Q2 2024 Nexus Industrial REIT Earnings Call Transcript
Key Points
- FFO improved by 9.2% to $0.178 per unit and AFFO improved by 10.4% to $0.148 per unit.
- Net operating income (NOI) increased by 14% year-over-year to $31.6 million.
- Successful acquisition of new properties contributing positively to NOI.
- Resolution of key vacancies, leading to improved occupancy rates.
- Significant progress in development projects, with new tenants and increased NOI contributions.
- Net income decreased by $33.7 million compared to the previous year.
- Higher interest expenses due to increased debt from acquisitions and development expenditures.
- General and administrative expenses increased by $200,000 year-over-year.
- Challenges in selling non-core assets, including retail and office properties.
- Potential short-term increase in leverage due to ongoing development projects.
Thank you for standing by this is the conference operator. Welcome to the Nexus Industrial REIT Second Quarter 2021 Results Conference Call. As a reminder, all participants are leaned and the conference is being recorded. [Operator Instructions] I would now like to turn the conference over to Kelly Hanczyk, Chief Executive Officer. Please go ahead.
Thank you. I'm super excited to welcome everyone to the 2024 Second Quarter Results Conference Call for Nexus Industrial REIT. Joining me today is Mike Rawle, Chief Financial Officer of the REIT. Before we begin, I'd like to caution with regard to forward-looking statements and non-GAAP measures. Certain statements made during this conference call may constitute forward-looking statements, which reflect the REIT's current expectations and projections about future results. Also during this call, we'll be discussing non-GAAP measures. Please refer to our MD&A and the REIT's other securities filings, which can be found on our website and at sedar.com for cautions regarding forward-looking information and for
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