Northview Residential REIT · TSX:NRR.UN
Northview Residential REIT — Q1 2026 Earnings Presentation
28 slides from Northview Residential REIT's earnings presentation, May 11, 2026
Slide 1: Investor Presentation Q1 2026
Investor Presentation Q1 2026 Date of release – May 11, 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 37% Northern Canada 36% 18% West
Slide 4: Q1 2026 Highlights
TSX: NRR.UN Q1 2026 Highlights +4.2% +1.8% +2.2% FFO per Same Door Same Door NOI Unit Growth1,2 to Revenue Growth1 growth1 $0.47 per Unit 72.9% 10.8x $167 Million of AFFO Payout Debt to Adjusted Available Liquidity Ratio2 EBITDA 1. Q1 2026 compared to Q1 2025 2. FFO per Unit (basic) and AFFO Payout
Slide 5: Q1 2026 At a Glance
TSX: NRR.UN Q1 2026 At a Glance Three Months ended Three Months ended March 31, 2026 March 31, 2025 Operational Performance Multi-residential Same Door Occupancy1 95.0% 96.0% Multi-residential Same Door AMR1 $1,527 $1,465 Financial Performance Same Door Multifamily NOI Growth1 1.8% 6.5% FFO per Unit
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 Solid Multi- Sustained 1 family 2 Performance Fundamentals Compelling Sustainable Active Debt 3 Valuation 4 Distributions 5 Management Inves
Slide 7: Solid Multi-Residential Fundamentals Amid Economic Uncertainty
Solid Multi-Residential Fundamentals Amid Economic Uncertainty HOUSING GAP PERSISTS AMID HIGHER SUPPLY AND SLOWER IMMIGRATION • Canada needs between 430,000 and 480,000 new homes per year, through 2035, to restore to 2019 affordability levels1 • 2025 housing completions up 6% to 259,000 units2 highe
Slide 8: Steady Performance in Multi-residential
1 2 3 4 5 Steady Performance in Multi-residential Sustained Performance Northview’s multi-residential portfolio continues with stable NOI supported by steady growth in AMR $1,527 Same Door multi-residential NOI increased 1.8%2 driven by strong revenue growth partially offset by higher operating expe
Slide 9: Positive Momentum in Commercial Portfolio
1 2 3 4 5 Positive Momentum in Commercial Portfolio Sustained Performance Occupancy continues to improve with positive net absorption within the Atlantic and Central Canada commercial portfolios • Occupancy improved 290 bps to 85.8% in Q1, 2026 from Q1, 2025 driven by increased leasing activity in A
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 April 2026 Last Twelve Month’s unit price return of
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 from 2026 mortgage renewals • In addition to solid
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 11.8x 10.8x • Reduced credit facility balance to $163 million as at March 31, 2026, reducing the
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 Growth2 3.2 million 1.8% Fede
Slide 15: 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 16: 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 17: Social Commitment Highlights
Social Commitment Highlights Strong 2025 Resident Survey Results Women Lead Here Benchmark Northview participated in the 2025 Canadian Multi-Residential For the second consecutive year, Northview was proud to be Resident Survey (CMRS) which compares responses from recognized on The Globe and Mail's
Slide 18: Corporate Overview
Corporate Overview ae Northview
Slide 19: 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 20: 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 21: 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 | 21
Slide 22: Appendix – Our Core Regions
Appendix — Our Core Regions Northview
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: Western Canada
Western Canada British Columbia (6.5% of NOI1; AMR2 - $1,219; Occupancy2 – 97.7%) 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: Atlantic Canada
Atlantic Canada New Brunswick (5.0% of NOI1; AMR2 - $1,146; Occupancy2 – 96.2%) • 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 26: Central Canada
Central Canada Manitoba (5.5% of NOI1; AMR2 - $1,205; Occupancy2 – 96.6%) • 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 27: 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 portfolio represents Iqaluit, NU approximately 15% of consolidated Northview NOI Yellowknife, NT • Total co
Slide 28: Northview
Northview
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