Nexus REIT clocked 18% LTL (like-to-like) consumption growth across its urban consumption centres (malls) in Q1FY24 with footfalls up 10% YoY and balance growth from high spend per customer. We expect Nexus’ NOI CAGR of 10.4% over FY23-26E to INR18.8bn on expected ramp-up in occupancies in existing assets, annual rental escalations and mark-up of leases that are expiring.