From GlobeNewswire:

Nexus Industrial REIT, TSX: NXR.UN, reported strong results for Q4 2023 with 93% Industrial Net Operating Income weighting. The REIT acquired $378 million of Canadian industrial assets in 2023. NOI increased by 17.1% YoY to $29.2 million. Industrial occupancy is at 99%. NAV per unit is $12.87.

In Q4 2023, Nexus acquired a 336,448 sq. ft. property in London, ON for $55.8 million and another 82,500 sq. ft. property in Rocky View, AB for $35.1 million. NOI increased by $4.3 million YoY. Fair value adjustment of investment properties totalled $35.5 million. The REIT anticipates a mid-to-high single-digit same-property NOI growth for the year.

Looking to 2024, Nexus finalized construction of a sports complex in Richmond, BC with occupancy anticipated in Q2. The REIT expects to complete four significant development projects, adding an annual stabilized NOI of approximately $11 million. Nexus plans to prioritize unitholder distributions and is considering selling non-core industrial properties to reduce debt balance.



Read more at GlobeNewswire:: Nexus Industrial REIT Announces Fourth Quarter and Full