#1Nexus Industrial REIT Nexus Industrial REIT Investor Presentation "Canada's Pure Play 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 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 period ended June 30, 2023, 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 2023 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 institutional quality industrial properties across Canada 1 HIGH QUALITY INDUSTRIAL FOCUSED PORTFOLIO 115 high quality and well-located properties across Canada, characterized by stable and growing cash flows and intensification potential Since 2021, the REIT has acquired 45 industrial properties for $1.3B 2 NAV GROWTH OPPORTUNITIES N Nexus Industrial REIT Poised for Unitholder Value Creation 4 3 ➤ Unlocking NAV growth from NOI growth, 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 ~6.8 years with embedded contractual rent growth and low capital intensity¹ Contractual rent growth is supplemented by the potential to realize an approximately 24% mark-to-market adjustment of in place rents to market rent on the industrial portfolio¹ 1. As of June 30, 2023 NEXUS INVESTOR PRESENTATION SEPTEMBER 2023 3#4Industrial-Focused Portfolio Industrial Portfolio 89.4% of NOI 10.5MM square feet at interest 99% occupied (1) Stable Cash Flow, Embedded Rent Escalations in Long-Term Leases and a 24% Mark to Market Retail Portfolio 5.6% of NOI 923k square feet at interest 88% occupied (1) High-Quality National Tenants Offering Necessity-Based Products Office Portfolio 5.0% of NOI 527k square feet at interest 82% occupied (1) Majority of Urban Office Assets Located in the Downtown Montreal Core • Provides stability to Nexus as cash flows are stable, long-term, and the majority contain embedded yearly rent escalations • Majority of the industrial portfolio are high quality assets located in major markets with low vacancy rates • • 1. As of June 30, 2023 NEXUS INVESTOR PRESENTATION SEPTEMBER 2023 PHARMAPRIX Super TIRE . Grocery-anchored retail assets located in the Greater Quebec City and Montreal areas Sandalwood Management provides leasing and property management for 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) Tenants include Sunlife, The Notaries of Quebec, and Public Works Government and Service Canada • Concentration of Old Montreal character properties 4#5Nationwide Industrial-Focused Asset Base 115 properties located across Canada¹ 3 1 26 1 11 84 Industrial 12 2 3 13 16 1 1 2 26 16 Mixed Use Retail 1 (Industrial and Retail) 13 3 Office 2 Industrial Land held for development 1. 2. As of August 29, 2023 Non-IFRS Measure 3. As of June 30, 2023 NEXUS INVESTOR PRESENTATION SEPTEMBER 2023 MB NOI by Geography (2) (3) NWT BC 0.6% QC 1.4% 21.7% AB 27.4% 0.8% NB 4.5% ON 28.7% SK 14.9% NOI by Asset Class (2) (3) Office Retail 5.0% 5.6% Industrial 89.4% Recent acquisitions have been high-quality, well located distribution centres, enhancing the quality of the REIT's industrial-focused portfolio 5#6Lease Expiries and Occupancy Lease Expiry Schedule (Square Feet, '000s) at June 30, 2023 332 Weighted Average Lease Term of -6.8 Years 7,040 1,029 1,625 1,087 491 Remainder of 2023 2024 2025 2026 2027 Thereafter % of Industrial 3% 9% GLA 14% 9% 4% 61% Occupancy by Asset Class at June 30, 2023 GLA (at share) Occupancy * Industrial 10,522,189 98.5% Retail 922,749 87.6% Office 526,992 81.9% Total 11,971,930 96.9% NEXUS INVESTOR PRESENTATION SEPTEMBER 2023 6#7Industrial Portfolio - Mark to Market Enhanced Industrial Leasing Spreads¹ $18.00 +30% $16.00 $14.00 +51% +1% +11% +17% $12.00 $10.00 $8.00 $6.00 $4.00 Ontario 4.4MM sf Alberta 2.6MM sf Saskatchewan 1.6MM sf Quebec 1.1MM sf Other 600k sf Current Rent PSF Market Rent PSF Capitalizing on Below Market Rental Rates1 • 24% mark-to-market throughout the entire industrial portfolio. • The REIT owns ~2.3MM sf in London, ON with an average net rental rate of $7.00 psf. Vacancy in London is at ~0.6%, and rental rates continue to rise; currently at ~$11.50 psf, representing a mark-to- market opportunity of ~65%. In addition to significant upside upon renewal, the majority of the REIT's leases have strong contractual growth. As of June 30, 2023 1. NEXUS INVESTOR PRESENTATION SEPTEMBER 2023 7#8Mortgage Debt Maturities Mortgage Principal Maturity Schedule ($MM) as at June 30, 2023 Weighted Average Term to Maturity ~6.1 Years Weighted Average Interest Rate -3.3% $23 $89 $47 $49 $52 $292 Remainder of 2023 2024 2025 2026 2027 Thereafter W.A. Interest Rate: 4.5% 2.5% 3.5% 3.0% 3.7% 3.3% Mortgages (1) 1. • • . No significant near-term mortgage maturities and expectation is that maturing mortgages will be refinanced on reasonable terms. As of June 30, 2023, the REIT had $291.9MM drawn against its $375MM unsecured lines of credit and $698.7MM of unencumbered assets. The REIT has sufficient liquidity available from its credit facilities and borrowing potential on unencumbered assets to fund committed acquisitions and development projects and to meet its capital and operating cash requirements. Weighted average interest rate - including deferred financing costs and interest rate swap agreements. NEXUS INVESTOR PRESENTATION SEPTEMBER 2023 8#9Historical Acquisitions Year Closed Province 11 Ontario Properties GLA (at share) Purchase Price Capitalization Rate 2021 8 Alberta Properties 2 New Brunswick Properties 1 Quebec Property 4,800,000 sf $684.5MM 5.58% 1 Saskatchewan Property 1 Manitoba Property 8 Ontario Properties 4 Alberta Properties 2022 2,100,000 sf $316.8MM 5.42% 3 Quebec Properties 1 Saskatchewan Property Highlights The REIT completed the acquisition of 24 industrial properties highlighted by 7 industrial properties in London, Ontario for a purchase price of $148MM. The vendor received $96MM of the purchase price in Class B LP Units. The REIT completed the acquisition of 16 industrial properties. The acquisitions are highlighted a two-property portfolio in Edmonton acquired for a purchase price of $91MM and tenanted by a third-party logistics provider under long-terms leases. Total 2021-2022 40 Properties 6,900,000 sf $1.0B 5.53% The REIT has significantly grown the size and quality of its industrial real estate portfolio. NEXUS INVESTOR PRESENTATION SEPTEMBER 2023 Loblaw 9#10Nexus Industrial REIT's Growth Strategy Dispose of Office, Retail and Non-Core Industrial • • The REIT plans to dispose of its remaining office, retail and non-core industrial. During Q2-2023, 89% of the REITS NOI was generated from its industrial properties. The REIT intends to sell its remaining office and retail properties to create a 100% industrial portfolio. High-Grading of the Industrial Portfolio • Growing NAV per Unit . • Acquisitions since 2021 have been Class A industrial buildings in major markets. • The acquisitions and development projects that the REIT has in the pipeline will contribute to the high- grading of its portfolio to institutional grade. Given the impact of changes in interest rates on capital markets, the REIT is focused on completing acquisitions and development projects which it has committed to and will be very selective on acquiring any new properties until the debt market conditions become more favourable. The REIT is capitalizing on several development opportunities that will provide significant NAV growth. These development opportunities offer very attractive returns and provide significant value add upon completion. • Capitalize on contractual rental rate growth and rental rate growth upon lease expiries. SHubert NEXUS INVESTOR PRESENTATION SEPTEMBER 2023 10#112023 Acquisitions to Date Date Closed Asset Type City GLA (at share) March 7, 2023 Industrial Casselman, ON 530,000 sf $116.5MM April 21, 2023 Industrial London, ON 264,600 sf $36MM Purchase/Sale Price Highlights Brand-new single-tenant distribution centre leased to Ford. An opportunity to build a relationship with a reputable developer. Single-tenant distribution centre. Upside upon lease expiry in 2025 is expected to be 175%. The property has an appraised value of $60MM. Brand-new distribution building. The single tenant building has a long-term lease with annual increases of 4.25%. Distribution building in with brand new expansion of ~150,000sf. The property is leased entirely to a single tenant on a long-term lease deal. Brand-new distribution building. The single tenant with a long- term lease with annual increases of 4%. June 1, 2023 Industrial Laval, QC 192,000 sf $64.7MM June 15, 2023 Industrial London, ON 304,000 sf $56.4MM July 4, 2023 Industrial Burlington, ON 142,000 sf $64.7MM Total Acquisitions 1.43MM sf $338MM Other Activity: • To date, the REIT has sold 1 retail property for $42MM and 1 non-core industrial asset for $4.2MM. . The REIT continues to dispose of retail, office and non-core industrial to help fund the pipeline of acquisitions and development that we are strategically pursuing. NEXUS INVESTOR PRESENTATION SEPTEMBER 2023 11#12Portfolio High-Grading Initiatives Select Acquisitions: Logistics and Distribution Assets. Greater Montreal London, Ontario Tenant: Lease term: Rental Increases: Completion Date: Yokohama Tires 2030 4.25% per annum June 1, 2023 GLA: ~192k sf Shipping doors: 29 Clear Heights: 32' Canadian Owned and Operated We're Growing For the Future Tenant: Lease term: Rental Increases: Completion Date: GLA: Shipping doors: Clear Heights: Canusa 2037 1% per annum June 15, 2023 ~304k sf 53 31' NEXUS INVESTOR PRESENTATION SEPTEMBER 2023 12#13Portfolio High-Grading Initiatives continued Select Acquisitions: Logistics and Distribution Assets. Burlington, Ontario Tenant: Lease term: Rental Increases: Completion Date: GLA: Shipping doors: Clear Heights: Portside Warehousing 2031 4% per annum July 1, 2023 ~142k sf 24 32' London, Ontario - Pending Transaction Tenant: Lease term: NEXUS INVESTOR PRESENTATION SEPTEMBER 2023 Drexel 2033 Rent increases by CPI annually Q4 2023 ~336k sf Rental Increases: Est. completion: GLA: Shipping doors: 17 13#14Development Pipeline Existing land within the REIT's portfolio provides for highly accretive intensification. Expected Completion City GLA Expected Unlevered Return H1-2024 Regina, SK 312,000 sf -9% H1-2024 London, ON 96,000 sf -10% H1-2024 Hamilton, ON 115,000 sf -6% Other Identified Development Opportunities Properties: GLA: 7 Industrial Properties 1.1MM square feet A large portion of the other identified development opportunities are located in our London, ON portfolio where the REIT will capitalize on very accretive investments. NEXUS INVESTOR PRESENTATION SEPTEMBER 2023 Highlights The REIT has commenced the construction of a 312,000 sf distribution centre in Regina, SK. The building is a 200,000 sf build to suit for an existing tenant. The REIT is leasing the remaining 112,000 sf. The REIT has commenced the construction of a ~96,000 sf expansion to an existing building in London, ON. The REIT has prospective tenants interested in leasing the space and the expansion is expected to generate an unlevered return of over 10%. There is the ability to add an additional 100,000 sf in addition to the 100,000 sf currently being constructed. On July 18, 2022, the REIT acquired an 80% interest in 5.05 acres of land located in Hamilton, ON. The development is expected to break ground in Q3-2023. The development is being built on spec. 14#15Leadership Team Management Team Name Title Kelly CEO Hanczyk • Robert Chiasson Experience Board of Trustees Name . Experience Chairman of the Board Principal and Managing Partner of RFA Capital Rodney • Chair of Artis REIT Board of Trustees Former CEO and Trustee of Trans Globe Apartment REIT Extensive experience in all disciplines of industrial, commercial and residential real estate Ben 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 2023 Floriana Cipollone • • Senior Vice President and Chief Financial Officer of MCAN Financial Group Director at Minto Group Inc Former Chief Financial Officer of Plaza Retail REIT and Charter REIT President and CEO 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 15#161. 2. 3. 4. 5. Favourable Pricing Metrics Last Price (1) Units O/S. Market Cap Distribution Current Yield FFO 2023E (2) Price/FFO AFFO 2023E (2) 2023E (2) Price / AFFO 2023E (2) NAV (2) Prem. / Disc. to NAV (2) D/GBV Q2-23 D/EBITDA (3) (C$) (MM) (C$MM) (C$) (%) (C$) (ratio) (C$) (ratio) (C$) (%) (%) (x) Nexus Industrial REIT $8.16 90.3 $737 $0.64 7.89% $0.77 10.6x $0.65 12.5x $10.78 (24.3%) 48.0% 10.4x Industrial REITS Dream Industrial REIT $14.00 277.0 $3,877 $0.70 5.00% $0.99 14.2x $0.88 16.0x $16.44 (14.8%) 36.8% 9.3x Granite REIT $76.59 63.7 $4,882 $3.20 4.18% $4.97 15.4x $4.37 17.5x $90.24 (15.1%) 32.3% 7.9x Weighted Industrial Average (Excl. Summit REIT) 4.54% 14.9x 16.9x (15.0%) 34.3% 8.5x (4) Summit REIT $23.50 190.0 $4,464 $0.83 28.4x $0.73 32.0x $19.00 23.7% 25.1% 8.2x Weighted Industrial Average (Incl. Summit REIT) 3.01% 19.4x 22.0x (1.9%) 31.2% 8.4x • Nexus currently has an approximately 89% industrial weighting(5) • • • Nexus trades at a 12.5x multiple of 2023E analyst consensus AFFO per unit as compared to an average of 16.9x for its industrial REIT peers (excl. Summit REIT)(2). Summit was recently acquired by GIC & Dream Industrial. The purchase price of $23.50 per unit represented a -23.7% premium to consensus NAV(2). Nexus' recent trading price of $8.16 per unit represents a 24.3% discount to NAV(2). Current valuation provides substantial trading price upside as Nexus continues moving towards becoming a pure play industrial REIT. At the recent $8.16 trading price, the REIT's units are trading at a 12.5x multiple of 2023E AFFO per unit(1)(2). The average multiple for industrial REITs (excl. Summit REIT which traded at 28.4x) is 16.9x Based on trading price as at 30-Aug-23 except for Summit REIT. Non-IFRS measure. Based on mean analyst consensus estimates as of 30-Aug-23. Summit figures based on latest available analyst consensus estimates. Source: FactSet. Non-IFRS measure. As of latest reported figures. Based on offer price. Acquisition by GIC & Dream Industrial closed on 17-Feb-23. Metrics shown based on latest reported figures. NOI basis. NEXUS INVESTOR PRESENTATION SEPTEMBER 2023 16#17Key Takeaways 1 Nexus Industrial REIT is the only pure play Canadian industrial REIT 2 Weighted average lease term of 6.8 years with contractual growth built into long-term leases ACROPOLIS WAREHOUSING INC. 3 4 5 CO 6 7 8 24% mark-to-market upon lease expiries in the industrial portfolio Past and planned acquisitions and development are high- grading of its portfolio to institutional grade Robust pipeline of industrial acquisition opportunities for execution when more favourable economics return The REIT has access to sufficient liquidity Development and intensification opportunities expected to be highly accretive to NAV, FFO and AFFO per unit The REIT is in a position for multiple expansion as it trades at a 12.5x multiple to AFFO compared to its peers which trade a 16.9x multiple Nexus provides investors the opportunity to participate in the growth stages of an industrial vehicle owning quality Canadian assets at a valuation that represents a significant discount compared to other industrial REITS NEXUS INVESTOR PRESENTATION SEPTEMBER 2023 17#18Contact Us NEXUS INVESTOR PRESENTATION SEPTEMBER 2023 z Nexus Industrial REIT Kelly Hanczyk CEO Phone: (416) 906-2379 Email: [email protected] Rob Chiasson CFO Phone: (416) 613-1262 Email: [email protected] 18