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EFRTF - Nexus REIT - Becoming Pure Play Industrial
Nexus REIT Tr Unit
Nexus REIT is transitioning toward a pure-play industrial REIT with 80% of NOI soon expected to come from industrial assets.
E-commerce-related demand for warehouse space is expected to exceed 40M sq. ft. over the next 5 years, greater than the 3 largest industrial markets in Canada combined.
With a 5% dividend yield, conservative leverage (~40%), and lower-than-peer-average multiple (P/2021 FFO 15x vs. 20x+ for industrial peers), we think Nexus is a noteworthy long-term hold.