Operator

Thank you for standing by. This is the conference operator. Welcome to the Nexus Industrial REIT First Quarter 2026 Results Conference Call. [Operator Instructions] The conference is being recorded.

[Operator Instructions] I would now like to turn the conference over to Kelly Hanczyk, Chief Executive Officer. Please go ahead.

Kelly Hanczyk
CEO & Trustee

Welcome everyone, to the 2026 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 [Technical Difficulty] for cautions regarding forward-looking information and for information about non-GAAP measures.

In the first quarter income of $33.8 million, an increase of 5.4% compared to last year, and normalized FFO increased to $17.7 million. On a last 12-month basis, adjusted EBITDA grew to $121.3 million, and this quarter marked the first quarter in 10 quarters of a sub 100% payout ratio as we posted a normalized AFFO payout ratio of 96.6%, resulting from a strong normalized AFFO per unit of $0.62 -- $.0162 NAV grew... [Technical Difficulty]