Nexus Industrial REIT NXR_u

Real EstateResidential & Commercial REITsCanada

Last close 7.16 CAD on Nov 1, 2026, −2.9% year to date

Quant rating

Quant rating C Rank 21 of 38 in Real Estate

Growth B 13 of 38
Valuation A 5 of 38
Quality C 17 of 38
Revisions C 26 of 38
Momentum C 26 of 38

Wall Street consensus Hold (2.67)Average target 8.39 CAD +17.2%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 532M
Enterprise value: 2.0B
52-week range: 7.01 – 8.46
3-year range: 6.15 – 9.08
Dividend yield: 8.94%
Beta (5 years): 1.55
Shares outstanding: 74.3M
Next earnings: Nov 6, 2026

About the company

Nexus Industrial REIT (REIT) is a Canada-based 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 owns a portfolio of approximately 89 properties comprising approximately 12.9 million square feet of gross leasable area. Its properties include 11250-189 St, 3501 Giffen Rd North, 14404-14598 - 121A Ave NW, 2039 Airport Perimeter Rd, 7740 - 40th Ave, 6777 Edgar Industrial Drive, 502 - 25 Ave, 12104 & 12110 - 17th St NE, 4750 102 Ave SE, 12759 - 149th St NW, 261185 Wagon Wheel Way, 135 High Plains Dr, 18403 - 104 Ave, 1010 & 1064 Brier Park Dr NW, 5406 - 59th Ave, 2301 - 8th St, 4301 - 45 Ave, 27323-144 Township Rd 394, 8001 - 99 St, 4700 102 Ave SE, 41 Royal Vista Drive, NW, 2303A - 8th St, 14801 - 97th St, and 3780 & 4020 - 76TH Ave SE.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	175	176	158	137	83.6	–
Revenue growth	−0.4%	11.4%	15.0%	64.1%	36.1%	23.3%
EPS (basic, normalized)	0.62	0.97	1.78	1.54	–	–
EPS growth	−36.1%	−45.5%	15.5%	–	–	–
Gross margin	74.0%	71.6%	71.0%	69.9%	67.0%	70.7%
Net margin	34.0%	51.7%	101.5%	88.1%	111.9%	77.5%
ROE	5.6%	8.8%	17.1%	15.5%	18.9%	13.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	14.7
Current ratio	0.33x
Long-term debt (mil)	1,208
Net debt (mil)	1,478
Total equity (mil)	1,093
Net debt / equity	1.35x
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	175	−0.4%	11.5x	–	–	–	0.62	−36.1%	11.5x
2026	188	+7.4%	10.7x	128	–	15.7x	0.49	−21.0%	14.6x
2027	197	+4.6%	10.2x	134	+4.7%	15.0x	0.59	+20.4%	12.1x
2028	207	+5.1%	9.7x	140	+4.4%	14.3x	0.62	+5.1%	11.5x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	188	0.0%	+1.6%	−1.1%	0.49	0.0%	–	−16.9%
2027	197	0.0%	+1.9%	−0.7%	0.59	0.0%	–	−4.8%
2028	207	0.0%	–	–	0.62	0.0%	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	41.6	43.9	45.5	44.7	–	42.0	43.3	44.9	46.0	46.6
Sales mean (mil)	46.1	43.3	46.5	45.4	–	43.2	46.1	48.1	48.5	–
Surprise	−9.8%	+1.5%	−2.2%	−1.6%	–	−2.7%	−6.1%	−6.7%	−5.1%	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Residential & Commercial REITs

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
NXR_u Nexus Industrial REIT	532M	–	34.0%	0.64x	14.6x	12.1x	15.7x	15.0x
PLD Prologis, Inc.	170.2B	5.26x	37.8%	2.18x	31.1x	34.3x	22.0x	19.8x
EGP EastGroup Properties, Inc.	15.0B	3.18x	35.7%	2.99x	33.5x	35.1x	22.1x	20.1x
REXR Rexford Industrial Realty, Inc.	11.3B	4.09x	20.0%	1.15x	34.4x	31.0x	16.2x	17.8x
FR First Industrial Realty Trust, Inc.	10.1B	5.43x	34.0%	2.60x	21.1x	27.1x	18.4x	17.1x
LINE Lineage, Inc.	11.5B	6.49x	−1.8%	1.04x	−50.9x	−110.4x	13.8x	13.1x
Mean		4.89x	26.6%	1.76x	14.0x	4.9x	18.0x	17.1x
Median		5.26x	34.0%	1.66x	26.1x	29.0x	17.3x	17.4x

Technical analysis

1M+0.2%
3M−12.3%
1Y−2.0%
3Y+46.3%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, Nexus Industrial REIT, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	175	176	158	137	83.6	61.4
Cost of revenue	45.5	49.8	45.7	41.3	27.6	22.2
Gross profit	129	126	112	95.8	56.0	39.2
Selling, general & administrative expenses	8.7	7.8	8.7	6.5	4.9	3.5
Research & development	–	–	–	–	–	–
Interest expense (income), operating	−11.6	−32.1	−81.3	−8.9	−138	−5.3
Unusual expense (income)	–	–	–	–	–	–
Other operating expenses	4.8	−10.9	−30.8	−64.9	71.0	−8.8
Operating income	128	161	215	163	118	49.9
Net interest income (expense)	−68.0	−70.1	−55.4	−42.2	−24.2	−14.6
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	59.5	90.9	160	121	93.5	35.2
Provision for taxes	–	–	–	–	–	–
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	59.5	90.9	160	121	93.5	35.2
Extraordinary items	–	–	–	–	–	–
Net income	59.5	90.9	160	121	93.5	35.2
EBIT, normalized	116	129	134	154	−19.9	44.6
EBITDA, normalized	116	129	134	154	−19.8	44.7
Basic EPS, normalized	0.62	0.97	1.78	1.54	–	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, Nexus Industrial REIT, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	6.1	11.5	5.9	11.5	82.3	14.0
Receivables	8.1	9.0	11.1	5.9	2.7	2.7
Total inventory	–	–	–	–	–	–
Prepaid expenses	2.3	2.2	2.7	2.2	2.2	5.8
Other current assets	83.3	96.8	47.1	88.0	10.3	9.4
Total current assets	99.8	120	66.9	108	97.5	31.9
Property, plant & equipment	0.9	1.1	1.2	1.0	1.1	1.2
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	2,525	2,479	2,383	1,840	1,555	676
Note receivable	–	–	–	–	–	–
Other long-term assets	24.7	4.8	12.0	18.7	4.5	1.6
Total assets	2,650	2,604	2,463	1,968	1,658	710
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	7.3	17.5	17.5	13.0	5.7	3.1
Accrued expenses	4.3	3.7	6.0	4.5	3.5	2.1
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	306	278	123	70.5	58.2	34.7
Other current liabilities	28.7	64.0	32.7	45.0	19.8	8.1
Total current liabilities	346	364	179	133	87.2	48.0
Long-term debt	1,199	1,152	1,265	953	869	357
Minority interest	–	–	–	–	–	–
Other liabilities	22.2	26.7	18.7	9.6	12.0	5.8
Total liabilities	1,567	1,543	1,463	1,095	969	411
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	671	663	648	637	537	215
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	412	398	352	236	153	84.1
Treasury stock	–	–	–	–	–	–
Other equity	0	0	0	0	0	0
Total equity	1,083	1,062	1,000	873	689	300
Total liabilities & shareholders' equity	2,650	2,604	2,463	1,968	1,658	710

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, Nexus Industrial REIT, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	59.5	90.9	160	121	93.5	35.2
Depreciation, depletion & amortization	0.1	0.1	0.1	0.1	0.1	0.1
Deferred taxes	–	–	–	–	–	–
Non-cash items	−7.7	−43.4	−111	−72.0	−63.7	−12.1
Changes in working capital	−8.8	−8.7	1.4	−7.4	−4.9	1.1
Cash from operations	43.1	39.0	51.0	41.5	25.0	24.3
Investing activities
Capital expenditures	−16.3	−14.3	−18.9	−11.2	−5.4	−5.7
Other investing cash flows	−43.8	−64.3	−327	−305	−464	−39.4
Cash from investing	−60.0	−78.6	−346	−316	−469	−45.1
Financing activities
Financing cash flow items	−1.1	−1.3	−1.8	−5.7	−15.6	−0.5
Cash dividends paid	−45.5	−41.6	−37.7	−34.3	−20.9	−14.9
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	58.2	88.2	329	243	549	42.2
Cash from financing	11.5	45.3	289	203	513	26.8
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−5.4	5.6	−5.6	−70.7	68.3	6.1
Free cash flow	26.9	24.7	32.1	30.3	19.6	18.7

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.