Northview Apartment Real Estate Investment Trust (NYSE MKT:NVU.UN) Q3 2019 Earnings Conference Call - Final Transcript
Nov 08, 2019 • 11:00 am ET
Ladies and gentlemen, thank you for standing by, and welcome to Northview REIT Third Quarter 2019 Conference Call. [Operator Instructions]
I would now like to hand the conference to your speaker today, Todd Cook, Chief Executive Officer. Please go ahead, sir.
Todd R. Cook
Thank you. Good afternoon, ladies and gentlemen, and thank you for joining us for the third 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.
The webcast of today's conference call, including the presentation slides, can be accessed by visiting the Investor Relations section of our website under Events & Presentations or through the web link located in our recent financial results media release. We will begin the conference call after Andrew reads a brief summary of our cautionary statement, as outlined on slide 2. Andrew?
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 herein 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, November 8th, 2019, and the parties have no obligation to update such statements.
Todd R. Cook
Thank you, Andrew. Yesterday, we released our financial results for the third quarter. Before we get into the detailed commentary, I'll take you through the highlights. Diluted FFO per unit was CAD0.57 for the third quarter, down slightly from CAD0.58 in 2018. We continue to deliver strong same-door NOI growth, led by Ontario. Accompanying this was NOI contributions from acquisitions and newly developed properties. These increases were slightly offset by the dilutive impact of 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 by 6.3% as a result of portfolio growth and same-door revenue growth of 2.2%. We are on track with the execution of our growth strategy through both acquisitions and development. We completed a strategic acquisition of a concrete building in Halifax, Nova Scotia, for CAD12.5 million that comes with opportunities for high-end renovations.
This is on the continuation of deploying the proceeds from June '19 equity offering of just over CAD91 million and the non-core asset sales completed this year.
On the development front, we commenced a new project in Iqaluit, and our other two development projects are progressing as planned. More on that call later. And finally, we continue to deliver on our high-end renovation program, completing just over 500 units as of Q3 year-to-date, with returns just over 26% and 5,700 units remaining in the program.
I'll turn the call over to