Nexus Industrial REIT (FRA:J6D)

Q3 2024 Nexus Industrial REIT Earnings Call Transcript

Nov 12, 2024 / 03:00 PM GMT

Release Date Price: €5.45 (-0.98%)

Transcript

Key Points

Positve

Nexus Industrial REIT (EFRTF) reported a strong third quarter with a 5.6% increase in normalized FFO to 18.8¢ per unit.
The company successfully completed 10 targeted acquisitions and advanced four development projects, three of which are already cash flowing.
Significant progress was made in deleveraging the balance sheet by selling non-core assets, including office and retail portfolios.
The Titan Park development in Saskatchewan was completed on schedule and below budget, contributing a healthy NOI.
The company expects continued improvement in results due to embedded rent escalations and positive mark-to-market on renewals.

Negative

Nexus Industrial REIT (EFRTF) reported a net loss of $46.0 million, a significant decrease compared to a net income of $77.0 million last year.
The decrease in net income was primarily due to non-cash fair value adjustments on class B LP units and investment properties.
Normalized A FFO decreased by 1¢ per unit from a year ago due to higher interest expenses and more units outstanding.
The company faces challenges in leasing the Glover Road property, with leasing assumptions pushed to mid-2025 due to market softness.
Market rent in Quebec has decreased, reflecting a weakened demand, which could impact future leasing activities.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

NXR_u.TO - Nexus Industrial REIT
Q3 2024 Nexus Industrial REIT Earnings Call
Nov 12, 2024 / 03:00PM GMT

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Presentation
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Unidentified_1 [1]
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Thank you for standing by. This is the conference operator. Welcome to the Nexus Industrial Re third quarter, 2024 results conference call.

As a reminder, all participants are in listen-only mode and the conference is being recorded after the presentation, there will be an opportunity to ask questions to join the question queue. You may press star then one on your telephone keypad.

Should you need assistance during the conference call? You may signal an operator by pressing star and zero.

I would now like to turn the conference over to Kelly Hook, Chief Executive Officer. Please go ahead.

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Unidentified_2 [2]

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