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Today Date : Saturday, April 20, 2024

Nexus Select Trust continues to deliver  a strong performance

Nexus Select Trust continues to deliver a strong performance

Nexus Select Trust (NSE: NXST / BSE: 543913), India's first listed Retail REIT, reported results for the second quarter (first full quarter) ended September 30, 2023. The Board of Directors of Nexus Select Mall Management Private Limited, Manager to the Nexus Select Trust, at its Board Meeting held earlier  reviewed and approved the financial results of Nexus Select Trust.

The results indicated a strong operating performance with 97% leased occupancy (Retail) and 18% YoY tenant sales growth in Q2 FY24 and retail leased occupancy improved by 120 bps over September 2022 while maintaining a strong balance sheet with low LTV of 14%, attractive debt cost at 8.3%, AAA / Stable rating and no near-term debt maturity.

Dalip Sehgal, Executive Director and Chief Executive Officer at Nexus Select Trust said, "The strong start in Q1FY24 continued in Q2FY24 with robust consumption growth of 18% YoY. Our net operating income for the quarter grew by 17% YoY and was in-line with projections. Our performance is also a reflection of the quality and scale at which we continue to deliver strong organic growth. On the back of this strong performance, we are pleased to announce our first distribution of INR 4,521 million translating to INR 2.98 per unit reflecting 100% payout for the period from date of listing (i.e. May 19, 2023) to September 30, 2023. Continuing with our strategy of inorganic growth, we have signed a non- binding term sheet to acquire 3 high quality malls in southern India."