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NEXUS REIT ANNOUNCES Q1 2021 RESULTS Toronto , Ontario and Montreal , Quebec , May 13 , 2021 - Nexus Real Estate Investment Trust ( the " REIT " ) ( TSX : NXR.UN ) announced today its results for the quarter ended March 31 , 2021 . Highlights ● ● ● ● ● ● ● N Nexus REIT ● Occupancy of 94 % at March 31 , 2021 increased from 93 % at December 31 , 2020 and remained consistent as compared to Q1 2020 . Rent collections continue to be strong despite the challenges of COVID - 19 . Graduated to the Toronto Stock Exchange on February 1 , 2021 , with a 1 for 4 consolidation of outstanding units . Comparative figures have been restated to reflect the consolidation . Completed a $ 14MM acquisition of two industrial properties in Edmonton , Alberta on March 1 , 2021 . Closed a $ 34.9MM bought deal equity offering on March 4 , 2021 with 4,255,000 REIT Units issued ( the " Offering " ) , including 555,000 units issued as part of a fully exercised overallotment . The incremental units outstanding following the Offering will negatively impact per unit measures and the REIT's AFFO payout ratio until proceeds of the Offering are fully deployed to acquire industrial properties . Q1 2021 net operating income of $ 10,565,713 increased by $ 792,078 or 8.1 % as compared to Q1 2020 net operating income of $ 9,773,635 and by $ 867,412 or 8.9 % as compared to Q4 2020 net operating income of $ 9,698,301 . Q1 2021 same property NOI of $ 9,501,869 increased by $ 19,044 or 0.2 % as compared to Q1 2020 same property NOI of $ 9,482,825 . Q1 2021 normalized FFO per unit of $ 0.203 , as compared to $ 0.219 for Q1 2020 and $ 0.206 for Q4 2020 . Q1 2021 normalized AFFO per unit of $ 0.183 , as compared to $ 0.197 for Q1 2020 and $ 0.185 for Q4 2020 . Q1 2021 normalized AFFO payout ratio of 87.7 % , as compared to 81.3 % for Q1 2020 and 86.1 % for Q4 2020 . Ended Q1 2021 with $ 52MM of cash and full availability of $ 5MM credit facility ; debt to total assets of 45.8 % compared to 48.2 % at December 31 , 2020 . Book NAV per unit , including Class B LP Units , of $ 10.09 at March 31 , 2021 as compared to $ 10.16 at December 31 , 2020 and $ 9.80 at March 31 , 2020 . Acquired six industrial properties in London , Ontario for $ 103.5MM on April 1 , 2021 . $ 144.9MM of industrial properties totalling 1.1MM square feet of gross leasable area under contract . Upon closing of announced transactions , more than 70 % of the REIT's NOI will be generated by its industrial portfolio . Management of the REIT will host a conference call on Friday May 14th at 1PM EST to review results and operations . " The first quarter saw the REIT graduate to the TSX as well as the successful completion of our $ 35 million equity raise , which will allow us to acquire a number of industrial properties " commented Kelly Hanczyk , the REIT's Chief Executive Officer . " We are putting our equity to work and have announced entering into industrial asset purchase and sale agreements totalling approximately $ 144.9 million . Upon closing of these transactions , our industrial weighting will have grown to over 70 % of our NOI . We have additional deals that we are currently working on and the balance of the year will see further shifting of our portfolio weighting towards industrial . In the quarter , we closed on a $ 14 million acquisition in Edmonton , Alberta , with $ 7 million of the purchase price satisfied in units . On April 1st , we closed on a $ 103.5 million acquisition in London , Ontario with $ 65.6 million of the purchase price being satisfied in units . One of the purchase and sale contracts we recently entered into is with the vendors of the London , Ontario portfolio , and we're quite pleased to see that relationship giving us access to another unmarketed industrial acquisition opportunity . This relationship has the potential to provide a very significant pipeline of acquisition opportunities for the REIT . " 1