The Globe and Mail reports in its Thursday, Aug. 17, edition that Raymond James analyst Brad Sturges has lowered his recommendation for Nexus Industrial REIT to "outperform" from "strong buy." The Globe's David Leeder writes that Mr. Sturges cut his unit target by $1.25 to $10.75. Analysts on average target the units at $11.13. The Globe says Mr. Sturges sees Nexus Industrial using money from a non-core asset sale to strengthen its balance sheet. He says the timing of any such deal is uncertain. He says the near-term investment risks associated with asset sale execution and floating interest rate exposure have weighed on the REIT's valuation. Mr. Sturges says in a note: "Nexus noted on its 2Q23 call that it is having discussions with interested parties to sell its 50-per-cent interest in its Quebec Sandalwood portfolio, which may generate gross proceeds of over $100-million. Nexus will also consider selling non-core industrial assets in Western Canada. Gross proceeds generated from executed non-core asset sales are expected to be used to repay floating rate debt charged on its unsecured credit facilities. If successful, Nexus is targeting to reduce its debt to GBV assets ratio down in to the low 40-per-cent range."