EFRTF - Nexus Industrial REIT (EFRTF) Q1 2024 Earnings Call Transcript
2024-05-17 17:29:05 ET
Nexus Industrial REIT (EFRTF)
Q1 2024 Earnings Conference Call
May 15, 2024 10:00 AM ET
Company Participants
Kelly Hanczyk - Chief Executive Officer
Michael Rawle - Chief Financial Officer
Conference Call Participants
Michael Markidis - BMO Capital Markets
Brad Sturges - Raymond James
Sam Damiani - TD Cowen
Kyle Stanley - Desjardins
Himanshu Gupta - Scotiabank
Anthony Bogdan - National Bank Financial
Jimmy Shan - RBC Capital Markets
David Chrystal - Echelon Capital Markets
Sumayya Syed - CIBC
Presentation
Operator
Thank you for standing by. This is the conference operator. Welcome to the Nexus Industrial REIT First Quarter 2024 Results Conference Call. As a reminder, all participants are in the listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions [Operator Instructions]
I would now like to turn the conference over to Mr. Kelly Hanczyk, Chief Executive Officer. Please go ahead.
Kelly Hanczyk
I'd like to welcome everyone to the 2024 first quarter results conference call for Nexus Industrial REIT. Joining me today is Mike Rawle, Chief Financial Officer of the REIT.
Before we begin, I'd like to caution with regard to forward-looking statements and non-GAAP measures. Certain statements made during this conference call may constitute forward-looking statements, which reflect the REIT's current expectations and projections about future results.
Also during this call, we'll be discussing non-GAAP measures. Please refer to our MD&A and the REIT's other securities filings, which can be found on our website and at sedar.com, for cautions regarding forward-looking information and for other information about non-GAAP measures.
In the first quarter, we continued to pursue our strategy as a Canada-focused pure-play industrial REIT. We made great progress at our development projects, which will soon transition from cash-out to cash-in as construction is completed and tenants move in.
As we expected, this quarter was impacted by temporary vacancies at two of our properties, which was largely due to tenants transitioning to larger spaces within our portfolio, which I will explain in a moment. But while it resulted in a challenging quarter, we will benefit from it in the longer term....
Nexus Industrial REIT (EFRTF) Q1 2024 Earnings Call Transcript