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Recommendation Changes
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Nexus REIT - Q1-2019 Earnings, Price Target Update

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Nexus REIT was formed from the merger of Edgefront REIT (ED.UN) and Nobel REIT (NEL.UN) in 2014. Nexus REIT owns a portfolio of 66 properties comprising 3.7M sq. ft. of rentable area compared to 20 properties (1.1M sq. ft.) at Dec-31-2016. The portfolio by sq. ft. is comprised of Industrial (42%), Office (18%), Retail (28%), Mixed-Use (12%), located in Quebec (51%), Alberta (24%), Ontario (13%), BC (11%), and the rest of Canada at 14%.

Total assets as of Mar-31-2019 were $555M compared to $175.5M at Dec-31-2016. Term debt increased to $289M from $66M over the same time period. Nexus REIT has 112.6M units outstanding (including 12.7M Class B units) at Mar-31-2019 compared to 40.1M (including 6M Class B units) at Dec-31-2016. Net book value is $2.35 compared to $2.50 when initially formed in 2014. Growth has come from acquisitions funded with funding provided more from issuance of equity than debt.

They have a strategic relationship with TriWest Capital Partners, a Canadian private equity firm, and RFA Capital Partners Inc., a privately held real estate and asset management firm. Since inception 41 acquisitions have been sourced from RFA and Triwest in addition to the initial portfolio of 15 properties.

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