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CALGARY, Alberta, Nov. 12, 2026 (GLOBE NEWSWIRE) -- Northview Residential REIT (“Northview” or the “REIT”) (NRR.UN – TSX), today announced financial results for the three and nine months ended September 30, 2026.

Q3 2026 HIGHLIGHTS

• FFO per Unit growth – FFO per unit, excluding insurance proceeds, grew by 19.6% to $0.61 FFO per unit, supported by Same Door NOI growth and interest savings.

• Total Same Door NOI growth – Same door NOI growth of 4.2% driven by higher AMR, and disciplined operating expense management, which served to mitigate some of the ongoing cost pressures from higher fuel oil prices and property taxes.

• Continued Rent Growth – AMR increased 3.6% to $1,557, compared to $1,503 in the third quarter of 2025 offsetting 70 bps decrease in Same door multi-residential occupancy compared to the third quarter of 2025.

• Commercial leasing activity continued to improve – Commercial occupancy improved 190 bps. As of September 30, 2026, Northview has leased 54,200 sq. ft. of previous vacant spaces, renewed 144,500 sq.ft. on fixed-terms, and converted 48,300 sq. ft. of previous month-to-month leases into fixed-term leases.

• Optimized Credit Facilities to Reduce Financing Costs – During the quarter, Northview successfully amended its Syndicated facility and LC facility and terminated its Term facility, further advancing its active treasury management strategy. The amendments reduced the existing rate spread by 70 basis points, right-sized the Syndicate’s facility commitment to $200 million from $265 million, and extended its maturity to December 31, 2028.

• Continued focus on debt management – During the quarter, Northview’s TTM debt-to-adjusted EBITDA ratio strengthened to 10.7 times, primarily driven by lower total debt and higher Same door NOI.  

“Northview delivered another strong quarter, with FFO growth of 20% supported by lower financing costs, Same door NOI growth and improved commercial occupancy. Our focus on expense management enabled us to partially offset continuing expense pressures, including higher fuel oil prices and property taxes. We are also encouraged by recent positive multi-residential leasing trends.” commented Mr. Todd Cook, President and Chief Executive Officer of Northview.

Mr. Cook continued, "Our continued focus on debt management, including the successful renewal of our credit facilities during the quarter has put the REIT in a position to generate interest savings in a rising interest rate environment. These efforts combined with solid operating performance reinforce our financial resilience and continue to deliver strong financial performance," concluded Mr. Cook.

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

⁽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.

STRONG FFO GROWTH AND IMPROVED FFO PAYOUT RATIO, EXCLUDING IMPACT OF INSURANCE PROCEEDS

During the third quarter, FFO per basic unit, excluding insurance proceeds recognized in other income, increased by 19.6% to $0.61, compared to $0.51 in the same period of 2025. The growth in FFO was primarily driven by interest savings from lower financing costs, as Northview continues to execute its debt management strategy, together with Same door NOI growth. As a result, the FFO payout ratio, excluding insurance proceeds, was 44.9%, an improvement of 820 bps compared to previous year’s quarter.

Including insurance proceeds of $3.5 million or $0.10 per basic unit, FFO per basic unit increased to $0.71 compared to $0.52 in the same period of 2025.

MULTI-RESIDENTIAL SAME DOOR NOI GROWTH DRIVEN BY REVENUE GAINS AND STABLE EXPENSES

During the third quarter, multi-residential Same door NOI grew to $37.5 million, a 3.8% increase over the same period in 2025, driven by modest revenue gains, and stable operating expenses that expanded the NOI margin by 80 bps.

Same door multi-residential revenue grew across the portfolio in the third quarter, driven by sequential AMR growth and stable portfolio occupancy, with occupancy improvements realized in several markets relative to the second quarter. Stronger rental spreads on turnovers from market rental rates and steady renewals drove AMR gains. AMR was $1,557 as at September 30, 2026, an increase of 3.6% compared to $1,503 from the third quarter of 2025. Same door occupancy was 95.4% in the third quarter, down by 70 bps compared to the same period in 2025, and steady compared to the second quarter. Occupancy remained strong in Northern Canada and improved further sequentially from second quarter. Western Canada also saw sequential gains, while Atlantic and Central Canada maintained consistent occupancy. Select markets within the portfolio experienced occupancy declines as they continued to navigate new market supply absorption, lower leasing traffic and temporary operational headwinds.

Same door operating expenses remained stable during the third quarter compared to the same period in 2025, as lower seasonal repair and maintenance expenses were partially offset by higher utility expenses and property taxes. Utility expenses increased primarily due to higher rates and persistently higher fuel oil prices in the Northwest Territories; meanwhile property taxes rose in select municipalities in Western, Atlantic, and Central Canada driven by increased assessed values and higher levy rates.

Total multi-residential NOI rose to $38.0 million, a 0.9% increase in the third quarter over the same period in 2025, as Same door NOI growth more than compensated for the earnings reduction resulting from the recent disposition of six underperforming properties in Yellowknife, Northwest Territories in July 2026, and five properties in St. John’s, Newfoundland and Labrador, in September 2025 as part of its non-core asset disposition initiative.

CONTINUING IMPROVEMENTS IN COMMERCIAL LEASING ACTIVITIES

During the third quarter, Northview continued to see improvements in commercial leasing activities, particularly in Northern, Atlantic and Central Canada, with commercial portfolio Same door occupancy increasing by 190 bps over the same period in 2025.

As at September 30, 2026, Northview secured renewals for 144,500 sq. ft. of leasable space on fixed terms, up by 6,600 sq. ft. over the second quarter, with a weighted average lease term of 5 years. Additionally, 48,300 sq. ft. of previous month-to-month leases were converted into fixed-term leases, an increase of 31,900 sq. ft. over the second quarter. These renewals and conversions were primarily with anchor tenants in Northern Canada.

Following a strong first half of 2026, Northview continued to focus on securing long-term leases to fill vacancies. As at September 30, 2026, Northview also leased an additional 54,200 sq. ft. of previously vacant space with a weighted average lease term of 6-years. These new leases, which commenced between the first and third quarters, were driven primarily by leasing activities in Atlantic Canada.

DEBT MANAGEMENT DRIVES RESILIENT METRICS AND FLEXIBILITY

As at September 30, 2026, debt-to-gross book value was 62.3%, a 10 bps improvement from December 31, 2025.

Northview continues to demonstrate resilient debt metrics in the third quarter, reflecting a consistent commitment to prudent leverage management. During the third quarter, the trailing twelve-month (“TTM”) debt-to-adjusted EBITDA ratio strengthened to 10.7 times, representing an additional 0.4 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 0.2 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 driven by a 112 bps reduction in the weighted average interest to 4.55%, a 70 bps spread reduction on the recently amended Syndicated facility, prudent paydown of outstanding facilities’ balances, and improved EBITDA.

SYNDICATED CREDIT FACILITY RENEWED WITH SIGNIFICANT EXPECTED INTEREST RATE SAVINGS

On July 14, 2026, Northview successfully completed the refinancing of its Syndicated credit facility. As part of an active treasury management strategy, the total facility commitment was reduced to $200 million from $265 million, the existing rate spread was reduced by 70 bps, and the maturity was extended to December 31, 2028 from December 31, 2026. Northview also fully repaid the Term facility to secure a reduced interest rate optimizing 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 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 three and nine months ended September 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:

⁽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 months and nine months ended September 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 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 November 12, 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 November 12, 2026.

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