- Schedules Release of First Quarter Results for May 14, 2020
CALGARY, Alberta, April 28, 2020 (GLOBE NEWSWIRE) -- Northview Apartment Real Estate Investment Trust (“Northview” or “the REIT”) (TSX:NVU.UN) today provided an update on its response to COVID-19 and the operational impact for the month of April.
In response to the COVID-19 pandemic, Northview has implemented a series of distancing and enhanced cleaning protocols at all of its properties. The REIT’s priority is keeping its residents and people safe, while continuing to provide essential services, including critical maintenance, for residents. Northview has been strictly adhering to the directives from health authorities and will continue to do so. The REIT is monitoring the initiatives of its peers and working with residents who have been strained financially by COVID-19 and who may require assistance during this extraordinary time. Northview is also in contact with all levels of government, and will continue to work with them to identify additional initiatives to further support its residents. Northview is encouraged by the support being provided by governments to ensure that renters are able to address basic food and housing needs.
Todd Cook, President and Chief Executive Officer commented, “We are truly thankful to our entire team at Northview who continue to go above and beyond to ensure our residents, tenants and customers have a safe place to live and work.”
The vast majority of Northview’s residents and commercial tenants paid their rent in April. As of April 24, the REIT has received approximately 95% of rental revenue for the month from residential residents and commercial tenants, inclusive of government tenants who typically pay at the end of the month. In light of the present situation, Northview has postponed rent increases that were scheduled to come into effect for April and May.
FIRST QUARTER FINANCIAL RESULTS
Northview will release its first quarter results after the close of the Toronto Stock Exchange on May 14, 2020.
CORPORATE PROFILE
Northview is one of Canada's largest publicly traded multi-family REITs with a portfolio of approximately 27,000 residential suites and 1.2 million square feet of commercial space in more than 60 markets across eight provinces and two territories. Northview's well-diversified portfolio includes markets characterized by expanding populations and growing economies, which provides Northview the means to deliver stable and growing profitability and distributions to Unitholders of Northview over time. Northview currently trades on the TSX under the ticker symbol: NVU.UN. Additional information concerning Northview is available at www.sedar.com or www.northviewreit.com.
CAUTIONARY AND FORWARD-LOOKING STATEMENTS
Certain statements in this news release constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements generally can be identified by the use of terms and phrases such as “will”, “may”, “work with”, “priority”, “scheduled”, and similar terms and phrases, including references to assumptions and limitations. Some of the specific forward-looking statements in this news release include, but are not limited to, statements with respect to: the REIT’s ability to keep its residents and people safe during the COVID-19 pandemic, while continuing to provide essential services, including critical maintenance; the REIT’s ability to work with residents who have been strained financially by COVID-19 and who may require assistance; additional initiatives to further support the REIT’s residents; support being provided by governments; and scheduling of future rent increases.
Forward-looking statements are based on information available at the time they are made, underlying estimates and assumptions made by management and management's good faith belief with respect to future events, performance and results. Such assumptions include, without limitation, expectations and assumptions concerning the anticipated spread, scope and duration of the COVID-19 pandemic, its impact on the Canadian rental markets and government and industry responses thereto.
Forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond Northview’s control, which may cause actual events, results or performance to be materially different from the events, results, or performance expressed in such forward-looking statements. Such risks and uncertainties include, but are not limited to, the continued impact of the COVID-19 pandemic, general economic, market and business conditions in Canada and globally, governmental and regulatory requirements and actions by governmental authorities, risks associated with investment in and development of multi-family and commercial real estate, competition in the real estate industry, financing and refinancing risks, changes in economic conditions, changes in interest rates, changes in taxation rules, reliance on key personnel, environmental matters, tenant risks, fluctuations in commodity prices and other risk factors more particularly described in Northview’s most recent Annual Information Form available on SEDAR at www.sedar.com. Additional risks and uncertainties not presently known to Northview or that Northview currently believes to be less significant may also adversely affect Northview.
Readers are cautioned not to place undue importance on forward-looking statements. Northview disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required under applicable securities laws.
INVESTORS
Northview Apartment Real Estate Investment Trust
Mr. Todd Cook
President and Chief Executive Officer
(403) 531-0720
Mr. Leslie Veiner
Chief Operating Officer
(403) 531-0720
Mr. Travis Beatty
Chief Financial Officer
(403) 531-0720
MEDIA
Longview Communications & Public Affairs
Joel Shaffer
416-649-8006
nvu@longviewcomms.ca