TORONTO, Nov. 14, 2022 (GLOBE NEWSWIRE) — Nexus Industrial REIT (the “REIT”) NXR today announced its results for the quarter ended September 30, 2022.

highlights

• On November 1, 2022, the REIT acquired a 435,871-square-foot portfolio of four industrial properties occupied by a single tenant for $38.2 million ($28.5 million). Three of the properties are located in Windsor, Ontario and one is located in Tilbury, Ontario.
• On October 4, 2022, the REIT sold a retail property in Longueuil, Quebec for $11.9 million.
• On September 30, 2022, the REIT acquired an industrial property in Cornwall, Ontario for $4.9 million. The property is occupied by an existing tenant of the REIT.
• On September 8, 2022, the REIT acquired a 74,681-square-foot single-tenant industrial lot in the Montreal area for $17.8 million.
• On August 31, 2022, the REIT increased its existing revolving credit facility to $140 million from $40 million.
• On August 3, 2022, the REIT sold a retail property in Châteauguay, Quebec for $8.3 million.
• On July 18, the REIT acquired an 80% interest in property in Hamilton, Ontario for $4.8 million. The REIT expects to construct an approximately 115,000-square-foot Class A industrial building on the site, with construction expected to begin in early 2024.
• On July 11, 2022, the REIT acquired a 94,000-square-foot single-tenant industrial lot in the Quebec City area for $18.9 million.
• The 97% occupancy as of September 30, 2022 was the same as on June 30, 2022 and increased from 95% as of September 30, 2021.
• Net operating income of $24.9 million for Q3 2022 increased $10.8 million or 76.6% compared to $14.1 million for Q3 2021 and increased $0.9 million US$ or 3.8% compared to US$24.0 million in Q2 2022.
• Q3 2022 Equal ownership NOI⁽¹⁾ of $12.9 million, increased $0.3 million, or 2.1%, compared to Q3 2021. The increase is primarily due to rental increments and CPI increases at certain of the REIT’s industrial properties …