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Nexus REIT clocked 18% LTL (like-to-like) consumption growth across its urban consumption centres (malls) in Q2FY24 (similar growth achieved in Q1FY24) with footfalls up 14% YoY and balance growth from high spend per customer. This resulted in Q2FY24 NOI of INR3.5bn which grew 17% YoY.
Mindspace Business Parks REIT (MREIT) delivered a steady performance in Q2FY24 with both revenue and NOI increasing 7% QoQ to INR6.0bn and INR4.9bn, respectively. Overall portfolio occupancy as of Sep’23 was at 83.8% (decline of 310bps QoQ) owing to fresh exits of 0.3msf and acquisition of Porur, Chennai asset of 0.24msf which has higher vacancy.
The Embassy Office Parks REIT (Embassy REIT) delivered a stable performance in Q2FY24 with NOI of INR7.2bn (decline of 3% QoQ) and NDCF of INR5.2bn or INR5.5/unit. During the quarter, while gross leasing of 2.0msf was healthy, fresh exits of ~1msf mainly by third party IT/ITeS service providers led to same-store occupancy declining by 200bps QoQ to 85%.
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.
Mindspace Business Parks REIT (MREIT) delivered a steady performance in Q1FY24 with both revenue and NOI increasing 5% QoQ to INR5.6bn and INR4.6bn, respectively. Overall portfolio occupancy as of Jun’23 was at 86.9% (increase of 350bps QoQ) with committed occupancy at 88.8% (flat QoQ).
