04:47 PM EDT, 08/15/2024 (MT Newswires) -- NexLiving Communities Inc. ( NXLCF ) on Thursday reported a second quarter increase in net operating income, buoyed by a lift in property revenue.

It said there was an increase in Q2 net operating income (NOI) of 5% to near $3 million (61.2% margin) as property revenue rose 3.4% to $4.9 million over the same period in 2023.

FFO per share diluted increased 8.8% for the three-month period.

Same property NOI for the three-month period increased 5.5% as revenue grew by 3.6% and same property expenses increased by 0.7%. The increase in same property operating expenses was primarily due to higher property taxes in New Brunswick, partially offset by lower maintenance and insurance costs.

"Strong market fundamentals have contributed to sustained top line growth across our portfolio this year," said President and CEO Stavro Stathonikos in a statement. "I am particularly pleased with our team's ability to reduce operating expenses year-over-year, despite facing materially higher property taxes. Our FFO per share increased by +21.3% in the first half of the year, reflecting the progress in driving operational improvements. As we look ahead, our focus remains on completing the transformational Devcore transaction, which we anticipate to close in the third quarter."

NexLiving closed Wednesday at $2.07.