Nexus Industrial REIT Acquires a 305,000 Square Foot Distribution Facility in London Ontario and Announces Q2 2023 Results Date and June and July Distributions
TORONTO, June 16, 2023 (GLOBE NEWSWIRE) -- Nexus Industrial REIT (the "REIT”) (TSX: NXR.UN) announced today that has completed the previously announced purchase of an industrial property in London Ontario.
The REIT acquired an approximately 305,000 square foot single-tenant distribution facility in London Ontario. The property includes a brand new approximately 160,000 square foot expansion and features 32-foot clear heights, 45 truck-level doors and 8 drive-in doors. The $56.35 million acquisition was funded by the issuance of 2,359,978 Class B LP units valued at $10.30 per unit and the assumption of existing mortgage financing with an approximately 10-year remaining term at a rate of 4.93%.
Q2 Results Date
The REIT intends to release its financial results for the quarter ended June 30, 2023 before the opening of the TSX on Monday, August 14, 2023.
Management of the REIT will host a conference call at 1:00 PM Eastern Standard Time on Monday, August 14, 2023 to review the financial results and operations.
To participate in the conference call, please dial 416-915-3239 or 1-800-319-4610 (toll free in Canada and the US) at least five minutes prior to the start time and ask to join the Nexus Industrial REIT conference call.
A recording of the conference call will be available until September 14, 2023. To access the recording, please dial 604-674-8052 or 1-855-669-9658 (toll free in Canada and the US) and enter access code 0271.
June and July 2023 Distribution
The REIT will make a cash distribution in the amount of $0.05333 per unit, representing $0.64 per unit on an annualized basis, payable July 14, 2023 to unitholders of record as of June 30, 2023.
The REIT will also make a cash distribution in the amount of $0.05333 per unit, representing $0.64 per unit on an annualized basis, payable August 15, 2023 to unitholders of record as of July 31, 2023.
The REIT’s distribution reinvestment plan (“DRIP”) entitles eligible unitholders to elect to receive all, or a portion of the cash distributions of the REIT reinvested in units of the REIT. Eligible unitholders who so elect will receive a bonus distribution of units equal to 4% of each distribution that was reinvested by them under the DRIP.
About Nexus Industrial REIT
Nexus is a growth-oriented real estate investment trust focused on increasing unitholder value through the acquisition of industrial properties located in primary and secondary markets in Canada and the ownership and management of its portfolio of properties. The REIT currently owns a portfolio of 114 properties (including two properties held for development in which the REIT has an 80% interest) comprising approximately 12.0 million square feet of gross leasable area. The REIT has approximately 68,120,000 Units issued and outstanding. Additionally, there are Class B LP Units of subsidiary limited partnerships of Nexus issued and outstanding, which are convertible into approximately 22,220,000 Units.
For further information please contact:
Kelly C. Hanczyk, CEO at (416) 906-2379; or
Rob Chiasson, CFO at (416) 613-1262.
