Nexus REIT - Q1-2019 Earnings, Price Target Update
This is only a sample of the article, please login to view the entire article
Nexus REIT was formed from the merger of Edgefront REIT (ED.UN) and Nobel REIT (NEL.UN) in 2014. Nexus REIT owns a portfolio of 66 properties comprising 3.7M sq. ft. of rentable area compared to 20 properties (1.1M sq. ft.) at Dec-31-2016. The portfolio by sq. ft. is comprised of Industrial (42%), Office (18%), Retail (28%), Mixed-Use (12%), located in Quebec (51%), Alberta (24%), Ontario (13%), BC (11%), and the rest of Canada at 14%.
Total assets as of Mar-31-2019 were $555M compared to $175.5M at Dec-31-2016. Term debt increased to $289M from $66M over the same time period. Nexus REIT has 112.6M units outstanding (including 12.7M Class B units) at Mar-31-2019 compared to 40.1M (including 6M Class B units) at Dec-31-2016. Net book value is $2.35 compared to $2.50 when initially formed in 2014. Growth has come from acquisitions funded with funding provided more from issuance of equity than debt.
They have a strategic relationship with TriWest Capital Partners, a Canadian private equity firm, and RFA Capital Partners Inc., a privately held real estate and asset management firm. Since inception 41 acquisitions have been sourced from RFA and Triwest in addition to the initial portfolio of 15 properties.
You must be a member to view the entire article, please subscribe or login