Nexus Select Trust Reports Strong Growth in Q1 FY25

Nexus Select Trust, India's first listed Retail REIT, reported an 8% YoY growth in Retail Net Operating Income for Q1 FY25. The trust declared a distribution of INR 3,253 million and achieved tenant sales of INR 30 billion. It signed term sheets for acquiring 0.8 million square feet of retail assets.

Nexus Select Trust (NSE: NXST / BSE: 543913), India's first listed Retail REIT, has announced its financial results for the first quarter ending June 30, 2024.

The trust reported a Retail Net Operating Income of INR 3,719 million, recording an 8% year-on-year growth, aligning with FY25 projections. It declared a distribution of INR 3,253 million, or INR 2.147 per unit, maintaining its course to achieve FY25 guidance.

Tenant sales for the quarter amounted to approximately INR 30 billion, showing sequential improvement in sales and increased footfall. The trust's balance sheet remains strong with a low Loan-to-Value (LTV) of 14%, an attractive debt cost at 8.1%, and a AAA / Stable rating with no imminent large debt maturities.

In terms of acquisitions, Nexus Select Trust has signed two term sheets for the acquisition of retail assets totaling 0.8 million square feet and has commenced due diligence. There are ongoing discussions for another 5 assets under acquisition.

The Board of Directors declared that the record date for Q1 FY25 distribution is August 07, 2024, with payments to be made on or before August 14, 2024.