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Nexus Select Trust records FY24 rev up 13% to Rs 120 billion

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Nexus selectIn the fourth quarter of FY24, the company recorded sales totaling Rs 28 billion, demonstrating a 9% YoY increase

Bengaluru: Nexus Select Trust (NXST), India’s first publicly listed retail real estate investment trust (REIT), reported a 13% jump in its revenue to Rs 120 billion for the fiscal year (FY) 2024 compared to a year earlier, the company said in a press release on Monday.

Nexus’ quarterly tenant sales (average sales per sq. ft, of tenants in occupancy) amounted to Rs 28 billion, reflecting a 9% YoY increase. During the quarter, the REIT leased 0.26 million sq. ft. across 181 deals, achieving an occupancy of 97.6%, an improvement by around 130 basis points over March 2023.

“FY24 has been an excellent year for us with strong operating and financial performance. We have outperformed our projections for FY24 and ended the year with robust performance in the fourth quarter,” said Dalip Sehgal, executive director at Nexus Select Trust.

“On the back of this strong operating and financial performance, we are delighted to announce our third distribution of Rs 3,168 million translating to Rs 2.09 per unit outperforming our guidance,” he added.

Nexus recorded a net operating income of Rs 4,166 million (13% YoY growth) in Q4 FY24. The distribution for FY24, since its listing in May 2023, totals Rs 7.08 per unit or Rs 10,719 million. It has also refinanced Rs 9,500 million at approximately 8.1% (contrasted with the pre-refinancing average debt cost of 8.5%), resulting in annual savings of roughly Rs 40 million.

Currently, Nexus is targeting  the acquisition of 3 grade-A malls in Hyderabad at a basis of 10% stabilised cap rate.

“We are excited to expand our footprint with the acquisition of 3 malls in Hyderabad, a market which continues to perform strongly and deliver growth. During the year, we leased 1.1 million sq. ft.  achieving our highest ever occupancy of 97.6%. Our tenant sales grew by 13% YoY ahead of the market  growth. Our net operating income grew by 16% YoY,” Sehgal added.

The company has provided guidance for FY25, excluding acquisitions, indicating an anticipated 9% growth in net operating income and approximately 9-10% growth in distributions.

NXST’s portfolio comprises 17 grade-A urban consumption centres with a gross leasable area of 9.9 million sq. ft. spread across 14 cities in India, two complementary hotel assets (354 keys) and three oQice assets with a  gross leasable area of 1.3 million sq. ft. Its consumption centres have a tenant base of over 1,000 domestic and international brands  spanning across around 3,000 stores.

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