Northview Residential REIT · TSX:NRR.UN
Northview Residential REIT — Q4 2025 Earnings Presentation
29 slides from Northview Residential REIT's earnings presentation, Mar 17, 2026
Slide 1: Investor Presentation Q4 2025
Investor Presentation Q4 2025 Date of release – March 17, 2026
Slide 2: Disclaimer
Disclaimer Certain information contained in this presentation constitutes forward-looking information within the meaning of applicable securities laws. Statements that reflect Northview Residential REIT’s (“Northview” or the “REIT”) objectives, plans, goals, and strategies are subject to risks, unce
Slide 3: Northview Residential REIT
TSX: NRR.UN Northview Residential REIT Northview is one of Canada's largest publicly traded multi-residential REITs with nearly $2.6 billion in assets uniquely positioned in secondary markets across Canada Our Portfolio NOI% by Region2 12,785 Multi-Residential Suites 38% Northern Canada 35% 18% West
Slide 4: 2025 Highlights
TSX: NRR.UN 2025 Highlights +5.7% Same +14.9% FFO +1410 bps Door Multifamily per Unit Growth1, 2 improvement in NOI growth to $1.93 per Unit AFFO Payout Ratio1, 3 240 bps $102.9 million $173 million of reduction to the of non-core asset available liquidity debt-to-gross sales completed book value 1.
Slide 5: Q4 2025 At a Glance
TSX: NRR.UN Q4 2025 At a Glance Three Months ended Three Months ended December 31, 2025 December 31, 2024 Operational Performance Multi-residential Same Door Occupancy1 95.4% 96.2% Multi-residential Same Door AMR1 $1,515 $1,452 Financial Performance Same Door Multifamily NOI Growth1 5.6% 8.7% FFO pe
Slide 6: Investment Thesis
TSX: NRR.UN Investment Thesis Northview’s diversified portfolio and strong operational performance position it to generate earnings growth and Unitholder value Strong Multi- Sustained 1 family 2 Performance Fundamentals Compelling Sustainable Active Debt 3 Valuation 4 Distributions 5 Management Inve
Slide 7: Solid Multi-Residential Fundamentals Amid Economic Uncertainty
Solid Multi-Residential Fundamentals Amid 1 2 3 4 5 Solid Multi-Residential Economic Uncertainty Fundamentals TEMPERED IMMIGRATION, HOUSING SUPPLY SHORTAGE AND GEOPOLITICAL UNCERTAINTY • The 2025 Federal Budget largely reinforced the previously announced immigration targets as outlined in the Govern
Slide 8: Strong Performance in Multi-residential
1 2 3 4 5 Strong Performance in Multi-residential Sustained Performance Northview’s multi-residential portfolio continues with solid NOI supported by steady growth in AMR $1,515 Same Door multi-residential NOI increased 5.6% in Q4 2025 from Q4 2024 driven by strong revenue growth. Continued uptrend
Slide 9: Positive Momentum in Commercial Portfolio
1 2 3 4 5 Positive Momentum in Commercial Portfolio Sustained Performance Over 60,000 sq. ft. of signed leases and accepted offers to lease, which could contribute 500 bps of occupancy by mid-2026 • Occupancy improved 60 bps to 83.1% in Q4, 2025 from Q4, 2024 driven by increased leasing activity in
Slide 10: Compelling Valuation
1 2 3 4 5 Compelling Valuation Compelling Valuation Northview has a compelling valuation proposition with a trading discount to NAV and lower AFFO Multiple, offering significant upside potential Discount to IFRS NAV 1 AFFO Multiple 2 • Northview’s February 2026 Last Twelve Month’s unit price return
Slide 11: Sustainable Distributions at Attractive Yields
1 2 3 4 5 Sustainable Distributions at Attractive Yields Sustainable Distributions Delivering Stable Distributions Backed by Solid Earnings Growth AFFO Payout Ratio 1 Distribution Yield 2 1 3 2 • Improved AFFO payout ratio resulting from strong FFO growth driven by same door NOI expansion and intere
Slide 12: Mortgage Summary
1 2 3 4 5 Mortgage Summary Active Debt Management Staggered mortgage maturities reduce interest rate exposure on refinancing • Management anticipates further credit facility interest savings will more than offset the impact of higher interest rates 2026 mortgage renewals • In addition to solid opera
Slide 13: Active Debt Management
1 2 3 4 5 Active Debt Management Active Debt Management Northview continues to strengthen its balance sheet by reducing the credit facility balance, floating interest rate exposure and debt service costs 12.0x 12.0x 10.8x 10.8x • Reduced credit facility balance to $157 million as at December 31, 202
Slide 14: Non-core Asset Sales
Non-core Assets Sales Completed and exceeded the Non-core Asset Disposition Target • Northview surpassed its non-core asset sale target of $100 - $150 million set in 2024 having sold $164 million in non- core assets. Of this, $102.9 million was completed in 2025 • Non-core asset sale prices exceeded
Slide 15: Investment Thesis
TSX: NRR.UN Investment Thesis Northview’s diversified portfolio and strong operational performance position it to generate earnings growth and Unitholder value Strong Multi-family Sustained 1 Fundamentals 2 Performance Housing Completions Required by 20301 Same Door NOI Growth3 3.5 million 5.6% Nati
Slide 16: Environmental, Social, and Governance (ESG)
Environmental, Social, and Governance (ESG) Northview understand the importance of prioritizing ESG matters and is committed to enhancing its long-term ESG strategy OUR COMMITMENTS The REIT actively manages sustainability-related risks and opportunities, supports diversity and inclusion efforts and
Slide 17: 2025 Environmental Project Highlights
2025 Environmental Project Highlights Yellowknife Commercial Energy Audits Water Conservation Projects and Existing Building Recommissioning Supported by funding through the BOMA Enspire program, Through 2025, Northview continued to expand its water Northview completed Level 2 Energy Audits for seve
Slide 18: 2025 Social Commitment Highlights
2025 Social Commitment Highlights Strong 2025 Resident Survey Results Women Lead Here Benchmark Northview participated in the 2025 Canadian Multi-Residential Northview was proud to be recognized on The Globe and Resident Survey (CMRS) which compares responses from Mail's 2025 Women Lead Here benchma
Slide 19: Corporate Overview
Corporate Overview ae Northview
Slide 20: Aligned Sponsors and Institutional Relationships
Aligned Sponsors and Institutional Relationships Northview benefits from a strong Board of Trustees and Institutional support Board of Trustees Daniel Drimmer1, Chairman Daniel is the Founder and Chief Executive Officer of Starlight Investments and has 5% led significant amounts of real estate trans
Slide 21: Northview's Experienced Management Team
Northview’s Experienced Management Team Northview has a highly experienced internal management team, who have a proven track record of value creation for investors Todd Cook Sarah Walker Linay Freda Karl Bomhof President & Chief Executive Officer Chief Financial Officer Vice President, Operations Vi
Slide 22: Contact Information
Contact Information Todd Cook President & Chief Executive Officer tcook@nvreit.ca Sarah Walker Chief Financial Officer swalker@nvreit.ca General Investor Inquiries investorrelations@nvreit.ca (403) 531-0720 Investor Presentation | 22
Slide 23: Appendix — Our Core Regions
Appendix — Our Core Regions Northview
Slide 24: Western Canada
Western Canada British Columbia (6.4% of NOI1; AMR2 - $1,212; Occupancy2 – 98.1%) Taylor, BC • Northern BC’s economy has a predominant focus on the energy Fort St. John, BC and natural resource sector, which includes large hydroelectric dams, biomass facilities and wind farms. Slake Lake, AB Fort Mc
Slide 25: Northern Canada
Northern Canada Arctic Bay, NU • Northview is the largest private sector landlord and owner of income producing properties in these territories. Pond Inlet, NU Inuvik, NT • The real estate market in the territories is characterized by high rental rates and low vacancy rates. Permafrost, a short Camb
Slide 26: Atlantic Canada
Atlantic Canada New Brunswick (5.2% of NOI1; AMR2 - $1,134; Occupancy2 – 97.4%) • The economy in New Brunswick is closely tied to its exports and primary industries of agriculture, aquaculture, forestry, mining and manufacturing. Labrador City, NL • The economy and real estate market has been buoyed
Slide 27: Central Canada
Central Canada Manitoba (5.5% of NOI1; AMR2 - $1,204; Occupancy2 – 97.4%) • Winnipeg is home to many of Canada’s leading international agribusiness companies and has the largest center for transportation manufacturing in North America. Other major industries include Aerospace, Finance, Hospitality,
Slide 28: Commercial and Execusuite Portfolio
Commercial and Execusuite Portfolio • Commercial portfolio consists of 69% office, 18% warehouse and storage, and 13% retail, along with 200 execusuites Inuvik, NT • Commercial and Execusuites portolio represents Iqaluit, NU approximately 15% of consolidated Northview NOI Yellowknife, NT • Total com
Slide 29: Northview
Northview
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