TORONTO, Aug. 11, 2023 (GLOBE NEWSWIRE) — Nexus Industrial REIT (the “REIT”) NXR announced today its results for the quarter ended June 30, 2023.
Highlights
“During the quarter, we continued with the high grading of our portfolio, acquiring two industrial properties in London, Ontario totaling 568,923 square feet, and a 191,878 square foot industrial property in Laval, Quebec,” commented Kelly Hanczyk, the REIT’s Chief Executive Officer. “On July 4th, we acquired a 141,534 square foot industrial property in Burlington, Ontario. The Burlington and Laval properties are brand new construction class A buildings with embedded annual rental steps averaging just over 4%. Market rents for one of the London properties acquired are 175% higher than in place rents with the lease expiring in 2025. We also completed the sale of our Victoriaville, Quebec retail property in the quarter, which will push our industrial weighting by NOI to over 90% for Q3. Our Same Property NOI increased by 4.3% or $0.9 million as compared to Q2 2022. While we will be very selective in evaluating further acquisition opportunities going forward, we are progressing well with our high-yielding development projects, having broken ground at two sites. Also in the quarter, we acquired an 18-acre parcel of land in St. Thomas, Ontario, adjacent to another property we own, and we have signed an expansion agreement with our existing tenant to construct an additional 70,000 sq. ft. of GLA. These projects are expected to deliver very attractive yields and to generate sizeable NAV, FFO and AFFO growth.”
Summary of Results
| (In thousands of Canadian dollars, except per unit amounts) | Three months ended June 30, |
Six months ended June 30, |
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| 2023 | 2022 | 2023 | 2022 | |
| Financial Results | $ | $ | $ | $ |
| Property revenues | 38,419 | 34,142 | 75,895 | 65,841 |
| Net operating income (NOI) | 27,689 | 23,962 | 53,417 | 45,986 |
| Net income | 77,222 | 79,640 | 80,939 | 97,704 |
| Financial Highlights | ||||||||
| Funds from operations (FFO) (1) | 16,775 | 15,700 | 33,223 | 30,424 | ||||
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