HALIFAX, NS, May 16, 2024 /CNW/ - (TSXV:NXLV) – NexLiving Communities Inc. ("NexLiving" or the "Company") announced operating and financial results for the three month period ended March 31, 2024. Stavro Stathonikos, President & CEO commented: "NexLiving has had a strong start to 2024, showcasing another quarter with double digit same property NOI at 13.6%. Revenue growth remains robust due to persistent supply-demand imbalances and operating expenses growth remains constrained as we focus on operational improvements. Looking ahead, our priority remains the closing of the highly accretive and transformational Devcore transaction, which remains on track for closing by the end of the second quarter." Summary of Results Property revenue increased +17% to $4.9 million for the three-month period ended March 31, 2024. Net operating income ("NOI") increased +23% to $2.9 million (58.5% margin) for the three-month period ended March 31, 2024. FFO per share increased +34% for the three-month period ended March 31, 2024, on a fully diluted basis. Same property NOI for the three-month period increased +13.6% as revenue grew by +6.2% and same property expenses declined by -2.7%. The decrease in same property operating expenses was related to lower insurance, property maintenance and utility costs, which were partially offset by higher property taxes in New Brunswick. The portfolio remained highly occupied at 96.4% at March 31, 2024. New Brunswick occupancy was 97.1% and Ontario occupancy was 89.9%, as approximately one-third of the overall portfolio vacant units were attributable to the Company's suite repositioning program in the Ontario market. Q1 2024 Operating and Financial Highlights: As at 31-Mar-24 31-Dec-23 Change Number of suites 1,166 1,166 - Occupancy 96.4 % 96.8 % (40) bps Net Debt to GBV* 68.4 % 68.6 % (22) bps Weighted average term to debt maturity (years) 4.3 4.6 (0.3) yrs Weighted average contractual interest rate 3.71 % 3.71 % - Net asset value  75,563,697 74,633,442 1.2 % Net asset value per share