Northview Apartment Real Estate Investment Trust (NYSE MKT:NVU.UN) Q2 2019 Earnings Conference Call Transcript
Aug 09, 2019 • 10:00 am ET
Good day, ladies and gentlemen, and welcome to the Northview Apartment REIT Q2 2019 Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions]
I would now like to introduce your host for today's conference Mr. Todd Cook, President and CEO. Mr. Cook, you may begin.
Thank you, Josh. Good afternoon, ladies and gentlemen, and thank you for joining us for our second quarter conference call. Joining me today is Leslie Veiner, our Chief Operating Officer; Travis Beatty, our Chief Financial Officer; and Andrew Phonsavath, our Finance Director of Corporate Planning and Investor Relations.
A webcast of today's conference call, including the presentation slides can be accessed by visiting the Investor Relations section of our website under Events and Presentations or through the web link located in our recent financial results media release. We will begin the conference call shortly after Andrew reads a brief summary of our cautionary statement as outlined on Page 2.
Thanks Todd. Today's conference call and presentation may contain forward-looking information with respect to Northview Apartment REIT, among other things, its current expectations of future results, performance, prospects and opportunities, operations, strategy and condition. The actual results and performance of Northview discussed here and could differ materially from those expressed or implied by such statements. Important factors that could cause actual results to differ materially from expectations include among other things, general economic and market factors, competition, changes in government regulation and other risk factors described in security filings. All forward-looking statements speak only as of today August 9th, 2019, and the parties have no obligation to update such statements.
Thank you, Andrew. Yesterday we released our financial results for the second quarter of 2019. Before we dive into our detailed comments on the second quarter, I'd like to give you the highlights. Diluted FFO per unit was CAD0.52 for the second quarter, down slightly from CAD0.55 in 2018. We continued to drive strong top line growth across all regions as well as solid same door NOI growth particularly in Ontario. This drove our same door NOI growth accompanying NOI contributions from acquisitions and newly developed properties. The decrease from 2018 is primarily due to the equity issued over the past 12 months and the disposition of non-core assets.
Staying with revenue growth, we saw an increase in total revenue of almost 10% as a result of portfolio growth and same door revenue growth of 3.1%. We are executing on our growth strategy both through acquisition and developments. We've completed a strategic acquisition of a newly built luxury rental complex in Guelph, Ontario from Starlight, which continues to enhance the quality of our portfolio. This was on the back of our equity issuance in June of just over CAD91 million, which included CAD5 million in Class B units issued directly to Starlight.
On the development front, we're excited to have commenced two development projects during the second