Strategic Repositioning Completion
Nexus Industrial REIT completed its strategic repositioning by selling 15 of its 16 retail properties, making it a Canada-focused pure play industrial REIT.
Robust Industrial Occupancy
Industrial occupancy increased to 97% in the first quarter, with successful lease renewals and pre-leasing exceeding expectations.
Net Operating Income Growth
Total net operating income increased by $2.6 million or 8.6% to $32.1 million, driven by acquisitions, organic growth, and development.
Strong Lease Renewals
Over 80% of expiring GLA was renewed, with a 30% growth on expiring rents, adding $3.5 million to NOI.
Positive Development Progress
Significant progress in development projects, including a 325,000 sq ft expansion in St. Thomas and a new 115,000 sq ft building in Calgary.