Northview REIT Exceeds Asset Sale Goals and Strengthens Financial Footing in 2025
Northview Residential REIT has released its financial results for the year ending December 31, 2025. The company exceeded its asset sale targets while improving key financial metrics. Strong growth in net operating income and reduced debt levels mark a year of significant progress.
The firm completed its non-core asset disposal programme by selling a $40 million multi-family residential portfolio in Moncton. This final deal brought total non-core sales to $164 million, surpassing the initial $100–$150 million target. Since early 2024, Northview has divested 1,248 residential units through these transactions.
Proceeds from sales and refinancing cut credit facility balances by $122.7 million. This reduction lowered leverage by 240 basis points from December 2024 levels. The debt-to-gross book value ratio improved to 62.4%, while the debt-to-adjusted EBITDA ratio strengthened to 10.8 times—a 1.2 times improvement over the prior year.
Net operating income reached $164.1 million, up 2.1% from 2024. Same-door NOI growth, particularly in Western and Atlantic Canada (9.2% and 8.6% respectively), offset losses from asset sales. Funds from operations per unit climbed 31.7% year-over-year to $2.37, compared with $1.80 in 2024.
In the fourth quarter alone, FFO per unit rose 6.7% to $0.48. The FFO payout ratio improved by 360 basis points to 57.6%, helped by a 5.6% increase in same-door residential NOI and a 14.2% drop in interest expenses. Excluding insurance proceeds, FFO per unit grew even more sharply—up 14.9%—with the payout ratio falling 830 basis points to 56.6%.
The company's financial position has strengthened through asset sales, debt reduction, and higher operating income. With lower leverage and improved profitability, Northview enters 2026 on firmer footing. The results reflect both strategic divestments and stronger performance in core markets.
