Nexus Select Trust Outperforms Full-Year FY24 Guidance on the Back of Strong Leasing and Consumption Momentum

Nexus Select Trust (NSE: NXST / BSE: 543913), India’s first listed Retail REIT, reported outcomes for the fourth quarter and full 12 months ended March 31, 2024. Nexus Select Trust is focusing on the acquisition of 3 Grade-A malls in Hyderabad at a gorgeous foundation of 10% stabilized cap charge.

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

NXST reported robust quarterly working and monetary efficiency with quarterly tenant gross sales of INR 28 billion (9% YoY development) whereas reaching INR 120 billion gross sales on a full 12 months foundation which means 13% YoY development in FY24. During the quarter, the REIT leased 0.26M sf throughout 181 offers, reaching highest ever occupancy of 97.6%, an enchancment by ~130 bps over March 2023.

Dalip Sehgal, Executive Director and Chief Executive Officer at Nexus Select Trust, mentioned, “FY24 has been a wonderful 12 months for us with robust working and monetary efficiency. We have outperformed our projections for FY24 and ended the 12 months with sturdy efficiency in the fourth quarter. On the again of this robust working and monetary efficiency, we’re delighted to announce our third distribution of INR 3,168 million translating to INR 2.09 per unit outperforming our steerage.”

NXST achieved a Net Operating Income of INR 4,166 million (13% YoY development) in This autumn FY24; equally, NOI for FY24 was achieved in-line with the steerage supplied. Backed by a powerful steadiness sheet with low LTV of 14%, engaging debt price at 8.1% (sequentially discount of 10 bps), AAA / Stable score and no near-term massive debt maturity, NXST declared a distribution of INR 3,168 million or INR 2.09 per unit for This autumn FY24 outperforming the steerage; with this, distribution for FY24 (from our itemizing on nineteenth May 2023) quantities to INR 7.08 per unit / INR 10,719 million. NXST has refinanced INR 9,500 million at ~8.1% (in comparison with pre-refinancing common debt price of 8.5%), leading to annual financial savings of ~INR 40 million.

“We are excited to increase our footprint with the acquisition of 3 malls in Hyderabad, a market which continues to carry out strongly and ship development. During the 12 months, we leased 1.1 million sq. toes reaching our highest ever occupancy of 97.6%. Our tenant gross sales grew by 13% YoY forward of the market development. Our internet working earnings grew by 16% YoY. In abstract, workforce has surpassed on the projections associated to FY24 and given the robust momentum and constructive macro-outlook on Grade A Indian retail, we’re assured of reaching the FY25 projections“, Sehgal added.

The Board of Directors of Nexus Select Mall Management Private Limited, Manager to the Nexus Select Trust, at its Board Meeting declared that the document date for the This autumn FY24 distribution is May 17, 2024, and the distribution shall be paid on or earlier than May 24, 2024

FY25 Guidance (excluding acquisitions): 9% Net Operating Income development and ~9-10% Distribution development.

For extra info, please go to www.nexusselecttrust.com.

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