Mr. Kelly Hanczyk reports

NEXUS INDUSTRIAL REIT ANNOUNCES THE ACQUISITION OF TWO MONTREAL INDUSTRIAL BUILDINGS

Nexus Industrial REIT has acquired two industrial buildings located in Montreal, Que., for $40.1-million. The buildings have a combined gross leasable area of 277,000 square feet and are under long-term leases expiring in November, 2032. The going-in capitalization rate on the leases is 6.6 per cent, which resets to an estimated stabilized market rate of 10.4 per cent in 2028. The acquisition was financed by drawing on the real estate investment trust's credit facility.

"The opportunity was too good for us to pass up," said Kelly Hanczyk, chief executive officer of Nexus Industrial. "These two well-located, high-quality buildings will be immediately accretive to AFFO and NAV per unit. They are under long-term leases with significant mark-to-market potential in year four, leading to a stabilized cap rate of 10.4 per cent.

"The buildings fit well in our portfolio, supporting our purpose as Canada's industrial building partner with a vision to be the first-choice provider of high-quality industrial properties in Canada," concluded Mr. Hanczyk.

Details of the properties are as follows.

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 89 properties comprising approximately 12.9 million square feet of GLA.