Northview Apartment REIT has reported sustained occupancy and transaction strength in its Ontario assets for the first half of the year.
As of the end of June 30, the REIT’s net fair value on investment properties increased by $27.9 million during Q2 alone, “including $20.8 million in Ontario resulting from continued improved operating performance.”
“We are pleased with the continued revenue growth across the country and the Ontario portfolio which led all regions in generating 11.8% of same door NOI growth,” president and CEO Todd Cook stated.
The REIT’s same-door NOI for Ontario increased by 2.9% during the same time frame, boosted by a 3.3% increase in the multi-family segment.
Net and comprehensive income during the second quarter was at $78.3 million, fully $41.3 million larger year-over-year. This was mainly driven by fair value increases on investment asset classes.
Cook welcomed the figures as indicators of the REIT’s strong momentum, likely to carry through to the end of the year.
“The proceeds from our successful equity offering completed in June were used to acquire a newly constructed property in Guelph, ON and to reduce debt to gross book value to its lowest level since 2015,” Cook announced. “We continue to review opportunities to complete the deployment of the equity offering proceeds into high quality multi-family assets and land for future development.”
“We are excited to have commenced two developments this quarter, including the first phase in Nanaimo, BC and our first concrete development in Kitchener, ON,” the executive added. “These two projects will further enhance the quality of our portfolio in these regions and provide the opportunity to continue to drive Unitholder value through our successful development program.”