Nexus Industrial REIT (TSE:NXR.UN) reported higher first-quarter operating income and said it remains on track to keep its normalized AFFO payout ratio below 100% for the full year, while also highlighting an investment-grade credit rating and its first bond issuance as key milestones.
On the REIT’s first-quarter conference call, Chief Executive Officer Kelly Hanczyk said net operating income rose to CAD 33.8 million, up CAD 1.7 million, or 5.4%, from a year earlier. Normalized funds from operations increased to CAD 17.7 million, and adjusted EBITDA for the last 12 months rose to CAD 121.3 million.
