Nexus Industrial REIT Announces Second Quarter 2026 Financial Results

About this update from Nexus Industrial Reit

Strong operating performance driven by an increase in industrial occupancy ( 1 ) to 97% TORONTO, Aug. 10, 2026 (GLOBE NEWSWIRE) -- Nexus Industrial REIT (the “REIT”) (TSX: NXR.UN) announced today its results for the second quarter ended June 30, 2026. “We achieved several significant milestones second quarter, and I am incredibly pleased , as we advance our journey as Canada’s industrial building partner, ” said Kelly Hanczyk, CEO of Nexus Industrial REIT. “We made significant advancements in our leasing, completing 380,000 sq. ft. of renewals with an average lift of 6%, and growing industrial occupancy ( 1 ) to a healthy 97%. We sold our share of an inactive development project, generating proceeds of $14 million, and at the beginning of the quarter, we achieved an investment grade credit rating and completed an inaugural $500 million bond issuance, adding financial flexibility and reducing our cost of capital” concluded Mr. Hanczyk. Second Quarter 2026 Highlights: Industrial occupancy (1) increased to 97% from 95% at March 31, 2026. Completed renewals of 379,916 sq. ft. at an average spread of 6% over expiring and in-place rents. Sold 80% interest in development land located in Hamilton, ON for a price of $14.1 million. Net loss was $12.8 million driven by fair value adjustments (losses) of $26.5 million, and finance expense of $18.3 million, partially offset by NOI (2) of $34.1 million. NOI (2) increased by 6.2% versus a year ago to $34.1 million from NOI (2) generated by completed developments and newly acquired industrial properties, despite selling 19 legacy retail, office, and industrial properties in 2025 and selling one industrial property in 2026. Industrial Same Property NOI (2) increased 3.3% versus a year ago to $30.1 million. Normalized FFO (2) per unit decreased $0.004 versus a year ago to $0.184 and Normalized AFFO (2) per unit decreased $0.006 versus a year ago to $0.154. Year-to-Date 2026 Highlights: Industrial occupancy (1) increased to 97% from 96% at December 31, 2025. Normalized AFFO payout ratio improved by 2.9% to 99.3% versus a year ago. Completed renewals of 421,092 sq. ft. at an average spread of 4% over expiring and in-place rents. Sold 80% interest in development land located in Hamilton, ON for a price of $14.1 million. Sold an industrial property located in Calgary, AB for a price of $8.5 million. Net income was $19.4 million driven by NOI (2) of $68.0 million, partially offset by fair value adjustments (losses) of $7.7 million, finance expense of $36.1 million, and general and administrative expense of $4.7 million. NOI (2) increased by 5.8% versus a year ago to $68.0 million from NOI (2) generated by completed developments and newly acquired industrial properties, despite selling 19 legacy retail, office, and industrial properties in 2025 and one industrial property in 2026. Industrial Same Property NOI (2) increased 2.8% versus a year ago to $59.9 million. Normalized FFO (2) per unit decreased $0.009 versus a year ago to $0.366 and Normalized AFFO (2) per unit increased $0.002 versus a year ago to $0.315. Unitholders' equity increased by $10.0 million to $1.1 billion or $14.88 per unit. NAV per unit (2) of $13.23 increased $0.01 or 0.1% versus December 31, 2025. (1) In-place and committed. (2) This is a Non-IFRS Financial Measure. Refer to Non-IFRS Measures for details.    Summary of Results (In thousands of Canadian dollars, except per unit amounts) Three months ended June 30, Six months ended June 30,   2026   2025   2026   2025     $   $   $   $   FINANCIAL INFORMATION         Operating Results         Property revenues 46,620   42,022   92,639   86,776   NOI (1) 34,145   32,150   67,952   64,240   Net income (loss) and comprehensive income (loss) (12,810 ) (7,625 ) 19,366   25,526   Adjusted EBITDA (LTM) (1) 121,766   121,859   121,766   121,859             FFO (1) 17,325   18,157   34,650   35,200   Normalized FFO (1) 17,860   17,744   35,574   35,323   AFFO (1) 14,388   15,449   29,690   29,846   Normalized AFFO (1) 14,923   15,033   30,614   29,511   Distributions declared (2) 15,245   15,076   30,405   30,149   Same Property NOI (1) 30,432   29,533   60,529   59,548   Industrial Same Property NOI (1) 30,143   29,179   59,854   58,223             Weighted average units outstanding (000s):         Basic (3) 97,089   94,233   97,079   94,218   Diluted (3) 97,448   94,513   97,438   94,498             Per unit amounts:         Distributions per unit – basic (2) (3) 0.160   0.160   0.320   0.320   Distributions per unit – diluted (2) (3) 0.160   0.160   0.320   0.320             Normalized FFO per unit – basic (1) (3) 0.184   0.188   0.366   0.375   Normalized FFO per unit – diluted (1) (3) 0.183   0.188   0.365   0.374             Normalized AFFO per unit – basic (1) (3) 0.154   0.160   0.315   0.313   Normalized AFFO per unit – diluted (1) (3) 0.153   0.159   0.314   0.312             AFFO payout ratio (1) (2) 106.0 % 97.6 % 102.4 % 101.0 % Normalized AFFO payout ratio – basic (1) (2) 102.2 % 100.3 % 99.3 % 102.2 % Normalized AFFO payout ratio – diluted (1) (2) 102.6 % 100.6 % 99.7 % 102.6 %           Same Property NOI Growth % (1) 3.0 % 1.6 % 1.7 % 3.2 % Industrial Same Property NOI Growth % (1) 3.3 % 2.8 % 2.8 % 4.3 % (1)    This is a Non-IFRS Financial Measure. Refer to Non-IFRS Measures for details. (2)    Includes distributions payable to holders of Class B LP Units which are accounted for as finance expense in the consolidated financial statements. (3)    Weighted average number of units includes Class B LP Units.   June 30,   December 31,     2026   2025   (In thousands of Canadian dollars, unless stated otherwise) $   $   PORTFOLIO INFORMATION     Total Portfolio     Number of investment properties (2) 87   89   Investment properties fair value (excludes assets held for sale) 2,505,060   2,506,423   Gross leasable area (“GLA”) (in millions of sq. ft.) (at the REIT's ownership interest) 12.3   12.4   Industrial occupancy rate – in-place and committed (year-end) (3) 97 % 96 % Weighted average lease term (“WALT”) (years) 6.7   6.9   Industrial WALT (years) 6.7   6.9   Estimated spread between industrial portfolio market and in-place rents 14.9 % 18.7 %       FINANCING AND CAPITAL INFORMATION     Financing     Net debt (1) 1,307,287   1,307,119   Total Indebtedness Ratio (1) 49.2 % 49.3 % Net Debt to Adjusted EBITDA (1) 10.7   10.9   Adjusted Net Debt to Adjusted EBITDA (1) 10.5   10.5   Debt service coverage ratio (times) 1.72   1.70   Secured Indebtedness Ratio 20.8 % 22.4 % Unencumbered investment properties as a percentage of investment properties 53.2 % 49.7 % Total assets 2,659,762   2,650,360   Cash 14,736   6,111   Capital     Total equity (per consolidated financial statements) 1,093,313   1,083,289   Total equity (including Class B LP Units) 1,284,291   1,282,925   Total number of Units (in thousands) (4) 97,089   97,022   NAV per unit (1) 13.23   13.22   (1) This is a Non-IFRS Financial Measure. Refer to Non-IFRS Measures for details. (2)  Includes three properties and one land parcel (four properties - December 31, 2025) classified as assets held for sale. (3)  Includes committed new leases for future occupancy. (4)  Includes Class B LP Units. Net income (loss) Net loss for the three months ended June 30, 2026 was $12.8 million or $5.2 million higher as compared to the same period in 2025, primarily due to the decrease in fair value adjustments on derivative financial instruments and Class B LP units of $5.5 million and $3.2 million, respectively, and a higher net interest expense of $2.0 million mainly due to higher indebtedness balance and additional deferred financing cost amortization in connection with the credit facility repayment in April 2026, partially offset by a higher investment property fair value adjustment of $3.5 million and a higher NOI of $2.0 million. Net income for the six months ended June 30, 2026 was $19.4 million or $6.2 million lower as compared to the same period in 2025, primarily due to a decrease in fair value adjustments to investment properties of $3.2 million, a decrease in Class B LP Units fair value adjustments of $8.9 million, higher finance expenses of $2.6 million, a lower foreign exchange gain of $0.9 million, and a higher general and administrative expense of $0.2 million, partially offset by an increase in fair value adjustments to derivative financial instruments of $5.8 million, a higher NOI of $3.7 million, and a higher Incentive units fair value adjustment of $0.2 million. Net operating income NOI for the three months ended June 30, 2026 was $34.1 million or $2.0 million higher as compared to the same period in 2025, which was primarily due to $1.3 million relating to completed developments and expansions, $0.9 million increase in Same Property NOI, $0.7 million from acquisitions of industrial income producing properties closed subsequent to June 30, 2025, $0.3 million relating to amortization of tenant improvements and leasing costs that was ceased during the six months ended June 30, 2026 as a result of change in application of accounting methodology, $0.2 million relating to straight-line rent adjustments, partially offset by $1.2 million lower termination fee income and $0.2 million relating to dispositions completed since Q2 2025. NOI for the six months ended June 30, 2026 was $68.0 million or $3.7 million higher as compared to the same period in 2025, which was primarily due to $2.7 million relating to completed developments and expansions, $1.3 million from acquisitions of industrial income producing properties that closed subsequent to June 30, 2025, $1.0 million increase in Same Property NOI and $0.6 million relating to amortization of tenant improvements and leasing costs that was ceased during the six months ended June 30, 2026 as a result of change in application of accounting methodology, partially offset by $0.8 million relating to dispositions completed since Q2 2025, $0.6 million lower termination fee income and $0.4 million relating to straight-line rent adjustments. Fair value adjustment of investment properties The fair value adjustment on investment properties for the three months ended June 30, 2026 was a loss of $7.6 million. The REIT engaged external appraisers to value properties totaling $198.5 million during the quarter. Overall, the fair value loss recorded for the REIT’s portfolio primarily consists of a $13.7 million loss relating to investment property sale price adjustments prior to disposition, and a $6.2 million loss due to adjustments to capitalization rates, partially offset by a $12.3 million gain resulting from changes in stabilized NOI. The fair value adjustment on investment properties for the six months ended June 30, 2026 was a loss of $5.5 million. The REIT engaged external appraisers to value properties totaling $339.6 million during the six months ended June 30, 2026. Overall, the fair value loss recorded for the REIT’s portfolio primarily consists of a $33.6 million loss due to adjustments to capitalization rates, and a $14.0 million loss relating to investment property sale price adjustments prior to disposition, partially offset by a $42.1 million gain resulting from changes in stabilized NOI. Outlook The REIT is focused on delivering total unitholder return through profitable long-term growth, and by pursuing its strategy as a Canada-focused pure-play industrial REIT. For 2026, the REIT anticipates mid-single digit Same Property NOI (1) growth in its industrial portfolio. The expected Same Property NOI (1) growth is primarily attributed to the lease-up of vacant space and releasing space at market rents that exceed expiring rents, thereby continuing to benefit from positive spreads between market rental rates and the REIT's in-place rental rates. In 2026, the REIT expects to benefit from: the 325,000 sq. ft. expansion project at St. Thomas, ON for an existing tenant that was completed in Q3 2025, which is contributing $4.9 million in annual stabilized NOI (1) , representing a contractual going-in yield of 9.0% on total development costs of $55.1 million, the 115,000 sq. ft. small-bay industrial building that was constructed in Q3 2025 adjacent to an existing building that the REIT owns in Calgary, AB, which, once stabilized, is expected to earn a yield of 11.0% on total development costs of $14.8 million, and the acquisition of two industrial properties in Montreal and Longueuil, QC in November 2025 totalling 282,721 sq. ft., that are expected to contribute $2.6 million in annual stabilized NOI (1) , representing a going-in yield of 6.6% on the purchase price of $40.1 million. The normalized AFFO payout ratio (1) for the three and six months ended June 30, 2026 was 102.2% and 99.3%. The REIT believes that the current distributions are sustainable, and anticipates the normalized AFFO payout ratio (1) to average below 100% for the full fiscal year in 2026. (1) This is a Non-IFRS Financial Measure. Refer to Non-IFRS Measures for details. Earnings Call Management of the REIT will host a conference call at 10:00 AM Eastern Standard Time on Tuesday, August 11, 2026, to review the financial results and operations. To participate in the conference call, please dial 1-647-846-8414 or 1-833-752-3601 (toll free in Canada and the US) at least five minutes prior to the start time and ask to join the Nexus Industrial REIT conference call. A recording of the conference call will be available until September 11, 2026. To access the recording, please dial 1-412-317-0088 or 1-855-669-9658 (toll free in Canada and the US) and enter access code 3227163. September and October Distributions The REIT will make a cash distribution in the amount of $0.05333 per unit, representing $0.64 per unit on an annualized basis, payable October 15, 2026, to unitholders of record as of September 30, 2026. The REIT will also make a cash distribution in the amount of $0.05333 per unit, representing $0.64 per unit on an annualized basis, payable November 13, 2026, to unitholders of record as of October 30, 2026. About Nexus Industrial REIT Nexus is a growth-oriented real estate investment trust focused on increasing unitholder value through the acquisition of industrial properties located in primary and secondary markets in Canada, and the ownership and management of its portfolio of properties. The REIT currently owns a portfolio of 87 properties comprising approximately 12.3 million square feet of gross leasable area. The REIT has approximately 97,097,000 voting units issued and outstanding, including approximately 73,490,000 REIT Units and approximately 23,607,000 Class B LP Units of subsidiary limited partnerships of Nexus, which are convertible to REIT Units on a one-to-one basis. Non-IFRS Measures Information in this news release is a select summary of results. This news release should be read in conjunction with the MD&A and the Trust's consolidated financial statements and the accompanying notes for the three and six months ended June 30, 2026 (the “Financial Statements”). The Financial Statements are prepared in accordance with IFRS accounting standards as issued by the IASB, however, included in the tables above and elsewhere in this news release are non-IFRS financial measures or non-IFRS ratios which do not have a standardized meaning prescribed under generally accepted accounting principles (“GAAP”) in accordance with IFRS and that should not be construed as an alternative to net income / loss or other measures of financial performance calculated in accordance with IFRS and may not be comparable to similar measures as reported by other issuers. A definition of each non-IFRS financial measure or ratio used herein and an explanation of management's reasons as to why it believes the measure is useful to investors are incorporated by reference and can be found on page 1 in the REIT’s Management’s Discussion and Analysis for the three and six months ended June 30, 2026, available on SEDAR+ at www.sedarplus.ca and on the REIT’s website under Investor Relations. See Appendix A of this earnings release for a reconciliation of the non-IFRS financial measures to the primary financial statement measures. Forward Looking Statements Certain statements contained in this news release constitute forward-looking statements which reflect the REIT’s current expectations and projections about future results, including statements under the heading "Outlook" and regarding the REIT's expectations relating to growth in NOI, benefits from developments and the sustainability of its distributions. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the REIT to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Such forward-looking statements are based on a number of assumptions that may prove to be incorrect. While the REIT anticipates that subsequent events and developments may cause its views to change, the REIT specifically disclaims any obligation to update these forward-looking statements except as required by applicable law. These forward-looking statements should not be relied upon as representing the REIT’s views as of any date subsequent to the date of this news release. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The factors identified above are not intended to represent a complete list of the factors that could affect the REIT. For further information please contact: Kelly C. Hanczyk, CEO at (416) 906-2379 or Mike Rawle, CFO at (647) 823-1381 APPENDIX A – NON-IFRS FINANCIAL MEASURES (In thousands of Canadian dollars, except per unit amounts) Three months ended June 30,   Six months ended June 30,   2026   2025   Change     2026   2025   Change   FFO (6) $   $   $     $   $   $                   Net (loss) income and comprehensive (loss) income (12,810 ) (7,625 ) (5,185 )   19,366   25,526   (6,160 ) Adjustments:               Loss on disposal of investment properties 44   196   (152 )   353   281   72   Fair value adjustments 26,507   21,285   5,222     7,652   1,558   6,094   Adjustments for equity accounted joint venture (1) 25   8   17     101   84   17   Distributions on Class B LP Units expensed 3,580   3,697   (117 )   7,252   7,410   (158 ) Amortization of tenant improvements and leasing costs —   277   (277 )   —   643   (643 ) Lease principal payments (26 ) (24 ) (2 )   (53 ) (50 ) (3 ) Amortization of right-of-use assets 30   30   —     61   60   1   Net effect of unrealized foreign exchange on USD debt and related hedges (25 ) 313   (338 )   (82 ) (312 ) 230   Funds from operations (FFO) (6) 17,325   18,157   (832 )   34,650   35,200   (550 ) Weighted average units outstanding (000s) - basic (3) 97,089   94,233   2,856     97,079   94,218   2,861   FFO per unit – basic (6) 0.178   0.193   (0.015 )   0.357   0.374   (0.017 )                 FFO (6) 17,325   18,157   (832 )   34,650   35,200   (550 ) Add: Non-recurring personnel transition costs —   —   —     220   107   113   Add: Non-recurring adjustments from asset dispositions (4) —   34   (34 )   43   505   (462 ) Add: Other one-time adjustments (5) 535   (447 ) 982     661   (489 ) 1,150   Normalized FFO (6) 17,860   17,744   116     35,574   35,323   251   Weighted average units outstanding (000s) - basic (3) 97,089   94,233   2,856     97,079   94,218   2,861   Normalized FFO per unit – basic (6) 0.184   0.188   (0.004 )   0.366   0.375   (0.009 ) (In thousands of Canadian dollars, except per unit amounts) Three months ended June 30,   Six months ended June 30,   2026   2025   Change     2026   2025   Change   AFFO (6) $   $   $     $   $   $                   FFO (6) 17,325   18,157   (832 )   34,650   35,200   (550 ) Adjustments:               Straight-line adjustments, ground lease and rent (1,337 ) (1,108 ) (229 )   (1,760 ) (2,154 ) 394   Capital reserve (2) (1,600 ) (1,600 ) —     (3,200 ) (3,200 ) —   Adjusted funds from operations (AFFO) (6) 14,388   15,449   (1,061 )   29,690   29,846   (156 ) Weighted average units outstanding (000s) Basic (3) 97,089   94,233   2,856     97,079   94,218   2,861   AFFO per unit – basic (6) 0.148   0.164   (0.016 )   0.306   0.317   (0.011 ) Distributions declared 15,245   15,076   169     30,405   30,149   256   AFFO payout ratio - basic (6) 106.0 % 97.6 % 8.4 %   102.4 % 101.0 % 1.4 %                 AFFO (6) 14,388   15,449   (1,061 )   29,690   29,846   (156 ) Add: Non-recurring personnel transition costs —   —   —     220   107   113   Add: Non-recurring adjustments from asset dispositions (4) —   31   (31 )   43   47   (4 ) Add: Other one-time adjustments (5) 535   (447 ) 982     661   (489 ) 1,150   Normalized AFFO (6) 14,923   15,033   (110 )   30,614   29,511   1,103   Weighted average units outstanding (000s) Basic (3) 97,089   94,233   2,856     97,079   94,218   2,861   Normalized AFFO per unit – basic (6) 0.154   0.160   (0.006 )   0.315   0.313   0.002   Distributions declared 15,245   15,076   169     30,405   30,149   256   Normalized AFFO payout ratio - basic (6) 102.2 % 100.3 % 1.9 %   99.3 % 102.2 % (2.9) % (1) Adjustment for equity accounted joint venture relates to a fair value adjustment of swaps in place at the joint venture to swap floating rate bankers’ acceptance rates to a fixed rate and a fair value adjustment of the joint venture investment property. (2) Capital reserve includes maintenance capital expenditures, tenant improvements and leasing costs. Reserve amounts are established with reference to building condition reports, appraisals, and internal estimates of tenant renewal, tenant improvements and leasing costs. The REIT believes that a reserve is more appropriate given the fluctuating nature of capital expenditures. (3) Weighted average number of units includes the Class B LP Units. (4) These adjustments represent one-time balance sheet write-offs, early mortgage repayment charges, and other costs associated with the disposals made during the period. (5) The adjustments primarily relate to a one-time write-off of deferred financing costs associated with the repayment of credit facilities in April 2026, unrealized foreign exchange losses (gains) on transactions related to deferred purchase consideration, and other one-time adjustments. (6) This is a Non-IFRS Financial Measure. Refer to Non-IFRS Measures for details. SAME PROPERTY RESULTS (In thousands of Canadian dollars)   Three months ended June 30,   Six months ended June 30,   2026   2025   Change     2026   2025   Change     $   $   $     $   $   $                   Property revenues 46,620   42,022   4,598     92,639   86,776   5,863   Property expenses (12,475 ) (9,872 ) (2,603 )   (24,687 ) (22,536 ) (2,151 ) NOI (1) 34,145   32,150   1,995     67,952   64,240   3,712   Add/(Deduct):               Amortization of tenant improvements and leasing costs —   267   (267 )   —   627   (627 ) Straight-line adjustments of rent (1,337 ) (1,107 ) (230 )   (1,759 ) (2,152 ) 393   Development and expansion (1,313 ) —   (1,313 )   (2,662 ) —   (2,662 ) Acquisitions (661 ) —   (661 )   (1,265 ) —   (1,265 ) Disposals —   (163 ) 163     (74 ) (882 ) 808   Lease termination fees and other non-recurring items (402 ) (1,614 ) 1,212     (1,663 ) (2,285 ) 622   Same Property NOI (1) 30,432   29,533   899     60,529   59,548   981                   Industrial Same Property NOI (1) 30,143   29,179   964     59,854   58,223   1,631   (1) This is a Non-IFRS Financial Measure. Refer to Non-IFRS Measures for details. ADJUSTED EBITDA (In thousands of Canadian dollars) Trailing twelve months ended June 30,   2026   2025   Change     $   $   $           Net income 53,388   29,212   24,176   Add (deduct):       Net interest expense 55,861   54,009   1,852   Distributions on Class B LP Units 14,692   14,901   (209 ) Fair value adjustments (1) 115   22,300   (22,185 ) Amortization expense (1)(2) (4,129 ) (3,151 ) (978 ) Loss on disposal of investment properties 769   1,485   (716 ) Unrealized foreign exchange (gain) loss 145   (211 ) 356   Income from development property 662   2,981   (2,319 ) Non-recurring personnel transition costs 220   125   95   Non-recurring costs related to asset dispositions 43   208   (165 ) Adjusted EBITDA (3) 121,766   121,859   (93 ) (1) Includes equity accounted investments adjustments. (2) Includes amortization of straight line rent, tenant improvements, and leasing commissions. (3) This is a Non-IFRS Financial Measure. Refer to Non-IFRS Measures for details. NAV per unit (In thousands of Canadian dollars, except per unit amounts) June 30,   December 31,     2026   2025   NAV per unit (1) $   $         Total assets 2,659,762   2,650,360   Less: Total liabilities (1,566,449 ) (1,567,071 ) Total unitholders equity 1,093,313   1,083,289   Add: Class B LP Units 190,978   199,636   NAV (1) 1,284,291   1,282,925         Units outstanding (000s) – basic:     REIT Units 73,483   71,752   Class B LP Units 23,606   25,270     97,089   97,022   NAV per unit – basic (1) 13.23   13.22   (1) This is a Non-IFRS Financial Measure. Refer to Non-IFRS Measures for details. TOTAL INDEBTEDNESS RATIO (In thousands of Canadian dollars) June 30,   December 31,     2026   2025   Total Indebtedness Ratio (1) $   $   Current and non-current:     Mortgages payable 523,520   563,231   Unsecured debentures 497,660   —   Credit facilities 270,536   731,019   Lease liabilities 10,560   10,613   Liabilities associated with assets held for sale 19,747   8,367   Total indebtedness (1) 1,322,023   1,313,230   less: unrestricted cash (14,736 ) (6,111 ) Net debt 1,307,287   1,307,119   Total assets 2,659,762   2,650,360   Total Indebtedness Ratio (1) 49.2 % 49.3 % (1) This is a Non-IFRS Financial Measure. Refer to Non-IFRS Measures for details. ADJUSTED NET DEBT (In thousands of Canadian dollars) June 30,   December 31,     2026   2025     $   $   Current and non-current:     Mortgages payable 523,520   563,231   Unsecured debentures 497,660   —   Credit facilities 270,536   731,019   Lease liabilities 10,560   10,613   Liabilities associated with assets held for sale 19,747   8,367   Total indebtedness (1) 1,322,023   1,313,230   Less: Unrestricted cash (14,736 ) (6,111 ) Less: Additions to properties under development (32,722 ) (44,943 ) Adjusted net debt (1) 1,274,565   1,262,176   (1) This is a Non-IFRS Financial Measure. Refer to Non-IFRS Measures for details.

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