Nexus Real Estate Investment Trust ( (EFRTF) ) has released its Q3 earnings. Here is a breakdown of the information Nexus Real Estate Investment Trust presented to its investors.
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Nexus Industrial REIT, a real estate investment trust specializing in industrial properties across Canada, has reported its third-quarter 2024 financial results, showcasing its strategic focus on becoming a pure-play industrial REIT.
Nexus Industrial REIT’s recent financial results reflect a strategic shift towards industrial assets, with significant progress in property sales and development projects. The REIT’s net operating income increased by 11.0% year-over-year, driven by the acquisition of high-quality industrial properties, while the net loss was $46.0 million due to fair value adjustments.
Key highlights include the sale of the Old Montreal office portfolio and the completion of various development projects, adding over $10 million to annual stabilized NOI. The REIT’s industrial assets now account for 94% of their net operating income, with expectations to reach nearly 100% after completing remaining sales. However, normalized FFO and AFFO per unit saw slight declines compared to the previous year.
Looking ahead, Nexus Industrial REIT aims to enhance unitholder value through continued focus on industrial property acquisitions and developments. The company anticipates benefiting from favorable rental market conditions and expects mid-single-digit growth in same-property NOI for its industrial portfolio in 2024, alongside completing significant projects that will further bolster income.
