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Nexus Select Trust, India's first retail space-backed Real Estate Investment Trust (REIT), announced impressive financial results for the December quarter. The company reported a consolidated net profit of INR 106.85 crore and declared a distribution of INR 303 crore to unit holders in the form of interest and dividends. As per regulatory filing, the total income for the third quarter of the fiscal amounted to INR 588.4 crore.
Being listed last year, the company was unable to provide year-ago period figures. However, in the October-December quarter of the fiscal year, Nexus Select Trust achieved a net operating income (NOI) of INR 418.5 crore, marking a significant 14 percent increase compared to the same period last year.
According to Dalip Sehgal, Executive Director and CEO of Nexus Select Trust, the third quarter saw remarkable achievements. The company leased 0.25 million square feet, reaching its highest-ever retail occupancy rate of 97.3 percent. Additionally, tenant sales grew by 8 percent year-on-year, surpassing market growth rates. Nexus Select Trust remains on track to meet its guidance for FY24.
Sehgal also provided updates on the progress of acquiring three Grade A consumption centres, expressing confidence in finalising the deal post obtaining regulatory approvals. Furthermore, at a recent board meeting, the board of directors of Nexus Select Mall Management Pvt Ltd, the Manager to Nexus Select Trust, declared a distribution of INR 303 crore, equivalent to INR 2 per unit, for the third quarter (Q3) of FY24.
Nexus Select Trust's portfolio includes 17 Grade-A urban consumption centres (shopping malls) covering a gross leasable area of 9.9 million square feet across 14 cities in India. Additionally, it comprises two complementary hotel assets (354 keys) and three office assets spanning a gross leasable area of 1.3 million square feet.
With a tenant base of over 1,000 domestic and international brands operating across 3,000 stores, Nexus Select Trust continues to strengthen its position in the Indian retail real estate market.
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