Nexus Select Trust declares results for Q2 FY24

Hyderabad India’s first listed Retail REIT Nexus Select Trust reported their results for second 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.

In Q2-FY24, the firm had a strong operating performance with 97 per cent leased occupancy (Retail) and 18 per cent YoY tenant sales growth. Nexus Select Trust achieved a net operating income of Rs 390.9 crores (17 per cent YoY growth). The retail leased occupancy of the company was improved by 120 bps over September 2022. It maintained strong balance sheet with low LTV of 14 per cent, attractive debt cost at 8.3 per cent, AAA / Stable rating and no near-term debt maturity.

The company announced first distribution of Rs452.1crores, translating to Rs2.98 per unit reflecting 100 per cent payout for the period from date of listing (i.e May 19, 2023) to September 30, 2023. Out of the total distribution, 62 per cent will be in form of dividend (tax-free), 28 per cent in form of Interest and 10 per cent in form of Amortization of SPV Debt (tax-free at time of distribution).