Investor Presentation September 2023
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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
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Nexus currently has an approximately 89% industrial weighting(5)
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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
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