Nexus Select Trust reported 14 per cent growth in net operating income in the December quarter at Rs 418.5 crore, driven by tenant sales that rose 8 per cent to Rs 3,300 crore.
The mall-focused real estate investment trust leased 250,000 square feet of space in 152 deals, while retail occupancy was 110 bps higher on year at 97.3 per cent. It distributed Rs 2 per unit to its unitholders for a total outgo of Rs 303 crore.
It also said that it was on track to meet its FY24 net operating income guidance. It added that the acquisition of three Grade A malls was on track “and we expect the deal to close post regulatory approvals.” Last quarter the REIT said it had signed a non-binding agreement to acquire three malls in southern India, with a leasable area of around 1 million square feet. Sources told businessline that it would buy the three malls in Hyderabad from Larsen & Toubro.
Nexus Select Trust operates 17 malls with a gross leasable area of 9.9 msf spread across 14 cities in India, two hotel assets (354 keys) and three office assets, with a gross leasable area of 1.3 msf.