Mumbai, India, 12 November 2024.
Nexus Select Trust (NSE: NXST / BSE: 543913), India’s first listed Retail REIT, reported results today for the second quarter ended September 30, 2024.
Business Highlights
- Achieved Retail Net Operating Income of INR 3,713 million (5% YoY growth) in Q2 FY25
- Declared distribution of INR 3,041 million or INR 2.007 per unit for Q2 FY25
- Achieved tenant sales of ~INR 30 billion (~INR 3,000 crore) in Q2 FY25; sales momentum improving significantly in October
- Strong balance sheet with attractive debt cost at 8.0%, AAA / Stable rating; recent financing raised at record low cost of 7.5% p.a
- Received GRESB 5-star rating for the first time and were ranked 2nd in Asia amongst the listed Retail Peers with an overall score of 92
Dalip Sehgal, Executive Director and Chief Executive Officer at Nexus Select Trust, said, “We witnessed resilient financial performance in Q2 FY25 with retail net operating income growth of 5% YoY in a moderate consumption environment. On the back of this performance, we are delighted to announce our fifth distribution of INR 3,041 million in-line with FY25 projections.
With a strong start to Q3 FY25, wherein we witnessed 18% consumption growth in October 24, we expect robust performance in the second half of FY25.
We have also recorded our highest ever one day sales on 27th October leading upto Diwali. On the inorganic growth front, we have announced the acquisition of Vega City mall, a high-quality Grade-A urban consumption centre in an affluent South Bengaluru neighbourhood with a diversified tenant mix comprising international and domestic brands. This acquisition reaffirms the commitment to our business model and the promise we made at the time of listing to grow the portfolio through accretive acquisitions of high-quality assets. Vega City mall is located in a dense catchment and deepens our presence in Bengaluru, which remains one of India’s strongest consumption markets, and significantly enhances our scale and ability to deliver embedded growth. We are looking to close this transaction over the next few days”
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 that the record date for the Q2 FY25 distribution is November 21, 2024, and the distribution will be paid on or before November 27, 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.
