Listed retail REIT Nexus Select Trust on Tuesday reported quarterly tenant sales of ₹3,300 crore for the third quarter ended December 31,2023, up 8% year on year (YoY).

During the quarter the entity achieved Net Operating Income (NOI) of ₹418.5 crore (14% YoY growth). The company said it was on track to achieve FY24 guidance.

In Q3 the company refinanced debt of ₹950 crore at 8.1% (compared to pre-refinancing average debt cost of 9.3%) resulting in annual savings of ₹11.5 crore.

Dalip Sehgal, Executive Director and Chief Executive Officer, Nexus Select Trust, said, “During the quarter, we leased 0.25 million square feet achieving our highest-ever retail occupancy of 97.3%. Our tenant sales grew by 8% YoY ahead of the market growth.”

“Our net operating income grew by 14% YoY and we are on track to achieve our guidance for FY24,” he said.

“The acquisition of three Grade A consumption centres is on track and we expect the deal to close post regulatory approvals. We continue to deliver on our commitment to provide best in class retail infrastructure to over 1,000 domestic and international brands across our portfolio,” he added.

The Board of Directors of Nexus Select Mall Management Private Ltd., Manager to the Nexus Select Trust, at its Board Meeting held on Tuesday declared a distribution of ₹303 crore or ₹2 per unit for Q3 FY24.

The record date for the Q3 FY24 distribution is February 14, 2024, and the distribution will be paid on or before February 21, 2024.