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Nexus Industrial REIT (NXR-UN) investor relations material
Nexus Industrial REIT Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Completed two new industrial developments totaling 440,000 sq ft in St. Thomas, ON and Calgary, AB, generating CAD 6.6 million annual stabilized NOI at a 9.4% unlevered return on costs.
Transitioned to a pure-play industrial REIT, with over 99% of NOI from industrial assets after selling nearly all retail and office properties, including 15 retail, 1 office, and 3 industrial properties for $71.3 million year-to-date.
Achieved strong leasing activity, including backfilling major vacancies, renewing 150,000 sq ft at a 13% average rent lift, and signing a 15-year lease for a major London, Ontario asset, raising industrial occupancy to 96%.
Financial highlights
Q3 2025 net income was CAD 3.4 million, a CAD 49.4 million increase year-over-year, mainly due to higher fair value adjustments on Class B LP units and derivatives.
Net operating income for Q3 was CAD 32.2 million, down 1.1% year-over-year due to property dispositions, partially offset by growth in industrial Same Property NOI and completed developments.
Industrial Same Property NOI grew 2.9% year-over-year to $29.5 million in Q3 and $81.6 million for the nine months.
Normalized AFFO per unit was CAD 0.146, down from CAD 0.157 a year ago, driven by lower NOI and higher G&A expenses.
NAV per unit at September 30, 2025, was $12.98, down $0.19 from last quarter and 1.6% from December 31, 2024, due to new unit issuance for development funding.
Outlook and guidance
Expects full-year 2025 industrial Same Property NOI growth of approximately 3%, revised from prior mid-single digit expectations due to timing of lease-up.
Guidance for 2025 was slightly revised downward due to slower lease-up at two properties, but no impact is expected for 2026.
Organic growth anticipated to strengthen in early 2026 as new leases and rent steps take effect.
Distributions are considered sustainable, with normalized AFFO payout ratios (diluted) at 107.1% for Q3 and 104.0% for the nine months.
Why sell Glover instead of leasing it?
What caused the 2025 NOI guidance revision?
How will you achieve sub-10x leverage?
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Next Nexus Industrial REIT earnings date
Q4 202510 Mar, 2026
Next Nexus Industrial REIT earnings date
Q4 202510 Mar, 2026
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Frequently asked questions
Nexus Industrial REIT is a real estate investment trust focused on the acquisition and management of industrial properties. Its portfolio includes distribution centers, warehouses, and logistics facilities across Canada. The company is headquartered in Toronto, Canada, and its shares are listed on the TSX.
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