Nexus Industrial REIT posts Q2 net loss as fair value writedowns and higher financing costs outweigh NOI gains, company says
XLRE•Q2 results show higher NOI but a net loss
For the three months ended June 30, 2026, NOI rose 6.2% to CAD 34.1 million, driven by completed developments, expansions, and leasing gains.
The company said net loss was CAD 12.8 million, reflecting CAD 26.5 million of fair value losses and finance expense of CAD 18.3 million.
AFFO per unit declined on higher interest costs
Normalized AFFO per unit fell to CAD 0.154 from CAD 0.16, pressured by higher interest costs despite higher NOI.
Occupancy and leasing improved across the portfolio
Industrial occupancy increased to 97% from 95% at March 31, supported by 241,374 sq. ft. of new leases.
The REIT also renewed 379,916 sq. ft. at a 6% spread over expiring in-place rents, reflecting market rent re-leasing across the portfolio.
