Northview REIT reports record 31.7% FFO growth in 2025 financial results
Northview Residential REIT (NRR.UN) has released its financial results for the final quarter and full year of 2025. The company reported strong growth in key areas, including a 6.7% rise in funds from operations (FFO) per basic unit for Q4. This performance was driven by higher rental income and lower borrowing costs.
The annual figures also showed significant improvements, with FFO per unit climbing 31.7% compared to 2024.
For the year ending December 31, 2025, Northview's FFO per basic unit reached $2.37, up from $1.80 in 2024. The increase came from steady rental income growth and reduced interest expenses. Excluding one-off insurance proceeds, FFO per unit still grew by 14.9%, while the FFO payout ratio improved by 830 basis points to 56.6%.
Same-door net operating income (NOI) from multi-residential properties rose by 5.7% to $136.1 million for the year. Western and Atlantic Canada led the way, with NOI growth of 9.2% and 8.6%, respectively. Total NOI across the portfolio reached $164.1 million, a 2.1% increase over 2024, despite the sale of non-core assets.
The company sold $164 million in non-core properties, exceeding its $100–$150 million target. A $40 million sale of a Moncton residential portfolio helped cut credit facility balances by $122.7 million. This reduction lowered leverage by 240 basis points and contributed to a 14.2% drop in interest expenses.
In Q4 alone, FFO per unit grew 6.7% to $0.48, while the payout ratio improved by 360 basis points to 57.6%. The gains were supported by a 5.6% rise in same-door multi-residential NOI and continued savings on debt costs.
Northview's 2025 results highlight stronger rental income and lower borrowing expenses. The sale of non-core assets reduced debt and improved financial flexibility. With NOI growth across key regions, the company's operating performance has strengthened heading into 2026.
