Nexus Industrial REIT remains undervalued, trading at $7.82 versus an implied value of $10.77 based on cap rate and dividends. Management has improved financial resilience, lowering the dividend payout ratio below 100% and achieving positive same property NOI growth despite unforeseen vacancies. NXR.UN's smaller market cap and lower profile contribute to its discounted valuation and higher yield relative to larger peers Granite REIT and Dream Industrial REIT.