratio(2)
Basic	29.8	%	53.3	%	39.7	%	62.4	%
Diluted	32.3	%	57.8	%	43.2	%	68.2	%
AFFO per Unit ($/Unit)(2)
Basic	0.83		0.42		1.19		0.68
Diluted	0.76		0.38		1.10		0.63
AFFO payout ratio(2)
Basic	33.1	%	65.6	%	45.8	%	79.9	%
Diluted	35.9	%	71.1	%	49.8	%	87.3	%
Other Adjustments:
Insurance Proceeds	(14,081	)	(1,974	)	(15,067	)	(2,083	)
Measurements excluding insurance proceeds:
FFO(2)	19,025		16,522		34,635		29,519
FFO per Unit - basic ($/Unit)(2)	0.53		0.46		0.96		0.82
FFO payout ratio - basic(2)	51.8	%	59.7	%	56.9	%	66.8	%
AFFO(2)	15,698		13,058		27,959		22,589
AFFO per Unit - basic ($/Unit)(2)	0.44		0.36		0.78		0.63
AFFO payout ratio - basic(2)	62.8	%	75.5	%	70.5	%	87.3	%
Distributions
Basic	9,862		9,861		19,722		19,719
Diluted	10,685		10,693		21,447		21,540
Weighted average number of Units
Basic ('000s)(3)	36,064		36,056		36,064		36,056
Diluted ('000s)(3)	39,079		39,099		39,217		39,388

_______________
⁽¹⁾ "Other" is comprised of non-controlling interest, amortization of other long-term assets, amortization of tenant inducements, and fair value adjustments for non-controlling interest and equity investments.
⁽²⁾ Non-GAAP financial measure, non-GAAP ratio, or measurement excluding insurance proceeds. See "Non-GAAP and Other Financial Measures"
⁽³⁾ See "Non-GAAP and Other Financial Measures - Other Key Performance Indicators".

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, 2025 and 2024, 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, 2025 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 in Northview's Management's Discussion and Analysis for the three and six months ended June 30, 2025 and 2024 and those discussed in Northview's other materials filed with the Canadian securities regulatory authorities from time to time, general economic conditions; the availability of a new competitive supply of real estate which may become available through construction; Northview's ability to maintain distributions at their current level; Northview's ability to maintain occupancy and the timely lease or re-lease of multi-residential suites, execusuites, and commercial space at current market rates; tenant defaults; changes in interest rates, which continue to be volatile and have trended upward since Northview's formation in 2020; changes in inflation rates, including increased expenses as a result thereof; Northview's qualification as a real estate investment trust; changes in operating costs; governmental regulations and taxation; fluctuations in commodity prices; and the availability of financing. 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 Northview's annual audited financial statements for the year ended December 31, 2024, 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, 2025.

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

Todd Cook President and Chief Executive Officer Northview Residential REIT Tel: [phone] Email: [e-mail]		Sarah Walker Chief Financial Officer Northview Residential REIT Tel: [phone] Email: [e-mail]