02:09 PM EST, 11/15/2024 (MT Newswires) -- Northview Residential REIT put up a strong quarter operationally, particularly from the apartment portfolio (commercial tempered this a bit). Earnings were a bit light on a combination of one-time items and modest model variances (plus dilutive impact of redeemable units, for which dilution is tied to unit price performance).

While the result is a slight downward revision to National's FFO forecast, NAV was largely unchanged and speaks to a material trading discount and elevated implied cap rate for a residential portfolio putting up high-single-digit organic growth, analyst Matt Kornak writes. Structural items remain an impediment but post quarter credit facility amendments speak to increased lender confidence and lower financing costs.

Target trimmed by $1, to $19. Reiterate Sector Perform.

Price: 15.60, Change: +0.42, Percent Change: +2.77