NEXUS — earnings call
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Prepared remarks
Unattributed
Nexus Select Trust
Q4 FY25 & FY25 Earnings Update
This presentation is issued by Nexus Select Mall Management Private Limited (the “Manager”) in its capacity as the Manager of the Nexus Select Trust, for general information purposes
only, without regards to the specific objectives, financial situation or requirements of any particular person.
This presentation may not be copied, published, distributed or transmitted,
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This presentation does not constitute a prospectus, placement document, offering circular or offering memorandum and is not an offer or invitation or recommendation or solicitation or
inducement to buy or sell any units or other securities including any units or other securities of: (i) the Nexus Select Trust, its Holdcos, SPVs and/or investment entity; or (ii) its Sponsors
or any of the subsidiaries of the Sponsor or any member of the Sponsor Group; or (iii) the Manager; or (iv) the Trustee, nor shall part, or all, of this presentation form the basis of, or be
relied on, in connection with, any contractor investment decision in relation to any securities.
Unless otherwise stated, the information contained here in is based on management information and estimates.
The information contained here in is only current as of the date specified
herein, has not been independently verified and may be subject to change without notice, including based on the impact of Covid on us, our occupiers and the Indian and global
Please note that past performance is not indicative of future results.
Please note that the recipient will not be updated in the event the information becomes stale.
Manager assumes no responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent development, information or events, or otherwise.
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Any opinions expressed in this presentation or the contents of this presentation are
subject to change without notice.
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This presentation also contains forward-looking statements based on the currently held beliefs, opinions and assumptions of the Manager.
Forward-looking statements involve known and
unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance, or achievements of the Nexus Select Trust or industry results, to
differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements.
Given these risks, uncertainties and other
factors, including the impact of Covid on us, our occupiers and the Indian and global economies, recipients of this presentation are cautioned not to place undue reliance on these
forward-looking statements.
The Manager disclaims any obligation to update these forward-looking statements to reflect future events or developments or the impact of events which
cannot currently be ascertained, such as Covid.
In addition to statements which are forward looking by reason of context, the words ‘may’, ‘will’, ‘should’, ‘expects’, ‘plans’, ‘intends’,
‘anticipates’, ‘believes’, ‘estimates’, ‘predicts’, ‘potential’ or ‘continue’ and similar expressions identify forward-looking statements.
There can be no assurance that Nexus Select Trust
will enter into any definitive arrangements for any of the acquisition deals in pipeline.
Certain information (including any guidance and proforma information) presented here in is based on management information, assumptions and estimates and is not audited or reviewed
by an auditor or based on GAAP, IndAS or any other internationally accepted accounting principles.
The reader should not consider such items as an alternative to the historical financial
results or other indicators of the Nexus Select Trust profit, cashflows or distribution based on any GAAP.
Actual results may be materially different from the expectations expressed or
implied by this information, and there can be no assurance that the expectations reflected in this information will prove to be correct.
By reading this presentation the recipient acknowledges that the recipient will be solely responsible for its own investigation, assessment and analysis of the market and the market
position of the Nexus Select Trust and that the recipient will conduct its own analysis and be solely responsible for forming its own view of the potential future performance of the
business of the Nexus Select Trust.
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Accordingly, any persons in possession of this presentation should inform themselves about and observe any such
None of the Nexus Select Trust, the Manager, the Sponsor, the Sponsor Group or the Trustee or any of their respective affiliates, advisers or representatives accept any liability
whatsoever for any loss howsoever arising from any information presented or contained in this presentation.
Furthermore, no person is authorized to give any information or make any
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Any such extraneous or inconsistent information or representation, if given or made, should not be
relied upon as having being authorized by or on behalf of the Nexus Select Trust, its Holdcos, SPVs and investment entity or the Manager.
Investors are advised to consult their investment
advisor before making an investment decision.
This information should not be used or considered as financial or investment advice, recommendation or an offer for sale or a solicitation of
any offer to buy any units or other securities of the Nexus Select Trust.
This presentation and any of its contents do not provide for and should not be construed as any assurance or
guarantee of returns or distribution to investors or the trading price of the units.
THIS PRESENTATION DOES NOT CONSTITUTE OR FORM ANY PART OF ANY OFFER, INVITATION OR RECOMMENDATION TO PURCHASE OR SUBSCRIBE FOR ANY UNITS OR OTHER SECURITIES IN
INDIA, THE UNITED STATES OR ELSEWHERE
TABLE OF CONTENTS
Marketing and Operations Update
Hospitality & Office
Financial Update
Sustainability Initiatives
Nexus Hyderabad, Hyderabad
KEY HIGHLIGHTS (Q4 FY25)
Source: Bloomberg.
Period starting from listing date (19th May’23) to 31st Mar’25.
UNIT PERFORMANCE
ACQUISITION PIPELINE
RETAIL NOI GROWTH
Delivered robust returns to unitholders
since listing in May’23
Maintained leased occupancy of 97%+ for
continuously 8 quarters since listing
Achieved 8% YoY Retail NOI growth;
6% LFL Retail NOI growth
NEXUS VEGA CITY ACQUISITION
(Amount in INR M)
Refinanced INR 3,500 M at debt cost of 7.54%
(vs 7.71% earlier debt cost)
Closed Acquisition of Nexus Vega City
in Feb’25; asset integration progressing well
Potential Assets
Total return to
NDCF Distributed Since Listing
Robust pipeline of 10+ assets across 8 states
Top-up diligence underway
South India Acquisition
Gross Leasable Area
Leasing Occupancy
▪Asset witnessed positive
turnaround in tenant sales
growth (vs declining tenant
sales growth pre-acquisition)
Trading Occupancy
Overall consumption grew by 6.0% YoY in Q4 FY25 led by
Jewellery, Beauty & Personal Care and Electronics
Mar’25 witnessed robust tenant sales growth of 9.6%
CONSUMPTION GROWTH (Q4 FY25)
Notes: Above numbers are indicative unaudited numbers.
LFL consumption numbers excludes Nexus Vega City consumption.
(Amount in INR Bn)
3.3% YoY LFL Consumption growth
5.0% YoY LFL Consumption growth
Witnessed growth in NOI by 7% YoY with 77% NOI margin
CONSOLIDATED FINANCIAL PERFORMANCE (Q4 FY25)
Revenue from Operations
Distribution per unit
(5% YoY LFL NOI Growth)
NDCF Payout Ratio
Completed acquisition of MBD complex, Ludhiana on 7th
May’25 at an attractive basis, fully financed via maiden
issuance of sustainability–linked bonds at 7.2%
MBD COMPLEX ACQUISITION OVERVIEW
Includes INR 490 cr of Purchase Consideration, INR 10 cr of stamp duty, and balance towards planned capex & closing costs.
Based on purchase consideration (incl.
Stamp duty) and GAV as per independent valuation.
Based on management estimates.
Operational Metrics
In-place Occupancy (%)
Monthly Tenant Sales
FY25 Occupancy (%)
INR 6,850 per key
Acquisition Metrics
Discount to GAV (%)(2)
Incremental NDCF(3)
FY26 Stabilized Retail NOI(3)
FY26 Hotel EBITDA(3)
Implied Retail Cap Rate (%)
Implied Hotel EBITDA Multiple (x)
MBD Complex, Ludhiana
FY26 NOI guidance of INR 19.4-19.6 Bn and Distribution
guidance of INR 9.1-9.2 per unit, implying a c.15% NOI growth
and c.10% DPU growth YoY
NET OPERATING INCOME
LEASING OCCUPANCY
DISTRIBUTION PER UNIT
RE-LEASING SPREADS
Retail leasing occupancy
INR 19.4 - 19.6 Bn(1)
Approx. 15% YoY growth
Projected MTM Potential on
leases expiring in FY 2026
INR 9.10 - 9.20 p.u.(1)
Approx. 10% YoY growth
Guidance for FY26 is based on our current view of existing market conditions and certain key assumptions for the year ending March 31, 2026 and may change depending on the evolving situation in the
The guidance includes impact of acquisition of Nexus Vega City mall and MBD complex acquisition.
The guidance doesn’t include any impact of proposed acquisition of malls in South India.
Guidance is not reviewed or audited or based on GAAP, Ind AS or any other internationally accepted accounting principles and should not be considered as an alternative to the historical financial
results or other indicators of Nexus Select Trust financial performance based on any Ind AS or any GAAP.
There can be no assurance that actual amounts will not be materially higher or lower than these
In particular, there are significant risks and uncertainties related to the scope, severity and duration of the global macro-economic conditions and the direct and indirect economic affects of
the same on the Nexus Select Trust, our assets and on our tenants.
Nexus Select Citywalk, Delhi
Re-leased 1.0M sf at healthy spreads in FY25; robust pipeline
of domestic and international brands
Trading Occupancy
Re-leasing Spread(1)
Computed based on mark-up in rental achieved on the Minimum Guaranteed Rental by re-leasing during the relevant period.
New Brands Introduced in FY25
DEMONSTRATED MARK-TO-MARKET GROWTH
With over 50% of gross rentals expiring in the next 4 years
with 20% MTM upside, we have a clear path for strong organic
Approximately 20%
1.2M sf Average
1.0M sf Average
(Strategic churn)
Nexus Hyderabad, Hyderabad
PRINT ADs AND DIGITAL CAMPAIGN
1,000+ Print ADs and Digital Campaign with a total reach of
750M+ eye-balls in FY25
CAPEX UPGRADE – NEXUS SELECT CITYWALK
Redesigned the entrance of Nexus Select Citywalk with the
development of Select Citywalk Plaza, now a hub for events,
concerts, flea markets, etc.
Developed Select Citywalk Plaza
The Nexus One app continues to be amongst the best shopping
mall apps in India with lifetime bill uploads of INR 10 bn+
(Number of Malls)
(Amount in INR Bn)
(Numbers in ‘000s)
(Numbers in ‘000s)
Hyatt Regency, Chandigarh
HOSPITALITY AND OFFICE SNAPSHOT (Q4 FY25) (9% of GAV) (1)
Robust performance witnessed in Hospitality portfolio;
sequential ramp-up of occupancy witnessed in office portfolio
Hyatt Regency, Chandigarh
Westend Offices, Pune
Revenue from Operations
Revenue from Operations
Based on Mar’25 independent valuation.
HOSPITALITY (354 Keys / 2 Assets)
OFFICE (1.3M sf / 3 Assets)
Nexus Vijaya, Chennai
Revenue from Operations
Direct Operating Expenses
Property Taxes and Insurance
Net Operating Income
Other Income
Indirect Operating Expenses
Working Capital Adjustments
External Debt (Interest and Principal)
Other Non-Cash Adjustments
Distribution from Treasure Island
REIT Level Debt (Interest and Principal)
Other Inflows/ (Outflows) at REIT Level
Post adjustment for inter-company elimination, revenue from operation would be INR 5,803 M for Q4 FY25 and INR 22,829 M for FY25.
Post adjustment for trust level income and expenses, EBITDA would be INR 4,309 M for Q4 FY25 and INR 16,688 M for FY25.
Declared distribution of INR 3,030 M / INR 2.000 per unit for
Q4 FY25; approx. 70% tax-free at time of distribution
Distribution Period
Distributed INR 12,650 M / INR 8.350 per unit in FY25;
representing ~100% payout ratio of NDCF
DISTRIBUTION SUMMARY
Distribution Highlights
Distribution Per Unit (DPU)
1st Jan’25 to 31st Mar’25
Outstanding Units (M)
Distribution Amount (M)
Announcement Date
Distribution Mix (FY25)
Amortization of
1st Apr’24 to 31st Mar’25
71% of NDCF is tax-free at time
of distribution
ACTIVE DEBT MANAGEMENT
Active debt management has resulted in ~50bps decrease in
average debt cost since listing
REIT level debt
Excluding restricted cash.
Computed basis GAV as per Mar’25 independent valuation.
Proforma Debt Headroom
CRISIL / ICRA Rating
Debt Maturity Profile
(Amount in INR M)
Average Debt Cost (%)
Reduced debt cost by
~50 bps since listing
Diversified debt composition with 56% floating debt and 44%
REIT/ SPV Debt Composition
Fixed/ Floating Debt Composition
(v 4 Mar’24)
REIT Level Debt
(v 53 Mar’24)
(v 2 Mar’24)
(v 4 Mar’24)
Gross Debt
Average Debt Cost
Interest Coverage
Computed basis adjusted FY25 EBITDA.
EBITDA adjusted to give annualized effect of Nexus Vega City.
4.2MW Hybrid Park, Rajkot
FOCUSED ESG INITIATIVES
Our sustainability initiatives are designed to bring positive
impact to stakeholders, community and the environment
Committed to achieve “Net Carbon Neutrality” for Scope 1 & Scope 2 emissions by 2030
Note: Above data excludes Nexus Vega City and MBD Complex.
Consumption in common area and HVAC for FY25.
Renewable Energy
~43% Renewable Energy
Consumption in the
(Generated 40M RE units in
Green Building
Lake Rejuvenation
Adopted 12 lakes and
rejuvenated 8 lakes in
India as part of “Lakes of
Happyness” initiative
All Malls received green
building certification by
2nd in Asia Amongst
Listed Retail Peers
Received 5-Star rating in
GRESB assessment 2024
with 92 score (vs 86 in
KEY SUSTAINABILITY HIGHLIGHTS (FY25)
SIGNATORIES TO KEY GLOBAL
DIVERSE WORKFORCE
RENEWABLE ENERGY CONSUMPTION
~43% of the energy consumption across our
assets is powered by renewable sources
BEE CERTIFICATION
DECARBONIZATION
KEY SUSTAINABLE HIGHLIGHTS
~30% of the workforce represents women
employees, defense personnel, PWDs, etc.
Liquid Discharge
Invested INR 420 M in Energy
Efficiency and HVAC upgrades
Received energy efficiency
certification for 8 malls
Workforce – People
with Disabilities
Workforce – Ex-servicemen,
Expected Annual
Carbon Emissions
SOCIAL INITIATIVES
Nexus Select Trust social initiatives strives to bring positive
and meaningful change to the community
Happyness for Her
▪Covered 100k+ women
under this initiative &
distributed 800k+
sanitary napkins till date
Cover 300k women by
Setup 2 sanitary
napkin production
Student Scholarships
▪Continue to fund over
underprivileged students
and sponsor their
education, collaborate
with reputed colleges for
retail excellence
executive program
Promoting Indian Arts
▪Promoting Indian
handicraft and Artisans
▪Creating local job
▪Promoting sustainable
▪Develop community
awareness towards
Indian handicrafts and
Nexus Whitefield, Bengaluru
India’s first retail REIT and leading Grade-A Consumption
centre platform
PORT O IO OVERVIEW (MAR’25)
Consumption Centres
Across 14 Cities
Retail Portfolio
Retail Stores with
Note: All above numbers are excluding MBD complex which was acquired on 7th May’25.
Represents data for consumption centres only.
Computed basis GAV as per Mar’25 independent valuation and cash and bank balances (excluding restricted cash) as on March 31, 2025.
INR 1,642 psf pm
Trading Density
KEY HIGHLIGHTS (FY25)
▪Leased 1.1M sf in FY25 including 1.0M sf renewal at 20%+ spread across 800+ deals
▪Improved trading occupancy by 100 bps YoY to 96.6%
▪Increase in-place rental by 5.5% YoY to INR 134 psf pm
▪Raised and re-financed INR 13,500 million during the year leading to debt cost
reduction by 20bps to 7.9%
▪Gross Asset Value on LFL basis increased by 5% in FY25 owing to pro-active asset
and capital management
▪Low LTV of 16% providing a proforma debt headroom of $1 billion for future
inorganic growth
▪Overall NOI grew by 6% YoY to INR 17.1 billion
• Pro-active leasing & cost efficiency measures led to 6% YoY Retail NOI growth
▪Distributed INR 12,650 million / INR 8.350 per unit in FY25; 71% tax-free at time
of distribution
▪Completed acquisition of Nexus Vega City in Feb’25 at an attractive basis;
integration progressing well
▪Completed acquisition of MBD Complex in May’25 and strengthened our presence
▪South India Acquisition: Top-up due diligence underway
Resilient financial performance in retail portfolio with 8% YoY
RETAIL FINANCIAL PERFORMANCE (Q4 FY25) (91% of GAV)(1)
Retail Revenue from
YoY Retail NOI Growth
(6% YoY LFL NOI Growth)
Based on Mar’25 independent valuation.
KEY ASSET SUMMARY
Operational Metrics
Leasable Area (M sf)
Leasing Occupancy (%)
Trading Occupancy (%)
In-place Rent (INR psf pm)
Q4 FY25 Tenant Sales (INR M)
Area Expiring ('000 sf)
Robust demand for Grade-A assets expected to reduce
vacancy(1) by 110 bps to 6.0% by 2026
RETAIL SUPPLY, ABSORPTION AND VACANCY TRENDS
Grade-A Supply, Absorption and Vacancy(1) trends
(Area in M sf and Vacancy in %)
Source: CBRE data for top 35 cities of India.
Vacancy excludes new supply addition to the stock in the respective year.
NXST retail portfolio occupancy of 97.2% (410bps above
market) with 10% mark-to-market opportunity
EMBEDDED ORGANIC GROWTH WITH SIGNIFICANT MARK-TO-MARKET POTENTIAL
As per Mar’25 Independent valuation.
Market Rents 10% above In-place Rents
Rents (INR psf/month)
Occupancy (Mar’25)
Nexus Select Trust Markets
Nexus Select Trust Assets
VALUE BREAKDOWN
100% completed portfolio with retail focus and geographic
diversification
GAV Break-up by Segment(1)
GAV Break-up by Region(1)
Based on Mar’25 independent valuation.
INDEPENDENT VALUATION (AS ON MARCH 31, 2025)
Gross Asset Value
Nexus Select Citywalk
Nexus Ahmedabad One
Nexus Hyderabad
Nexus Esplanade
Nexus Koramangala
Nexus Vega City
Nexus Shantiniketan
Nexus Whitefield
Nexus Celebrations
Nexus Centre City
Treasure Island(1)
Nexus Indore Central
Sub-total (Retail)
Commercial Offices
Note: Above numbers are based on Mar’25 independent valuation.
Represents share of Nexus Select Trust only.
Net Asset Value
UNITHOLDING PATTERN (QUARTER ENDED MARCH 31, 2025)
Data is as of March 31, 2025.
Includes Alternative Investment Fund, Provident or Pension Funds.
Includes clearing members, NBFCs registered with RBI, Body corporates, etc.
Unitholding Pattern
Insurance Companies
Foreign Portfolio
Other Institutional
Retail Individuals
Diversified Public Unitholding Pattern
Increase in Unitholders Base
Unitholder Base Growth
AWARDS AND ACCOLADES
‘Great P a e to Work’
Certified for 5th consecutive year
‘Cert f ed DEI Cr ader’
Economic Times and BCG
‘ t re Read Organisation’
‘Rej venat on and Restoration of
Lakes - CSR Campaign of the Year’
Economic Times – Great India
‘E G In t at ve ’
Images Shopping Centre Awards
‘Mo t Adm red hopp n Centre
– Non-Metro North
(Nex E ante)’
MAPIC India Shopping Centre Awards
‘Mo t Adm red hopp n Centre
– North (Nexus Select Citywalk)’
MAPIC India Shopping Centre Awards
‘Mo t Adm red hopp n Centre
– We t (Nex eawood )’
MAPIC India Shopping Centre Awards
‘Ma A t vat on Event Metro
(Nex H dera ad)’
CORPORATE TRUCTURE (MAR’25)
Notes: (1) NMRPL is entitled to 68% of the total economic interest accruing, arising or flowing from Fiza by Nexus.
(2) 12,926 equity shares aggregating 0.55% held by SSIII Indian Investments One Ltd. is
currently subject to a regulatory lock in until September 30, 2025 and shall be transferred to the Nexus Select Trust after expiry of such regulatory lock-in at the option of the Nexus Select Trust pursuant to a call
option in favour of the Nexus Select Trust as agreed to under the EDPL SAA.(3) NSRPL is entitled to 64.9% of the total economic interest accruing, arising or flowing from Nexus Shantiniketan.
Select Trust holds 50% stake in ITIPL, the balance 50% stake continues to be held by the joint venture partner.
(Treasure Island)(4)
Sponsor/ Unitholders
Holding Asset in the Trust
Management Services
KEY TERMS AND DEFINITIONS
All figures in this presentation are as of March 31, 2025 unless otherwise specified
Some of the figures in this presentation have been rounded-off to the nearest decimal for the ease
of presentation
All operational KPIs included in the presentation are at 100% stake in all SPVs (except for Nexus
Koramangala landowners share) and Investment entity.
Any references to long-term leases or WALE (Weighted Average Lease Expiry) assumes successive
renewals by occupiers at their option
The words ‘Consumption centre’, ‘Mall’, ‘Retail Portfolio’, ‘Retail’ have been used interchangeably
The words ‘Sales’, ‘Consumption’, ‘Tenant Sales’ have been used interchangeably
The words ‘Nexus Select Trust’, ‘Nexus Malls’ and ‘NXST’ have been used interchangeably
Gross Asset Value (GAV) considered as per Mar’25 valuation undertaken by iVAS Partners,
represented by Mr.
Vijay Arvindkumar C
Key Terms and Definitions:
ADR – Average Daily Rate (ADR) is a measure of the average rate charged for rooms sold and
calculated by dividing total rooms revenue for a period by the number of rooms sold during that
Area – All area is leasable area unless otherwise specified
BEE – Bureau of Energy Efficiency
CAGR – Compound Annual Growth Rate
Completed Area – The leasable area of a property for which occupancy certificate has been received
DPU – Distribution per unit
EBITDA – Earnings/ (loss) before finance costs, depreciation, amortization, impairment loss and
income tax excluding share of profit of equity accounted investee
Footfalls or Shopper traffic - The number of people entering a shop or shopping area part of the
consumption centre in a given time
GAV – Gross Asset Value is the Market Value (as defined below) of the asset(s) in our Portfolio as of
March 31, 2025 (unless otherwise specified)
GRESB – Formerly known as Global Real Estate Sustainability Benchmark
GRIHA – Green Rating for Integrated Habitat Assessment
Gross Rentals - Rental income (the sum of Minimum Guaranteed Rentals (as defined below) and
Turnover Rentals (as defined below))
IGBC – Indian Green Building Council
Initial Portfolio Acquisition Transaction – The transaction pursuant to which the Nexus Select Trust
acquired the portfolio (SPVs) prior to listing.
In-place Rent – Higher of i) Minimum guaranteed rent as of Mar’25 or ii) Revenue share
KPIs – Key Performance Indicators
Leasable Area – Total square footage that can be occupied by tenant for the purpose of determining
a tenant’s rental obligations
LFL – Like for Like (excluding Nexus Vega City)
LTV – Loan to Value
Minimum Guaranteed Rentals - Minimum guaranteed rental income as per terms contractually agreed
with the tenant(s)
Minimum Guaranteed Rent - Minimum guaranteed rental income (as defined above) / Occupied Area
(as defined below) x Monthly factor
MTM – Mark to Market
NDCF – Net Distributable Cashflows
NAV – Net Asset Value
Net Debt – Gross Debt less short term treasury investments and cash and cash equivalents
NOI – Net Operating Income
Occupied Area - Completed Area (as defined above) for which lease agreements have been signed
with the lessee(s)
psf – Per square feet
Psf pm - Per square feet per month
Re-leasing spread - Refers to the change in rent psf between new & expiring leases, expressed as a
Sponsor – Wynford Investments Limited
sf – Square feet
TEV- Total Enterprise Value
Tenant Sales - Net sales generated by tenant(s) from sale of merchandise or provision of services
from the stores located within the Portfolio
Trading Density – Tenant Sales for respective period / Carpet Area x Monthly factor
Trading Occupancy – Total operational area / Total leasable area
Trustee – Axis Trustee Services Limited
Turnover Rentals - Higher of (i) contracted turnover rent percentage applied to tenant sales of the
respective period, less applicable Minimum Guaranteed Rentals for the same period, or (ii) nil
WALE – Weighted Average Lease Expiry
Years – Refers to fiscal years unless specified otherwise
YoY – Year on Year
Head of Investor Relations and Strategy
AGM - Investor Relations
Website: www.nexusselecttrust.com
Email: [identifier removed]
Phone: +91-22-6280-5000