Business
Nexus Industrial REIT Announces First Quarter 2025 Financial Results
Q1 Net Operating Income grew 8.6% from accretive acquisitions, development, and 6.6% industrial S...
About this update from Nexus Industrial Reit
[{"type":"text","content":"Nexus Industrial REIT Announces First Quarter 2025 Financial Results\n\n\n\n Q1 Net Operating Income grew 8.6% from accretive acquisitions, development, and 6.6% industrial SPNOI\n \n\n Completed the strategic transition to a pure-play industrial REIT\n \n\n TORONTO, May 14, 2025 (GLOBE NEWSWIRE) -- Nexus Industrial REIT (the “REIT”) (TSX: NXR.UN) announced today its results for the first quarter ended March 31, 2025.\n \n\n\n “In the first quarter we completed our strategic transition to a pure-play, Canada-focused industrial REIT”\n \n said Kelly Hanczyk, CEO of Nexus Industrial REIT.\n \n “We sold fifteen legacy retail properties and an additional office building. Industrial assets now contribute over 99% of our NOI on a proforma basis. The sale proceeds reduced our debt and are being used to complete two ongoing development projects that will add $6.6 million of annual stabilized NOI after completion in the third quarter, representing an unlevered 9.4% return on development costs.\n \n\n\n\n “Over the past five years we have successfully re-focused and grown Nexus to be a scale pure-play industrial REIT. Our updated portfolio of industrial properties positions us well to withstand the turbulent economic environment: our buildings are tenanted by high-quality lessees focusing on Canadian distribution, with long average lease terms. And, our buildings are geographically diversified within Canada.\n \n\n\n\n “We have also had an excellent start to our 2025 leasing,”\n \n continued Mr. Hanczyk.\n \n “We have already renewed over 80% of our expiring GLA, including three value-add renewals that will contribute another $2.6 million to NOI this year and $2.9 million in 2026, increasing thereafter. These renewals further demonstrate the quality of our portfolio and the strength of our tenant relationships.\n \n\n\n\n “I am very excited with the progress that we have made, and I am confident that our strategy will continue to be rewarding for our unitholders”\n \n concluded Mr. Hanczyk.\n \n\n\n First Quarter 2025 Highlights:\n \n\n\n\n Completed the transition to a pure-play industrial REIT by selling 15 legacy retail properties and one legacy office property for total proceeds of $50.9 million.\n \n\n Industrial in-place and committed occupancy increased to...