Nexus Industrial REIT (the “REIT”) (TSX: NXR.UN) announced today
its results for the second quarter ended June 30, 2024.
"We have entered a
new phase as we begin to benefit from our recent investments. We
have high-graded our portfolio, and invested in our development
projects" said Kelly Hanczyk, CEO of Nexus Industrial REIT.
"Our Q2 results clearly demonstrate
this shift in our trajectory, and I expect that our momentum will
accelerate from here, as we now have resolved key vacancy
headwinds, have three remaining development projects coming online,
and will also benefit from contractual rent lift and renewals,"
continued Kelly.
"I am thrilled with the progress that
we have made, and I am confident that our strategy to be a
Canada-focused pure-play industrial REIT will continue to be
meaningful and rewarding for our stakeholders."
Second Quarter 2024 Highlights:
- Net income was $43.5 million driven by net operating income
("NOI")(1) of $31.6 million, gains on fair value adjustments of
Class B LP Units of $21.1 million and of investment properties of
$13.6 million.
- NOI increased 14.2% year over year to $31.6 million from the
acquisition of high-quality, tenanted income-producing industrial
properties, and growth in industrial Same Property NOI which
totaled $0.8 million or 3.5% compared to a year ago (1).
- Advanced the construction of a new 96,000 sq. ft.
intensification industrial project in London, ON, which is expected
to earn an 8% return. The building was completed and tenanted in
July.
- Completed the sale of an office property for $5 million and
have contracted for the disposition of 28 non-core properties for a
total of $107 million.
- Normalized FFO(1) per unit was $0.178 and Normalized AFFO(1)
per unit was $0.148, a reduction of $0.018 and $0.017 versus a year
ago.
- NAV(1) per unit of $13.2 grew $0.71 or 5.7% versus a year
ago.
Subsequent events:
- Acquired a 62,000 sq. ft. new industrial building in
Sherbrooke, QC on July 2, 2024 valued at $16.6 million. The
purchase price was satisfied through the issuance of 456,700 Class
B LP Units at a deemed value of $10 per unit and cash.
(1) Non-IFRS Financial Measure
Summary of Results
(In
thousands of Canadian dollars, except per unit amounts) |
Three months
ended June 30, |
|
Six months
ended June 30, |
|
2024 |
2023 |
|
2024 |
2023 |
|
$ |
$ |
|
$ |
$ |
FINANCIAL INFORMATION |
|
|
|
|
|
Operating Results |
|
|
|
|
|
Property revenues |
43,910 |
|
38,419 |
|
|
85,507 |
|
75,895 |
|
Net
operating income (NOI) |
31,617 |
|
27,689 |
|
|
61,154 |
|
53,417 |
|
Net
Income |
43,525 |
|
77,222 |
|
|
87,196 |
|
80,939 |
|
|
|
|
|
|
|
Funds from
operations (FFO) (1) |
16,576 |
|
16,775 |
|
|
30,931 |
|
33,223 |
|
Normalized
FFO (1) (2) |
16,642 |
|
17,266 |
|
|
31,885 |
|
33,717 |
|
Adjusted
funds from operations (AFFO) (1) |
13,770 |
|
14,100 |
|
|
25,358 |
|
28,048 |
|
Normalized
AFFO (1) (2) |
13,836 |
|
14,591 |
|
|
26,312 |
|
28,542 |
|
Distributions declared (3) |
14,970 |
|
14,192 |
|
|
29,910 |
|
28,234 |
|
Same
Property NOI (1) |
24,867 |
|
24,063 |
|
|
48,452 |
|
47,766 |
|
|
|
|
|
|
|
Weighted
average units outstanding (000s): |
|
|
|
|
|
Basic
(4) |
93,541 |
|
88,310 |
|
|
93,441 |
|
88,027 |
|
Diluted
(4) |
93,717 |
|
88,412 |
|
|
93,617 |
|
88,129 |
|
|
|
|
|
|
|
Per
unit amounts: |
|
|
|
|
|
Distributions per unit – basic (3) (4) |
0.160 |
|
0.160 |
|
|
0.320 |
|
0.320 |
|
Distributions per unit – diluted (3) (4) |
0.160 |
|
0.160 |
|
|
0.320 |
|
0.320 |
|
|
|
|
|
|
|
Normalized
FFO per unit – basic (1) (2) (4) |
0.178 |
|
0.196 |
|
|
0.341 |
|
0.383 |
|
Normalized
FFO per unit – diluted (1) (2) (4) |
0.178 |
|
0.195 |
|
|
0.341 |
|
0.383 |
|
|
|
|
|
|
|
Normalized
AFFO per unit – basic (1) (2) (4) |
0.148 |
|
0.165 |
|
|
0.282 |
|
0.324 |
|
Normalized
AFFO per unit – diluted (1) (2) (4) |
0.148 |
|
0.165 |
|
|
0.281 |
|
0.324 |
|
|
|
|
|
|
|
AFFO payout
ratio – basic (1) (3) |
108.7 |
% |
100.7 |
% |
|
118.0 |
% |
100.7 |
% |
Normalized
AFFO payout ratio – basic (1) (2) (3) |
108.2 |
% |
97.3 |
% |
|
113.7 |
% |
98.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
As
at June 30, 2024 and December 31, 2023 |
2024 |
2023 |
|
|
|
|
$ |
$ |
|
|
|
PORTFOLIO INFORMATION |
|
|
|
|
|
Total Portfolio |
|
|
|
|
|
Number of
Investment Properties(5) |
118 |
|
116 |
|
|
|
|
Number of
Properties Under Development |
3 |
|
4 |
|
|
|
|
Investment
Property Fair Value (excludes assets held for sale) |
2,408,859 |
|
2,364,027 |
|
|
|
|
Gross
leasable area (“GLA”) (in millions of sq. ft.) (at the REIT's
ownership interest) |
12.9 |
|
12.5 |
|
|
|
|
Industrial
occupancy rate – in-place and committed (period-end)(6) |
98 |
% |
97 |
% |
|
|
|
Weighted
average lease term (“WALT”) (years) |
6.9 |
|
6.9 |
|
|
|
|
Estimated
spread between industrial portfolio market and in-place rents |
25.1 |
% |
29.0 |
% |
|
|
|
|
|
|
|
|
|
FINANCING AND CAPITAL INFORMATION |
|
|
|
|
|
Financing |
|
|
|
|
|
Net
debt |
1,296,226 |
|
1,203,432 |
|
|
|
|
Net
Indebtedness Ratio |
49.97 |
% |
48.90 |
% |
|
|
|
Interest
coverage ration (times) |
1.61 |
|
1.72 |
|
|
|
|
Secured
Indebtedness Ratio |
28.1 |
% |
30.4 |
% |
|
|
|
Unencumbered
investment properties as a percentage of investment properties |
41.8 |
% |
35.6 |
% |
|
|
|
Total
assets |
2,593,924 |
|
2,463,067 |
|
|
|
|
Cash and
cash equivalents |
7,868 |
|
5,918 |
|
|
|
|
Capital |
|
|
|
|
|
Total equity
(per condensed consolidated financial statements) |
1,080,195 |
|
1,000,329 |
|
|
|
|
Total equity
(including Class B LP Units) |
1,235,819 |
|
1,199,434 |
|
|
|
|
Total number
of Units (in thousands) |
93,628 |
|
93,201 |
|
|
|
|
NAV per
Unit |
13.20 |
|
12.87 |
|
|
|
|
(1) See Non-IFRS Financial Measures.(2) See Appendix A –
Non-IFRS Financial Measures (3) Includes distributions payable to
holders of Class B LP Units which are accounted for as finance
expense in the consolidated financial statements. (4) Weighted
average number of units includes Class B LP Units.(5) Includes 26
properties classified as assets held for sale.(6) Includes
committed new leases for future occupancy.
Non-IFRS Measures
Included in the tables above and elsewhere in
this news release are non-IFRS financial measures that should not
be construed as an alternative to net income / loss, cash from
operating activities or other measures of financial performance
calculated in accordance with IFRS and may not be comparable to
similar measures as reported by other issuers. Certain additional
disclosures for these non-IFRS financial measures have been
incorporated by reference and can be found on page 3 in the REIT’s
Management’s Discussion and Analysis for the three and six months
ended June 30, 2024, 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.
NOI
Net Operating Income for the three months ended
June 30, 2024 was $31.6 million or $3.9 million higher than Q2
2023, which was primarily due to $3.9 million from acquisitions of
industrial income producing property completed subsequent to Q2
2023 and an increase in Same Property NOI of $0.8 million
principally due to the completed lease up of 1751-1771 Savage Rd,
Richmond, BC, partially offset by $0.4 million relating to
redevelopment of an investment property that was reclassified to
properties under development during the quarter, $0.2 million
relating to dispositions completed since Q2 2023, and a lower
termination fee of $0.1 million.
Net Operating Income for the six months ended
June 30, 2024 was $61.2 million or $7.7 million higher than the
same period in 2023, which was primarily due to $8.3 million from
acquisitions of industrial income producing property completed
subsequent to Q2 2023, an increase in Same Property NOI of $0.7
million and $0.2 million higher straight-line rents largely
attributed to recent acquisitions, partially offset by $0.6 million
relating to redevelopment and $0.7 million relating to dispositions
completed since Q2 2023.
Fair value adjustment of investment
properties
The fair value adjustment of investment
properties for the three months ended June 30, 2024, totaled $13.6
million which was primarily due to $13.7 million fair value gains
resulting from appraisals received during the quarter, principally
due to an $11.8 million write-up for an industrial property in
Edmonton, AB; $8.4 million fair value gains relating to properties
held for development based on development progress relative to the
as-completed appraised value; and $3.0 million net fair value gains
relating to changes in NOI/market rent assumptions.
Offsetting the gains were net write-downs of $10.5 million to align
values that are currently listed as assets held for sale with their
expected disposal amounts, and a $1.0 million loss relating to
investment property sale price adjustments and transaction
costs.
The fair value adjustment of investment
properties for the six months ended June 30, 2024, totaled $28.7
million, which was primarily due to $16.9 million value gains
relating to properties held for development based on development
progress relative to the as-completed appraised value; $13.7
million fair value gains resulting from appraisals received during
the period, principally due to an $11.8 million write-up for an
industrial property in Edmonton, AB; $12.5 million net fair value
gains relating to changes in NOI/market rent assumptions.
Offsetting the gains were net write-downs of $10.5 million to align
values that are currently listed as assets held for sale with their
expected disposal amounts, $2.9 million in capital expenditures
fair valued to zero and $1.0 million loss relating to investment
property sale price adjustments and transaction costs.
Outlook
The REIT is focused on delivering total
unitholder return through profitable long-term growth, and by
pursing its strategy as a Canada-focused pure-play industrial
REIT.
Through the remainder of 2024, the REIT expects
to benefit from positive rental fundamentals in the markets in
which it has leases expiring. Overall, the REIT anticipates
mid-single digit Same Property NOI growth in its industrial
portfolio for the full year.
In 2024, the REIT expects to benefit from the
completion of four significant development projects. Combined,
these properties will add annual stabilized NOI of over $10 million
when complete:
- In the second quarter of 2024, the REIT completed the Park
Street intensification project in Regina, SK. The primary tenant
took possession on April 1st, and once fully tenanted, will
contribute an estimated yield of 7.5% on total development costs of
$48 million.
- In the third quarter of 2024, the REIT also completed
construction of the 96,000 sq ft Hubrey Rd. expansion project in
London, ON. This project was tenanted in July, and will contribute
a going-in yield of 8.0% on total development costs of $14
million.
- In the third quarter of 2024, the REIT completed the 115,000 sq
ft Glover Rd. new development in Hamilton, ON. This project will
contribute an estimated going-in yield 5.9% on total development
costs of $25 million (at the REIT's 80% interest). The Glover Rd.
property is actively marketed for a tenant.
- The REIT now expects to complete its 325,000 sq ft Dennis Rd.
expansion project in St. Thomas, ON in the first quarter of
2025. This project is being constructed for an existing
tenant. The REIT earns 7.8% on capital expenditure during the
construction phase, and will earn a contractual going-in yield of
9.0% on the total development costs of $46 million upon
completion.
The REIT will continue to prioritize unitholder
distributions. The REIT believes that its normalized AFFO payout
ratio peaked in the first quarter of 2024 and will improve to a
more sustainable level for the balance of the year.
The REIT is focused on building its industrial
portfolio. As a result, the REIT is disposing its legacy retail and
office properties and a group of non-core industrial buildings. The
REIT no longer expects to sell its portfolio of western Canada
truck terminals. Consequently, the REIT is now targeting non-core
assets sales of approximately $110 million in the second half of
2024, and will use the proceeds to reduce its debt balance.
Earnings Call
Management of the REIT will host a conference
call at 10:00 AM Eastern Standard Time on Thursday August 15, 2024
to review the financial results and operations. To participate in
the conference call, please dial 647-484-8814 or 1-844-763-8274
(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 September 15, 2024. 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 2847948.
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
119 properties (including two properties held for development in
which the REIT has an 80% interest) comprising approximately 13.0
million square feet of gross leasable area. The REIT has
approximately 94,152,000 voting units issued and outstanding,
including approximately 70,742,000 REIT Units and approximately
23,410,000 Class B LP Units of subsidiary limited partnerships of
Nexus, which are convertible to REIT Units on a one-to-one
basis.
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.
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 orMike Rawle, CFO at (289) 837-2650.
APPENDIX A – NON-IFRS FINANCIAL MEASURES
(In
thousands of Canadian dollars, except per unit amounts) |
Three months
ended June 30, |
|
Six months
ended June 30, |
|
2024 |
2023 |
Change |
|
2024 |
2023 |
Change |
FFO |
$ |
$ |
$ |
|
$ |
$ |
$ |
|
|
|
|
|
|
|
|
Net income |
43,525 |
|
77,222 |
|
(33,697 |
) |
|
87,196 |
|
80,939 |
|
6,257 |
|
Adjustments: |
|
|
|
|
|
|
|
Loss on
disposal of investment properties |
251 |
|
807 |
|
(556 |
) |
|
251 |
|
807 |
|
(556 |
) |
Fair value
adjustment of investment properties |
(13,560 |
) |
(33,031 |
) |
19,471 |
|
|
(28,743 |
) |
(30,316 |
) |
1,573 |
|
Fair value
adjustment of Class B LP Units |
(21,057 |
) |
(25,129 |
) |
4,072 |
|
|
(31,885 |
) |
(22,521 |
) |
(9,364 |
) |
Fair value
adjustment of incentive units |
(138 |
) |
(130 |
) |
(8 |
) |
|
(147 |
) |
(121 |
) |
(26 |
) |
Fair value
adjustment of derivative financial instruments |
3,042 |
|
(6,400 |
) |
9,442 |
|
|
(4,449 |
) |
(2,571 |
) |
(1,878 |
) |
Adjustments
for equity accounted joint venture (1) |
113 |
|
(158 |
) |
271 |
|
|
71 |
|
(70 |
) |
141 |
|
Distributions on Class B LP Units expensed |
3,849 |
|
3,303 |
|
546 |
|
|
7,787 |
|
6,481 |
|
1,306 |
|
Amortization
of tenant incentives and leasing costs |
384 |
|
285 |
|
99 |
|
|
657 |
|
581 |
|
76 |
|
Lease
principal payments |
(16 |
) |
(17 |
) |
1 |
|
|
(20 |
) |
(32 |
) |
12 |
|
Amortization
of right-of-use assets |
30 |
|
23 |
|
7 |
|
|
60 |
|
46 |
|
14 |
|
Net effect
of unrealized f/x on USD debt and respective USD economic
hedges |
153 |
|
- |
|
153 |
|
|
153 |
|
- |
|
153 |
|
Funds from operations (FFO) |
16,576 |
|
16,775 |
|
(199 |
) |
|
30,931 |
|
33,223 |
|
(2,292 |
) |
Weighted
average units outstanding (000s) Basic (4) |
93,541 |
|
88,310 |
|
5,231 |
|
|
93,441 |
|
88,027 |
|
5,414 |
|
FFO per unit – basic |
0.177 |
|
0.190 |
|
(0.013 |
) |
|
0.331 |
|
0.377 |
|
(0.046 |
) |
|
|
|
|
|
|
|
|
FFO |
16,576 |
|
16,775 |
|
(199 |
) |
|
30,931 |
|
33,223 |
|
(2,292 |
) |
Add: Vendor
rent obligation (2) |
- |
|
691 |
|
(691 |
) |
|
628 |
|
1,295 |
|
(667 |
) |
Less: Other
income (2) |
- |
|
(200 |
) |
200 |
|
|
- |
|
(801 |
) |
801 |
|
Add:
Non-recurring personnel transition costs |
66 |
|
- |
|
66 |
|
|
326 |
|
- |
|
326 |
|
Normalized FFO |
16,642 |
|
17,266 |
|
(624 |
) |
|
31,885 |
|
33,717 |
|
(1,832 |
) |
Weighted
average units outstanding (000s) Basic (4) |
93,541 |
|
88,310 |
|
5,231 |
|
|
93,441 |
|
88,027 |
|
5,414 |
|
Normalized FFO per unit – basic |
0.1780 |
|
0.1960 |
|
(0.018 |
) |
|
0.3410 |
|
0.3830 |
|
(0.042 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
thousands of Canadian dollars, except per unit amounts) |
Three months
ended June 30, |
|
Six months
ended June 30, |
|
2024 |
2023 |
Change |
|
2024 |
2023 |
Change |
AFFO |
$ |
$ |
$ |
|
$ |
$ |
$ |
|
|
|
|
|
|
|
|
FFO |
16,576 |
|
16,775 |
|
(199 |
) |
|
30,931 |
|
33,223 |
|
(2,292 |
) |
Adjustments: |
|
|
|
|
|
|
|
Straight-line adjustments ground lease and rent |
(1,206 |
) |
(1,125 |
) |
(81 |
) |
|
(2,373 |
) |
(2,225 |
) |
(148 |
) |
Capital
reserve (3) |
(1,600 |
) |
(1,550 |
) |
(50 |
) |
|
(3,200 |
) |
(2,950 |
) |
(250 |
) |
Adjusted funds from operations (AFFO) |
13,770 |
|
14,100 |
|
(330 |
) |
|
25,358 |
|
28,048 |
|
(2,690 |
) |
Weighted
average units outstanding (000s) Basic (4) |
93,541 |
|
88,310 |
|
5,231 |
|
|
93,441 |
|
88,027 |
|
5,414 |
|
AFFO per unit – basic |
0.147 |
|
0.160 |
|
(0.013 |
) |
|
0.271 |
|
0.319 |
|
(0.048 |
) |
|
|
|
|
|
|
|
|
AFFO |
13,770 |
|
14,100 |
|
(330 |
) |
|
25,358 |
|
28,048 |
|
(2,690 |
) |
Add: Vendor
rent obligation (2) |
- |
|
691 |
|
(691 |
) |
|
628 |
|
1,295 |
|
(667 |
) |
Less: Other
income (2) |
- |
|
(200 |
) |
200 |
|
|
- |
|
(801 |
) |
801 |
|
Add:
Non-recurring personnel transition costs |
66 |
|
- |
|
66 |
|
|
326 |
|
- |
|
326 |
|
Normalized AFFO |
13,836 |
|
14,591 |
|
(755 |
) |
|
26,312 |
|
28,542 |
|
(2,230 |
) |
Weighted
average units outstanding (000s) Basic (4) |
93,541 |
|
88,310 |
|
5,231 |
|
|
93,441 |
|
88,027 |
|
5,414 |
|
Normalized AFFO per unit – basic |
0.148 |
|
0.165 |
|
(0.017 |
) |
|
0.282 |
|
0.324 |
|
(0.042 |
) |
(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
fair value adjustment of the joint venture investment property.
(2) Prior to Q2 2024, Normalized FFO and Normalized AFFO include
adjustments for vendor rent obligation amounts related to the
REIT’s Richmond, BC property, which were payable from the vendor of
the property until the buildout of the property was complete and
all tenants are occupying and paying rent. The vendor rent
obligation amount was not included in NOI for accounting under
IFRS, but the estimated total amount of vendor rent obligation was
recorded in other income. Normalized FFO and Normalized AFFO
excluded estimated future vendor rent obligation amounts included
in other income in the consolidated statements of income and
comprehensive income and included the scheduled quarterly rents
receivable in the form of vendor rent obligation. During the
quarter ended June 30, 2024, the vendor has settled all outstanding
amounts, and the property is now fully leased-up and contributed
NOI of $0.9 million for the quarter ended June 30, 2024.
(3) Capital reserve includes maintenance capital expenditures,
tenant incentives and leasing costs. Reserve amounts are
established with reference to building condition reports,
appraisals, and internal estimates of tenant renewal, tenant
incentives and leasing costs. The REIT believes that a reserve is
more appropriate given the fluctuating nature of these
expenditures.
(4) Weighted average number of units includes the Class B LP
Units.
SAME PROPERTY RESULTS
|
|
|
|
|
|
|
|
(In
thousands of Canadian dollars) |
Three months
ended June 30, |
|
Six months
ended June 30, |
|
2024 |
2023 |
Change |
|
2024 |
2023 |
Change |
|
$ |
$ |
$ |
|
$ |
$ |
$ |
|
|
|
|
|
|
|
|
Property revenues |
43,910 |
|
38,419 |
|
5,491 |
|
|
85,507 |
|
75,895 |
|
9,612 |
|
Property
expenses |
(12,293 |
) |
(10,730 |
) |
(1,563 |
) |
|
(24,353 |
) |
(22,478 |
) |
(1,875 |
) |
NOI |
31,617 |
|
27,689 |
|
3,928 |
|
|
61,154 |
|
53,417 |
|
7,737 |
|
Add/(Deduct): |
|
|
|
|
|
|
|
Amortization
of tenant incentives and leasing costs |
384 |
|
284 |
|
100 |
|
|
657 |
|
581 |
|
76 |
|
Straight-line adjustments of rent |
(1,203 |
) |
(1,197 |
) |
(6 |
) |
|
(2,367 |
) |
(2,214 |
) |
(153 |
) |
Development
and expansion |
45 |
|
(309 |
) |
354 |
|
|
(26 |
) |
(619 |
) |
593 |
|
Acquisitions |
(5,864 |
) |
(1,989 |
) |
(3,875 |
) |
|
(10,616 |
) |
(2,364 |
) |
(8,252 |
) |
Disposals |
(10 |
) |
(190 |
) |
180 |
|
|
(213 |
) |
(883 |
) |
670 |
|
Termination
fees and other non-recurring items |
(102 |
) |
(225 |
) |
123 |
|
|
(137 |
) |
(152 |
) |
15 |
|
Same Property NOI |
24,867 |
|
24,063 |
|
804 |
|
|
48,452 |
|
47,766 |
|
686 |
|