NewsVoir
Mumbai (Maharashtra) [India], July 31: Nexus Select Trust (NSE: NXST / BSE: 543913), India’s first listed Retail REIT, reported results today for the first quarter ended June 30, 2024.
Business Highlights
* Achieved Retail Net Operating Income of Rs 3,719 million (8 per cent YoY growth) in Q1 FY25; in-line with FY25 projections
* Declared distribution of Rs 3,253 million or Rs 2.147 per unit for Q1 FY25; in-line with FY25 projections. On track to achieve FY25 guidance
* Achieved tenant sales of ~Rs 30 billion; witnessed sequential improvement in tenant sales and footfall growth in June quarter
* Strong balance sheet with low LTV of 14 per cent, attractive debt cost at 8.1 per cent, AAA / Stable rating and no near-term large debt maturity
* Signed two term sheets for acquisition of 0.8 million square feet retail assets; commenced due diligence. Overall, 5 assets under acquisition including the acquisitions announced in the past
Dalip Sehgal, Executive Director and Chief Executive Officer at Nexus Select Trust, said, “We witnessed robust retail net operating income growth of 8 per cent YoY in market conditions where macro consumption growth was soft due to one off reasons like uneven weather patterns and general elections. On the back of this performance, we are delighted to announce our fourth distribution of Rs 3,253 million in-line with FY25 projections. With clear emphasis on capital spending to generate growth and a strong focus on employment along with some of the proposed tax amendments in Budget 2024, we expect strong recovery in consumption starting second half of FY25.
On the inorganic growth front, 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 totalling ~0.8 million square feet in the quarter. These will be funded by debt and are expected to close in the next few months. Excluding these, our acquisition pipeline remains robust with ongoing discussions for another 5 assets.”
The Board of Directors of Nexus Select Mall Management Private Limited, Manager to the Nexus Select Trust, at its Board Meeting held earlier today declared that the record date for the Q1 FY25 distribution is August 07, 2024, and the distribution will be paid on or before August 14, 2024.
(ADVERTORIAL DISCLAIMER: The above press release has been provided by NewsVoir. ANI will not be responsible in any way for the content of the same)
Disclaimer: This story is auto-generated from a syndicated feed of ANI; only the image & headline may have been reworked by News Services Division of World News Network Inc Ltd and Palghar News and Pune News and World News
HINDI, MARATHI, GUJARATI, TAMIL, TELUGU, BENGALI, KANNADA, ORIYA, PUNJABI, URDU, MALAYALAM
For more details and packages
