- Northview Apartment REIT (TSX:NVU.UN) has postponed rent increases at its properties, due to the COVID-19 pandemic
- In spite of economic impacts caused by the crisis, the company has received the majority of its monthly rental revenue
- Northview has implemented preventative measures at its properties, and is working to assist impacted residents
- The company will release the results of its first quarter on May 14, 2020
- Northview’s share price is down 0.028 per cent, and is currently trading for $35.19 per share
Northview Apartment Real Estate Investment Trust (TSX:NVU.UN) has postponed rent increases at its properties, due to the COVID-19 pandemic.
The coronavirus and related prevention measures have made it difficult for many people to continue paying their rent. The company was due to increase rent for April and May, but decided not to, in light of the crisis.
Northview has stated that it is working with residents who are under financial strain and require assistance. The company is also in contact with various levels of government, looking for more ways to support residents. Some governments have already implemented initiatives to ensure that renters can pay for basic needs like food and housing.
Despite these difficulties, Northview has reported that the majority of its residents and commercial tenants paid their rent in April. As of April 24, the company had received approximately 95 per cent of the month’s rental revenue. This includes government tenants, who usually pay at the end of the month.
Northview plans to release the results of the company’s first quarter after the TSX closes on May 14, 2020.
Like many other businesses, Northview is adhering to advice from health authorities during the pandemic. The company has implemented social distancing and enhancing cleaning protocols at all of its properties. Northview’s priority is to keep residents safe, whilst continuing to provide essential services, like critical maintenance.
Northview’s President and CEO, Todd Cook, expressed the company’s gratitude to its workers for their efforts during the pandemic.
“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,” he said.
Northview’s share price is up 0.34 per cent, and trading for $35.30 per share, as of 10:00am EST.