May 13, 2025
Earning Call Transcript Q4 FY25 vf
Nexus Select Trust
Q4 FY25 & FY25 Earnings Update
May 13, 2025
DISCLAIMER
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, in whole or in part, for any purpose, and should not be construed as legal, tax, investment or other advice.
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 economies. 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. The
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.
The Manager, as such, makes no representation or warranty, express or implied, as to, and does not accept any responsibility or liability with respect to, the fairness, accuracy, completeness or correctness of the content including any information or opinions contained herein. Any opinions expressed in this presentation or the contents of this presentation are subject to change without notice. Neither the delivery of this presentation nor any further discussions of the Manager with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Nexus Select Trust since the date of this presentation.
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. This presentation may not be all inclusive and may not contain all of the information that the recipient considers material. The distribution of this presentation in certain jurisdictions may be restricted by law. Accordingly, any persons in possession of this presentation should inform themselves about and observe any such restrictions.
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 representation which is not contained in, or is inconsistent with, this presentation. 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
1 1
TABLE OF CONTENTS
I. Key Highlights 3
II. Retail Update 9
III. Marketing and Operations Update 12
IV. Hospitality & Office 16
V. Financial Update 18
VI. Sustainability Initiatives 23
VII. Appendix 27
2 2
(I). KEY
HIGHLIGHTS
Nexus Hyderabad, Hyderabad
KEY HIGHLIGHTS (Q4 FY25)
RETAIL NOI GROWTH LEASING FINANCING
Achieved 8% YoY Retail NOI growth; Maintained leased occupancy of 97%+ for Refinanced INR 3,500 M at debt cost of 7.54%
6% LFL Retail NOI growth continuously 8 quarters since listing (vs 7.71% earlier debt cost)
(Amount in INR M)
0.27M sf 0.25M sf
3,984 Leased Re-leasing 7.71%
3,687 7.54%
97.2% 96.6%
Leased Occupancy Trading Occupancy
Q4 FY24 Q4 FY25 Pre-financing Post-financing
NEXUS VEGA CITY ACQUISITION ACQUISITION PIPELINE UNIT PERFORMANCE
Closed Acquisition of Nexus Vega City Delivered robust returns to unitholders
Robust pipeline of 10+ assets across 8 states in Feb’25; asset integration progressing well since listing in May’23
0.45M sf 97.1% Top-up diligence underway 44% ~2x
Gross Leasable Area Leasing Occupancy South India Acquisition Total return to Increase in
Unitholders(1) Unitholders
▪ Asset witnessed positive turnaround in tenant sales
10+ 8 INR 23.4 Bn growth (vs declining tenant
Potential Assets States NDCF Distributed Since Listing sales growth pre-acquisition)
Pipeline
(1) Source: Bloomberg. Period starting from listing date (19th May’23) to 31st Mar’25.
4 4
CONSUMPTION GROWTH (Q4 FY25)
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
(Amount in INR Bn)
10.4
29.4
9.5
27.8
Q4 FY24 Q4 FY25 Mar'24 Mar'25
3.3% YoY LFL Consumption growth 5.0% YoY LFL Consumption growth
Notes
Above numbers are indicative unaudited numbers. LFL consumption numbers excludes Nexus Vega City consumption.
5
CONSOLIDATED FINANCIAL PERFORMANCE (Q4 FY25)
Witnessed growth in NOI by 7% YoY with 77% NOI margin
INR 5,803 M INR 4,469 M INR 4,309 M
Revenue from Operations NOI EBITDA
7%
INR 2.000 100%
YoY NOI Growth
Distribution per unit NDCF Payout Ratio
(5% YoY LFL NOI Growth)
6
MBD COMPLEX ACQUISITION OVERVIEW
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%
Key Stats
Key Tenants
(1) Includes INR 490 cr of Purchase Consideration, INR 10 cr of stamp duty, and balance towards planned capex & closing costs.
(2) Based on purchase consideration (incl. Stamp duty) and GAV as per independent valuation.
(3) Based on management estimates. 7
O p e r a t io n a l M e t r ic s
M B D M a ll
L e a s a b le A r e a
In -p la c e O c c u p a n c y (% )
In -p la c e R e n t
A v g . M o n t h ly T e n a n t S a
W A L E (Y e a r s )
R a d is s o n H o t e l
K e y s
F Y 2 5 O c c u p a n c y (% )
F Y 2 5 A R R
A c q u is it io n M e t r ic s
(1) T E V
(2) D is c o u n t t o G A V (% )
(3) In c r e m e n t a l N D C F
F Y 2 6 S t a b iliz e d R e t a il N
(3) F Y 2 6 H o t e l E B IT D A
Im p lie d R e t a il C a p R a t e
Im p lie d H o t e l E B IT D A M le s
(3) O I
(% ) u lt ip le (x )
0 .3 M s f
9 5 %
IN R 1 1 4 p s f p m
A p p r o x . IN R 2 0 c
5 .1
9 6
6 4 .4 %
IN R 6 ,8 5 0 p e r k e
IN R 5 3 1 c r
A p p r o x . 1 4 %
A p p r o x . IN R 1 2 c
IN R 3 7 .0 c r
IN R 1 2 .5 c r
9 .7 %
1 2 .1 x r y r
MBD Complex, Ludhiana
FY26 GUIDANCE
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 DISTRIBUTION PER UNIT
INR 19.4 - 19.6 Bn(1) INR 9.10 - 9.20 p.u.(1)
Approx. 15% YoY growth Approx. 10% YoY growth
FY26
Guidance
LEASING OCCUPANCY RE-LEASING SPREADS
20%+
98%+
Projected MTM Potential on
Retail leasing occupancy leases expiring in FY 2026
(1) 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 country. 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 8 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 projections. 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.
(II). RETAIL
UPDATE
Nexus Select Citywalk, Delhi
ROBUST LEASING
Re-leased 1.0M sf at healthy spreads in FY25; robust pipeline of domestic and international brands
FY25 Updates New Brands Introduced in FY25
97.2% 96.6%
Leased Occupancy Trading Occupancy
Foot Locker Nespresso
1.1M sf 800+
Leased Total Deals
1.0M sf 20%+
Re-leased Re-leasing Spread(1)
Prada Beauty YSL Beaute
(1) Computed based on mark-up in rental achieved on the Minimum Guaranteed Rental by re-leasing during the relevant period.
10
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 growth
Leasing Area Expiring
(M sf) (M sf)
1.7
1.2
1.2M sf Average
1.2 1.2 1.1 1.1
1.0M sf Average
1.1
1.0
0.1 New Leasing
0.3
Re-leased 0.7
0.6 0.5 before expiry
0.2 (Strategic churn)
0.6 Re-leased
0.5 on expiry
FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29
Re-leased Gross Rentals
0.7 0.3 0.9 1.3 0.8 1.0 9% 13% 16% 14%
(M sf) Expiring (%)
Avg. MTM
Releasing Approximately 20%
Average 20% Potential (%)
Spread (%)
11
(III). MARKETING
AND OPERATIONS
UPDATE
12
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
13 13
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
14 14
NEXUS ONE APP
The Nexus One app continues to be amongst the best shopping mall apps in India with lifetime bill uploads of INR 10 bn+
App Launched Tenant Sales
(Number of Malls) (Amount in INR Bn)
~2.0x ~3.0x
15 8.0
8
2.7
Mar-24 Mar-25 FY24 FY25
App Sign-ups App Downloads
(Numbers in ‘000s) (Numbers in ‘000s)
~3.0x ~2.3x
533
500
230
165
Mar-24 Mar-25 Mar-24 Mar-25
15 15
(IV). HOSPITALITY
& OFFICE
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
HOSPITALITY (354 Keys / 2 Assets) OFFICE (1.3M sf / 3 Assets)
Hyatt Regency, Chandigarh Westend Offices, Pune
74% INR 10,370 85% 2.9 Years
Occupancy ADR Occupancy WALE
INR 381 M INR 174 M INR 305 M INR 241 M
Revenue from Operations EBITDA Revenue from Operations NOI
12% YoY Growth 16% YoY Growth 3% YoY Growth 5% YoY Growth
(1) Based on Mar’25 independent valuation.
17 17
(V). FINANCIAL
UPDATE
Nexus Vijaya, Chennai
NDCF WALKDOWN
Declared distribution of INR 3,030 M / INR 2.000 per unit for
Q4 FY25; approx. 70% tax-free at time of distribution
(INR M)
Particulars Q4 FY25 FY25
(1) (1)
Revenue from Operations 5,838 22,930
N
O
Direct Operating Expenses (1,248) (5,329) I
Property Taxes and Insurance (121) (491)
Net Operating Income 4,469 17,110
Other Income 313 1,122
Indirect Operating Expenses (523) (1,709)
D
EBITDA 4,259 (2) 16,523 (2) is t r ib
Working Capital Adjustments (100) 887 u t io
Cash Taxes (76) (648) n
External Debt (Interest and Principal) (308) (1,397)
Other Non-Cash Adjustments (142) (671)
Distribution from Treasure Island 62 308
REIT Level Debt (Interest and Principal) (692) (2,293)
Other Inflows/ (Outflows) at REIT Level 28 (56)
NDCF 3,031 12,654
Distribution 3,030 12,650
(1) 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.
(2) 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.
19 19
DISTRIBUTION SUMMARY
Distributed INR 12,650 M / INR 8.350 per unit in FY25; representing ~100% payout ratio of NDCF
Distribution Highlights Distribution Mix (FY25)
Particulars Q4 FY25 FY25
Other Income
Distribution Period 1st Jan’25 to 31st Mar’25 1st Apr’24 to 31st Mar’25 Amortization of 1%
SPV Debt
13%
Distribution Amount (M) INR 3,030 INR 12,650
Outstanding Units (M) 1,515 1,515
INR 12,650 M
Distribution Per Unit (DPU) INR 2.000 INR 8.350
Announcement Date May 13, 2025 - Interest
29%
Dividend
Record Date May 16, 2025 -
57%
On or before
Payment Date - 71% of NDCF is tax-free at time
May 23, 2025 of distribution
20 20
ACTIVE DEBT MANAGEMENT
Active debt management has resulted in ~50bps decrease in average debt cost since listing
Debt Maturity Profile
INR 44 Bn
(Amount in INR M) REIT level debt SPV level debt
Net Debt(1)
5
34
2
2
16%
3 5
LTV(1)(2)
2
1 124
2 2 2 2 3
AAA / Stable Average Debt Cost (%)
4
CRISIL / ICRA Rating
3 3
2
1
1
~$1 Bn
Reduced debt cost by
Proforma Debt Headroom ~50 bps since listing
At t n 1 24 2 24 3 24 4 24 1 25 2 25 3 25 4 25
(1) Excluding restricted cash.
(2) Computed basis GAV as per Mar’25 independent valuation.
21 21
DEBT PROFILE
Diversified debt composition with 56% floating debt and 44% fixed debt
REIT/ SPV Debt Composition Fixed/ Floating Debt Composition
REIT Level Debt
66%
Floating Debt
(v 53 Mar’24)
56%
(v 4 Mar’24)
Gross Debt SPV Level Debt Gross Debt
INR 53 Bn 34% INR 53 Bn
(v 4 Mar’24)
Fixed Debt
44%
(v 2 Mar’24)
3.1x 4.1x
7.9%
Gross Debt Interest Coverage
Average Debt Cost
To EBITDA(1) Ratio(1)
(1) Computed basis adjusted FY25 EBITDA. EBITDA adjusted to give annualized effect of Nexus Vega City.
22 22
(VI). SUSTAINABILITY
INITIATIVES
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
100%
55MW + 2nd in Asia Amongst
Green Building Lake Rejuvenation
Renewable Energy Listed Retail Peers
Certified
(DC)
~43% Renewable Energy All Malls received green Received 5-Star rating in Adopted 12 lakes and
Consumption in the building certification by GRESB assessment 2024 rejuvenated 8 lakes in
Portfolio(1) IGBC / GRIHA with 92 score (vs 86 in India as part of “Lakes of
(Generated 40M RE units in 2023) Happyness” initiative
FY25)
Note
Above data excludes Nexus Vega City and MBD Complex.
(1) Consumption in common area and HVAC for FY25.
24 24
KEY SUSTAINABILITY HIGHLIGHTS (FY25)
RENEWABLE ENERGY CONSUMPTION DIVERSE WORKFORCE
~43% of the energy consumption across our KEY SUSTAINABLE HIGHLIGHTS ~30% of the workforce represents women assets is powered by renewable sources employees, defense personnel, PWDs, etc.
100% 98% ~26% 2%
43%
Green Building Waste Diverted Women Workforce – People
38%
Certified from Landfill Representation with Disabilities
15 Malls 625k+ kl 2%
Achieved Zero Waste-Water Workforce – Ex-servicemen,
Liquid Discharge Recycled and their kin
FY24 FY25
DECARBONIZATION BEE CERTIFICATION
SIGNATORIES TO KEY GLOBAL
Invested INR 420 M in Energy Received energy efficiency
ALLIANCES
Efficiency and HVAC upgrades certification for 8 malls
INR 420 M ~INR 85 M
Capex Expected Annual
Savings
13,000+ Mwh
~9,000 tonnes
Annual Energy Carbon Emissions
Savings Averted
25 25
SOCIAL INITIATIVES
Nexus Select Trust social initiatives strives to bring positive and meaningful change to the community
Promoting Indian Arts
Happyness for Her Student Scholarships and Artisans
▪ Covered 100k+ women ▪ Continue to fund over ▪ Promoting Indian under this initiative & 1000 children handicraft and Artisans distributed 800k+
▪ Identify 10 ▪ Creating local job sanitary napkins till date underprivileged students opportunities
▪ Targets and sponsor their
▪ Promoting sustainable education, collaborate
• Cover 300k women by products with reputed colleges for
2030 retail excellence ▪ Develop community
• Setup 2 sanitary executive program awareness towards napkin production Indian handicrafts and centres artisans
26 26
(VII). APPENDIX
Nexus Whitefield, Bengaluru
PORT O IO OVERVIEW (MAR’25)
India’s first retail REIT and leading Grade-A Consumption centre platform
18 10.4M sf
Consumption Centres Retail Portfolio
Across 14 Cities
Amritsar 97.2% ~3,000
Chandigarh Leased Retail Stores with
Delhi
Occupancy(1) 1,000+ Brands
Udaipur
12% ~130 M
Ahmedabad
Indore
FY25 FY25 Footfalls
Rent to Sales
Bhubaneswar
Navi Mumbai
Hyderabad
Pune INR 1,642 psf pm 4.9 Years
FY25 Retail Portfolio
Trading Density WALE
Mangaluru Bengaluru
Chennai
Mysuru
INR 152 p.u. 16%
NAV(2) LTV(3)
Note
All above numbers are excluding MBD complex which was acquired on 7th May’25.
(1) Represents data for consumption centres only.
(2) As of Mar’25. 28
(3) Computed basis GAV as per Mar’25 independent valuation and cash and bank balances (excluding restricted cash) as on March 31, 2025.
KEY HIGHLIGHTS (FY25)
▪ Leased 1.1M sf in FY25 including 1.0M sf renewal at 20%+ spread across 800+ deals
Active Lease
▪ Improved trading occupancy by 100 bps YoY to 96.6%
Management
▪ 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%
Capital
▪ Gross Asset Value on LFL basis increased by 5% in FY25 owing to pro-active asset
Management 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
Financial
• Pro-active leasing & cost efficiency measures led to 6% YoY Retail NOI growth
Performance
▪ 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
Acquisition ▪ Completed acquisition of MBD Complex in May’25 and strengthened our presence in North India
▪ South India Acquisition: Top-up due diligence underway
29 29
RETAIL FINANCIAL PERFORMANCE (Q4 FY25) (91% of GAV)(1)
Resilient financial performance in retail portfolio with 8% YoY
NOI growth
INR 5,114 M 8%
INR 3,984 M
Retail Revenue from YoY Retail NOI Growth
Retail NOI
Operations (6% YoY LFL NOI Growth)
(1) Based on Mar’25 independent valuation.
30
KEY ASSET SUMMARY
31 31
P a r t ic u la r s
O p e r a t io n a l M e t r ic s
L e a s a b le A r e a ( M s f )
L e a s in g O c c u p a n c y ( % )
T r a d in g O c c u p a n c y ( % )
In - p la c e R e n t ( IN R p s f p m
Q 4 F Y 2 5 T e n a n t S a le s ( IN
Y o Y G r o w t h ( % )
A r e a E x p ir in g ( '0 0 0 s f )
F Y 2 6
F Y 2 7
F Y 2 8
F Y 2 9
)
R M )
N e x
C u s S it y w
0 . 5
9 9 %
9 8 %
4 6 2
4 , 0 1
1 %
7
7 0
3 1
6 7 e a
3 le lk c t N e x u s
E la n t e
1 . 3
9 8 %
9 6 %
1 8 0
4 , 1 7 9
3 %
1 1 9
1 0 1
2 1 9
2 1 2
S e
N e x u s a w o o d
1 . 0
9 9 %
9 7 %
1 4 0
3 , 0 9 7
6 %
7 1
1 2 0
9 4
7 9 s
A h
N e x u s m e d a b
O n e
0 . 9
9 8 %
9 8 %
1 2 2
2 , 1 3 6
1 %
7 6
1 1 8
1 2 3
9 6 a d
H y
N e x u s d e r a b
0 . 8
9 9 %
9 8 %
1 1 5
2 , 4 8 8
( 9 % )
7 2
1 5 7
8 9
5 5 a d
N e x u
V ij a y
0 . 7
9 9 %
9 9 %
1 0 4
1 , 9 8
6 %
5 9
1 0
7 1
1 9 9 s a
2
S h a
N e x u s n t in ik e t
0 . 6
9 8 %
9 8 %
9 9
1 , 8 1 9
3 %
2 9
2
8 4
6 8 a n
RETAIL SUPPLY, ABSORPTION AND VACANCY TRENDS
Robust demand for Grade-A assets expected to reduce vacancy(1) by 110 bps to 6.0% by 2026
Grade-A Supply, Absorption and Vacancy(1) trends
(Area in M sf and Vacancy in %)
5
5 4
4 5 4 5
4 2
4 1
1 4
3 5 3
4
3
3 1
2 5 5
2
1
5 3
2
1
5
2 22 2 23 2 24 2 25 2 2
(1) pp A oprt on Va an
Source
CBRE data for top 35 cities of India.
(1) Vacancy excludes new supply addition to the stock in the respective year.
32
EMBEDDED ORGANIC GROWTH WITH SIGNIFICANT MARK-TO-MARKET POTENTIAL
NXST retail portfolio occupancy of 97.2% (410bps above market) with 10% mark-to-market opportunity
Market Rents 10% above In-place Rents Occupancy (Mar’25)
Rents (INR psf/month) (%)
147 97.2%
134
93.1%
(1) (2)
In-place Rents Market Rents Nexus Select Trust Markets Nexus Select Trust Assets
(1) As per Mar’25 Independent valuation.
(2) Source: CBRE.
33
VALUE BREAKDOWN
100% completed portfolio with retail focus and geographic diversification
GAV Break-up by Segment(1) GAV Break-up by Region(1)
Solar
0.3% East North
Hospitality 3.9% 39.3%
3.0%
Commercial
Offices
5.7%
GAV GAV
INR 275 Bn South INR 275 Bn
28.9%
Retail
91.0%
West
27.9%
(1) Based on Mar’25 independent valuation.
34 34
INDEPENDENT VALUATION (AS ON MARCH 31, 2025)
(INR M) Gross Asset Value
Asset As of Mar'25
Nexus Select Citywalk 47,264
Nexus Elante 46,022
Net Asset Value
Nexus Seawoods 25,531
(INR per unit)
Nexus Ahmedabad One 19,506
Nexus Hyderabad 18,575
Nexus Vijaya 14,692
Nexus Esplanade 10,667 152
Nexus Koramangala 10,318
Nexus Vega City 9,867 145
Nexus Westend 9,328
Nexus Shantiniketan 8,137
Nexus Amritsar 7,988
Nexus Whitefield 5,212
Nexus Celebrations 4,938
Fiza by Nexus 4,132
Nexus Centre City 3,559
Treasure Island(1) 2,812 Mar'24 Mar'25
Nexus Indore Central 2,075
Sub-total (Retail) 250,624
Commercial Offices 15,641
Hospitality 8,164
Solar 902
Total 275,330
Note
Above numbers are based on Mar’25 independent valuation.
(1) Represents share of Nexus Select Trust only.
35 35
UNITHOLDING PATTERN (QUARTER ENDED MARCH 31, 2025)
Unitholding Pattern Increase in Unitholders Base
(% stake) (#)
~2x
Public
Sponsor Group
41.4%
22.3%
Unitholder Base Growth
47k
Select Group
Other Pre-IPO 24.9%
Shareholders
11.4%
24k
Diversified Public Unitholding Pattern
(% stake)
Other Institutional
Investors(1)
Foreign Portfolio 2.9%
Investors
31.1% Retail Individuals
7.9%
Others(2)
5.9%
Insurance Companies
13.8%
Mar'24 Mar'25
Mutual Funds
38.4%
Data is as of March 31, 2025.
(1) Includes Alternative Investment Fund, Provident or Pension Funds.
(2) Includes clearing members, NBFCs registered with RBI, Body corporates, etc. 36 36
AWARDS AND ACCOLADES
2024 2024 2024
‘Great P a e to Work’ ‘ t re Read Organisation’ ‘Cert f ed DEI Cr ader’
Certified for 5th consecutive year Economic Times Economic Times and BCG
2024 2024 2024
‘Rej venat on and Restoration of
‘Ma A t vat on Event Metro
Lakes - CSR Campaign of the Year’ ‘E G In t at ve ’
(Nex H dera ad)’
Economic Times – Great India Images Shopping Centre Awards
Images Shopping Centre Awards
Retail Awards
2024 2024 2024
‘Mo t Adm red hopp n Centre
‘Mo t Adm red hopp n Centre ‘Mo t Adm red hopp n Centre
– Non-Metro North
– North (Nexus Select Citywalk)’ – We t (Nex eawood )’
(Nex E ante)’
MAPIC India Shopping Centre Awards MAPIC India Shopping Centre Awards
MAPIC India Shopping Centre Awards
37 37
CORPORATE TRUCTURE (MAR’25)
Sponsor/ Unitholders p ih s r e r t si
D n w u bi
O t t in s n oi
U
Holding Asset in the Trust Manager Fee
Trustee Nexus Manager
Trustee Fee Select Management Services
Trust
100%
99.45%
EDPL VPPL SIPL
CPPL NHRPL
NMRPL(1) CSJIPL (Nexus NMMCPL NSRPL DIPL (Nexus (Nexus NWPL NMRPL
NURPL SRPL (Nexus MSPL (Nexus
(Mangalore) (Nexus Amritsar and (Nexus (Nexus (Westend Vijaya Select (Nexus (Mysore)
(Nexus (Nexus Westend and (Karnataka Koramangala
(Fiza by Elante Nexus Indore Shantini- Icon Complex and Citywalk and Whitefield (Nexus
Celebration) Esplanade) Westend Icon Solar Park) and Nexus
Nexus) Complex) Ahmedabad Central) ketan)(3) Offices) Nexus Vega Nexus Complex) Centre City)
Offices) Hyderabad)
One) (2) City) Seawoods)
50%
ITIPL
(Treasure Island)(4)
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. (4) The Nexus 38 38
Select Trust holds 50% stake in ITIPL, the balance 50% stake continues to be held by the joint venture partner.
KEY TERMS AND DEFINITIONS
Notes
18. Leasable Area – Total square footage that can be occupied by tenant for the purpose of determining a tenant’s rental obligations
▪ All figures in this presentation are as of March 31, 2025 unless otherwise specified
19. LFL – Like for Like (excluding Nexus Vega City)
▪ Some of the figures in this presentation have been rounded-off to the nearest decimal for the ease of presentation 20. LTV – Loan to Value
▪ All operational KPIs included in the presentation are at 100% stake in all SPVs (except for Nexus 21. M – Millions
Koramangala landowners share) and Investment entity.
22. Minimum Guaranteed Rentals - Minimum guaranteed rental income as per terms contractually agreed
▪ Any references to long-term leases or WALE (Weighted Average Lease Expiry) assumes successive with the tenant(s) renewals by occupiers at their option
23. Minimum Guaranteed Rent - Minimum guaranteed rental income (as defined above) / Occupied Area
▪ The words ‘Consumption centre’, ‘Mall’, ‘Retail Portfolio’, ‘Retail’ have been used interchangeably (as defined below) x Monthly factor
▪ The words ‘Sales’, ‘Consumption’, ‘Tenant Sales’ have been used interchangeably 24. MTM – Mark to Market
▪ The words ‘Nexus Select Trust’, ‘Nexus Malls’ and ‘NXST’ have been used interchangeably 25. MW – Mega-Watt
▪ Gross Asset Value (GAV) considered as per Mar’25 valuation undertaken by iVAS Partners, 26. NDCF – Net Distributable Cashflows represented by Mr. Vijay Arvindkumar C
27. NAV – Net Asset Value
▪ Key Terms and Definitions:
28. Net Debt – Gross Debt less short term treasury investments and cash and cash equivalents
1. ADR – Average Daily Rate (ADR) is a measure of the average rate charged for rooms sold and
29. NOI – Net Operating Income calculated by dividing total rooms revenue for a period by the number of rooms sold during that period 30. Occupied Area - Completed Area (as defined above) for which lease agreements have been signed with the lessee(s)
2. Area – All area is leasable area unless otherwise specified
31. psf – Per square feet
3. BEE – Bureau of Energy Efficiency
32. Psf pm - Per square feet per month
4. Bn - Billions
33. Re-leasing spread - Refers to the change in rent psf between new & expiring leases, expressed as a
5. CAGR – Compound Annual Growth Rate percentage
6. Completed Area – The leasable area of a property for which occupancy certificate has been received
34. Sponsor – Wynford Investments Limited
7. DPU – Distribution per unit
35. sf – Square feet
8. EBITDA – Earnings/ (loss) before finance costs, depreciation, amortization, impairment loss and
36. TEV- Total Enterprise Value income tax excluding share of profit of equity accounted investee
37. Tenant Sales - Net sales generated by tenant(s) from sale of merchandise or provision of services
9. Footfalls or Shopper traffic - The number of people entering a shop or shopping area part of the from the stores located within the Portfolio consumption centre in a given time
38. Trading Density – Tenant Sales for respective period / Carpet Area x Monthly factor
10. 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) 39. Trading Occupancy – Total operational area / Total leasable area
11. GRESB – Formerly known as Global Real Estate Sustainability Benchmark 40. Trustee – Axis Trustee Services Limited
12. GRIHA – Green Rating for Integrated Habitat Assessment 41. 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
13. Gross Rentals - Rental income (the sum of Minimum Guaranteed Rentals (as defined below) and
Turnover Rentals (as defined below)) 42. WALE – Weighted Average Lease Expiry
14. IGBC – Indian Green Building Council 43. Years – Refers to fiscal years unless specified otherwise
15. Initial Portfolio Acquisition Transaction – The transaction pursuant to which the Nexus Select Trust 44. YoY – Year on Year acquired the portfolio (SPVs) prior to listing.
16. In-place Rent – Higher of i) Minimum guaranteed rent as of Mar’25 or ii) Revenue share
17. KPIs – Key Performance Indicators
39 39
THANK YOU
Pratik Dantara Website
www.nexusselecttrust.com
Head of Investor Relations and Strategy Email: [email protected]
Phone
+91-22-6280-5000
Manish Baid
40 40
AGM - Investor Relations