Nexus Select Trust Reports Rs 107 Cr Profit, Distributes Rs 303 Cr

New Delhi, Feb 6 (PTI) Nexus Select Trust -- the country's first retail space-backed REIT-- on Tuesday reported a consolidated net profit of Rs 106.85 crore in the December quarter and announced the distribution of Rs 303 crore to unitholders in the form of interest and dividend.

Total income stood at Rs 588.4 crore in the third quarter of this fiscal, according to a regulatory filing.

The year-ago period numbers were not available as the company was listed last year.

In a statement, the company said it has achieved net operating income (NOI) of Rs 418.5 crore in the October-December quarter of this fiscal, up 14 per cent from the year-ago period.

"During the third quarter, we leased 0.25 million square feet achieving our highest-ever retail occupancy of 97.3 per cent. Our tenant sales grew by 8 per cent Year-on-Year (YoY) ahead of the market growth. Our net operating income grew by 14 per cent YoY and we are on track to achieve our guidance for FY24," Dalip Sehgal, Executive Director and Chief Executive Officer of Nexus Select Trust, said.

The acquisition of three Grade A consumption centres is on track, he said and expected the deal to close post regulatory approvals.

The board of directors of Nexus Select Mall Management Pvt Ltd, Manager to the Nexus Select Trust, at its board meeting, declared a distribution of Rs 303 crore or Rs 2 per unit for the third quarter (Q3) of FY24.

Nexus Select Trust is India's first publicly listed retail Real Estate Investment Trust (REIT). Its portfolio comprises 17 Grade-A urban consumption centres (shopping malls) with a gross leasable area of 9.9 million square feet spread across 14 cities in India, two complementary hotel assets (354 keys) and three office assets with a gross leasable area of 1.3 million square feet.

Its consumption centres have a tenant base of more than 1,000 domestic and international brands spanning 3,000 stores.