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$NXR.UN.TO — Nexus Industrial REIT | Q1 2026 Results Canadian industrial real estate REIT with a portfolio focused on logistics and distribution properties across canada 🏢 Q1 2026 Highlights: • Property revenues: $46.0M (+2.8% YoY) • NOI: $33.8M (+5.4% YoY) • Same-property industrial NOI: +1.0% YoY • Net income: $32.2M • Normalized FFO/unit: $0.182 (-$0.005 YoY) • Normalized AFFO/unit: $0.162 (+$0.008 YoY) • NAV/unit: $13.29 (+0.5% vs Q4/25) 💰 Distributions & Payout: • Distributions declared: $15.2M ($0.16/unit) • Normalized AFFO payout ratio: 96.6% (improved 7.5pts YoY) • 2026 target: <100% payout for full year ✓ tracking 📦 Portfolio & Operations: • Industrial occupancy: 95% (-100bps vs Q4/25) • Leasing: 41,177 sq ft at +32% spreads over expiring rents • Sold Calgary industrial property for $8.5M 🏗️ Major Subsequent Event: • Achieved investment-grade credit rating • Issued inaugural $500M senior unsecured debentures (April 2026): – $300M Series A at 4.236% (2029) – $200M Series B at 4.641% (2031) • Net proceeds of $498.5M used to pay down existing debt The AFFO payout finally dipping below 100% has been the multi-quarter narrative — they're hitting it. The investment-grade rating and $500M debenture issuance is the bigger structural story: lower cost of capital, reduced reliance on secured mortgages, and more financial flexibility. Industrial fundamentals are softening at the margin (occupancy down 100bps) but leasing spreads of +32% show pricing power on renewals. Full analysis: https://t.co/Vg5QvnORKC #TSX #CanadianStocks #REIT #Industrial #Distributions #RealEstate