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Subsequent events:

• On April 14, 2025, the REIT acquired a land parcel adjacent to one of its existing properties in Kelowna, BC for a purchase price of $18.8 million. The land is intended for the future development of Class A industrial buildings. The purchase consideration was settled through the transfer of a non-core industrial property in Fort St. John valued at $7.0 million and the balance settled in cash.

• Concurrent with the above transaction, the REIT entered into an agreement with the vendor of the REIT’s Richmond, BC property, The REIT will develop 51,467 square feet for additional courts and parking, representing a value of approximately $29 million. The Developer will manage the development and assume the costs of the construction. The agreement provides that, as long as certain conditions are met, the fee may be paid by issuing to the Developer Class B LP Units of a subsidiary limited partnership of the REIT, valued at $10.50 per unit and exchangeable on a 1 for 1 basis for REIT units. In accordance with the agreement, the REIT has agreed to issue 2,764,464 Class B LP units which will be released in stages as consideration for the construction costs.

Summary of Results

Non-IFRS Measures

Included in the tables above and elsewhere in this news release are non-IFRS financial measures that should not be construed as an alternative to net income / loss, cash from operating activities or other measures of financial performance calculated in accordance with IFRS and may not be comparable to similar measures as reported by other issuers. Certain additional disclosures for these non-IFRS financial measures have been incorporated by reference and can be found on page 3 in the REIT’s Management’s Discussion and Analysis for the three months ended March 31, 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.

NOI

NOI for the three months ended March 31, 2025 was $32.1 million or $2.6 million higher than the prior year, which was primarily due to $1.1 million from acquisitions of industrial income producing properties completed subsequent to Q1 2024, an increase in Same Property NOI by $1.6 million, and $1.6 million relating to development projects, partially offset by $1.4 million relating to dispositions completed since Q1 2024, and $0.1 million relating to higher tenant incentives and leasing costs amortization.

Fair value adjustment of investment properties

The fair value gains on investment properties for the three months ended March 31, 2025, totalled $8.9 million. The REIT engaged external appraisers to value properties totaling $90.7 million in the quarter. Overall, fair value gains recorded for the REIT’s portfolio primarily consists of $4.5 million relating to properties held for development based on development progress relative to the as-completed appraisal value and $10.0 million relating to changes in stabilized NOI and capitalization rates. Partially offsetting this is $2.9 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 and $2.7 million relating to investment property sale price adjustments prior to disposition.

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 anticipates mid-single digit Same Property NOI growth in its industrial portfolio for the full year.

In 2025, the REIT expects to benefit from the completion of two significant development projects. Combined, these properties will add annual stabilized NOI of approximately $6.6 million when complete:

• The REIT expects to complete its 325,000 sq ft Dennis Rd. expansion project in St. Thomas, ON in the third quarter of 2025. This project is being constructed for an existing tenant. The REIT earns 7.8% on capital expenditures during the construction phase, and will earn a contractual going-in yield of 9.0% on the total development costs of $54.9 million upon completion.

• The REIT is constructing a 115,000 sq ft small-bay industrial building adjacent to an existing building that it owns in Calgary, AB. The project is now expected to be completed in the third quarter of 2025 and to earn a going-in yield of approximately 11% on total development costs of $15.4 million.

Earnings Call

Management of the REIT will host a conference call at 10:00 AM Eastern Standard Time on Thursday May 15, 2025 to review the financial results and operations. To participate in the conference call, please dial 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 June 15, 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 4446040.

May and June 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 June 13, 2025, to unitholders of record as of May 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 July 15, 2025, to unitholders of record as of June 30, 2025.

Annual Meeting Voting Results

Each of the matters set out in the REIT’s management information circular dated March 26, 2025 (the “Circular”) for the annual meeting of unitholders held on May 14, 2025 (the “Meeting”) was approved by the requisite majority of unitholders, and each of the trustee nominees listed in the Circular was elected as a trustee of the REIT. Voting results for the individual trustees are as follows:

The voting results for the audit committee, including Ms. Floriana Cipollone, Mr. Bradley Cutsey, and Mr. Ben Rodney, have been negatively impacted by Glass Lewis and Institutional Shareholder Services ("ISS") recommendation to the REIT's unitholders to withhold votes for these trustees due to excessive non-audit fees paid by the REIT to the REIT's auditor PricewaterhouseCoopers LLP ("the REIT's auditor"). This recommendation is based on Glass Lewis' and ISS' assessment ("their assessment") of the audit fees disclosed in the REIT's annual information form (AIF) for the year ended December 31, 2024.

The REIT disagrees with their assessment. Audit fees paid by the REIT to the REIT's auditor during the year ended December 31, 2024, were $0.35 million as compared to non-audit fees of $0.28 million. This demonstrates that the audit fees paid exceeded non-audit fees by $0.07 million. The amounts referenced by Glass Lewis and ISS are fees billed by the REIT's auditor and disclosed as such in the REIT's AIF, and not amounts paid by the REIT.

Final results on all matters considered at the Meeting are reported in the Report of Voting Results as filed on SEDAR (www.sedarplus.ca).

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 (including one property held for development in which the REIT has an 80% interest) comprising approximately 11.7 million square feet of gross leasable area. The REIT has approximately 94,234,000 voting units issued and outstanding, including approximately 71,128,000 REIT Units and approximately 23,106,000 Class B LP Units of subsidiary limited partnerships of Nexus, which are convertible to REIT Units on a one-to-one basis.

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. 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

SAME PROPERTY RESULTS

ADJUSTED EBITDA

ADJUSTED NET DEBT