Nexus Select Trust Reports Strong Q4 Performance, Guiding for 15% NOI Growth in FY26

Strategic Insights -

Nexus Select Trust, backed by Blackstone, has reported impressive numbers for the quarter ended March, with Net Operating Income (NOI) increasing by 7% year-over-year, reaching Rs 446.9 crore. The REIT has declared a distribution of Rs 303 crore for the quarter, taking its cumulative distribution in the financial year 2024-25 to Rs 1,265 crore. Notably, the trust has achieved tenant sales of Rs 2,900 crore during the fourth quarter with a retail portfolio occupancy rate of 97.2%. Furthermore, Nexus Select Trust refinanced debt worth Rs 350 crore at a debt cost of 7.54% per annum, resulting in a saving of 16 basis points.

Key Takeaways:

  • Nexus Select Trust has reported a 7% year-over-year increase in Net Operating Income (NOI) for the quarter ended March, reaching Rs 446.9 crore.
  • The REIT has declared a distribution of Rs 303 crore for the quarter, taking its cumulative distribution in the financial year 2024-25 to Rs 1,265 crore.
  • Tenant sales for the fourth quarter reached Rs 2,900 crore, with a retail portfolio occupancy rate of 97.2%.
  • Nexus Select Trust refinanced debt worth Rs 350 crore at a debt cost of 7.54% per annum, resulting in a saving of 16 basis points.
  • The REIT's debt cost stands at 7.9% with 16% loan to value.
  • For the financial year 2025-26, Nexus Select Trust has guided for 15% net operating income and 10% distribution growth, including acquisitions of Nexus Vega City Mall and MBD Complex.

Statistics:

  • Net Operating Income (NOI) up 7% year-over-year: Rs 446.9 crore (Q4 FY25)
  • Distribution declared for the quarter: Rs 303 crore
  • Cumulative distribution in the financial year 2024-25: Rs 1,265 crore
  • Tenant sales for the fourth quarter: Rs 2,900 crore
  • Retail portfolio occupancy rate: 97.2%
  • Debt refinancing: Rs 350 crore at 7.54% per annum, resulting in a saving of 16 basis points
  • Debt cost: 7.9% with 16% loan to value

Sources:

  • Nexus Select Trust's earnings release (dates not provided)
  • Quote from Dalip Sehgal, Executive Director and CEO, Nexus Select Trust