Nexus Industrial REIT (NXR-UN.TO) first quarter normalized funds from operations and property revenue both climbed but narrowly missed estimates, the company reported Monday.
Funds from operations edged up to $17.7 million, or $0.18 per diluted unit, from $17.6 million, or $0.19 per diluted unit in the prior year period. Analysts polled by FactSet had expected $0.19 per unit.
Property revenue rose to $46.02 million, from $44.8 million over the same period, missing the $48.5 million consensus estimate.
Nexus reported a 95% in-place and committed industrial occupancy rate, a 100 basis point decrease compared with Dec. 31, 2025.
For 2026, Nexus expects mid-single digit same property NOI growth in its industrial portfolio, primarily due to the lease-up of vacant space, and releasing space at market rents that exceed expiring rents,
Nexus REIT units closed down $0.03, to $8.06 on Monday on the Toronto Stock Exchange.