TSX:NXR.UN - Post by User
Post by
TeamCommonSenseon Nov 13, 2024 12:27pm
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Post# 36310540
Analyst update
Analyst update * RBC”s Jimmy Shan raised his target for Nexus Industrial REIT (NXR.UN-T) to $9 from $8.50 with a “sector perform” rating, while CIBC’s Sumayya Syed moved her target to $9.50 from $9 with an “outperformer” rating. The average is $9.08.
“Nexus Industrial reported FFO/unit (normalized) of $0.188, vs. RBC/Consensus estimates of $0.184/0.183,” said Mr. Shan. “NXR is making steady progress on three key fronts: 1) Payout ratio improved to 101 per cent vs. 108 per cent in Q2; 2) More office assets were sold furthering its pure-play industrial status; and 3) 2025 is a relatively big year for lease renewals at large spreads – we estimate 5.5-per-cent SP NOI [same property net operating income] growth, with growth supplemented by development activity, resulting in 2025E FFO growth of 10 per cent. Valuation looks fair on a relative basis, trading at a tighter discount than LTA vs. industrial peers.”