Nexus Select Trust Sees 7% Surge in Net Operating Income to Rs 413 Crore in Q1FY25
Nexus Select Trust's retail real estate assets have a tenant base of over 1,000 domestic and international brands, with a Net Operating Income (NOI) growth of 8% YoY in Q1FY25.
Nexus Select TrustReitRetail Real EstateNet Operating IncomeShopping MallsReal Estate NewsJul 30, 2024
The company has declared a distribution of Rs 325.3 crore or Rs 2.147 per unit for the first quarter of 2024-25. Additionally, Nexus Select Trust has signed two term sheets for the acquisition of 0.8 million square feet of retail assets and has commenced due diligence.
Nexus Select Trust's portfolio comprises 17 shopping malls 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. The company's retail real estate assets have a tenant base of over 1,000 domestic and international brands spanning across around 3,000 stores.
Dalip Sehgal, Executive Director and Chief Executive Officer at Nexus Select Trust, said, 'We witnessed robust retail net operating income growth of 8% YoY in market conditions where macro consumption growth was soft due to one-off reasons like uneven weather patterns and general elections.'
On the inorganic growth front, Sehgal said, 'Our strategy remains intact. With the vision to double our retail portfolio net operating income in the next 5 years, we have signed two term sheets to acquire 2 retail assets totaling 0.8 million square feet in the quarter. These will be funded by debt and are expected to close in the next few months.'
The company's board has also approved raising funds by issuing listed, rated, redeemable, commercial papers, for an aggregate principal amount of up to Rs 500 crore and also non-convertible debentures up to an aggregate principal amount of Rs 1,200 crore in one or more transactions, series, or tranches.
Frequently Asked Questions
What is the net operating income of Nexus Select Trust for Q1FY25?
Rs 412.7 crore
What is the growth rate of Nexus Select Trust's retail Net Operating Income (NOI) in Q1FY25?
8% YoY
What is the distribution declared by Nexus Select Trust for Q1FY25?
Rs 325.3 crore or Rs 2.147 per unit
How many shopping malls does Nexus Select Trust's portfolio comprise?
17
What is the Gross Leasable Area of Nexus Select Trust's office assets?
1.3 million square feet
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