Nexus Select Trust REIT

Unit price

monthly high and low of daily closing prices from the NSE bhavcopy; the adjustment basis is printed under Market data₹ per unit · NSE

Market data

from the exchange price file and the latest filed statements; a figure with no source says so

Returns

price return, income return and total return, by fiscal year₹ per unit

The filed years, four numbers

the whole trust, measured from filed statements only

The trust

Dates that matter

filed and scheduled

the company's own guidance, measured against its own first quarter

NOI, NDCF and DPU are non-statutory measures defined by the manager, not by Ind AS

Distribution per unit, and what it is made of

₹ per unit

Revenue and net operating income, half year by half year

as filed, with derived halves marked₹ mn

RevenueNet operating incomederived as full year less the filed half

Segments

revenue, net operating income and margin₹ mn · three months

Portfolio at a glance

the number that confuses everyone about REITs, reconciled

What the call claimed, tested

Figures we did not accept, and why

property-wise fair value tables across the balance dates on file

Where the two revenue numbers come from

databook against statutory statement

Series breaks the statements themselves declare

where a line stops meaning what it meant

A break is recorded against the first year on the new basis · totals stay comparable across a break, sub-lines do not

Every filed year, as filed

every figure from a consolidated statement of profit and loss or a segment note₹ mn unless stated

CAGR columns computed on the endpoints showna dot marks a figure derived rather than filed

where the operating result and the unitholder's result part company

RevenueNet operating incomeDistribution per unitNAV per unitFinance costs

Common-size income statement

per cent of revenue from operations

Per-unit series

₹ per unit, on the units outstanding at each year end

every figure in this panel carries its document and page

Segment history

revenue and net operating income by segment₹ mn

Blank cells are periods where the filing gives segment NOI but not segment revenue — never a zero

Half-yearly and quarterly revenue and NOI

assembled from the segment notes of the filings on disk₹ mn

A dotted marker means the period was derived by subtraction from a filed full year or half year, never read directly

Consolidated financial statements

₹ mn

Statement View

Quarterly statement of unaudited results

₹ mn

every figure in this panel carries its document and page

What is not here, and why

declared coverage gaps

A gap is published as a gap · nothing on this page is interpolated, smoothed or back-solved to fill one

Ratio analysis

every ratio derived from the filed statements on the previous tab — inputs named in each row

Net debt = borrowings, current and non-current, less cash, bank balances and current investments

Leverage

net debt to EBITDA and interest cover

Net debt / EBITDA (×)EBITDA / finance costs (×)

Where the operating income goes

finance costs as a share of NOI

Finance costs ÷ NOIDistributions ÷ NOI

Statement of net assets at fair value

₹ mn · the balance dates on file

every figure in this panel carries its document and page

NAV per unit against the unit price

book NAV, fair-value NAV and the traded price on the same axis₹ per unit

NAV per unit, fair valueNAV per unit, bookUnit price, where disclosed in the report

Discount to net asset value

every figure in this panel carries its document and page

Statement of total returns at fair value

the REIT-specific statement no equity filer produces₹ mn

Total comprehensive income plus the change in fair value not recognised through profit or loss

Projection engine

drivers on the left, statements below — every default is a measured historical value, not a guess

Prefill FY2027 from management guidance

Projected statements

net operating income to distribution per unit₹ mn unless stated

Valuation

two independent routes, both driven by the sliders above₹ per unit

Sensitivity — value per unit

exit cap rate against terminal NOI growth₹ per unit

every figure in this panel carries its document and page

What the earnings calls on file actually contain

what the files on record actually contain, countedNEXUS · earnings calls

Guidance track record

every number the manager guided, against the number that was later filed

The same questions, asked of every call on file

one row per metric management repeats, one column per call

said on the call, not in a statementalso fileda blank is a call that did not give the number — never a carried-forward value

Facts joined to the sentence that explains them

every claim found in the calls on file, each anchored to a filed numberwhy the same period appears twice, and which filing each came from

Who was on the call

extracted from the participant block of each transcript

A governance series that exists only inside transcripts

Distribution per unit, as declared on each call

₹ per unit

every figure in this panel carries its document and page

Net distributable cash flow, SPV level to unitholder

the bridge the whole asset class turns on

every figure in this panel carries its document and page

NDCF by asset, SPV level

where the distributable cash is actually generated₹ mn

every figure in this panel carries its document and page

Distribution per unit, quarter by quarter

as declared₹ per unit

every figure in this panel carries its document and page

Commercial office portfolio

the assets in the portfolio table

Mark-to-market is market rent over in-place rent · GAV from the semi-annual independent valuation by L. Anuradha with C&W review

Development pipeline

under construction and proposed₹ mn to be spent

Hospitality

every figure in this panel carries its document and page

Revenue, NOI and NDCF by asset

eighteen line items — the detail no XBRL filing carries₹ mn · three months

A blank is a period or a measure not disclosed for that asset, never a zero

Asset fair value, the verified balance dates

from the property-wise break-up inside the statement of net assets at fair value₹ mn

View

Accepted only where the entity values sum exactly to the total printed in the same table · the dates rejected for this trust are listed on the Triage tab

Asset metric picker

any measure the databook carries, for the periods it carries them

Measure

every figure in this panel carries its document and page

Leasing

three months ended

Largest occupiers

share of gross annualised rental obligations

every figure in this panel carries its document and page

Notable deals signed this quarter

Occupier names are as disclosed — several are anonymised by the manager and are shown that way, never guessed at

Debt at REIT level

Maturity ladder

principal repayment by fiscal year

every figure in this panel carries its document and page

Leverage

Borrowings and net debt, the filed years

derived from the consolidated balance sheet₹ mn

Consolidated borrowings differ from the REIT-level debt table above, which covers instruments issued by the Trust itself

Unitholding pattern

units as filed

every figure in this panel carries its document and page

Document library

every filing on disk, by class

every figure in this panel carries its document and page

Source register

which filing each period on this page came from

Page references are to the printed page of the source PDF

Sell-side coverage

nineteen firms, as listed in the databook

Analyst coverage is disclosed in the databook and is itself a data point — no other Indian REIT publishes it this completely

Download the workbook

INE0NDH25011_NEXUS_trustbook.xlsx — every number this page serves for the trust as a cell, with a row per cell naming the document, page and line it was read from.

What management said

Every earnings call we hold for this company, read in full. Prepared remarks are separated from the question-and-answer session and every paragraph names who said it and on which page. These are management’s own words, not filed figures.

Date	Quarter	Who spoke
2026-08-03	Q1FY27	Dalip Sehgal, Nexus Select Trust, Pratik Dantara	Read the call
2026-08-03	Q1FY27	Dalip Sehgal, Nexus Select Trust, Pratik Dantara	Read the call
2026-05-12		Dalip Sehgal, Nexus Select Trust, Pratik Dantara	Read the call
2026-05-12		Dalip Sehgal, Nexus Select Trust, Pratik Dantara	Read the call
2025-05-13	Q4FY25	Green Building, Gross Debt, Images Shopping Centre Awards, Operational Metrics, Other Inco	Read the call
2025-05-13	Q4FY25	Green Building, Gross Debt, Images Shopping Centre Awards, Operational Metrics, Other Inco	Read the call
2025-02-04	Q3FY25	Dalip Sehgal, Nexus Select Trust, Pratik Dantara	Read the call
2024-11-12	Q2FY25	Nexus Select Trust, Pratik Dantara	Read the call
2024-11-12	Q2FY25	Nexus Select Trust, Pratik Dantara	Read the call
2024-07-30	Q1FY25	Dalip Sehgal, Nexus Select Trust, Pratik Dantara	Read the call
2024-07-30	Q1FY25	Dalip Sehgal, Nexus Select Trust, Pratik Dantara	Read the call
2024-05-09	Q4FY24	Dalip Sehgal, Nexus Select Trust, Pratik Dantara	Read the call
2024-05-09	Q4FY24	Dalip Sehgal, Nexus Select Trust, Pratik Dantara	Read the call
2024-02-06	Q3FY24	Dalip Sehgal, Nexus Select Trust, Pratik Dantara	Read the call
2024-02-06	Q3FY24	Dalip Sehgal, Nexus Select Trust, Pratik Dantara	Read the call
2023-11-08	Q2FY24	Dalip Sehgal, Nexus Select Trust, Pratik Dantara	Read the call
2023-11-08	Q2FY24	Dalip Sehgal, Nexus Select Trust, Pratik Dantara	Read the call
2023-08-11	Q1FY24	Dalip Sehgal, Nexus Select Trust, Pratik Dantara	Read the call

What they said about it, quarter by quarter

Topic	Q1FY25	Q1FY27	Q2FY24	Q2FY25	Q3FY24	Q3FY25	Q4FY24	Q4FY25
Acquisitions	In the past, we have announced acquisition of three malls in South India, which is in	Turning to the performance of our recently acquired malls, Nexus Vega City (Bangalore) and Nexus	acquire three high quality malls in southern India, totalling up to 1 million square feet.	The first one is the acquisition of Vega City Mall that we had announced last month.	The acquisition of three malls in Southern India that we had indicated last time is on track	Vega City mall acquisition was delayed due to certain administrative	published more than a thousand print ads because as part of our acquisition strategy we actually	Completed acquisition of MBD complex, Ludhiana on 7th
Availability and tariff	by incurring strategic capex, attracted shopper traffic by focusing on marketing, created and	of the festive season, providing strong visibility on product availability and minimizing execution risk.	—	—	—	—	—	Footfalls or Shopper traffic - The number of people entering a shop or shopping area part of the
Cap rates and valuation	Is it the valuation expectation of the seller?	—	The NAV of our portfolio as per independent valuers has also increased	—	standpoint, obviously, at what cap rates you do the deal versus what cap rate you're trading at,	up in terms of availability of assets and the valuations?	The NAV of our portfolio has increased to INR 145 per unit.	Stamp duty) and GAV as per independent valuation.
Debt cost	Considering our low LTV of 14%, majority of these new acquisitions as we have said will be	—	a war chest of close to $1 billion for acquisitions on the back of a low LTV of 14%.	We have recently refinanced debt of about INR 2.5	acquisitions on the back of a low LTV of 14%.	—	Considering the low LTV of 14%, the acquisition would be fully funded by	▪Low LTV of 16% providing a proforma debt headroom of $1 billion for future
Development	We are also looking at Greenfield development in certain markets where we may not have, like	—	proposed acquisitions are subject to completion of ongoing due diligence, negotiations,	—	—	—	who joins us as Head of Business Development and Expansion.	development of Select Citywalk Plaza, now a hub for events,
Distributions	fourth distribution of INR 3,253 million translating to INR 2.147 per unit, which is in-line with	We are pleased to declare a distribution of INR 370	I will also touch upon our maiden distribution.	5th distribution of INR 3,041 million translating to INR 2.007 per unit which is in-line with our	We are pleased to announce our second distribution of INR 303 crores, translating to INR	distribution of INR 3,327 million translating to INR 2.196 per unit, up 10%	distribution of INR 3,168 million, translating into INR 2.09 per unit.	FY26 NOI guidance of INR 19.4-19.6 Bn and Distribution
Occupancy	leasing occupancy now stands at 97.4%, which is 70 basis points higher than last year.	—	witnessed very strong sales growth of 18% in this quarter, stable occupancy of 97%, and a 24%	Leasing performance: With strong demand from tenants, our leasing occupancy now stands at	ever quarterly tenant sales and highest ever occupancy.	—	Occupancy and demand continue to remain strong with most of our malls having a healthy	sequential ramp-up of occupancy witnessed in office portfolio
Re-leasing and rents	In Quarter 1, we have leased 0.23 million square feet out of which we released 0.18 million square	by a robust movie slate, including blockbuster releases such as Dhurandhar 2, Bhoot	re-leasing spread on ~150,000 square feet of re-leased area.	0.22 million square feet, out of which we released 0.19 million square feet at 20% releasing	And we do hope to get 20% releasing spread as we had	We have re-leased 0.31 million square feet at	FY24, we have leased 1.1 million square feet out of which 0.6 million square feet is area released	Re-leased 1.0M sf at healthy spreads in FY25; robust pipeline

What they said they would do

Sentences in which management set an expectation. Each names the speaker and the page of the transcript it came from.

Date	Quarter	Who	What they said
2024-02-06	Q3FY24	Nexus Select Trust	We have now announced a second distribution of INR2 per unit and we remain on track to
2024-05-09	Q4FY24	Nexus Select Trust	Our NOI growth was 16% in line with our guidance and we expect to achieve our numbers
2025-05-13	Q4FY25	Operational Metrics	FY26 NOI guidance of INR 19.4-19.6 Bn and Distribution
2025-05-13	Q4FY25	Operational Metrics	guidance of INR 9.1-9.2 per unit, implying a c.15% NOI growth
2024-07-30	Q1FY25	Nexus Select Trust	Basis the above, we expect that our retail NOI, which is currently around INR 14.4 billion today,
2024-07-30	Q1FY25	Nexus Select Trust	to generate an additional NOI of approximately INR 1,500 million every year, which we expect to
2024-07-30	Q1FY25	Nexus Select Trust	Our retail NOI growth was 8% in Q1 FY25 and we expect to achieve our projections for
2023-11-08	Q2FY24	Nexus Select Trust	NOI is on track to grow by 18% in FY ‘24.
2023-11-08	Q2FY24	Nexus Select Trust	We'll be making a maiden distribution of close to INR3 per unit, and we remain on track to
2024-02-06	Q3FY24	Nexus Select Trust	We have now announced a second distribution of INR2 per unit and we remain on track to
2024-05-09	Q4FY24	Nexus Select Trust	Our NOI growth was 16% in line with our guidance and we expect to achieve our numbers
2025-05-13	Q4FY25	Operational Metrics	FY26 NOI guidance of INR 19.4-19.6 Bn and Distribution