Nexus Industrial REIT reports strong financial growth in Q1 2025 with positive outlook for future

From GlobeNewswire: 2025-05-14 19:51:00

Nexus Industrial REIT reported an 8.6% increase in Net Operating Income for Q1 due to acquisitions and development, with a 6.6% growth in industrial SPNOI. The REIT completed its transition to a pure-play industrial focus, selling retail and office properties. It anticipates mid-single digit Same Property NOI growth and completion of two development projects this year.

In Q1, the REIT acquired a land parcel in Kelowna for $18.8 million and entered an agreement to develop additional space in Richmond. The REIT’s financials showed positive growth, with NOI at $32.1 million and fair value gains of $8.9 million on investment properties. The REIT expects continued growth and profitability as a Canada-focused industrial REIT.

The REIT anticipates mid-single digit Same Property NOI growth and completion of two major development projects in 2025. The Dennis Rd. expansion in St. Thomas and the Calgary small-bay industrial building project are expected to add $6.6 million in annual stabilized NOI. Management will host a conference call on May 15 to discuss results.

The REIT will distribute $0.05333 per unit in June and July. The annual meeting voting results showed approval of trustee nominees, despite negative impact on the audit committee due to recommendations from Glass Lewis and ISS. The REIT stands by its financial disclosures and refutes their assessment of audit fees.

Nexus Industrial REIT is a growth-oriented real estate investment trust focused on industrial properties in Canada. With 89 properties and approximately 11.7 million square feet of space, the REIT aims to increase unitholder value. Forward-looking statements reflect the REIT’s expectations and projections for future growth and profitability.

Financial measures for Q1 show positive results, with FFO, NOI, and AFFO all demonstrating growth. Adjusted EBITDA for the quarter was $121.1 million, indicating strong financial performance. Adjusted net debt stood at $1.25 billion, reflecting the REIT’s solid financial position. The REIT is focused on delivering long-term growth and profitability for unitholders.



Read more at GlobeNewswire:: Nexus Industrial REIT Announces First Quarter 2025