Mr. Kelly Hanczyk reports

ROBERT CHIASSON STEPS DOWN; MIKE RAWLE APPOINTED AS NEXUS INDUSTRIAL REIT'S CHIEF FINANCIAL OFFICER

Mike Rawle has been appointed chief financial officer of Nexus Industrial REIT, effective Jan. 8, 2024. Mr. Rawle will replace Robert Chiasson, who is stepping down from his role as CFO to pursue other opportunities.

Mr. Rawle has over 20 years of progressive finance experience, most recently at Maple Leaf Foods, where he has held senior positions as vice-president, finance, and treasurer, and has led the investor relations department as vice-president, investor relations and treasury. He began his career at Ernst & Young LLP, eventually moving to Barrick Gold Corp., where he held various financial roles in Toronto, South Africa and Barbados. Later, he worked at Uranium One Inc. as vice-president, treasurer. Mr. Rawle earned a bachelor of commerce degree from Queen's University and is a chartered professional accountant and a CFA charterholder.

"Mike is an accomplished leader with a proven track record of navigating complex financial challenges and interacting with the financial community," said Kelly Hanczyk, chief executive officer of the REIT. "I see him making a major contribution to our financial management, strategic planning and investor relations, all critically important aspects of a public real estate entity like Nexus. On behalf of the board, I would like to sincerely thank Rob for his partnership over the last 11 years. Rob's dedication and financial acumen were integral to our success, and he has contributed significantly to the stability and strong operational performance of the REIT's business since its inception. We are grateful for his efforts and wish him all the best in his next endeavour."

Mr. Chiasson will work closely with Mr. Rawle and the REIT's senior leadership team to ensure a seamless hand-off of responsibilities.

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 116 properties (including two properties held for development in which the REIT has an 80-per-cent interest), comprising approximately 12.4 million square feet of gross leasable area. The REIT has approximately 93.12 million voting units issued and outstanding, including approximately 68.51 million REIT units and approximately 24.61 million Class B LP units of subsidiary limited partnerships of Nexus, which are convertible to REIT units on a one-to-one basis.