The Globe and Mail reports in its Wednesday, April 9, edition that Scotia Capital analyst Himanshu Gupta has adjusted his expectations for the recovery of industrial real estate fundamentals. The Globe's David Leeder writes in the Eye On Equities column that Mr. Gupta now estimates that the availability rate will begin to improve in the first or second quarter of 2026, rather than his earlier prediction of recovery in the third or fourth quarter of this year. He says, "We have reduced our FFOPU [funds from operations per unit] estimates in 2025 and 2026 by 2 per cent and 4 per cent and reduced our current NAVs by 7 to 14 per cent." With those changes, Mr. Gupta downgraded Nexus Industrial REIT to "sector perform" from "sector outperform," saying, "We think AFFO payout ratio normalization for Nexus has further pushed out in current environment plus Nexus has higher leverage relative to peers." Mr. Gupta gave his unit target a $1.50 trim to $7. Analysts on average target the units at $8.47. Mr. Gupta says in a note: "We think AFFO payout ratio will remain elevated in 2025 and 2026 (previously we thought payout ratio will normalize in 2026). In a recession scenario, Nexus is vulnerable to distribution cuts."