Nexus Industrial REIT (NXRUN) Earnings Call Transcripts

Nexus Industrial REIT's Latest Earnings Call - Q1 FY2026

In the first quarter of 2026, Nexus Industrial REIT reported a net income of $32.2 million, slightly down from $33.2 million year-over-year, while net operating income (NOI) increased by 5.4% to $33.8 million. Normalized AFFO per unit rose to $0.162, up from $0.154 in the previous year. Management maintained its guidance for mid-single-digit same-property NOI growth for the full year and an average normalized AFFO payout ratio below 100%. The REIT's recent investment-grade credit rating and inaugural bond offering are expected to enhance financial flexibility and reduce costs going forward.

Reported metrics

Guidance from management

Management maintained its guidance for mid-single-digit same-property NOI growth for 2026 and an average normalized AFFO payout ratio below 100%. They expect the impact of recent vacancies to be offset over the full year.

What management said

Yes. I think we're just still in the drawing phase right now, finalizing. So I think probably not until the end of the year start. Richmond is a little different. And that one will -- we're in for permit on that one as we finalize design, it's kind of a unique cool design. And there could be further upside there. So at the end of the day, each of them kind of will go in stages.

Yes, that's a fair comment, Kyle. A couple of things there. One is the primary thing is leasing of empty space. So we had a big one that was a drag versus prior year is 102 Avenue in Calgary. So that was the old Peavey Mart space that was occupied Q1 of last year, and it was vacant this year, and we anticipate filling that later this year. Another one is the other Peavey Mart space that we're looking at selling. So w...

What analysts pressed on

Analysts expressed concerns regarding the recent drop in occupancy and the potential impact on future earnings. There were questions about the leasing environment's softness and the ability to fill vacancies at market rates, particularly in London and Montreal.

Main topics on the call

• Investment-Grade Credit Rating — Nexus received an investment-grade credit rating of BBB low from DBRS, which facilitated a successful inaugural bond offering of $500 million. CEO Kelly Hanczyk stated, "This marks a significant milestone in our evolutio...
• Leasing Activity and Occupancy — The REIT completed approximately 41,000 square feet of new leases with an average rent lift of 32% over expiring rents. Despite a drop in occupancy to 95% due to two unplanned vacancies, management noted that this led to...
• Normalized AFFO Growth — Normalized AFFO per unit increased to $0.162, reflecting a year-over-year growth driven by higher NOI. CFO Mike Rawle highlighted that this was primarily due to a $1.2 million increase in normalized AFFO, despite rising ...
• Guidance Maintenance — Management reiterated its guidance for mid-single-digit same-property NOI growth for 2026, maintaining expectations despite the recent vacancies. They emphasized that the lease termination income would not impact the ful...

Read the full Nexus Industrial REIT transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 27 Nexus Industrial REIT earnings call transcripts on record, spanning March 13, 2020 to August 11, 2026. Based on this history, Nexus Industrial REIT reports quarterly. The most recent call on file is dated August 11, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

NXRUN

Exchange

TSX

Country

CA

Sector

Real Estate

Industry

Industrial REITs

Calls on record

27

First call

March 13, 2020

Most recent

August 11, 2026

Reporting cadence

quarterly