Page 1

● Toronto , Ontario and Montreal , Quebec , August 12 , 2021 - Nexus Real Estate Investment Trust ( the " REIT " ) ( TSX : NXR.UN ) announced today its results for the quarter ended June 30 , 2021 . Highlights ● ● N Nexus REIT ● NEXUS REIT ANNOUNCES Q2 2021 RESULTS Occupancy of 95 % at June 30 , 2021 , increased from 94 % at March 31 , 2021 and June 30 , 2020 . Completed a total of $ 148.3MM of industrial property acquisitions during Q2 2021 . The REIT has completed due diligence and waived conditions to acquire an industrial distribution centre property in Alberta for $ 19.75MMM . The REIT's acquisition pipeline continues to be strong . Q2 2021 net operating income of $ 12,219,905 increased by $ 2,415,108 or 24.6 % as compared to Q2 2020 net operating income of $ 9,804,797 and by $ 1,654,192 or 15.7 % as compared to Q1 2021 net operating income of $ 10,565,713 . Q2 2021 same property NOI of $ 9,599,238 decreased by $ 291,004 or 2.9 % as compared Q2 2020. Q2 2021 YTD same property NOI decreased by $ 282,198 or 1.5 % as compared Q2 2020 YTD . The decrease is primarily attributable to an approximately 26,000 square foot office space that came back to the REIT on April 30th , combined with an approximately 25,000 square foot industrial vacancy in Calgary . Successfully completed a $ 35MM bought deal financing on March 4 , 2021. Commenced deployment of funds to acquire industrial properties in June 2021 . Q2 2021 normalized FFO per unit of $ 0.185 , as compared to $ 0.203 for Q1 2021 and $ 0.217 for Q2 2020 . Q2 2021 normalized AFFO per unit of $ 0.166 , as compared to $ 0.183 for Q1 2021 and $ 0.197 for Q2 2020 . Q2 2021 normalized AFFO payout ratio of 96.2 % , as compared to 87.7 % for Q1 2021 and 79.8 % for Q2 2020 . Entered into a new $ 40MM revolving credit facility in the quarter . Ended Q2 2021 with $ 7MM of cash and full availability of $ 45MM of credit facilities . Book NAV per unit , including Class B LP Units , of $ 11.21 at June 30 , 2021 as compared to $ 10.09 at March 31 , 2021 and $ 9.87 at June 30 , 2020 . Management of the REIT will host a conference call on Thursday August 12th at 1PM EST to review results and operations . " In the second quarter , we completed the $ 103.5MM off market acquisition of six properties in London , Ontario , satisfying 63 % of the purchase price through the issuance of units . We were able to secure a $ 40MM revolving credit facility against three of the properties acquired , providing us liquidity to pursue further industrial acquisitions . In addition , we closed on three additional industrial acquisitions totalling $ 44.8MM in mid - June . The full benefit of these accretive acquisitions will be realized in the third and subsequent quarters . Subsequent to quarter end , we completed a further $ 75.75MM of industrial acquisitions in July . The London transaction and the equity raise completed in March of this year have provided us with the liquidity to continue building our industrial portfolio . Our per unit measures for the third and subsequent quarters will normalize and improve as we balance out our capital structure and continue to deploy our cash and available liquidity . " commented Kelly Hanczyk , the REIT's Chief Executive Officer . " We have a strong pipeline of further potential acquisitions that we are in various stages of due diligence and negotiation on and we are well on our way towards exceeding the targets that we previously set for increasing our industrial weighting to over 75 % of the REIT's NOI . Overall , our operational results have been strong and consistent . We are excited about our growth prospects for the balance of the year as we continue our drive to be the next pure play industrial REIT . " 1