Nexus Real Estate Investment earnings date
Nexus Real Estate Investment (J6D) Q3 2026 Earnings Report
DE:J6D Q3 2026 EPS Results
- Actual EPS
- EUR 0.21
- Consensus EPS
- ―
- Beat/Miss
- ―
- One Year Ago EPS
- EUR 0.02
DE:J6D Q3 2026 Revenue Results
- Actual Revenue
- EUR 29.12M
- Expected Revenue
- EUR 30.89M
- Beat/Miss
- Missed by -EUR 1.77M
- YoY Revenue Growth
- +5.66%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/06/2026
- Time
- Before Open
- Conference Call
- Friday, November 6, 2026
Nexus Real Estate Investment's next earnings date is estimated for March 17, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
The call was strongly positive overall. Nexus reported broad operating growth, higher occupancy, strong renewal spreads, improved AFFO, a payout ratio below 100%, enhanced liquidity from its bond issuance, successful capital recycling and progress on leasing and development initiatives. The main negatives were the reduced full-year same-property NOI growth outlook, remaining strategic vacancies and renewals, higher net interest expense, and the fact that data infrastructure leasing and power expansion are not yet finalized.
Management expects Nexus to deliver a strong 2026, with industrial same-property NOI growth between 3% to 4% for the full year and the normalized AFFO payout ratio to average well below 100%, remaining on track to deliver a full year 2026 payout ratio below 100%; approximately 270,000 square feet remains for fourth-quarter renewal, of which over 75,000 square feet has already been renewed or is expected to renew. The Glover Road lease is expected to be a 10-year lease commencing in Q2 2027, with a first-year incentive rate of something like $10 a foot, ramping up to market in year 3 and including 3% annual growth, while the final unit at 102 Avenue Calgary is anticipated to be leased very soon. At Richmond, development costs are expected to be $41.3 million, additional data infrastructure and fixturing costs $19 million, and the combined investment $60.3 million, with planned aggregate gross electric capacity of 9.9 megawatts, 2.1 megawatts available for use right now, conditional approval to increase capacity to 6.6 megawatts and then to a further 9.9 megawatts, and 6.6 expected, hopefully, for second quarter of next year; at Kelowna, the development cost is expected to remain $47.3 million and the project is expected to generate a minimum unlevered return on investment of 6%.
- Broad Year-over-Year and Sequential Operating GrowthNexus reported sequential and year-over-year growth in net operating income, normalized FFO, normalized AFFO and last-12-month adjusted EBITDA, reflecting strong operating results.
- Strong Leasing Spreads and Same-Property NOI GrowthThe REIT renewed 225,000 square feet at an average rent lift of 29%. Renewals included 150,000 square feet in London, Ontario, where rents increased from $7.50 to $9.75 per square foot net with 2.75% escalators over a 7-year term, and 37,000 square feet across three Quebec units at an average lift of 34%. Industrial same-property NOI growth was 4.2%, and the average spread between market and in-place rents was 14.6% at September 30.
- Higher Occupancy, NOI and Adjusted EBITDANexus leased an additional 36,000 square feet of vacant space, resulting in 97% occupancy at September 30. Net operating income increased 7.8% year-over-year to $34.7 million, normalized FFO increased to $18.8 million, and last-12-month adjusted EBITDA grew to $123.8 million.
- AFFO Growth and Payout Ratio ProgressNormalized AFFO per unit was $0.166 versus $0.146 a year ago. The quarterly payout ratio was 95.6%, and management remains on track to deliver a full-year 2026 payout ratio below 100%.
- Hamilton Glover Road Lease ExecutedNexus executed and offered a lease for the entire 115,000-square-foot Glover Road new build in Hamilton. The expected lease term is 10 years beginning in Q2 2027. The first-year incentive rate is approximately $10 per square foot, ramping to market rent in year three with 3% annual growth. Management said the lease resolves a long-standing vacancy and is expected to contribute significantly to NOI.
- Calgary Small-Bay Building Nearly Fully LeasedNexus signed two additional 5-year leases at its 115,000-square-foot small-bay building at 102 Avenue in Calgary, beginning in February and April. Eight of the building's nine units are now leased, with the final unit expected to be leased soon.
- Investment-Grade Bond Issuance Strengthened LiquidityNexus raised $300 million through 3.5-year bonds at a 4.563% coupon and used the proceeds to repay existing credit-facility drawings. Its $585 million credit facility is now virtually undrawn, providing liquidity and capacity to absorb mortgage expiries. Debt maturities are well laddered across 2029, 2030 and 2031.
- Lower-Cost and More Flexible Debt StructureThe bond issuance priced at GOCs plus 105 basis points versus CORRA plus 170 basis points on the unsecured credit facility. Management expects to realize interest savings, while the investment-grade debenture program has lightened the covenant package, diversified the lender base and added flexibility for future debt financing.
- Successful Resolution of the Red Deer Property ChallengeNexus completed the $11.25 million sale of its 190,000-square-foot Red Deer building, resolving the situation that began when tenant Peavey Mart filed for CCAA protection in March 2025. Management also noted that the former London Peavey Mart property was leased in August 2025 to a top-tier tenant for 15 years at rates over double Peavey's rate, with strong escalators, after the tenant invested over $22 million to modernize the building.
- Additional Capital Recycling TransactionsNexus contracted to sell its 105,000-square-foot Edmonton property at 149 Street Northwest for approximately $12 million, representing an approximately 6.5% cap rate on in-place rents, with closing scheduled for the end of November. It also agreed to sell the 29,000-square-foot empty cross-dock facility at 4700 102 Avenue in Calgary to the City of Calgary for $12.5 million, equivalent to a 5.2% cap rate, with closing scheduled in December. After quarter-end, Nexus sold unused land in Blackfalds, Alberta, for $2.5 million.
- Data Infrastructure Development Strategy AdvancedNexus launched a portfolio-wide sub-strategy to pursue data infrastructure projects where they meet its investment objectives and disciplined capital-allocation approach. The REIT entered into a development profit-sharing agreement under which data revenues first fund operating costs, Nexus earns a prescribed return, and residual net operating profits are shared equally with the tenant after end users are signed.
- Richmond Micro-Vault Project ProgressedAt 1751 Savage Road in Richmond, British Columbia, Nexus is developing micro-industrial units that may be used as data infrastructure, micro-industrial space or storage. The project has anticipated development costs of $41.3 million and additional data infrastructure and fixturing costs of $19 million, for a combined investment of $60.3 million. Planned aggregate gross electric capacity is 9.9 megawatts, with 2.1 megawatts currently available and conditional approval to increase capacity to 6.6 megawatts and then 9.9 megawatts. Foundations and framing were initiated, and $9.2 million of development expenditures were incurred during the quarter.
- Kelowna Development ContinuedAt 555 Adams Road in Kelowna, British Columbia, Nexus is developing micro-industrial units that may also be used as data infrastructure. Development cost remains $47.3 million, with a minimum expected unlevered return on investment of 6%. The planning phase is complete, the construction permit application has been submitted for review, and $4.3 million of development expenditures were incurred during the quarter.
- Net Income and Core Financial Results ImprovedNet income was $31.9 million, up $28.4 million from $3.4 million a year ago. The increase was attributed to higher fair value adjustments on Class B LP units and derivative financial instruments, together with higher net operating income. General and administrative expenses were $2.1 million, slightly lower than a year ago due to lower professional service fees.
- Stable NAV and Portfolio ValuationNAV per unit was $13.24 at September 30, a $0.01 increase from the prior quarter. The weighted average cap rate was 5.95%, consistent with the previous quarter.
- Improving Leasing Demand and Tenant RetentionManagement reported that leasing activity is picking up, particularly in Southwestern Ontario, where two to three larger mandates of approximately 200,000 to 300,000 square feet are seeking space. London activity was described as positive, Edmonton and Calgary as solid, and the REIT's second-largest tenant expanded for another 10 years, extending its term to 2040 with 2.5% annual increases.
DE:J6D Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 17, 2027 | 2026 (Q4) | ―- | 0.2 | ― | ― |
| Nov 06, 2026 | 2026 (Q3) | ―0.21 | 0.02 | 834.29% (+0.19) | |
| Aug 10, 2026 | 2026 (Q2) | ―-0.08 | -0.05 | -61.73% (-0.03) | |
| May 11, 2026 | 2026 (Q1) | ―0.21 | 0.22 | -5.98% (-0.01) | |
| Mar 06, 2026 | 2025 (Q4) | ―0.20 | 0.34 | -40.53% (-0.14) | |
| Nov 13, 2025 | 2025 (Q3) | ―0.02 | -0.31 | 107.16% (+0.33) | |
| Aug 11, 2025 | 2025 (Q2) | ―-0.05 | 0.29 | -117.46% (-0.35) | |
| May 14, 2025 | 2025 (Q1) | ―0.22 | 0.3 | -24.84% (-0.07) | |
| Mar 10, 2025 | 2024 (Q4) | ―0.34 | 0.01 | 2195.65% (+0.32) | |
| Nov 11, 2024 | 2024 (Q3) | ―-0.31 | 0.54 | -157.53% (-0.85) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
