Nexus Industrial REIT Announces Second Quarter 2025 Financial Results

TORONTO, Aug. 11, 2025 (GLOBE NEWSWIRE) -- Nexus Industrial REIT (the “REIT”) (TSX: NXR.UN) announced today its results for the second quarter ended June 30, 2025.

“The second quarter marked our first as a pure-play industrial REIT, and our strong operating results continued. Compared to a year ago, our normalized FFO per unit grew 5.6%, and industrial SPNOI grew 2.8%” said Kelly Hanczyk, CEO of Nexus Industrial REIT.

“Over the past 12 months we have simultaneously grown NOI by 1.7%, while also completing the strategic disposition of 33 legacy retail, office, and non-core industrial properties. And, we will soon begin to realize the next phase of growth: we are nearing completion of two developments ahead of plan, which will add $6.6 million of annual stabilized NOI, representing unlevered returns of 9.4% on costs.

I am very pleased with the progress that we have made, and I am confident that our strategy will continue to be rewarding for our stakeholders” concluded Mr. Hanczyk.

Second Quarter 2025 Highlights:

• Advanced construction on the 325,000 sq. ft. expansion project in St. Thomas, ON, and on the 115,000 sq. ft. new industrial small-bay complex in Calgary, AB. Combined, these projects will add annual stabilized NOI of $6.6 million when complete and stabilized. Completion of both projects is planned for the third quarter.
• Completed 395,412 sf of leasing at an average spread of 38% over expiring and in-place rents.
• Completed the sale of two non-core industrial properties for a total proceeds of $11.2 million.
• Net loss was $7.6 million driven by fair value losses on Class B LP units and on investment properties, partially offset by net operating income ("NOI")⁽¹⁾ of $32.2 million and by fair value gains on derivative instruments.
• NOI⁽¹⁾ increased 1.7% versus a year ago to $32.2 million from the acquisition of high-quality, tenanted income-producing industrial properties, and growth in industrial Same Property NOI⁽¹⁾, despite selling 33 legacy retail, office, and non-core industrial properties.
• Industrial Same Property NOI⁽¹⁾ increased 2.8% year over year to $28.5 million.
• Normalized FFO⁽¹⁾ per unit increased $0.009 versus a year ago to $0.188 and Normalized AFFO⁽¹⁾ per unit increased $0.011 versus a year ago to $0.160.
  
  
  
  

Year-to-Date 2025 Highlights:

• Completed the transition to a pure-play industrial REIT by selling 15 legacy retail properties, one legacy office property and two non-core industrial properties for total proceeds of $62.1 million.
• Advanced construction on the 325,000 sq. ft. expansion project in St. Thomas, ON, and on the 115,000 sq. ft. new industrial small-bay complex in Calgary, AB. Combined, these projects will add annual stabilized NOI of $6.6 million when complete. Completion of both projects is planned for the third quarter.
• Completed 1,192,792 sf of leasing at an average spread of 82% over expiring and in-place rents.
• Net income was $25.5 million driven by NOI⁽¹⁾ of $64.2 million and by fair value gains on Class B LP units, partially offset by fair value losses on derivative instruments and investment properties.
• NOI⁽¹⁾ increased 5.0% versus a year ago to $64.2 million from the acquisition of high-quality, tenanted income-producing industrial properties, and growth in industrial Same Property NOI⁽¹⁾, despite selling 33 legacy retail, office, and non-core industrial properties.
• Industrial Same Property NOI⁽¹⁾ increased 4.3% year over year to $54.5 million.
• Normalized FFO⁽¹⁾ per unit increased $0.032 versus a year ago to $0.375 and Normalized AFFO⁽¹⁾ per unit increased $0.029 versus a year ago to $0.313.
• Unitholders' equity increased by $5.6 million to $1.1 billion or $15.01 per unit. NAV per unit⁽¹⁾ of $13.17 decreased $0.02 or (0.2)% versus Q4 2024.

(1) This is a Non-IFRS Financial Measure.

Subsequent events:

• On July 4, 2025, 2,764,464 Class B LP Units valued at $10.50 per unit were issued to 0768723 BC Ltd in settlement of the initial portion of the contractual construction obligations in respect of the construction of 52,000 additional square feet at the REIT's Richmond, BC property. The units are subject to trading restrictions until specific construction milestones are met. The restricted units will not accrue any distributions declared during the restriction period.
• On August 5, 2025, the REIT increased the Unsecured Credit Facilities by $160 million, from $625 million to $785 million, increasing the term loan facility from $175 million to $200 million and the revolving facility from $440 million to $575 million. The REIT also amended the maturity date of the Unsecured Credit Facilities by extending the term loan facility and the revolving facility from March 1, 2027 to August 5, 2027 and August 5, 2028, respectively.

Summary of Results

(In thousands of Canadian dollars, except per unit amounts)	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
	$		$		$		$
FINANCIAL INFORMATION
Operating Results
Property revenues	42,022		43,910		86,776		85,507
NOI (1)	32,150		31,617		64,240		61,154
Net (loss) income and comprehensive (loss) income	(7,625	)	43,525		25,526		87,196
Adjusted EBITDA (LTM) (1)	121,859		112,688		121,859		112,688
FFO (1)	18,157		16,576		35,200		30,931
Normalized FFO (1) (2)	17,744		16,712		35,323		32,091
AFFO (1)	15,449		13,770		29,846		25,358
Normalized AFFO (1) (2)	15,033		13,906		29,511		26,518
Distributions declared (3)	15,076		14,970		30,149		29,910
Same Property NOI (1)	28,842		28,401		55,423		53,724
Industrial Same Property NOI (1)	28,520		27,741		54,537		52,276
Weighted average units outstanding (000s):
Basic (4)	94,233		93,541		94,218		93,441
Diluted (4)	94,513		93,717		94,498		93,617
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)	0.188		0.179		0.375		0.343
Normalized FFO per unit – diluted (1) (2) (4)	0.188		0.178		0.374		0.343
Normalized AFFO per unit – basic (1) (2) (4)	0.160		0.149		0.313		0.284
Normalized AFFO per unit – diluted (1) (2) (4)	0.159		0.148		0.312		0.283
AFFO payout ratio (1) (3)	97.6%		108.7%		101.0%		118.0%
Normalized AFFO payout ratio – basic (1) (2) (3)	100.3%		107.7%		102.2%		112.8%
Normalized AFFO payout ratio – diluted (1) (2) (3)	100.6%		108.1%		102.6%		113.1%
Same Property NOI Growth % (1)	1.6%		3.3%		3.2%		1.4%
Industrial Same Property NOI Growth % (1)	2.8%		3.5%		4.3%		2.3%

(1)	This is a Non-IFRS Financial Measure.
(2)	Until Q1 2024, Normalized FFO and Normalized AFFO included adjustments for vendor rent obligation amounts due from the vendor of the REIT’s Richmond, BC property, until certain conditions were satisfied. During Q2 2024, these conditions were satisfied and the vendor settled all outstanding amounts.
(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.

	June 30,		December 31,
	2025		2024
(In thousands of Canadian dollars, unless stated otherwise)	$		$
PORTFOLIO INFORMATION
Total Portfolio
Number of Investment Properties (2)	88		106
Number of Properties Under Development	2		2
Investment Properties Fair Value (excludes assets held for sale)	2,480,540		2,458,174
Gross leasable area (“GLA”) (in millions of sq. ft.) (at the REIT's ownership interest)	11.7		12.5
Industrial occupancy rate – in-place and committed (period-end) (3)	94%		96%
Weighted average lease term (“WALT”) (years)	7.1		6.8
Industrial WALT (years)	7.1		7.0
Estimated spread between industrial portfolio market and in-place rents	18.5%		25.3%
FINANCING AND CAPITAL INFORMATION
Financing
Net debt (1)	1,258,770		1,279,538
Total Indebtedness Ratio (1)	48.9%		49.1%
Net Debt to Adjusted EBITDA (1)	10.3		10.9
Adjusted Net Debt to Adjusted EBITDA (1)	9.4		10.2
Debt service coverage ratio (times)	1.68		1.62
Secured Indebtedness Ratio	26.2%		27.4%
Unencumbered investment properties as a percentage of investment properties	40.6%		39.5%
Total assets	2,576,227		2,604,460
Cash	5,640		11,532
Capital
Total equity (per consolidated financial statements)	1,067,313		1,061,724
Total equity (including Class B LP Units)	1,240,836		1,241,747
Total number of Units (in thousands) (4)	94,233		94,159
NAV per Unit (1)	13.17		13.19

⁽¹⁾   See Non-IFRS Financial Measures.

⁽²⁾   Includes 2 properties (17 properties - December 31, 2024) classified as assets held for sale.

⁽³⁾   Includes committed new leases for future occupancy.

⁽⁴⁾   Includes Class B LP units.

Net (Loss) Income

Net loss for the three months ended June 30, 2025 was $7.6 million or $51.2 million lower than the prior year, primarily due to a decrease in the fair value adjustment of Class B LP units by $35.8 million, decrease in the fair value adjustment of investment properties by $24.7 million, partially offset by an increase in the fair value adjustment of derivative financial instruments by $7.7 million, a lower finance expense of $1.2 million and a higher NOI of $0.5 million.

Net income for the six months ended June 30, 2025 was $25.5 million or $61.7 million lower than the prior year, primarily due to decrease in the fair value adjustment of investment properties by $31.0 million, a lower gain on the fair value adjustment of Class B LP units by $27.6 million, and by a decrease in the fair value adjustment of derivative financial instruments by $7.7 million partially offset by a higher NOI of $3.1 million, a lower finance expense of $1.2 million and a higher foreign exchange gain by $1.1 million.

NOI

NOI for the three months ended June 30, 2025 was $32.2 million or $0.5 million higher than the prior year, which was primarily due to $1.5 million from lease termination and tenant reimbursed capital improvements, increase in NOI of $0.6 million from acquisitions of industrial income producing properties completed subsequent to Q2 2024, an increase in Same Property NOI by $0.4 million, $0.2 million relating to development projects and $0.1 million relating to lower tenant incentives and leasing costs amortization, partially offset by lower NOI of $2.2 million relating to dispositions completed since Q2 2024.

NOI for the six months ended June 30, 2025 was $64.2 million or $3.1 million higher than the prior year, which was primarily due to increased NOI of $2.8 million from acquisitions of industrial income producing properties completed subsequent to Q2 2024, $2.1 million from lease termination and tenant reimbursed capital improvements, an increase in Same Property NOI by $1.7 million and $0.4 million relating to development projects, partially offset by lower NOI of $3.7 million relating to dispositions completed since Q2 2024 and $0.2 million relating to lower straight-line rent adjustments.

Fair value adjustment of investment properties

The fair value loss on investment properties for the three months ended June 30, 2025, totaled $11.1 million. The REIT engaged external appraisers to value properties totaling $122.2 million in the quarter. Overall, fair value losses recorded for the REIT’s portfolio primarily consists of $13.1 million relating to changes in stabilized NOI and capitalization rates, $2.9 million of capital expenditures that were not deemed to increase the fair value of the properties and therefore fair valued to zero and $0.1 million relating to investment property sale price adjustments prior to disposition, partially offset by $5.0 million gain relating to properties held for development based on development progress relative to the as-completed value.

The fair value loss on investment properties for the six months ended June 30, 2025, totaled $2.3 million. Overall, fair value losses recorded for the REIT’s portfolio primarily consists $6.0 million of capital expenditures net of adjustments that were not deemed to increase the fair value of the properties and therefore fair valued to zero, $3.0 million relating to changes in stabilized NOI and capitalization rates, and $2.8 million relating to investment property sale price adjustments prior to disposition, partially offset by $9.5 million gain relating to properties held for development based on development progress relative to the as-completed value.

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.

Overall, the REIT anticipates mid-single digit Same Property NOI growth in its industrial portfolio for the full year. The expected 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 2025, the REIT expects to benefit from the completion of two significant development projects. Combined, these properties will add annual stabilized NOI of approximately $6.6 million when complete:

• The REIT expects to complete its 325,000 sq ft Dennis Rd. expansion project in St. Thomas, ON in the third quarter of 2025. This project is being constructed for an existing tenant. The REIT earns 7.8% on capital expenditures during the construction phase, and will earn a contractual going-in yield of 9.0% on the total development costs of $54.9 million upon completion.
• The REIT is constructing a 115,000 sq ft small-bay industrial building adjacent to an existing building that it owns in Calgary, AB. The project is expected to be completed in the third quarter of 2025 and to earn a going-in yield of approximately 11% on total development costs of $15.4 million.

Notwithstanding that the normalized AFFO payout ratios for the three and six months ended June 30, 2025 are 100.3% and 102.2%, respectively, the REIT believes that current distributions are sustainable as disclosed in the FFO and AFFO section of the REIT's MD&A.

Earnings Call

Management of the REIT will host a conference call at 10:00 AM Eastern Standard Time on Tuesday August 12, 2025 to review the financial results and operations. To participate in the conference call, please dial 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 September 12, 2025. 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 2608098.

September and October 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 October 15, 2025, to unitholders of record as of September 30, 2025.

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 November 14, 2025, to unitholders of record as of October 31, 2025.

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 11.7 million square feet of gross leasable area. The REIT has approximately 97,019,000 voting units issued and outstanding, including approximately 71,301,000 REIT Units and approximately 25,718,000 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 June 30, 2025 and 2024 (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 3 in the REIT’s Management’s Discussion and Analysis for the three and six months ended June 30, 2025, available on SEDAR+ at 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 June 30,							Six months ended June 30,
	2025		2024		Change			2025		2024		Change
FFO	$		$		$			$		$		$
Net (loss) income and comprehensive (loss) income	(7,625	)	43,525		(51,150	)		25,526		87,196		(61,670	)
Adjustments:
Loss on disposal of investment properties	196		251		(55	)		281		251		30
Fair value adjustments	21,285		(31,713	)	52,998			1,558		(65,224	)	66,782
Adjustments for equity accounted joint venture (1)	8		113		(105	)		84		71		13
Distributions on Class B LP Units expensed	3,697		3,849		(152	)		7,410		7,787		(377	)
Amortization of tenant incentives and leasing costs	277		384		(107	)		643		657		(14	)
Lease principal payments	(24	)	(16	)	(8	)		(50	)	(20	)	(30	)
Amortization of right-of-use assets	30		30		-			60		60		-
Net effect of unrealized foreign exchange on USD debt and related hedges	313		153		160			(312	)	153		(465	)
Funds from operations (FFO)	18,157		16,576		1,581			35,200		30,931		4,269
Weighted average units outstanding (000s) Basic (4)	94,233		93,541		692			94,218		93,441		777
FFO per unit – basic	0.193		0.177		0.016			0.374		0.331		0.043
FFO	18,157		16,576		1,581			35,200		30,931		4,269
Add: Vendor rent obligation (2)	-		-		-			-		628		(628	)
Add: Non-recurring personnel transition costs	-		66		(66	)		107		326		(219	)
Add: Non-recurring adjustments from asset dispositions (5)	34		-		34			505		-		505
Add: Other non-cash items (6)	(447	)	70		(517	)		(489	)	206		(695	)
Normalized FFO	17,744		16,712		1,032			35,323		32,091		3,232
Weighted average units outstanding (000s) Basic (4)	94,233		93,541		692			94,218		93,441		777
Normalized FFO per unit – basic	0.188		0.179		0.009			0.375		0.343		0.032
(In thousands of Canadian dollars, except per unit amounts)	Three months ended June 30,							Six months ended June 30,
	2025		2024		Change			2025		2024		Change
AFFO	$		$		$			$		$		$
FFO	18,157		16,576		1,581			35,200		30,931		4,269
Adjustments:					-							-
Straight-line adjustments ground lease and rent	(1,108	)	(1,206	)	98			(2,154	)	(2,373	)	219
Capital reserve (3)	(1,600	)	(1,600	)	-			(3,200	)	(3,200	)	-
Adjusted funds from operations (AFFO)	15,449		13,770		1,679			29,846		25,358		4,488
Weighted average units outstanding (000s) Basic (4)	94,233		93,541		692			94,218		93,441		777
AFFO per unit – basic	0.164		0.147		0.017			0.317		0.271		0.046
Distributions declared	15,076		14,970		106			30,149		29,910		239
AFFO payout ratio - basic	97.6%		108.7%		-11.1%			101.0%		118.0%		-16.9%
AFFO	15,449		13,770		1,679			29,846		25,358		4,488
Add: Vendor rent obligation (2)	-		-		-			-		628		(628	)
Add: Non-recurring personnel transition costs	-		66		(66	)		107		326		(219	)
Add: Non-recurring adjustments from asset dispositions (5)	31		-		31			47		-		47
Add: Other non-cash items (6)	(447	)	70		(517	)		(489	)	206		(695	)
Normalized AFFO	15,033		13,906		1,127			29,511		26,518		2,993
Weighted average units outstanding (000s) Basic (4)	94,233		93,541		692			94,218		93,441		777
Normalized AFFO per unit – basic	0.160		0.149		0.011			0.313		0.284		0.029
Distributions declared	15,076		14,970		106			30,149		29,910		239
Normalized AFFO payout ratio - basic	100.3%		107.7%		-7.4%			102.2%		112.8%		-10.6%

(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)	Until Q1 2024, Normalized FFO and Normalized AFFO included adjustments for vendor rent obligation amounts due from the vendor of the REIT’s Richmond, BC property, until certain conditions were satisfied. During Q2 2024, these conditions were satisfied and the vendor settled all outstanding amounts.
(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 capital expenditures.
(4)	Weighted average number of units includes the Class B LP Units.
(5)	These adjustments represent one-time balance sheet write-offs, early mortgage repayment charges, and other costs associated with the disposals made during the period.
(6)	This adjustment is predominantly unrealized foreign exchange losses (gains) on transactions relating to deferred purchase consideration. Note that the comparative periods for 2024 have been updated to conform with the current period presentation.

SAME PROPERTY RESULTS

(In thousands of Canadian dollars)
	Three months ended June 30,							Six months ended June 30,
	2025		2024		Change			2025		2024		Change
	$		$		$			$		$		$
Property revenues	42,022		43,910		(1,888	)		86,776		85,507		1,269
Property expenses	(9,872	)	(12,293	)	2,421			(22,536	)	(24,353	)	1,817
NOI	32,150		31,617		533			64,240		61,154		3,086
Add/(Deduct):
Amortization of tenant incentives and leasing costs	267		384		(117	)		627		653		(26	)
Straight-line adjustments of rent	(1,107	)	(1,203	)	96			(2,152	)	(2,367	)	215
Development and expansion	(125	)	45		(170	)		(402	)	(26	)	(376	)
Acquisitions	(881	)	(314	)	(567	)		(4,331	)	(1,578	)	(2,753	)
Disposals	152		(2,026	)	2,178			(274	)	(3,975	)	3,701
Termination fees and tenant reimbursed capital improvements	(1,614	)	(102	)	(1,512	)		(2,285	)	(137	)	(2,148	)
Same Property NOI	28,842		28,401		441			55,423		53,724		1,699
Industrial same property NOI	28,520		27,741		779			54,537		52,276		2,261

ADJUSTED EBITDA

(In thousands of Canadian dollars)	Trailing twelve months ended June 30,
	2025		2024		Change
	$		$		$
Net income	29,212		166,287		(137,075	)
Add (deduct):
Net interest expense	54,009		50,315		3,694
Distributions on Class B LP Units	14,901		15,152		(251	)
Fair value adjustments (1)	22,300		(118,684	)	140,984
Amortization expense (1)(2)	(3,151	)	(3,633	)	482
Loss on disposal of investment properties	1,485		251		1,234
Unrealized foreign exchange loss (gain)	(211	)	394		(605	)
Income from development property	2,981		661		2,320
Non-recurring personnel transition costs	125		1,945		(1,820	)
Non-recurring costs related to asset dispositions	208		-		208
Adjusted EBITDA	121,859		112,688		9,171

⁽¹⁾   Includes equity accounted investments adjustments.

⁽²⁾   Includes amortization of straight line rent, tenant improvement, and leasing commissions.

ADJUSTED NET DEBT

(In thousands of Canadian dollars)	June 30,		December 31,
	2025		2024
	$		$
Current and non-current:
Mortgages payable	583,037		590,292
Credit facilities	665,368		649,836
Lease liabilities	10,665		10,715
Liabilities associated with assets held for sale	5,340		40,227
Total indebtedness	1,264,410		1,291,070
Less: Unrestricted cash	(5,640	)	(11,532	)
Less: Additions to properties under development	(114,241	)	(79,811	)
Adjusted net debt	1,144,529		1,199,727