India, 06 February 2024: Nexus Select Trust (NSE: NXST / BSE: 543913), India’s first listed Retail REIT, reported strong 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 INR 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.
Investor Materials and Quarterly Investor Call Details
Nexus Select Trust has released a package of information on the quarterly results and performance, that includes (i) condensed consolidated and condensed standalone financial statements for the quarter ended December 31,2023, and (ii) an earnings presentation covering Q3 FY24 results. All these materials are available in the Investors section of our website at www.nexusselecttrust.com.
Nexus Select Trust will host a conference call on Tuesday, February 06, 2024 at 17:00 hours Indian Standard Time to discuss the Q3 FY24 results. A replay of the call will be available in the Investors section of our website at www.nexusselecttrust.com.
About Nexus Select Trust
Nexus Select Trust is India’s first publicly listed retail Real Estate Investment Trust (REIT). Our Portfolio comprises 17 best-in-class Grade-A urban consumption centres with a Gross Leasable Area of 9.9 million square feet spread across 14 cities in India, two complementary hotel assets (354 keys) and three office assets with a Gross Leasable Area of 1.3 million square feet. Our consumption centres have a tenant base of 1,000+ domestic and international brands spanning across ~3,000 stores.