Northview Residential REIT · TSX:NRR.UN
Northview Residential REIT — Q3 2025 Earnings Presentation
27 slides from Northview Residential REIT's earnings presentation, Dec 2, 2025
Slide 1: Investor Presentation Q3 2025
Investor Presentation Q3 2025 Date of release – December 2, 2025
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 over $2.6 billion in assets uniquely positioned in secondary markets across Canada Our Portfolio NOI% by Region1 13,092 Multi-Residential Suites 38% Northern Canada 35% 18% Wester
Slide 4: Q3 2025 At a Glance
Q3 2025 At a Glance TSX: NRR.UN Three Months ended Three Months ended September 30, 2025 September 30, 2024 Operational Performance Multi-residential Same Door Occupancy1 95.8% 96.4% Multi-residential Same Door AMR1 $1,492 $1,423 Financial Performance Same Door Multifamily NOI Growth1 6.5% 11.9% FFO
Slide 5: 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 6: 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 TARIFF UNCERTAINTY • The 2025 Federal Budget largely reinforced the previously announced immigration targets as outlined in the Government o
Slide 7: Sustained Strong Performance in Multi-residential
1 2 3 4 5 Sustained Strong Performance in Multi-residential Sustained Performance Northview’s multi-residential portfolio continues with solid NOI supported by steady growth in AMR and stable Occupancy 1 $1,492 Same Door multi-residential NOI increased 6.5% in Q3 2025 from Q3 2024 driven by strong r
Slide 8: Positive Momentum in Commercial Portfolio
1 2 3 4 5 Sustained Performance Positive Momentum in Commercial Portfolio 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 190 bps to 83.7% in Q3, 2025 from Q3, 2024 driven by increased leasing activity in
Slide 9: 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 Premium / (Discount) to IFRS NAV 1 AFFO Multiple 1 • Northview’s 2025 YTD unit price return of 12.7% outp
Slide 10: 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 solid NOI performance and interest
Slide 11: Mortgage Summary
1 2 3 4 5 Mortgage Summary Active Debt Management Staggered mortgage maturities reduce interest rate exposure on refinancing • Management anticipates through 2025, the reduction in credit facility interest will more than offset the increase in mortgage interest on 2025 refinancings • In addition to
Slide 12: Active Credit Facility Debt Management
1 2 3 4 5 Active Credit Facility 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 • Reduced credit facility balance from over $500 million in 2022 to $210 million
Slide 13: Non-core Asset Sales
Non-core Assets Sales Exceeded the Non-core Asset Disposition Target • During Q3, 2025, Northview completed the $49 million sale of a portfolio in St. John’s, NL and on October 29, 2025, Northview completed the $40 million sale of a portfolio in Moncton, NB. • In total, Northview completed $164 mill
Slide 14: 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 6.5% Nati
Slide 15: Corporate Overview
Corporate Overview ae Northview
Slide 16: 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 17: 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 18: Environmental, Social, and Governance (ESG)
Environmental, Social, and Governance (ESG) Northview understands the importance of prioritizing ESG and is committed to enhancing its long-term ESG strategy OUR COMMITMENTS The REIT actively manages sustainability-related risks and assesses sustainability-related opportunities on an on-going basis,
Slide 19: 2024 Environmental Notable Projects
2024 Environmental Notable Projects Yellowknife Townhome Retrofits Winnipeg Suite Upgrades After the completion of a successful pilot project in Northview partnered with Efficiency Manitoba and partnership with the Arctic Energy Alliance in 2023, a furnace received replacement of in-suite showerhead
Slide 20: 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 | 20
Slide 21: Appendix – Our Core Regions
Appendix — Our Core Regions Northview
Slide 22: Western Canada
Western Canada British Columbia (6.3% of NOI1; AMR2 - $1,189; Occupancy2 – 98.4%) 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 23: 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 24: Atlantic Canada
Atlantic Canada New Brunswick (5.4% of NOI1; AMR2 - $1,094; Occupancy2 – 96.6%) • The economy in New Brunswick is closely tied to its exports and primary industries of agriculture, aquaculture, forestry, Labrador City, NL mining and manufacturing. • The economy and real estate market has been buoyed
Slide 25: Central Canada
Central Canada Manitoba (5.6% of NOI1; AMR2 - $1,204; Occupancy2 – 97.5%) • Winnipeg is home to many of Canada’s leading international agribusiness companies, Western Canada’s hub for advanced manufacturing, and has the largest center for transportation manufacturing in North America. Other major in
Slide 26: 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 27: Northview
Northview
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