Professional
Added to YB: 2025-01-14
Pitch date: 2025-01-11
NRR-UN.TO [bullish]
Northview Residential REIT
+17.33%
current return
Author Info
Nugget Capital Partners is a research analyst specializing in resources w/ focus on energy. Sign up for the newsletter.
Company Info
Northview is a real estate investment trust established pursuant to a declaration of trust dated April 14, 2020 as most recently amended and restated on August 21, 2023 (the “Declaration of Trust”) under the laws of the Province of Ontario for the primary purpose of acquiring, owning, and operating a portfolio of income-producing rental properties in secondary markets within Canada.
Investment idea: Northview, Canada's highest yielding residential REIT
NRR-UN.TO: 7.5% yield, 46% NAV discount. 90% in Arctic/Atlantic Canada/Alberta w/ rent growth. Unique markets, 96% occupancy. 65% debt/book value, selling non-core assets. 90% CMHC-backed mortgages. Illiquid (19% float). Potential takeout target. Risks: debt, illiquidity. Bull case: rent growth, interest rate cuts, valuation gap.
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