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Nexus Select Trust achieves highest ever quarterly tenant sales, occupancy; Declares Rs 2/unit distribution for Q3 

 Delhi, India, 06 February 2024: Nexus Select Trust (NSE: NXST / BSE: 543913), India’s first listed Retail REIT, reported results today for the third quarter ended December 31, 2023. 

Business Highlight (Q3 FY24)

  • Strong operating and financial performance backed by highest ever quarterly tenant sales of Rs 33 billion (8% YoY growth) 
  • Leased 0.25M sf across 152 deals during Q3 FY24 achieving highest ever retail occupancy of 97.3%, improvement by 110 bps over December 2022
  • Achieved NOI of INR 4,185 million (14% YoY growth) and on track to achieve FY24 guidance
  • Refinanced debt of INR 9,500 million at 8.1% (compared to pre-refinancing average debt cost of 9.3%) resulting in an annual savings of ~INR 115 million
  • Maintained a strong balance sheet with low LTV of 14%, attractive debt cost of 8.2%, AAA / Stable rating and no near-term debt maturity
  • Maiden acquisition progressing well and on track to close after obtaining regulatory approvals

Dalip Sehgal, Executive Director and Chief Executive Officer at Nexus Select Trust, said, 

“Continuing the momentum of last two quarters, we are pleased to report another strong performance with highest ever quarterly tenant sales. During the quarter, we leased 0.25 million square feet achieving our highest ever retail occupancy of 97.3%. Our tenant sales grew by 8% YoY ahead of the market growth. Our net operating income grew by 14% YoY and we are on track to achieve our guidance for FY24. On the back of this strong operating and financial performance, we are delighted to announce our second distribution of INR 3,030 million translating to INR 2 per unit reflecting 100% payout for Q3 FY24. The acquisition of three Grade A consumption centres is on track and we expect the deal to close post regulatory approvals. We continue to deliver on our commitment to provide best in class retail infrastructure to over 1,000 domestic and international brands across our portfolio.

The Board of Directors of Nexus Select Mall Management Private Limited, Manager to the Nexus Select Trust, at its Board Meeting held earlier today, declared a distribution of INR 3,030 million or INR 2 per unit for Q3 FY24. The record date for the Q3 FY24 distribution is February 14, 2024, and the distribution will be paid on or before February 21, 2024.

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