Nexus Industrial REIT Announces Third Quarter 2025 Financial Results

Attractive development properties completed; Strong leasing activity in the quarter

TORONTO, Nov. 12, 2025 (GLOBE NEWSWIRE) -- Nexus Industrial REIT (the “REIT”) (TSX: NXR.UN) announced today its results for the third quarter ended September 30, 2025.

“The third quarter marked another strong operating quarter for Nexus, as we advance our journey as Canada’s industrial building partner. We completed two exciting new industrial developments, which combined will add $6.6 million of annual stabilized NOI, representing an unlevered 9.4% return on our development costs. In total, over the past 18 months we have completed five industrial projects with over 900,000 sq ft of GLA which will contribute over $13 million in annual NOI when stabilized” said Kelly Hanczyk, CEO of Nexus Industrial REIT.

“We also delivered an excellent quarter of leasing: we quickly filled our vacant 223,000 sq ft building in London with a top tier tenant under attractive terms and completed 150,000 sq ft of renewals at an average lift of 13%. This improved the industrial occupancy rate to 96%.

“I am very excited with our progress this quarter, and I am confident that our strategy will continue to be rewarding for our unitholders” concluded Mr. Hanczyk.

Third Quarter 2025 Highlights:

Finished construction of the 325,000 sq. ft. expansion project in St. Thomas, ON, and the 115,000 sq. ft. new industrial small-bay complex in Calgary, AB. Combined, these projects are expected to add annual stabilized NOI of $6.6 million.
Completed 148,586 sf of leasing at an average spread of 13% over expiring and in-place rents.
In-place occupancy increased by 1% versus prior quarter to 96%.
Completed the opportunistic sale of an industrial property for net cash proceeds of $9.1 million.
Net income was $3.4 million driven by net operating income ("NOI")⁽¹⁾ of $32.2 million, partially offset by finance expense and fair value adjustments (losses).
NOI⁽¹⁾ decreased 1.1% versus a year ago to $32.2 million primarily due to the disposition of 15 retail properties, 4 office properties, and 8 industrial properties (as part the REIT's capital recycling program and transition to a pure-play industrial REIT), partially offset by growth in industrial Same Property NOI⁽¹⁾ and completed developments.
Industrial Same Property NOI⁽¹⁾ increased 2.9% year over year to $29.5 million.
Normalized FFO⁽¹⁾ per unit decreased $0.006 versus a year ago to $0.181 and Normalized AFFO⁽¹⁾ per unit decreased $0.011 versus a year ago to $0.146.

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 three industrial properties for total proceeds of $71.3 million.
Finished construction of the 325,000 sq. ft. expansion project in St. Thomas, ON, and the 115,000 sq. ft. new industrial small-bay complex in Calgary, AB. Combined, these projects are expected to add annual stabilized NOI of $6.6 million.
Completed 1,101,534 sf of leasing at an average spread of 66% over expiring and in-place rents.
Net income was $29.0 million driven by NOI⁽¹⁾ of $96.4 million, partially offset by finance expense, fair value adjustments (losses) and general and administrative expenses.
NOI⁽¹⁾ increased 2.9% versus a year ago to $96.4 million primarily attributable to NOI generated from newly acquired industrial income producing properties and growth in Same Property NOI⁽¹⁾, despite selling 27 legacy retail, office, and industrial properties.
Industrial Same Property NOI⁽¹⁾ increased 2.9% year over year to $81.6 million.
Normalized FFO⁽¹⁾ per unit increased $0.026 versus a year ago to $0.556 and Normalized AFFO⁽¹⁾ per unit increased $0.018 versus a year ago to $0.459.
Unitholders' equity decreased by $1.0 million to $1.1 billion or $14.88 per unit and NAV per unit⁽¹⁾ of $12.98 decreased $0.21 or 1.6% versus December 31, 2024.

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

Subsequent event:

On October 2, 2025, the REIT closed on the disposition of excess lands at Les Galeries d’Anjou, Quebec, for gross proceeds of $8.5 million (at the REIT's 50% share).

Summary of Results

(In thousands of Canadian dollars, except per unit amounts)	Three months ended September 30,			Nine months ended September 30,
	2025	2024		2025	2024
	$	$		$	$
FINANCIAL INFORMATION
Operating Results
Property revenues	43,295	45,529		130,071	131,036
NOI ⁽¹⁾	32,197	32,568		96,437	93,722
Net income (loss) and comprehensive income (loss)	3,449	(45,991	)	28,975	41,205
Adjusted EBITDA (LTM) ⁽¹⁾	120,520	115,721		120,520	115,721

FFO ⁽¹⁾	17,309	17,613		52,509	48,544
Normalized FFO ^{(1) (2)}	17,538	17,596		52,862	49,686
AFFO ⁽¹⁾	13,988	14,795		43,834	40,153
Normalized AFFO ^{(1) (2)}	14,180	14,778		43,691	41,295
Distributions declared ⁽³⁾	15,152	15,063		45,301	44,973
Same Property NOI ⁽¹⁾	30,080	29,281		83,122	81,343
Industrial Same Property NOI ⁽¹⁾	29,535	28,696		81,576	79,289

Weighted average units outstanding (000s):
Basic ⁽⁴⁾	96,928	94,137		95,132	93,675
Diluted ⁽⁴⁾	97,181	94,313		95,385	93,851

Per unit amounts:
Distributions per unit – basic ^{(3) (4)}	0.160	0.160		0.480	0.480
Distributions per unit – diluted^{(3) (4)}	0.160	0.160		0.480	0.480

Normalized FFO per unit – basic ^{(1) (2) (4)}	0.181	0.187		0.556	0.530
Normalized FFO per unit – diluted^{(1) (2) (4)}	0.180	0.187		0.554	0.529

Normalized AFFO per unit – basic ^{(1) (2) (4)}	0.146	0.157		0.459	0.441
Normalized AFFO per unit – diluted ^{(1) (2) (4)}	0.146	0.157		0.458	0.440

AFFO payout ratio ^{(1) (3)}	108.3%	101.8%		103.3%	112.0%
Normalized AFFO payout ratio – basic ^{(1) (2) (3)}	106.9%	101.9%		103.7%	108.9%
Normalized AFFO payout ratio – diluted ^{(1) (2) (3)}	107.1%	101.9%		104.0%	109.1%

Same Property NOI Growth % ⁽¹⁾	2.7%	4.3%		2.2%	2.6%
Industrial Same Property NOI Growth % ⁽¹⁾	2.9%	5.6%		2.9%	3.5%

⁽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.}


	September 30,	December 31,
	2025	2024
(In thousands of Canadian dollars, unless stated otherwise)	$	$
PORTFOLIO INFORMATION
Total Portfolio
Number of investment properties⁽²⁾	87	106
Number of properties under development	—	2
Investment properties fair value (excludes assets held for sale)	2,475,158	2,458,174
Gross leasable area (“GLA”) (in millions of sq. ft.) (at the REIT's ownership interest)	12.1	12.5
Industrial occupancy rate – in-place and committed (period-end)⁽³⁾	96%	96%
Weighted average lease term (“WALT”) (years)	7.0	6.8
Industrial WALT (years)	7.0	7.0
Estimated spread between industrial portfolio market and in-place rents	18.5%	25.3%

FINANCING AND CAPITAL INFORMATION
Financing
Net debt⁽¹⁾	1,275,593	1,279,538
Total Indebtedness Ratio⁽¹⁾	48.9%	49.1%
Net Debt to Adjusted EBITDA⁽¹⁾	10.6	10.9
Adjusted Net Debt to Adjusted EBITDA⁽¹⁾	10.2	10.2
Debt service coverage ratio (times)	1.70	1.62
Secured Indebtedness Ratio	23.2%	27.4%
Unencumbered investment properties as a percentage of investment properties	47.8%	39.5%
Total assets	2,608,129	2,604,460
Cash	14,373	11,532
Capital
Total equity (per consolidated financial statements)	1,060,688	1,061,724
Total equity (including Class B LP Units)	1,258,973	1,241,747
Total number of Units (in thousands)⁽⁴⁾	97,019	94,159
NAV per Unit⁽¹⁾	12.98	13.19

⁽¹⁾	_{See Non-IFRS Financial Measures.}
⁽²⁾	_{Includes 2 properties (17 properties - December 31, 2024) classified as assets held for sale, and one property held for development in which the REIT has an 80% interest.}
⁽³⁾	_{Includes committed new leases for future occupancy.}
⁽⁴⁾	_{Includes Class B LP units.}

Net Income

Net income for the three months ended September 30, 2025 was $3.4 million or $49.4 million higher than the prior year, primarily due to fair value adjustments in the current quarter, including higher Class B LP Units fair value adjustments of $43.3 million and derivatives fair value adjustments of $20.9 million, partially offset by a decrease in the fair value adjustment of investment properties by $15.4 million.

Net income for the nine months ended September 30, 2025 was $29.0 million or $12.2 million lower than the prior year, primarily due to the decrease in the fair value adjustment of investment properties by $46.4 million, which was partially offset by higher gain on the fair value adjustment of Class B LP units of $15.7 million, higher fair value adjustment of derivative financial instruments of $13.1 million, higher NOI of $2.7 million and lower finance expense of $2.1 million.

Net Operating Income

NOI for the three months ended September 30, 2025 was $32.2 million or $0.4 million lower than the prior year, which was primarily due to a $2.0 million decrease resulting from dispositions completed since Q3 2024, partially offset by an increase of $0.8 million in Same Property NOI, higher straight-line rent adjustments of $0.5 million, $0.2 million increase due to completed developments and expansions, and $0.1 million relating to amortization of tenant incentives and leasing costs.

NOI for the nine months ended September 30, 2025 was $96.4 million or $2.7 million higher than the prior year, which was primarily due to an increased NOI of $2.2 million relating to completed developments and expansions, $2.1 million from lease termination and tenant reimbursed capital improvements, $1.6 million from acquisitions of industrial income producing properties completed subsequent to Q3 2024, an increase of $1.8 million in Same Property NOI, and $0.3 million relating to straight-line rent adjustments, partially offset by lower NOI of $5.5 million relating to dispositions completed since Q3 2024.

Fair value adjustment of investment properties

The fair value loss on investment properties for the three months ended September 30, 2025, totaled $4.3 million. The REIT engaged external appraisers to value properties totaling $83.1 million in the quarter. Overall, fair value losses recorded for the REIT’s portfolio primarily consists of $2.7 million of capital expenditures that were not deemed to increase the fair value of the properties and therefore fair valued to zero, $4.3 million loss relating to properties held for development, partially offset by a $2.7 million gain resulting from stabilized NOI and capitalization rates.

The fair value loss on investment properties for the nine months ended September 30, 2025, totaled $6.6 million. The REIT engaged external appraisers to value properties totaling $296.0 million in the period. Overall, fair value losses recorded for the REIT’s portfolio primarily consists $8.9 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, $2.8 million relating to investment property sale price adjustments prior to disposition, partially offset by $5.1 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 now anticipates Same Property NOI growth in its industrial portfolio of approximately 3% for the full year 2025, as compared to the mid-single digit growth that was previously expected. The decrease is primarily attributed to changes in expected timing of lease-up of vacant space. The expected Same Property NOI 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 the quarter, the REIT completed construction of two significant development projects. Combined, these properties are expected to add annual stabilized NOI of approximately $6.6 million when fully leased:

In September, the REIT completed a 325,000 sq ft Dennis Rd. expansion project in St. Thomas, ON. This building was constructed for an existing tenant. The REIT earned 7.8% on capital expenditures during the construction phase, which ended in August 2025. Commencing in September 2025, the REIT began to earn a contractual going-in yield of 9.0% on the total development costs of $54.9 million.
In August, the REIT completed a 115,000 sq ft small-bay industrial building adjacent to an existing building that it owns in Calgary, AB. The building is expected to earn a going-in yield of approximately 11% on total development costs of $15.4 million.

The normalized AFFO payout ratios (diluted) for the three and nine months ended September 30, 2025 are 107.1% and 104.0%, respectively, and the REIT believes that the current distributions are sustainable.

Earnings Call

Management of the REIT will host a conference call at 10:00 AM Eastern Standard Time on Thursday November 13, 2025 to review the financial results and operations. To participate in the conference call, please dial 1-647-846-8414 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 December 13, 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 1891640.

November and December 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 December 15, 2025, to unitholders of record as of November 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 January 15, 2026, to unitholders of record as of December 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 87 properties (including one property held for development in which the REIT has an 80% interest) comprising approximately 12.1 million square feet of gross leasable area. The REIT has approximately 97,022,000 voting units issued and outstanding, including approximately 71,304,000 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 and nine months ended September 30, 2025 (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 1 in the REIT’s Management’s Discussion and Analysis for the three and nine months ended September 30, 2025, 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.

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 September 30,						Nine months ended September 30,
	2025		2024		Change		2025		2024		Change
FFO	$		$		$		$		$		$

Net income (loss) and comprehensive income (loss)	3,449		(45,991	)	49,440		28,975		41,205		(12,230	)
Adjustments:
Loss on disposal of investment properties	2		282		(280	)	283		533		(250	)
Fair value adjustments	9,876		58,961		(49,085	)	11,434		(6,263	)	17,697
Adjustments for equity accounted joint venture ⁽¹⁾	(41	)	224		(265	)	43		295		(252	)
Distributions on Class B LP Units expensed	3,744		3,745		(1	)	11,154		11,532		(378	)
Amortization of tenant incentives and leasing costs	358		445		(87	)	1,001		1,102		(101	)
Lease principal payments	(26	)	(25	)	(1	)	(76	)	(45	)	(31	)
Amortization of right-of-use assets	30		30		—		90		90		—
Net effect of unrealized foreign exchange on USD debt and related hedges	(83	)	(58	)	(25	)	(395	)	95		(490	)
Funds from operations (FFO)	17,309		17,613		(304	)	52,509		48,544		3,965
Weighted average units outstanding (000s) Basic ⁽⁴⁾	96,928		94,137		2,791		95,132		93,675		1,457
FFO per unit – basic	0.179		0.187		(0.008	)	0.552		0.518		0.034

FFO	17,309		17,613		(304	)	52,509		48,544		3,965
Add: Vendor rent obligation ⁽²⁾	—		—		—		—		628		(628	)
Add: Non-recurring personnel transition costs	—		18		(18	)	107		344		(237	)
Add: Non-recurring adjustments from asset dispositions⁽⁵⁾	51		86		(35	)	556		86		470
Add: Other one-time adjustments⁽⁶⁾	178		(121	)	299		(310	)	84		(394	)
Normalized FFO	17,538		17,596		(58	)	52,862		49,686		3,176
Weighted average units outstanding (000s) Basic ⁽⁴⁾	96,928		94,137		2,791		95,132		93,675		1,457
Normalized FFO per unit – basic	0.181		0.187		(0.006	)	0.556		0.530		0.026


(In thousands of Canadian dollars, except per unit amounts)	Three months ended September 30,						Nine months ended September 30,
	2025		2024		Change		2025		2024		Change
AFFO	$		$		$		$		$		$

FFO	17,309		17,613		(304	)	52,509		48,544		3,965
Adjustments:
Straight-line adjustments ground lease and rent	(1,721	)	(1,218	)	(503	)	(3,875	)	(3,591	)	(284	)
Capital reserve ⁽³⁾	(1,600	)	(1,600	)	—		(4,800	)	(4,800	)	—
Adjusted funds from operations (AFFO)	13,988		14,795		(807	)	43,834		40,153		3,681
Weighted average units outstanding (000s) Basic ⁽⁴⁾	96,928		94,137		2,791		95,132		93,675		1,457
AFFO per unit – basic	0.144		0.157		(0.013	)	0.461		0.429		0.032
Distributions declared	15,152		15,063		89		45,301		44,973		328
AFFO payout ratio - basic	108.3%		101.8%		6.5%		103.3%		112.0%		(8.7)%


AFFO	13,988		14,795		(807	)	43,834		40,153		3,681
Add: Vendor rent obligation ⁽²⁾	—		—		—		—		628		(628	)
Add: Non-recurring personnel transition costs	—		18		(18	)	107		344		(237	)
Add: Non-recurring adjustments from asset dispositions⁽⁵⁾	14		86		(72	)	60		86		(26	)
Add: Other one-time adjustments⁽⁶⁾	178		(121	)	299		(310	)	84		(394	)
Normalized AFFO	14,180		14,778		(598	)	43,691		41,295		2,396
Weighted average units outstanding (000s) Basic ⁽⁴⁾	96,928		94,137		2,791		95,132		93,675		1,457
Normalized AFFO per unit – basic	0.146		0.157		(0.011	)	0.459		0.441		0.018
Distributions declared	15,152		15,063		89		45,301		44,973		328
Normalized AFFO payout ratio - basic	106.9%		101.9%		5.0%		103.7%		108.9%		(5.2)%

⁽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 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⁾	_{The adjustments are primarily related to unrealized foreign exchange losses (gains) on transactions relating to deferred purchase consideration and other one-time adjustments. 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 September 30,						Nine months ended September 30,
	2025		2024		Change		2025		2024		Change
	$		$		$		$		$		$

Property revenues	43,295		45,529		(2,234	)	130,071		131,036		(965	)
Property expenses	(11,098	)	(12,961	)	1,863		(33,634	)	(37,314	)	3,680
NOI	32,197		32,568		(371	)	96,437		93,722		2,715
Add/(Deduct):
Amortization of tenant incentives and leasing costs	349		462		(113	)	976		1,115		(139	)
Straight-line adjustments of rent	(1,721	)	(1,215	)	(506	)	(3,875	)	(3,582	)	(293	)
Development and expansion	(476	)	(270	)	(206	)	(3,532	)	(1,311	)	(2,221	)
Acquisitions	(254	)	(245	)	(9	)	(4,026	)	(2,400	)	(1,626	)
Disposals	(15	)	(2,009	)	1,994		(573	)	(6,054	)	5,481
Termination fees and tenant reimbursed capital improvements	—		(10	)	10		(2,285	)	(147	)	(2,138	)
Same Property NOI	30,080		29,281		799		83,122		81,343		1,779

Industrial same property NOI	29,535		28,696		839		81,576		79,289		2,287

ADJUSTED EBITDA

(In thousands of Canadian dollars)	Trailing twelve months ended September 30,
	2025		2024		Change
	$		$		$

Net income	78,652		43,342		35,310
Add (deduct):
Net interest expense	53,151		53,267		(116	)
Distributions on Class B LP Units	14,900		15,342		(442	)
Fair value adjustments⁽¹⁾	(27,049	)	3,227		(30,276	)
Amortization expense⁽¹⁾⁽²⁾	(3,738	)	(3,235	)	(503	)
Loss on disposal of investment properties	1,205		533		672
Unrealized foreign exchange loss (gain)	(13	)	64		(77	)
Income from development property	3,097		1,132		1,965
Non-recurring personnel transition costs	107		1,963		(1,856	)
Non-recurring costs related to asset dispositions	208		86		122
Adjusted EBITDA	120,520		115,721		4,799

⁽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)	September 30,		December 31,
	2025		2024
	$		$
Current and non-current:
Mortgages payable	579,062		590,292
Credit facilities	694,925		649,836
Lease liabilities	10,639		10,715
Liabilities associated with assets held for sale	5,340		40,227
Total indebtedness	1,289,966		1,291,070
Less: Unrestricted cash	(14,373	)	(11,532	)
Less: Additions to properties under development	(42,424	)	(79,811	)
Adjusted net debt	1,233,169		1,199,727

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