08:11 AM EST, 11/15/2022 (MT Newswires) -- Nexus Industrial REIT (NXR-UN.TO) overnight Monday reported Q3 normalized adjusted funds from operations of $14.2 million, or $0.179 per unit, compared with $9.5 million, or $0.174 per unit, a year earlier.
Analysts polled by Capital IQ expected adjusted FFO per unit at $0.20.
Net operating income for the quarter ended Sept. 30 was $24.9 million, up from $14.1 million a year earlier, while same-property NOI rose to $12.9 million from $12.7 million, the REIT said.
The REIT said occupancy of 97% at Sept. 30 was consistent with June 30 and increased from 95% a year earlier.
"In the third quarter, we began to see the positive impact of rental rate growth in our industrial portfolio with approximately 150,000 square feet of renewals and new leases commencing in the quarter with rents on average $1.35 per square foot higher than expiring rents," said Kelly Hanczyk, the REIT's CEO. "In the fourth quarter, we have approximately 250,000 square feet of renewals and new leases commencing with rents on average $2.50 per square foot higher than expiring rents."