#1Alasko IMPORTATEUR DE FRUITS ET LEGUMES SURGELES SIÈGE SOCIAL 6810 Boal. Des Grandes-Prairies Nexus Industrial REIT Investor Presentation "Canada's next Pure Play Industrial REIT" Z Nexus Industrial REIT#2Notice to the Reader ABOUT THIS PRESENTATION No reliance may be placed for any purpose whatsoever on the information contained in this presentation or the completeness or accuracy of such information. No representation or warranty, express or implied, is given by or on behalf of Nexus Industrial REIT (the "REIT"), or its unitholders, trustees, officers or employees or any other person as to the accuracy or completeness of the information or opinions contained in this presentation, and no liability is accepted for any such information or opinions. FORWARD-LOOKING INFORMATION This presentation contains forward-looking statements which reflect the REIT's current expectations and projections about future results. Often, but not always, forward- looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the REIT to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this presentation. Such forward-looking statements are based on a number of assumptions that may prove to be incorrect, including, but not limited to: the ability of the REIT to obtain necessary financing or to be able to implement its business strategies; satisfy the requirements of the TSX with respect to the plan of arrangement; obtain unitholder approval with respect to the plan of arrangement; the level of activity in the retail, office and industrial commercial real estate markets in Canada, the real estate industry generally (including property ownership and tenant risks, liquidity of real estate investments, competition, government regulation, environmental matters, and fixed costs, recent market volatility and increased expenses) and the economy generally. While the REIT anticipates that subsequent events and developments may cause its views to change, the REIT specifically disclaims any obligation to update these forward-looking statements. These forward-looking statements should not be relied upon as representing the REIT's views as of any date subsequent to the date of this presentation. Although the REIT has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward- looking statements. The factors identified above are not intended to represent a complete list of the factors that could affect the REIT. This presentation includes industry data and forecasts obtained from independent industry publications, market research and analyst reports, surveys and other publicly available sources and in certain cases, information is based on the REIT's own analysis and information or its analysis of third-party information. Although the REIT believes these sources to be generally reliable, market and industry data is subject to interpretation and cannot be verified with complete certainty due to limits on the availability and reliability of raw data, the voluntary nature of the data gathering process and other limitations and uncertainties inherent in any statistical survey. Accordingly, the accuracy and completeness of this data is not guaranteed. The REIT has not independently verified any of the data from third party sources referred to in this presentation nor ascertained the underlying assumptions relied upon by such sources. NON-IFRS MEASURES Included in this presentation are non-IFRS financial measures that should not be construed as an alternative to net income / loss, cash from operating activities or other measures of financial performance calculated in accordance with IFRS and may not be comparable to similar measures as reported by other issuers. Certain additional disclosures for these non-IFRS measures have been incorporated by reference and can be found on page 3 in the REIT's Management's Discussion and Analysis for the year ended December 31, 2021, available on SEDAR at www.sedar.com and on the REIT's website under Investor Relations. All figures in C$ unless otherwise noted. NEXUS INVESTOR PRESENTATION SEPTEMBER 2022 2#3Nexus Industrial REIT Poised For Value Creation Nexus Industrial REIT ("Nexus" or the "REIT") is focused on unitholder value creation through the acquisition and ownership of industrial properties across Canada 1 HIGH QUALITY INDUSTRIAL FOCUSED PORTFOLIO 106 quality, commercial properties (industrial, retail and office) with stable cash flows and intensification potential Acquired 24 industrial properties for $684.5MM in 2021 and 10 industrial properties for $255.2MM in 2022 as of September 1st, 2022 2 NAV GROWTH OPPORTUNITIES N Nexus Industrial REIT Poised for Unitholder Value Creation 4 3 Unlocking NAV growth from NOI growth, development upside, and through sale or development of excess land EXPERIENCED AND ALIGNED MANAGEMENT AND BOARD Fully aligned internal management team with meaningful direct ownership in the REIT Management has developed strategic relationships that create a vast pipeline of potential future off market acquisitions LONG AVERAGE LEASE TERM WITH LOW CAPITAL INTENSITY Conservative weighted-average lease term of ~6.4 years, and low capital intensity vs. peers NEXUS INVESTOR PRESENTATION SEPTEMBER 2022 3#4A Diversified Portfolio With An Industrial Focus Industrial Portfolio 85% of NOI(1) Stable Cash Flow, Long-Term Leases, and Embedded Rent Escalations Provides stability to Nexus as cash flows are stable, long-term, and contain embedded yearly rent escalations • Properties are crucial and integral to the day-to-day operations of several tenants reducing re-leasing risk • Majority of Nexus' industrial portfolio is located in high-demand industrial nodes across Canada Retail Portfolio 10% of NOI (1) Many Investment Grade, High-Quality National Tenants Offering Necessity- Based Products • Grocery-anchored retail assets located in the Greater Quebec City and Montreal areas Sandalwood Management provides property management services to a significant portion of the retail portfolio • High-quality tenants such as Shopper's, Dollarama, Metro, National Bank, Super C, Canadian Tire, and SAQ (Quebec's provincial liquor retailor) • • Office Portfolio 5% of NOI (1) Majority of Urban Office Assets Located in the Downtown Montreal Core Tenants include, Sunlife, Xerox, The Notaries of Quebec, Public Works Government and Service Canada Concentration of Old Montreal character properties 1. Q2-2022 NEXUS INVESTOR PRESENTATION SEPTEMBER 2022 PHARMAPRIX Super C RDIAN TIRE 4#5Nationwide Asset Base 106 properties located across Canada NOI by Geography (1)(2) NWT BC 0.7% 2.1% QC 24.1% 3 1 26 1 11 73 Industrial 19 Retail 13 Office 1 Mixed Use (Industrial and Retail) 12 2 3 11 18 1 1 1. Non-IFRS Measure 2. Q2-2022 NEXUS INVESTOR PRESENTATION SEPTEMBER 2022 17 MB 0.9% NB 4.5% ON 18.7% AB 31.8% PEI 0.2% SK 17.0% NOI by Asset Class (1)(2) Office 5.3% Retail 9.8% Industrial 84.9% 5#6• Demonstrated Track Record of Success Management has demonstrated its ability to successfully make and integrate accretive acquisitions resulting in an attractive normalized AFFO payout ratio Normalized AFFO Payout Ratio¹ 99% 100% 95% 89% 90% 83% 83% 82% 79% 80% 70% 95% 93% 60% 2014 2015 2016 2017 2018 2019 2020 2021 20222 • The 2021 Normalized AFFO Payout Ratio was impacted by a $34.9MM equity raise in March 2021, a $112.1MM equity raise in August 2021 and a $141MM equity raise in November 2021. It was also impacted a $103.5MM acquisition completed on April 1st with approximately 65% of the purchase price being settled in units. The cash from these activities was not fully deployed onto planned accretive acquisitions. The YTD Q2 2022 Normalized AFFO Payout Ratio was impacted by the 2021 activities listed above. Proforma the deployment of cash, the REIT anticipates its AFFO Payout Ratio will return to the mid to low 80% range. Non-IFRS Measure 1. 2. YTD Q2 2022 Delivering Year Over Year Accretive Growth YTD 2022, the REIT has acquired 10 industrial properties for $255.2MM, and has disposed of 1 retail property in Montreal for $8.3MM. The REIT has ample liquidity to fund additional industrial acquisitions. In 2021, the REIT acquired 24 industrial properties for $684.5MM, with vendors receiving $118.5MM in Class B LP Units. NEXUS INVESTOR PRESENTATION SEPTEMBER 2022 6#72021 Acquisitions Date Closed GLA Province (at share) Purchase Capitalization Price Rate Q1&Q2 2021 8 Ontario Properties 3 Alberta Properties 1,700,000 sf $162.3MM 4 Alberta Properties Q3 2021 710,000 sf $95.5MM 1 Manitoba Property 3 Ontario Properties Q4 2021 2 New Brunswick Properties 1 Quebec Property 2,400,000 sf $426.7MM 1 Saskatchewan Property 1 Alberta Property 2021 Total 24 Properties 4,810,000 sf $684.5MM 5.58% YSLER Distribution Centre NEXUS INVESTOR PRESENTATION SEPTEMBER 2022 Highlights The REIT completed the acquisition of 11 industrial properties in Ontario and Alberta, highlighted by a portfolio of 6 industrial properties in London, Ontario for a purchase price of $103.5MM. The vendor received $67MM of the purchase price in Class B LP Units. The REIT acquired 5 properties in Alberta and Manitoba, highlighted by a portfolio of 2 single-tenant industrial buildings in Calgary, AB and Winnipeg, MB for a purchase price of $44MM. The vendor received $15.4MM of the purchase price in Class B LP Units. The REIT acquired 8 industrial properties across Canada. On October 1, 2021, the REIT closed on a portfolio of 3 single- tenant distribution centers with long-term leases to Loblaws and Shoppers Drug Mart for a total purchase price of $230MM. On December 9, 2021, the REIT closed on a single tenant distribution center in Montreal, QC leased long-term to Sobeys. The purchase price for a 50% interest in this property was $98MM. The REIT has substantially grown assets through unit deals and equity raises. In 2021 vendors received $118.5MM in units, helping grow the REIT's market cap and preserving cash for future deals. Loblaw 7#82022 YTD Acquisitions Date Closed City GLA (at share) Purchase Price Cap Rate January 12, 2022 Regina, SK 180,000 sf $28MM February 2, 2022 Mascouche, QC 101,000 sf $28.9MM February 8, 2022 Edmonton, AB 210,000 sf $38.2MM February 22, 2022 2 Properties in 556,000 sf $91MM Edmonton, AB March 1, 2022 Edmonton, AB 72,000 sf $14.6MM March 1, 2022 3 Properties in London, ON 342,000 sf $35.7MM July 11, 2022 Quebec City, QC 94,000 sf $18.9MM Total Closed Deals 10 Properties 1,555,000 sf $255.2MM 5.2% NEXUS INVESTOR PRESENTATION SEPTEMBER 2022 Highlights Acquired a large bay multi-tenant industrial building in Regina, SK with long-term leases to strong credit tenants. The property includes 21 acres of excess land where the REIT is planning on developing a new distribution center. The REIT acquired a brand new single-tenant industrial distribution center leased to St Hubert, with a long-term lease commencing on the acquisition date. Acquired a single-tenant distribution center in Edmonton, AB. The location was built in 2016 and is leased to Acropolis Warehousing. Acquired two single-tenant industrial buildings in Edmonton, AB. Both have long-term leases in place to a strong covenant logistics tenant. Acquired a multi-tenant industrial property in Edmonton, AB. The location was built in 2007 and the major tenant is Lee Valley Tools. Acquired three industrial buildings in London, ON. $22.3MM of the purchase price was satisfied by the issuance of Class B LP Units. Acquired a single tenant industrial building in Quebec City, QC. The property has a long-term lease in place with Corbec Inc that does not expire until 2041. The REIT has closed on the acquisitions of 10 industrial properties as of September 1, 2022. 8#9Value Creation - Richmond, BC Overview • • Mixed-use asset (consisting of 2 buildings) in Richmond, BC purchased for $57.4MM in April 2018. Appraised at -$80MM (March 2018), and $120MM to $136MM (Q3 2021) highlighting the significant inherent value of the property; offering significant NAV growth. Repurposing of the front building to a multi-tenant sports facility announced March 12, 2020, with two new leases signed at $33 and $34.25 psf net rent. This is expected to be completed in July 2022 providing $165,000/month of NOI. Additional value creation with ~74,000 sq ft of additional GLA is currently being planned. Expected value creation of ~$16- $20MM. Redevelopment Value Creation Underway Key Transaction Highlights 1 2 Off-market transaction, sourced through Nexus' long-standing relationship with the vendor Attractive risk-return development profile, with high inherent value in the property Purchase Price Acquisition Cap Rate In-Place NOI Development Investment Post-Development NOI Stabilized Cap Rate Stabilized Property Value NEXUS INVESTOR PRESENTATION SEPTEMBER 2022 $57.4MM 6.50% $3.1M M $6.1MM $5.1M M 4.00% $128M M Unitholder Value Created -$32MM 1 1 Pursuant to a development management agreement which the REIT has entered into, value creation will be split with the vendor of the property, which has sourced the new tenants and is managing the development on behalf of the REIT. 9#10Lease Expiries and Occupancy Lease Expiry Schedule (Square Feet, '000s) at June 30, 2022 Weighted Average Lease Term of -6.4 Years 699 1,146 1,611 466 6,270 2022 2023 2024 2025 Thereafter % of Total 4.6% 6.9% 11.2% 15.8% 61.5% Leased GLA Occupancy by Asset Class at June 30, 2022 Industrial Retail Office Total NEXUS GLA (at share) Occupancy 8,598,868 98.4% 1,416,400 91.3% 526,486 83.2% 10,541,754 96.7% INVESTOR PRESENTATION SEPTEMBER 2022 10#11Liquidity & Debt Maturities Debt Repayment Schedule ($MM) as at June 30, 2022 Weighted Average Term to Maturity -6.7 Years Weighted Average Interest Rate -3.3% $57.5 $100.6 $69.0 $78.8 $53.5 438.6 2022 2023 2024 2025 2026 Thereafter % of Total 6.1% 7.8% 16.1% 8.9% 11.4% 49.7% Debt Liquidity • As at June 30, 2022, the REIT had $8.1MM of cash, and ~$150MM of properties which were unencumbered. Sufficient liquidity to complete the acquisitions of properties under contract and additional industrial acquisitions in 2022. No significant near-term mortgage maturities and expectation is that maturing mortgages will be refinanced on reasonable terms. NEXUS INVESTOR PRESENTATION SEPTEMBER 2022 11#12Benefiting from a Strategic Investor and Partner RFA CAPITAL RFA RFA Bank of Canada Overview: Founded: • • Privately held real estate investment and asset management firm Indirectly owns ~6% of the REIT'S outstanding units 1996 IRFA MORTGAGE CORPORATION Experience in Real Estate: RFA DEVELOPMENTS Headquarters: Other: • • Development Opportunity: • Invests in office, retail, industrial, multi- family and seniors housing properties in the major Canadian markets as well as mortgages and CMBS Has invested in over $15B of commercial mortgages Toronto, ON Canada's first and largest investor in non- investment grade CMBS Acquired an entity to form RFA Bank of Canada The REIT has partnered with RFA on a planned industrial development in Hamilton ON. H HORIZON RETIREMENT MANAGEMENT Strategic partnership to provide pipeline for accretive growth NEXUS INVESTOR PRESENTATION SEPTEMBER 2022 12#13Leadership Team Management Team Name Title Kelly CEO Hanczyk • Robert Chiasson Experience Board of Trustees Name Former CEO and Trustee of Trans Globe Apartment REIT Extensive experience in all disciplines of industrial, commercial and residential real estate Ben Rodney Floriana Cipollone Former Corporate Controller of In Storage REIT • Former Director of Accounting and CFO Finance of Samuel Manu-Tech Obtained the CPA, CA designation while • articling at KPMG NEXUS INVESTOR PRESENTATION SEPTEMBER 2022 Experience . • • • Chairman of the Board Principal and Managing Partner of RFA Capital Chair of Artis REIT Board of Trustees Vice President and Chief Financial Officer of MCAN Mortgage Corp Director at Minto Group Inc Former Chief Financial Officer of Plaza Retail REIT and Charter REIT President of InterRent REIT Brad Cutsey • Former Managing Director, Real Estate Investment Banking at Dundee Capital Markets Justine Delisle • Partner with Richter • Formerly held senior positions within the Family Account Management and audit services at Richter • Senior Vice President, Investments at Cadillac Fairview Louie DiNunzio • . Former Director of WPT REIT Formerly held senior positions within the investment banking industry at both BMO Nesbitt Burns Inc. and Merrill Lynch Canada. Kelly Hanczyk • See Bio under Management Team 13#14Favourable Pricing Metrics Price / Last Price (1) Units O/S Market Cap (2) Distribution Current FFO Yield AFFO Price / AFFO Prem./Disc. FFO NAV 2022E 2022E 2022E 2022E to NAV Nexus Industrial REIT $ 9.72 79.2 $ 770 $ 0.64 6.58% $ 0.82 11.9x $ 0.72 13.5x 12.30 -21.0% Industrial REITS Dream Industrial REIT $ 11.83 273.8 $ 3,239 $ 0.70 Granite REIT $ 73.30 Summit Industrial REIT $ 18.36 65.4 $ 189.9 $ 4,795 $ 3,487 $ 3.10 0.58 Weighted Industrial 5.92% $ 0.88 4.23% $ 4.32 3.16% $ 0.76 4.38% 13.4x $ 0.79 17.0x $ 3.99 24.2x $ 0.67 18.2x 15.0x $ 15.53 18.4x $ 90.73 27.4x $ 19.79 20.2x -23.8% -19.2% -7.2% -16.9% Average Nexus currently has an approximately 85% industrial weighting. Nexus trades at a 13.5x multiple of 2022 analyst consensus AFFO per unit as compared to an average of 20.4x for its industrial REIT peers.(3) Current valuation provides substantial trading price upside as Nexus continues moving towards becoming a pure play industrial REIT. 1. Based on trading price as at May 18, 2022 2. Millions of Dollars 3. Non-IFRS Measure NEXUS INVESTOR PRESENTATION SEPTEMBER 2022 14#15Key Takeaways Nexus provides investors the opportunity to participate in early growth stages of an industrial vehicle that acquires and operates quality real estate assets across Canada at a valuation that represents a significant discount compared to industrial REITs. At the recent $9.72 trading price, the REIT's units are trading at a 13.5x multiple of 2022E AFFO per unit¹. The average multiple for industrial REITS is 20.2x. 1. Robust pipeline of industrial acquisition opportunities combined with opportunity to add significant GLA to existing assets in the South Western Ontario, Regina and Calgary markets Opportunity for multiple expansion, with the REIT trading at roughly half of industrial multiples on a portfolio that is 84.9% industrial by NOI. 3. The REIT has access to ample liquidity 4. 5. Attractive current distribution yield at ~6.6% Conservative capital structure with Debt to Assets less than 50% 6. AFFO payout is expected to drop towards the mid to low 80% level in 20221 7. Significant development opportunities across the portfolio 8. ~74,000 sf addition at Richmond, BC has the potential to create $16MM-$20MM in value 9. Strong historical performance with consistent AFFO per unit and NOI growth 1. Non-IFRS Measure NEXUS INVESTOR PRESENTATION SEPTEMBER 2022 15#16Contact Us NEXUS INVESTOR PRESENTATION SEPTEMBER 2022 z Nexus Industrial REIT Kelly Hanczyk CEO Phone: (416) 906-2379 Email: [email protected] Rob Chiasson CFO Phone: (416) 613-1262 Email: [email protected] 16