Nexus Industrial REIT reports positive Q2 results and plans for continued growth in industrial properties

From GlobeNewswire: 2024-08-14 20:21:00

Nexus Industrial REIT (TSX: NXR.UN) announced positive Q2 results, with net income of $43.5 million, a 14.2% increase in NOI to $31.6 million, and advances in development projects amidst high-graded portfolio investments. The REIT achieved gains on fair value adjustments and aims for continued growth in Canada-focused industrial properties.

Key highlights for the second quarter of 2024 include completing the sale of an office property and construction of a new intensification industrial project in London. The REIT’s Normalized FFO per unit was $0.178 and Normalized AFFO per unit was $0.148. Additionally, NAV per unit was $13.2, a 5.7% increase year over year.

Recent events for Nexus Industrial REIT include acquiring a new industrial building in Sherbrooke, QC for $16.6 million on July 2, 2024. The purchase was satisfied through the issuance of Class B LP Units and cash. The REIT’s industrial occupancy rate is at 98%, with positive outlook for future rental growth and completing development projects in 2024.

Looking ahead, Nexus Industrial REIT focuses on delivering long-term growth and total unitholder return. With mid-single digit Same Property NOI growth expected for the year, the REIT anticipates benefits from completing four significant development projects in 2024. These projects aim to add over $10 million in annual stabilized NOI and contribute to the REIT’s overall strategy as a Canada-focused industrial REIT.



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