Nexus Industrial REIT
TSX:NXR.UN
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Nexus Industrial REIT
TSX:NXR.UN
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CA |
Nexus Industrial REIT
Nexus Industrial REIT operates as a real estate investment trust. The company is headquartered in Oakville, Ontario and currently employs 19 full-time employees. The company went IPO on 2012-11-26. The REIT is focused on increasing unitholder value through the acquisition of industrial properties located in primary and secondary markets in Canada and the United States, and the ownership and management of its portfolio of properties. Its owns a portfolio of approximately 109 properties comprising approximately 10.7 million square feet of gross leasable area. Its industrial properties include 5 Cuddy Boulevard, 11250-189 Street, 3501 Giffen Road North, 10774-42 Street SE and 261185 Wagon Wheel Way. Its office properties include 127-145 Rue Saint-Pierre, 360 Rue Notre-Dame West, 329 Rue De La Commune West and 353 Rue Saint Nicolas. Its retail properties include 401-571 Boulevard Jutras Est, 2000 Boulevard Louis-Frechette, 250 Boulevard Fiset and 240 Rue Victoria, 161-175 Route 230 Ouest and 8245 Boulevard Taschereau.
Nexus Industrial REIT operates as a real estate investment trust. The company is headquartered in Oakville, Ontario and currently employs 19 full-time employees. The company went IPO on 2012-11-26. The REIT is focused on increasing unitholder value through the acquisition of industrial properties located in primary and secondary markets in Canada and the United States, and the ownership and management of its portfolio of properties. Its owns a portfolio of approximately 109 properties comprising approximately 10.7 million square feet of gross leasable area. Its industrial properties include 5 Cuddy Boulevard, 11250-189 Street, 3501 Giffen Road North, 10774-42 Street SE and 261185 Wagon Wheel Way. Its office properties include 127-145 Rue Saint-Pierre, 360 Rue Notre-Dame West, 329 Rue De La Commune West and 353 Rue Saint Nicolas. Its retail properties include 401-571 Boulevard Jutras Est, 2000 Boulevard Louis-Frechette, 250 Boulevard Fiset and 240 Rue Victoria, 161-175 Route 230 Ouest and 8245 Boulevard Taschereau.
Portfolio shift: Completed transition to a pure-play industrial REIT, selling retail assets and raising $47 million; 99% of NOI now industrial.
Record results: Delivered record net operating income of $129 million and record adjusted EBITDA of $120 million for full-year 2025.
Acquisitions: Bought two Montreal industrial buildings for $40 million (283,000 sq ft) at a 6.6% going-in cap rate; appraised uplift of approximately $23 million.
Development progress: Completed 325,000 sq ft at 70 Dennis Road (St. Thomas) for $55 million at a 9% contractual yield; additional small-bay and micro‑unit projects planned (~180,000 sq ft Adams Road, ~$47 million; 80,000 sq ft Savage Road, ~$19 million).
Leasing momentum: Industrial occupancy steady at 96%; year-to-date 1.2 million sq ft leased with a 60% average leasing spread; Q4 renewals were 117,000 sq ft with a 2% average rent lift.
Cash flow metrics: FFO per unit rose to $0.61 for the year; normalized FFO in Q4 was $0.186/unit and normalized AFFO was $0.151/unit; NAV per unit $13.22.
Balance sheet focus: Debt-to-EBITDA near 11x; management targeting mid-9s this year to reach investment-grade; opportunistic deleveraging via asset sales underway.
Outlook: Expect mid-single-digit same-property NOI growth for 2026 and an average normalized AFFO payout ratio below 100%.
