Mr. Kelly Hanczyk reports

NEXUS INDUSTRIAL REIT ACQUIRES A 305,000 SQUARE FOOT DISTRIBUTION FACILITY IN LONDON ONTARIO AND ANNOUNCES Q2 2023 RESULTS DATE AND JUNE AND JULY DISTRIBUTIONS

Nexus Industrial REIT has completed the previously announced purchase of an industrial property in London, Ont.

The real estate investment trust acquired an approximately 305,000-square-foot single-tenant distribution facility in London, Ont. The property includes a brand new approximately 160,000-square-foot expansion, and features 32-foot clear heights, 45 truck-level doors and eight drive-in doors. The $56.35-million acquisition was financed by the issuance of 2,359,978 Class B limited partnership units valued at $10.30 per unit and the assumption of existing mortgage financing with an approximately 10-year remaining term at a rate of 4.93 per cent.

Second quarter results date

The REIT intends to release its financial results for the quarter ended June 30, 2023, before the opening of the Toronto Stock Exchange on Monday, Aug. 14, 2023.

Management of the REIT will host a conference call at 1 p.m. Eastern Standard Time on Monday, Aug. 14, 2023, to review the financial results and operations.

To participate in the conference call, please dial 416-915-3239 or 1-800-319-4610 (toll-free in Canada and the United States) 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 Sept. 14, 2023. To listen to the recording, please dial 604-674-8052 or 1-855-669-9658 (toll-free in Canada and the United States) and enter access code 0271.

June and July, 2023, distribution

The REIT will make a cash distribution in the amount of 5.333 cents per unit, representing 64 cents per unit on an annualized basis, payable July 14, 2023, to unitholders of record as of June 30, 2023.

The REIT will also make a cash distribution in the amount of 5.333 cents per unit, representing 64 cents per unit on an annualized basis, payable Aug. 15, 2023, to unitholders of record as of July 31, 2023.

The REIT's distribution reinvestment plan entitles eligible unitholders to elect to receive all, or a portion, of the cash distributions of the REIT reinvested in units of the REIT. Eligible unitholders who so elect will receive a bonus distribution of units equal to 4 per cent of each distribution that was reinvested by them under the DRIP.

About Nexus Industrial REIT

Nexus Industrial 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 114 properties (including two properties held for development in which the REIT has an 80-per-cent interest) comprising approximately 12.0 million square feet of gross leasable area. The REIT has approximately 68,120,000 units issued and outstanding. Additionally, there are Class B LP units of subsidiary limited partnerships of Nexus Industrial issued and outstanding, which are convertible into approximately 22.22 million units.