Net Income of $32.2 million; NOI(1) growth of 5.4% to $33.8 million; Normalized AFFO payout ratio(1) of 96.6%
TORONTO, May 11, 2026 (GLOBE NEWSWIRE) -- Nexus Industrial REIT (the "REIT") (TSX: NXR.UN) announced today its results for the first quarter ended March 31, 2026.
"In the first quarter we advanced our journey as Canada's industrial building partner, delivering Normalized AFFO payout ratio(1) of 96.6%, a meaningful improvement over recent quarters and a significant step toward our 2026 guidance of delivering a ratio below 100% for the full year," said Kelly Hanczyk, CEO of Nexus Industrial REIT.
"We also demonstrated the strength of our balance sheet, achieving an investment grade credit rating and completing an inaugural $500 million bond issuance in April, adding financial flexibility, and reducing our cost of capital. This accomplishment marks a new stage in our evolution and is one that I am particularly proud of" concluded Mr. Hanczyk.
First Quarter 2026 Highlights:
- Sold an industrial property located in Calgary, AB for a price of $8.5 million.
- In-place and committed industrial occupancy rate of 95%, representing a 100 basis point decrease compared to December 31, 2025.
- Completed 41,177 sq. ft. of leasing at an average spread of 32% over expiring and in-place rents.
- Net income was $32.2 million driven by NOI(1) of $33.8 million and fair value adjustments (gains) of $18.9 million, partially offset by finance expense, general and administrative expenses and loss on disposal of investment properties.
- NOI(1) increased by 5.4% versus a year ago to $33.8 million primarily attributed to NOI(1) generated from completed developments and newly acquired industrial properties, despite selling 19 legacy retail, office, and industrial properties in 2025 and one industrial property in the first quarter of 2026.
- Industrial Same Property NOI(1) increased 1.0% versus a year ago to $29.8 million.
- Normalized FFO(1) per unit decreased $0.005 versus a year ago to $0.182 and Normalized AFFO(1) per unit increased $0.008 versus a year ago to $0.162.
- Normalized AFFO payout ratio(1) improved by 7.5% to 96.6% as compared to the same period in the prior year.
- Unitholders' equity increased by $21.2 million to $1.1 billion or $15.38 per unit. NAV per unit(1) of $13.29 increased $0.07 or 0.5% versus December 31, 2025.
(1) This is a Non-IFRS Financial Measure. Refer to Non-IFRS Measures for details.
Subsequent events:
- On April 14, 2026, the REIT issued $300.0 million principal amount of 4.236% Series A senior unsecured debentures maturing on April 14, 2029 and $200.0 million principal amount of 4.641% Series B senior unsecured debentures maturing on April 14, 2031. Interest on the debentures is payable semi-annually in arrears, on April 14 and October 14 of each year, commencing on October 14, 2026. Net of financing fees, the REIT received $498.5 million and used the net proceeds to pay down existing indebtedness.
- On April 17, 2026, the REIT paid off and retired the unsecured term loan facility of $200.0 million (US$145.4 million) and partially paid down the unsecured revolving facility by $292.0 million (US$212.4 million). The REIT unwound the related cross-currency swaps with a notional value of $492.0 million and closed interest rates swaps with a notional value of $317.0 million.
Summary of Results
| (In thousands of Canadian dollars, except per unit amounts) | Three months ended March 31, | |||
| 2026 | 2025 | |||
| - | - | |||
| FINANCIAL INFORMATION | ||||
| Operating Results | ||||
| Property revenues | 46,019 | 44,754 | ||
| NOI (1) | 33,807 | 32,090 | ||
| Net income and comprehensive income | 32,176 | 33,151 | ||
| Adjusted EBITDA (LTM) (1) | 121,276 | 121,151 | ||
| FFO (1) | 17,325 | 17,043 | ||
| Normalized FFO (1) | 17,714 | 17,580 | ||
| AFFO (1) | 15,302 | 14,397 | ||
| Normalized AFFO (1) | 15,691 | 14,478 | ||
| Distributions declared (2) | 15,160 | 15,073 | ||
| Same Property NOI (1) | 30,097 | 30,016 | ||
| Industrial Same Property NOI (1) | 29,783 | 29,484 | ||
| Weighted average units outstanding (000s): | ||||
| Basic (3) | 97,069 | 94,203 | ||
| Diluted (3) | 97,421 | 94,477 | ||
| Per unit amounts: | ||||
| Distributions per unit - basic (2) (3) | 0.160 | 0.160 | ||
| Distributions per unit - diluted (2) (3) | 0.160 | 0.160 | ||
| Normalized FFO per unit - basic (1) (3) | 0.182 | 0.187 | ||
| Normalized FFO per unit - diluted (1) (3) | 0.182 | 0.186 | ||
| Normalized AFFO per unit - basic (1) (3) | 0.162 | 0.154 | ||
| Normalized AFFO per unit - diluted (1) (3) | 0.161 | 0.153 | ||
| AFFO payout ratio (1) (2) | 99.1 | - | 104.7 | - |
| Normalized AFFO payout ratio - basic (1) (2) | 96.6 | - | 104.1 | - |
| Normalized AFFO payout ratio - diluted (1) (2) | 96.9 | - | 104.6 | - |
| Same Property NOI Growth % (1) | 0.3 | - | 5.9 | - |
| Industrial Same Property NOI Growth % (1) | 1.0 | - | 6.6 | - |
(1) This is a Non-IFRS Financial Measure. Refer to Non-IFRS Measures for details.
(2) Includes distributions payable to holders of Class B LP Units which are accounted for as finance expense in the consolidated financial statements.
(3) Weighted average number of units includes Class B LP Units.
| March 31, | December 31, | |||
| 2026 | 2025 | |||
| (In thousands of Canadian dollars, unless stated otherwise) | - | - | ||
| PORTFOLIO INFORMATION | ||||
| Total Portfolio | ||||
| Number of investment properties (2) | 88 | 89 | ||
| Investment properties fair value (excludes assets held for sale) | 2,520,712 | 2,506,423 | ||
| Gross leasable area ("GLA") (in millions of sq. ft.) (at the REIT's ownership interest) | 12.3 | 12.4 | ||
| Industrial occupancy rate - in-place and committed (year-end) (3) | 95 | - | 96 | - |
| Weighted average lease term ("WALT") (years) | 6.9 | 6.9 | ||
| Industrial WALT (years) | 6.9 | 6.9 | ||
| Estimated spread between industrial portfolio market and in-place rents | 15.8 | - | 18.7 | - |
| FINANCING AND CAPITAL INFORMATION | ||||
| Financing | ||||
| Net debt (1) | 1,328,891 | 1,307,119 | ||
| Total Indebtedness Ratio (1) | 49.5 | - | 49.3 | - |
| Net Debt to Adjusted EBITDA (1) | 11.0 | 10.9 | ||
| Adjusted Net Debt to Adjusted EBITDA (1) | 10.5 | 10.5 | ||
| Debt service coverage ratio (times) | 1.72 | 1.70 | ||
| Secured Indebtedness Ratio | 21.4 | - | 22.4 | - |
| Unencumbered investment properties as a percentage of investment properties | 50.3 | - | 49.7 | - |
| Total assets | 2,687,057 | 2,650,360 | ||
| Cash | 17,876 | 6,111 | ||
| Capital | ||||
| Total equity (per consolidated financial statements) | 1,104,484 | 1,083,289 | ||
| Total equity (including Class B LP Units) | 1,290,727 | 1,282,925 | ||
| Total number of Units (in thousands) (4) | 97,086 | 97,022 | ||
| NAV per unit (1) | 13.29 | 13.22 | ||
(1) This is a Non-IFRS Financial Measure. Refer to Non-IFRS Measures for details.
(2) Includes three properties (four properties - December 31, 2025) classified as assets held for sale, and one property held for development in which the REIT has an 80% interest.
(3) Includes committed new leases for future occupancy.
(4) Includes Class B LP Units.
Net income
Net income for the three months ended March 31, 2026 was $32.2 million or $1.0 million lower as compared to the same period in 2025, primarily due to an decrease in fair value adjustments of investment properties of $6.8 million, a decrease in Class B LP Units fair value adjustments of $5.6 million, higher finance expenses by $0.7 million, lower foreign exchange expenses by $0.7 million, a higher loss on disposal of investment properties of $0.2 million, and a higher general and administrative expense of $0.2 million, partially offset by an increase in fair value adjustments of derivative financial instruments of $11.3 million, a higher NOI of $1.7 million, and a higher Incentive units fair value adjustment of $0.2 million.
Net operating income
NOI for the three months ended March 31, 2026 was $33.8 million or $1.7 million higher as compared to the same period in 2025, which was primarily due to $1.3 million relating to completed developments and expansions, $0.7 million from acquisitions of industrial income producing properties that closed subsequent to March 31, 2025, $0.6 million increase from non-recurring lease terminations and tenant reimbursed capital improvements, and $0.4 million relating to amortization of tenant improvements and leasing costs that was ceased during the three months ended March 31, 2026 as a result of change in application of accounting methodology, partially offset by a lower NOI of $0.6 million relating to straight-line rent adjustments attributed to changes in current lease arrangements, and $0.6 million relating to dispositions completed since Q1 2025.
Fair value adjustment of investment properties
The fair value adjustment (gain) on investment properties for the three months ended March 31, 2026 totaled $2.1 million. The REIT engaged external appraisers to value properties totaling $141.1 million during the quarter. Overall, the fair value gain recorded for the REIT's portfolio primarily consists of a $29.8 million increase resulting from changes in stabilized NOI, partially offset by a $27.4 million decrease due to adjustments to capitalization rates, and a $0.3 million decrease resulting from a fair value adjustment on a disposal during the period.
Outlook
The REIT is focused on delivering total unitholder return through profitable long-term growth, and by pursuing its strategy as a Canada-focused pure-play industrial REIT.
For 2026, the REIT anticipates mid-single digit Same Property NOI(1) growth in its industrial portfolio. The expected Same Property NOI(1) growth is primarily attributed to the lease-up of vacant space, and releasing space at market rents that exceed expiring rents, thereby continuing to benefit from positive spreads between market rental rates and the REIT's in-place rental rates.
In 2026, the REIT expects to benefit from:
- the 325,000 sq. ft. expansion project at St. Thomas, ON for an existing tenant that was completed in Q3 2025, which is contributing $4.9 million in annual stabilized NOI(1), representing a contractual going-in yield of 9.0% on total development costs of $55.1 million,
- the 115,000 sq. ft. small-bay industrial building that was constructed in Q3 2025 adjacent to an existing building that the REIT owns in Calgary, AB, which, once stabilized, is expected to earn a yield of 11.0% on total development costs of $14.8 million, and
- the acquisition of two industrial properties in Montreal and Longueuil, QC in November 2025 totalling 282,721 sq. ft., that are expected to contribute $2.6 million in annual stabilized NOI(1), representing a going-in yield of 6.6% on the purchase price of $40.1 million.
The normalized AFFO payout ratio(1) for the three months ended March 31, 2026 was 96.6%. The REIT believes that the current distributions are sustainable, and anticipates the normalized AFFO payout ratio(1) to average below 100% for the full fiscal year in 2026.
(1) This is a Non-IFRS Financial Measure. Refer to Non-IFRS Measures for details.
Earnings Call
Management of the REIT will host a conference call at 10:00 AM Eastern Standard Time on Tuesday May 12, 2026, to review the financial results and operations.
To participate in the conference call, please dial 1-647-846-8414 or 1-833-752-3601 (toll free in Canada and the US) at least five minutes prior to the start time and ask to join the Nexus Industrial REIT conference call.
A recording of the conference call will be available until June 12, 2026. To access the recording, please dial 1-412-317-0088 or 1-855-669-9658 (toll free in Canada and the US) and enter access code 9157568.
May and June Distributions
The REIT will make a cash distribution in the amount of $0.05333 per unit, representing $0.64 per unit on an annualized basis, payable June 15, 2026, to unitholders of record as of May 29, 2026.
The REIT will also make a cash distribution in the amount of $0.05333 per unit, representing $0.64 per unit on an annualized basis, payable July 15, 2026, to unitholders of record as of June 30, 2026.
Annual Meeting Voting Results
Each of the matters set out in the REIT's management information circular dated March 30, 2026 (the "Circular") for the annual meeting of unitholders held on May 11, 2026 (the "Meeting") was approved by the requisite majority of unitholders, and each of the trustee nominees listed in the Circular was elected as a trustee of the REIT. Voting results for the individual trustees are as follows:
| Nominee | Number of Votes For | Percentage of Votes For | Number of Votes Withheld | Percentage of Votes Withheld |
| Floriana Cipollone | 39,117,151 | 99.605% | 155,068 | 0.395% |
| Bradley Cutsey | 39,094,541 | 99.548% | 177,678 | 0.452% |
| Kelly C. Hanczyk | 39,159,055 | 99.712% | 113,164 | 0.288% |
| Daniel M. Oberste | 37,957,629 | 96.653% | 1,314,590 | 3.347% |
| Ben Rodney | 32,784,443 | 83.480% | 6,487,776 | 16.520% |
| Mary Vitug | 32,199,652 | 81.991% | 7,072,567 | 18.009% |
Final results on all matters considered at the Meeting are reported in the Report of Voting Results as filed on SEDAR (www.sedarplus.ca).
About Nexus Industrial REIT
Nexus is a growth-oriented real estate investment trust focused on increasing unitholder value through the acquisition of industrial properties located in primary and secondary markets in Canada, and the ownership and management of its portfolio of properties. The REIT currently owns a portfolio of 88 properties (including one property held for development in which the REIT has an 80% interest) comprising approximately 12.3 million square feet of gross leasable area. The REIT has approximately 97,089,000 voting units issued and outstanding, including approximately 72,169,000 REIT Units and approximately 24,920,000 Class B LP Units of subsidiary limited partnerships of Nexus, which are convertible to REIT Units on a one-to-one basis.
Non-IFRS Measures
Information in this news release is a select summary of results. This news release should be read in conjunction with the MD&A and the Trust's consolidated financial statements and the accompanying notes for the three months ended March 31, 2026 (the "Financial Statements"). The Financial Statements are prepared in accordance with IFRS accounting standards as issued by the IASB, however, included in the tables above and elsewhere in this news release are non-IFRS financial measures or non-IFRS ratios which do not have a standardized meaning prescribed under generally accepted accounting principles ("GAAP") in accordance with IFRS and that should not be construed as an alternative to net income / loss or other measures of financial performance calculated in accordance with IFRS and may not be comparable to similar measures as reported by other issuers. A definition of each non-IFRS financial measure or ratio used herein and an explanation of management's reasons as to why it believes the measure is useful to investors are incorporated by reference and can be found on page 1 in the REIT's Management's Discussion and Analysis for the three months ended March 31, 2026, available on SEDAR+ at www.sedarplus.ca and on the REIT's website under Investor Relations. See Appendix A of this earnings release for a reconciliation of the non-IFRS financial measures to the primary financial statement measures.
Forward Looking Statements
Certain statements contained in this news release constitute forward-looking statements which reflect the REIT's current expectations and projections about future results, including statements under the heading "Outlook" and regarding the REIT's expectations relating to growth in NOI, benefits from developments and the sustainability of its distributions. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the REIT to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Such forward-looking statements are based on a number of assumptions that may prove to be incorrect.
While the REIT anticipates that subsequent events and developments may cause its views to change, the REIT specifically disclaims any obligation to update these forward-looking statements except as required by applicable law. These forward-looking statements should not be relied upon as representing the REIT's views as of any date subsequent to the date of this news release. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The factors identified above are not intended to represent a complete list of the factors that could affect the REIT.
For further information please contact:
Kelly C. Hanczyk, CEO at (416) 906-2379 or
Mike Rawle, CFO at (647) 823-1381
APPENDIX A - NON-IFRS FINANCIAL MEASURES
| (In thousands of Canadian dollars, except per unit amounts) | Three months ended March 31, | |||||
| 2026 | 2025 | Change | ||||
| FFO(6) | - | - | - | |||
| Net income and comprehensive income | 32,176 | 33,151 | (975 | - | ||
| Adjustments: | ||||||
| Loss on disposal of investment properties | 309 | 85 | 224 | |||
| Fair value adjustments | (18,855 | - | (19,727 | - | 872 | |
| Adjustments for equity accounted joint venture (1) | 76 | 76 | - | |||
| Distributions on Class B LP Units expensed | 3,672 | 3,713 | (41 | - | ||
| Amortization of tenant improvements and leasing costs | - | 366 | (366 | - | ||
| Lease principal payments | (27 | - | (26 | - | (1 | - |
| Amortization of right-of-use assets | 31 | 30 | 1 | |||
| Net effect of unrealized foreign exchange on USD debt and related hedges | (57 | - | (625 | - | 568 | |
| Funds from operations (FFO)(6) | 17,325 | 17,043 | 282 | |||
| Weighted average units outstanding (000s) - basic (3) | 97,069 | 94,203 | 2,866 | |||
| FFO per unit - basic(6) | 0.178 | 0.181 | (0.003 | - | ||
| FFO(6) | 17,325 | 17,043 | 282 | |||
| Add: Non-recurring personnel transition costs | 220 | 107 | 113 | |||
| Add: Non-recurring adjustments from asset dispositions (4) | 43 | 472 | (429 | - | ||
| Add: Other one-time adjustments (5) | 126 | (42 | - | 168 | ||
| Normalized FFO(6) | 17,714 | 17,580 | 134 | |||
| Weighted average units outstanding (000s) - basic (3) | 97,069 | 94,203 | 2,866 | |||
| Normalized FFO per unit - basic(6) | 0.182 | 0.187 | (0.005 | - | ||
| (In thousands of Canadian dollars, except per unit amounts) | Three months ended March 31, | |||||
| 2026 | 2025 | Change | ||||
| AFFO(6) | - | - | - | |||
| FFO(6) | 17,325 | 17,043 | 282 | |||
| Adjustments: | ||||||
| Straight-line adjustments, ground lease and rent | (423 | - | (1,046 | - | 623 | |
| Capital reserve (2) | (1,600 | - | (1,600 | - | - | |
| Adjusted funds from operations (AFFO)(6) | 15,302 | 14,397 | 905 | |||
| Weighted average units outstanding (000s) Basic (3) | 97,069 | 94,203 | 2,866 | |||
| AFFO per unit - basic(6) | 0.158 | 0.153 | 0.005 | |||
| Distributions declared | 15,160 | 15,073 | 87 | |||
| AFFO payout ratio - basic(6) | 99.1 | - | 104.7 | - | (5.6 | )% |
| AFFO(6) | 15,302 | 14,397 | 905 | |||
| Add: Non-recurring personnel transition costs | 220 | 107 | 113 | |||
| Add: Non-recurring adjustments from asset dispositions (4) | 43 | 16 | 27 | |||
| Add: Other one-time adjustments (5) | 126 | (42 | - | 168 | ||
| Normalized AFFO(6) | 15,691 | 14,478 | 1,213 | |||
| Weighted average units outstanding (000s) Basic (3) | 97,069 | 94,203 | 2,866 | |||
| Normalized AFFO per unit - basic(6) | 0.162 | 0.154 | 0.008 | |||
| Distributions declared | 15,160 | 15,073 | 87 | |||
| Normalized AFFO payout ratio - basic(6) | 96.6 | - | 104.1 | - | (7.5 | )% |
| (1) | Adjustment for equity accounted joint venture relates to a fair value adjustment of swaps in place at the joint venture to swap floating rate bankers' acceptance rates to a fixed rate and a fair value adjustment of the joint venture investment property. | |
| (2) | Capital reserve includes maintenance capital expenditures, tenant improvements and leasing costs. Reserve amounts are established with reference to building condition reports, appraisals, and internal estimates of tenant renewal, tenant improvements and leasing costs. The REIT believes that a reserve is more appropriate given the fluctuating nature of capital expenditures. | |
| (3) | Weighted average number of units includes the Class B LP Units. | |
| (4) | These adjustments represent one-time balance sheet write-offs, early mortgage repayment charges, and other costs associated with the disposals made during the period. | |
| (5) | The adjustments are primarily related to unrealized foreign exchange losses (gains) on transactions relating to deferred purchase consideration and other one-time adjustments. | |
| (6) | This is a Non-IFRS Financial Measure. Refer to Non-IFRS Measures for details. |
SAME PROPERTY RESULTS
| (In thousands of Canadian dollars) | ||||||
| Three months ended March 31, | ||||||
| 2026 | 2025 | Change | ||||
| - | - | - | ||||
| Property revenues | 46,019 | 44,754 | 1,265 | |||
| Property expenses | (12,212 | - | (12,664 | - | 452 | |
| NOI(1) | 33,807 | 32,090 | 1,717 | |||
| Add/(Deduct): | ||||||
| Amortization of tenant improvements and leasing costs | - | 360 | (360 | - | ||
| Straight-line adjustments of rent | (422 | - | (1,045 | - | 623 | |
| Development and expansion | (1,287 | - | - | (1,287 | - | |
| Acquisitions | (665 | - | - | (665 | - | |
| Disposals | (74 | - | (718 | - | 644 | |
| Termination fees and tenant reimbursed capital improvements | (1,262 | - | (671 | - | (591 | - |
| Same Property NOI(1) | 30,097 | 30,016 | 81 | |||
| Industrial Same Property NOI(1) | 29,783 | 29,484 | 299 | |||
| (1) | This is a Non-IFRS Financial Measure. Refer to Non-IFRS Measures for details. |
ADJUSTED EBITDA
| (In thousands of Canadian dollars) | Trailing twelve months ended March 31, | |||||
| 2026 | 2025 | Change | ||||
| - | - | - | ||||
| Net income | 58,573 | 80,362 | (21,789 | - | ||
| Add (deduct): | ||||||
| Net interest expense | 53,866 | 55,049 | (1,183 | - | ||
| Distributions on Class B LP Units | 14,809 | 15,053 | (244 | - | ||
| Fair value adjustments(1) | (5,124 | - | (30,593 | - | 25,469 | |
| Amortization expense(1)(2) | (3,608 | - | (3,151 | - | (457 | - |
| Loss on disposal of investment properties | 921 | 1,540 | (619 | - | ||
| Unrealized foreign exchange (gain) loss | (34 | - | 123 | (157 | - | |
| Income from development property | 1,605 | 2,374 | (769 | - | ||
| Non-recurring personnel transition costs | 220 | 191 | 29 | |||
| Non-recurring costs related to asset dispositions | 48 | 203 | (155 | - | ||
| Adjusted EBITDA(3) | 121,276 | 121,151 | 125 | |||
| (1) | Includes equity accounted investments adjustments. | |
| (2) | Includes amortization of straight line rent, tenant improvements, and leasing commissions. | |
| (3) | This is a Non-IFRS Financial Measure. Refer to Non-IFRS Measures for details. |
NAV per unit
| (In thousands of Canadian dollars, except per unit amounts) | March 31, | December 31, | ||
| 2026 | 2025 | |||
| NAV per unit (1) | - | - | ||
| Total assets | 2,687,057 | 2,650,360 | ||
| Less: Total liabilities | (1,582,573 | - | (1,567,071 | - |
| Total unitholders equity | 1,104,484 | 1,083,289 | ||
| Add: Class B LP Units | 186,243 | 199,636 | ||
| NAV (1) | 1,290,727 | 1,282,925 | ||
| Units outstanding (000s) - basic: | ||||
| REIT Units | 71,816 | 71,752 | ||
| Class B LP Units | 25,270 | 25,270 | ||
| 97,086 | 97,022 | |||
| NAV per unit - basic (1) | 13.29 | 13.22 | ||
(1) This is a Non-IFRS Financial Measure. Refer to Non-IFRS Measures for details.
TOTAL INDEBTEDNESS RATIO
| (In thousands of Canadian dollars) | March 31, | December 31, | ||
| 2026 | 2025 | |||
| Total Indebtedness Ratio (1) | - | - | ||
| Current and non-current: | ||||
| Mortgages payable | 544,227 | 563,231 | ||
| Credit facilities | 772,569 | 731,019 | ||
| Lease liabilities | 10,586 | 10,613 | ||
| Liabilities associated with assets held for sale | 19,385 | 8,367 | ||
| Total indebtedness (1) | 1,346,767 | 1,313,230 | ||
| less: unrestricted cash | (17,876 | - | (6,111 | - |
| Net debt | 1,328,891 | 1,307,119 | ||
| Total assets | 2,687,057 | 2,650,360 | ||
| Total Indebtedness Ratio (1) | 49.5 | - | 49.3 | - |
(1) This is a Non-IFRS Financial Measure. Refer to Non-IFRS Measures for details.
ADJUSTED NET DEBT
| (In thousands of Canadian dollars) | March 31, | December 31, | ||
| 2026 | 2025 | |||
| - | - | |||
| Current and non-current: | ||||
| Mortgages payable | 544,227 | 563,231 | ||
| Credit facilities | 772,569 | 731,019 | ||
| Lease liabilities | 10,586 | 10,613 | ||
| Liabilities associated with assets held for sale | 19,385 | 8,367 | ||
| Total indebtedness(1) | 1,346,767 | 1,313,230 | ||
| Less: Unrestricted cash | (17,876 | - | (6,111 | - |
| Less: Additions to properties under development | (50,801 | - | (44,943 | - |
| Adjusted net debt(1) | 1,278,090 | 1,262,176 | ||
(1) This is a Non-IFRS Financial Measure. Refer to Non-IFRS Measures for details.
