From GlobeNewswire: 2024-05-14 21:12:00

Nexus Industrial REIT announced positive first quarter results for 2024, with net income increasing to $43.6 million. Key highlights include completion of development projects, like the Park St. intensification project in Regina, as well as leasing the Hubrey Rd. expansion in London, Ontario. The REIT also plans to optimize its portfolio by divesting non-core properties.

For the first quarter of 2024, net operating income increased by 14.8% year over year to $29.5 million, driven by acquisitions. The REIT also completed a new 312,000 sq. ft. distribution center in Regina, with a primary tenant moving in on April 1. Additionally, the REIT acquired a 102,000 sq. ft. property in Kelowna, BC for $35 million.

Looking ahead, Nexus Industrial REIT expects mid-single digit same-property NOI growth for the year. Construction projects, like the Dennis Rd. expansion in St. Thomas, ON, are set to contribute significant annual stabilized NOI when completed. The REIT aims to improve its normalized AFFO payout ratio and prioritize unitholder distributions while focusing on building its industrial portfolio and disposing of non-core properties.



Read more at GlobeNewswire:: Nexus Industrial REIT Announces First Quarter 2024