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Recommendation Changes
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Northview Apartment REIT- Q2-2018 Earnings & Price Target Update

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Northview is primarily a Canadian multi-family residential real estate investor and operator of a property portfolio of more than 26,000 suites including 344 extended stay suites in northern Canada and 1.2M sq. ft. of commercial space located in 60 markets and 8 Canadian provinces. The REIT commenced in 2002 as Northern Property REIT. In 2015, Northern Property acquired True North Apartment REIT and properties held by Starlight Investments Ltd, and the Public Sector Pension Investment Board. The name was changed to Northview Apartment REIT. The transaction almost doubled assets and added geographic diversification Ontario, Atlantic Canada, Quebec, and Western Canada. By net operating income 26% is from Ontario, Western Canada-24%, Atlantic Canada -13%, Northern Canada -32% and Quebec - 5%.

The Oct-2015 transaction included seven apartment properties held by Starlight Investment Ltd. and 26 apartment properties from a joint venture between Starlight and Public Sector Pension Investment Board. The combination of Northern Property and True North total assets increased from $1.7B to $3.4B. This compares to $3.6B in property assets as of Mar-31-2018.

FINANCIAL

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