Nexus Select Trust Q1 results: Net operating income up 7% at Rs 412.7 cr

Nexus Select Trust, a listed REIT backed by retail real estate, on Tuesday reported 7 per cent increase in net operating income to Rs 412.7 crore for June quarter and announced plans to raise up to Rs 1,700 crore through issue of commercial papers and debentures.

In a regulatory filing, the company said it achieved retail Net Operating Income (NOI) of Rs 371.9 crore in April-June period of this fiscal, up 8 per cent from the year-ago period.

Nexus Select Trust declared distribution of Rs 325.3 crore or Rs 2.147 per unit for the first quarter of 2024-25.

"Signed two term sheets for acquisition of 0.8 million square feet retail assets; commenced due diligence. Overall, 5 assets under acquisition including the acquisitions announced in the past," the company said.

Nexus Select Trust said the board has also approved raising of funds by issuing listed, rated, redeemable, commercial papers, for an aggregate principal amount of up to Rs 500 crore and also non-convertible debentures up to