Ladies and gentlemen, good day and welcome to the earnings conference call of Nexus Select Trust for Q2 and H1 FY 2027. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Pratik Dantara, Chief Investor Relations Officer and Head Strategy from Nexus Select Trust. Thank you, and over to Mr. Dantara. Thank you, sir. Good evening, everyone, and thank you for joining the earnings conference call of Nexus Select Trust. Before we proceed, I would like to highlight that the management may make certain statements that may constitute forward-looking statements. Please be advised that actual results may differ materially from these statements. We do not guarantee these statements or results, and are not obligated to update them at any point of time. Specifically, any financial guidance and pro forma information that we share on the call are management estimates based on certain assumptions and have not been subject to audit review examination procedure. You are cautioned not to place undue reliance on such information, and there can be no assurance that we will be able to achieve the same. Joining me today on the call are Dalip Sehgal, Executive Director and CEO, Siddharth Nawal, Managing Director and CEO Designate, along with members of the management committee. We will begin with brief remarks on our business and financial performance and then open the floor for questions. Over to you, sir. Thank you, Pratik. Good evening, everyone, and welcome to the Nexus Select Trust Quarter 2 and H1 FY 2027 earnings call. We are pleased to report a strong performance in Quarter 2, despite the festive season shifting largely to Quarter three this year. The favorable operating and consumption environment that emerged in Quarter 1 sustained its momentum through Quarter 2, with demand remaining quite healthy. Now, coming to our quarter performance for Quarter 2, our net operating income stood at INR 504 crore, growing 8% year on year. We have declared a distribution of INR 359 crore, equivalent to INR 2.367 per unit, representing growth of 8% year on year. Cumulatively for the first half, NOI reached INR 1,014 crore, up 9% year on year, while distribution totaled INR 729 crore or INR 4.809 per unit. We remain on track to achieve the FY distribution guidance, which was in the range of INR 9.8-INR 10 per unit. Since listing, we have cumulatively distributed over INR 4,400 crore and delivered an IRR of 24% to our unitholders. Behind these distributions is the robust operating performance of our malls. Tenant sales grew 13% in Q2. Broad-based growth witnessed across categories. For H1, tenant sales reached INR 7,760 crore, up 15%, with 7 crore visitors, which is 70 million footfalls across the platform, up 4% from last year. What interests us is how consumers are spending as much as how much they are spending. That understanding shapes our leasing decisions and where we invest in the customer experience. Fashion, which as you perhaps know is our largest category, has recorded high single-digit growth during the quarter. Jewelry, which is a focus category, grew at 54%, reflecting the fact that our curated jewelry zones and festivals added to this growth. Beauty and personal care, this is again an area of focus, continued to grow with consumption of 13% up. Entertainment delivered 18% growth, supported by good movies like "Spider-Man," "The Odyssey," "Mirzapur," et cetera, while the electronics category recorded 19% growth, led by the Apple phone launch, as you would remember. That brings us to leasing. Q2, we re-leased close to 0.5 million square feet at a spread of 25%. 0.5 million, half a million square feet at 25% spread. We closed the first half of the year at 97% lease occupancy. High occupancy is a strong starting point. Our work continues within that occupied space, identifying where a different brand, format, or category can improve productivity. As we have said, we continue to remain the first port of call for national and international brands to open their first stores in India with us. This quarter saw brands like Sri Madhuji, LEGO, HyperPod, Portland, Uniqlo, David Debuting across the key markets in our portfolio. These are the brands that have opened with us in this quarter. Uniqlo, incidentally, is doing extremely well. Across the portfolio, 50% of gross rentals come up for expiry over a three-and-a-half-year period, with a mark-to-market opportunity of 20% plus. This remains an important component of our organic growth opportunity. On the marketing front, we work towards the same commercial objectives, giving consumers compelling reasons to visit and return. During the half year, we did summer experiences like the Dragon Kingdom at Nexus Elante, Panda Land at Nexus Seawoods, Ocean World at Nexus Hyderabad, and brought together shopping, entertainment, and locally relevant experiences. Our ticketed attractions recorded over 1.25 lakh ticket sales, with transactions into over 5 lakh people experiencing the activation, and we earned INR 5.3 crore in revenue from these activities. On our under-development projects, construction at Nexus Galaxy Complex in Guwahati is progressing well, with the RCC structure complete and mechanical, electrical, and plumbing work underway. The project marks our entry into Northeast India and remains on track for completion in 2028. Construction of Nexus Runwal Gardens Mall in Dombivli is also progressing towards completion for 2028, with foundation and raft work nearing completion. At Radisson Ludhiana, we are undertaking strategic renovation across the hotel, which is expected to add 27 rooms and result in a 20% increase in our average daily rate, delivering a 17% yield on cost on the investment. Now, moving to our acquisition pipeline, we continue to see a strong opportunity set with a robust pipeline of six assets across India. We currently have two assets under due diligence, while the acquisition of Diamond Plaza, Kolkata, which was announced earlier this year, is expected to close soon. We remain on track to add two to three high-quality assets to our portfolio during this year, further strengthening our growth trajectory. Lastly, summarizing our performance. We delivered robust consumption growth of 13% during Q2, with broad-based double-digit growth across categories. Achieved strong financial performance with 8% net operating income in the quarter and 9% in the first half, and distribution growth in the quarter, underpinned by healthy operating fundamentals. Our acquisition pipeline remains robust, with six identified opportunities across India. We remain on track to add two to three high-quality assets to the portfolio every year. Before I close, a brief personal note. This is my final earnings call as Executive Director and CEO of Nexus. Helping build Nexus into India's first listed REIT retail REIT has been a privilege, and I thank our tenants, retail partners, our board, our unit holders, and other investors for making that journey possible. It has been a privilege to lead Nexus Select Trust through one of the most exciting chapters of this journey since inception. Together, we have built an institution defined by exceptional people, strong governance, and an unwavering commitment to excellence. I am proud of what we have accomplished and leave knowing the organization is well-prepared for its next chapter. As announced, Siddharth Nawal will succeed me on 1st of January 2027, and we are working closely through the transition. Welcome, Siddharth. With that, I conclude our opening remarks. My colleagues and I look forward to your questions now. Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking your question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Participants, you may press star and one to ask a question. Anyone who wishes to ask a question may press star and one. First question is from the line of Mohit Agrawal from IIFL Capital. Please go ahead. Yeah, good afternoon, everyone, and thanks for the opportunity. First of all, thank you, Dalip sir, for your leadership at Nexus, and best wishes to you for your future. And congratulations, Siddharth. Really looking forward to interacting with you. My questions are basically first on your consumption growth of 13%. You gave some numbers on jewelry and electronics, but what would be the 13% consumption growth ex of jewelry and electronics, and how would that tie in with the NOI growth that we've seen this quarter? Let me ask Pratik to answer this. Pratik, go ahead, please. Hi, Mohit. Mohit, consumption growth ex of jewelry would be about a couple of percentage points lower, so that would get to about 11%. And ex of jewelry and electronics would be about in the ballpark of 9.5%, 10%. 9.5%, 10%. And how is basically, if you could give some color around, how is the first quarter shaping up? And probably from a full year perspective, how do you see this like-for-like consumption growth trending from a full year FY 2027 perspective? You are asking about Q3? Q3 so far, yes. Yeah. I think, Mohit, what we have to be careful in quarter three is that you cannot look at it month-wise, primarily because of the fact that last year Diwali was in October, and this year Diwali is in November. The way we are looking at it is to look at October plus November to see what kind of growth we are getting. My sense is that if you look at the quarter as a whole, we should be in the ballpark growth number of what we have delivered in the first half of the year, right? We did about 15-odd percent, 13% net of jewelry. I think that is the kind of number that by and large we should be able to do, barring, of course, unforeseen circumstances. Otherwise, we are on track, I think, to meet roughly the same growth numbers that we did in the first half of the year. Okay. My second question is October, despite the fact that Diwali was not there, has done reasonably well. We are all hoping and planning for a quarter three which is again a strong quarter. Sure. My second question is, you have been reporting this rent-to-sales number, 11.2%. This number has been 12% historically, I was looking at the data. How do you see the number over the medium term trending, and what would drive these numbers up or down, if you could give some color around that? Mohit, I think directionally, we would want to target a rent-to-sales ratio in the ZIP code of about 13%-14%. Currently, it is in that range of about 11%. Again, it is a mathematical thing. The sales consumption growth has been stronger because of some of the high-value categories that we have added over the last year or so. We are really confident that with the upcoming renewals that we have, if you kind of see our lease expiry schedule, we have got a very strong lease expiry schedule that is coming up wherein close to 50% of our gross rentals are expiring. That should, in some form, get the mark-to-market and come into the numerator to get to that 13% to 14% targeted rent-to-sales. Nirzar, you want to add to this? So, Mohit, it is about also curation. When we are curating the spaces, and if you see our spreads in Q1 and Q2, they are spreading us in line. I think the idea is to take it between 12% and 14% in terms of rent-to-sales. Any timeline regarding when you want to achieve that, by when? I think it is work in progress as the leases come up. This year, we had a natural expiry so far of about half a million, and our activity has been close to 900,000 sq ft. We have also been doing some portion, so I think some of that will start queuing in from Q4 and then really affect as stores get operational into the next year. But Mohit, directionally, you will see this number going up as we start getting the mark-to-market into the rentals. I think we should kind of slowly get to the upper end of the range by FY 2030. Yeah. FY30? Yeah. I think timing is one way. Other way is that, look, so far we have been buying assets, so we inherit a certain structure in terms of rent-to-sales. What happens is that in our case, because when we have acquired, the growth in sales has been 20% plus, so you see a actually lowering of the ratio. Now, with at least two new malls coming up, Guwahati and Dombivli, my sense is that we will, while Guwahati is also getting very good traction, so is Dombivli, I think we will actually see an upswing in the rent-to-sales ratio because we are starting from scratch. We are not inheriting a particular ratio. Secondly, like Nirzar said, I think we are also focusing on getting better brands, better categories, et cetera, which would yield better rents. I think it is a matter of, my sense is, between three and a half, four years, that we should be at a significantly better sales-to-rent ratio. Sure. My last question is, there is a slide on your tier 2 strategy. You have been investing in malls in tier 2 cities now. Just trying to, has there been incrementally more focus on tier 2 malls, and the strategy would still be to buy and reposition the asset, or are you also looking at development portfolio within the tier 2 space? Some color around that, and maybe in your journey towards doubling your mall portfolio, what would, let us say, a tier 2 versus tier 1, any thoughts around that? Yeah. Let me start, and then maybe some of the other guys can add on. I think the first thing is that we have not focused on tier 1, tier 2. We have focused on where the consumer opportunity is and where we can add value. So, let's assume that Bhubaneswar is a tier 2 city, but opportunity there, and today it is one of our best-performing malls in terms of footfall, rent-to-sales, and rate itself. So, it is a question of where we see the opportunity. Up north, we saw the opportunity in Amritsar. We are the number one mall today. We saw an opportunity in Ludhiana, and we have done extremely well. In fact, in this quarter, it is one of the highest-growing malls. The hotel is getting up really, et cetera. And we saw an opportunity in Guwahati because there is really nothing, and it is the gateway to the northeast, so we have invested there. So I think we are not fussed about quarter, tier 1, tier 2. I think we are more looking at A, the opportunity, B, the commercial value, and C, what is it that we can do with that asset. I think that is important. So that asset could be in a larger city, or like Elante is a tier 3 city, I imagine, in terms of population, but it is more than a tier 1 in terms of the business. So clearly, I think that is really what drives our choice of where we want to be. Having said that, yes, I think the M&A team has a very clear structure and a funnel in terms of where we wish to be and how we go about doing it. So, for example, in Bangalore, our clear strategy was that having bought a few malls in Bangalore, we would add to it. And you saw we bought Vega City there, and that is actually helping the whole of Bangalore in terms of building a business and getting benefits of size, scale, and synergy. So that is one. Up north, if you look at it, starting from Chandigarh up, you have got Ludhiana, you have got Amritsar. So there are again synergies in terms of the consumer habits that we have, the language, et cetera, so that you see other kinds of synergy that works. So to answer your question, yes, there is a framework. There is a funnel of what will go through and what will not. And finally, I think the call is taken on these three, four parameters, which is A, in terms of consumption, is it potentially a big upside to it? Two, commercially, does it make sense? Three, what is the value that we can add? And four, are there synergy benefits around that location? Sure. Great. Those were my questions. Wish you all a very happy Diwali. Thank you so much. Thanks, sir. Thank you. Next question is from Pritesh Sheth from Axis Capital. Please go ahead. Yeah. Good evening, and thanks for the opportunity. The first question is on just deep diving on the second half outlook that you mentioned. Because if I understand correctly, I think second half, we are entering a high base, at least on the jewelry side, in terms of the gold price increase that we saw. So, whether the 13% to 15% growth would more be led by other categories, and hence the conversion from the consumption growth to NOI could potentially be better if my understanding is correct. To answer your question, I think there are two, three things that you've asked. The first one is that I do not think we have given a second half outlook. I think somebody asked a question about quarter three, and we said, "Look, there is a shift in terms of festival days, and hence what will happen." We are pretty confident that we should be able to do the kind of growth we have done in the first half. So that was the answer if you saw it. Secondly, in terms of gold or jewelry, please remember that even in the first half, our growth in consumption is 15%, and even if you take out all of jewelry, it is still 13%. Number two, jewelry is still, at the end of September, only 7% of our sales. It is up almost double. It was 3.5%. It is 7%, and I think there is still plenty of scope for us to do more. Third, I think while gold prices have come down, India is why gold is hitting prices, and you have seen that happen at 150, 155 as well. All the gold jewelry companies, diamond jewelry companies, they are all talking about at least a 20%-30% growth during this festival season. So I think we will see a reasonably robust growth. October, for example, in Nexus Elante, we have had, I think, one of our highest sales in jewelry, and Dussehra is this month, Diwali is this month. So overall, I think jewelry will do well. But even without jewelry, my sense is that if you have done 13% in the first half, you should be able to do a similar number in quarter three as well. Pritesh, I think apart from jewelry, we also believe that with the kind of movies that are scheduled to be released over the next few months, you should see that traction come in, footfall as well, which would have a rub-off effect on F&B and some of the other categories. So we are expecting at least the latest one, Ramayana, to kind of do well, and we are geared up for that. Some of the other categories like beauty, et cetera, continue to do well with the festive season around the corner. Yeah. Sure, got it. Very helpful. Second, in terms of the acquisition pipeline, or rather the kind of acquisitions that we are now doing, a couple of them forward purchase. Are we now more inclined to do this forward purchase because obviously it creates much more value than the up and running kind of a mall? Is the pipeline that is coming to us also more towards forward purchase? How should we look at it? Yeah. Pritesh, I think we will still do a majority of our deals as third-party ready asset acquisitions. Forward purchases, we have done one with Runwal, and we have announced a second one at Guwahati. We will be selective. It would mean that we will have to see how we get to a ready stage at Runwal and Guwahati, and what is our experience in that process. But I think at this point of time, I still believe 70%, 75% of the transactions that we do would be ready-made assets that we will acquire from third parties, and the balance would be forward purchasing. Yeah. Just to add to that, I think if you look at the two, one brownfield, which is Guwahati, and one greenfield, or part brown, part green, which is Dombivli, I think the reason why we went in for, let us say, something that is not operating right now or running right now, is if you look at Guwahati, there is nothing to buy. The opportunity there we saw is huge, with the seven states, et cetera. It is the gateway to everything. If there is nothing to buy, we have to look at what else is available. Also remember that it is not a ground-up greenfield that we have bought. It was a mall and a hotel under construction, which we have sort of done a forward deal on. Dombivli, if you ask me, again, similar thing, which is that if you go to Dombivli today, it is similar to what Seawoods was eight years ago when we bought it from L&T. At that point in time, everybody said, "Oh my God, nothing will happen in this area." Look at Seawoods today, one of our best performing assets, right? So, I think Dombivli and beyond is roughly in that kind of a timeframe right now. By the time the mall sort of comes up and is fully operational, I think we, in the future, will have an asset which is really commercially at the top of the heap in terms of the location itself. So, to answer your question, I think, again, it is a question of where the opportunity is and whether we have anything to buy. If we have none, I think we will have to look at buying it, to invest in a green or a brownfield, if there is nothing else. But we still, parallelly, as you would have seen, I think four of the six assets are still assets that are operating. So, I think the strategy of saying, "Buy an asset," that playbook stays. There is nothing different over here. It is more a question of if the opportunity exists in a market where there is nothing available for in the core stable sector to buy, then I think we have to look at what is available. That is really what it is. Pritesh, in this financial year, we are looking to close the Diamond Plaza acquisition in Kolkata soon, hopefully this month. Then we have a couple of more assets which are currently under diligence, and we expect to close those transactions as well by March. So, at least in the very short term, the pipeline for third-party acquisitions looking very, very strong. Sure. Just one last, because just trying to understand, apart from these acquisition-led growth, is there any densification opportunity within our portfolio, especially for some of the successful malls like the Seawoods, Elante? If you are trying to explore that, you can highlight that. Yeah. There are densification opportunities available. We have already announced the Boulevard area in Nexus Elante, wherein we have acquired 60,000 sq ft. So, we are working towards leasing that out. Then there are opportunities, I will not give out specific cities, but there are opportunities up north and in the west that we are actually evaluating. Yeah. We did that, as a matter of fact, you were aware of the fact that we did that in Ahmedabad, where we constructed how much mall? Almost 160,000 sq ft. I think we keep looking at opportunities. We will also keep looking at, because some of these laws also keep changing in states, et cetera. If there is an opportunity, obviously, we will take it. Sure. Thanks. That is it from my side. All the best. Thank you, Dalip sir, for your insights. It was always helpful. Welcome, Siddharth, to the team. Looking forward to the journey from here on. Thanks. Thank you. Thanks. Thank you very much. A request to all the participants, please limit yourself to two questions per participant and then for a follow-up. Next question is from Girish Choudhary from Avendus Spark. Please go ahead. Yeah. Hi. Thanks for the opportunity. I mean, just as a follow-up to the development opportunities where you are doing the Runwal and the Guwahati, how should we think about the returns in terms of how should it compare versus acquisition of the assets which you buy, which are already stabilized versus these kind of opportunities? From a risks point of view, how do you insulate yourself from the development risks and also the leasing risks? Okay. Pritesh, do you want to take that? Girish, I think from a forward purchase standpoint, whatever we have announced, from a risk-reward, it is looking at a yield on cost of about 12% to 13% yield on cost on those assets. Obviously, we will have to see how quickly can we get those assets up and lease them out. Especially at Tilavadi, we had indicated FY 2030 when we announced that transaction, but the way the construction there is progressing, we are at least a year ahead there. So, I think we have been doing a good job there. So, we will see how we progress in some of these, but directionally, 12% to 13% yield on cost is what we are targeting. How does that compare with acquisition if you just want to Sorry, Girish, I did not understand that acquisition question. No, so let's say, how does it compare if you buy some of the already established mall, or let's say, stabilized mall, how should we compare the return differences between these two? As a follow-up, in terms of leasing, will you start pre-leasing well ahead of the completion of those malls? Hi, Nirzar here. I will take the second question. In terms of pre-leasing activity, we have already started signing major anchors as well as key retailers. So, as of now, we are at the stage where we are between 30% to 50% in terms of key discussions, although the malls come up later. Some parts we will do as these sign-up happens. The response to both the malls is very good, and the positioning as well for both the assets is well-liked by the market in terms of retailers. We hope to get there in the direction that we planned. Got it. Girish, on the first one, I think the return profiles are pretty similar. It is just that in a ready mall, the risk is a bit lower compared to when you are doing a sort of greenfield or a brownfield. Yeah. And your go-to-market is faster, so I think that is Yeah. Got it. Thank you. All the very best. Thanks. Thanks. Thank you. Next question is from Sumit Kumar from JM Financial. Please go ahead. Hi. Thanks for this opportunity. My first question is on the lease expiry, especially for FY 2028, where we would see about 17% of gross rentals up for expiry at our key assets at Salaphe and Kand. Any update on what kind of discussions and any conversations that you have done on those expiries? Sure. So, very nice question. A lot of what we do in leasing is also we look at forward because the portfolio is pretty highly leased at 96%, 97%. We are already having discussions in terms of what is our vision for 2028, 2029, what are the key changes that we want to bring, how do we want to do this. For example, with the multiplexes, we are asking them to invest in renovating the assets. For large format stores, we are kind of resizing them or taking back some spaces. So, all those discussions are in play, and you will see it comes from a motivation of making the malls better in terms of their offering, and second, obviously achieving the track record that we have on mark-to-market spreads as well. So, I think we are looking at FY 2028, 2029 already in terms of key anchor discussions and how we can repurpose some of that space. Sure. Second question would be on Hyderabad performance for the quarter was also muted. Any particular reason you want to point out, or is it just one general aggregate? Yeah. On Hyderabad, we took ahead the idea to repurpose the mall. We are repurposing almost 33%, 34% of the mall, where we have removed the hypermarket player much ahead of their expiry. We are creating a gourmet district on top where we are adding new restaurants. The mall is undergoing some change, and with the addition of marquee new first-in-the-state anchors as well coming in. That mall has currently a large area which is under fit-out as it is getting repurposed, and 80% of what we planned to achieve when we made the AOP, we have already achieved. The balance 20% is in signing and should get achieved in the next 30 to 60 days. This new space will start operations from the next quarter, or is it A large part of it will not get operational in Q4, but from Q1 next year, we will see a lot of this benefit coming in, into Q1 and Q2 next year. Because some of them are international fashion brands, some are international food brands. A lot of that will take time as existing spaces get vacant and fitted out. You will see the full better impact of it in Q1 and Q2 next year. Sure. Thank you. That's all. Sorry, Sumit. Another point that I want to kind of bring out is, as you look at the expiry schedule, anchor tenants constitute about 30% of the total area that's expiring over the next three and a half years. These are contracts that have been long-term and are coming up for renewal after 19 years. When you think about the mark-to-market opportunity and the rental uplift that's available on some of these renewals is significant for us. So, safe to say that your 20% average, you'll most likely exceed that. You do blame the transfer cost, but I was more pointing towards the other. Yeah. Okay. Thank you, Pratik sir. Thanks. And some other. Thank you. Next question is from Parvez Qazi from Nuvama Group. Please go ahead. Hi, good evening. Thanks for taking my question. My question is on trading density. We have seen about 14% year-over-year increase in trading density. I am thinking your experience, could this figure differ materially across regions? I mean, let's say, West India have higher trading density growth than North India, or anything like that. Any color on that would be useful. Thank you. No, Parvez, I don't think that there is any dramatic difference region-wise. Here, the difference will be in terms of the asset. Technically, let's say, you got Koramangala, which is a very strong asset, obviously the trading density will be substantially higher. Or you've got Select Citywalk, which is doing very well and has a trading density which is perhaps one of the highest in the country. Not really any region difference. More to do with the location of the mall, more to do with the kind of brands which are there. Sure. That is it from my side. Thank Dalip sir for all the interactions and best of luck for the future index. Thank you. Thank you so much. Thanks. Thank you very much. A reminder to all the participants, you may press star and one to ask a question. Next question is from Sarvesh Gupta from Maximal Capital. Please go ahead. Good evening, sir, and thank you for giving the opportunity. Most of the questions have been answered, but just few queries now. Firstly, on the interest rate hikes that we are seeing in the environment. So, how does your DPU get affected? If you can give us some sense of, let us say, for every 25 to 50 basis points, what is the hit on the DPU due to higher interest costs, and what is your floating and fixed rate book mix? That is the first question. Look, Sarvesh, I think the guidance that we have given, INR 9.8-INR 10 as distribution per unit, that does not get impacted as of now. As we were planning the AOP exercise for FY 2026/2027, we had factored in a higher interest rate, and we have not still reached that number. So for now, at least for one more rate hike, we will be good in terms of meeting this year's guidance. In terms of the split between the fixed floating debt, you will see about, that is on slide 25, you will see that as 58% is fixed, the balance is fixed. Okay. Sir, you were saying, we are getting this valued. So what kind of interest cost are we assuming from the valuation point of view, and where are we currently in terms of the interest cost? If we see further rate hikes, then what could be the impact on the NAV? Sarvesh, hi, this is Rajesh. We have had only one rate hike in the last MPC by 25 basis points. Like Pratik mentioned, we are still not breaching what we are kind of modeled in the AOP for this year. Having said that, this WACC adjustment will happen only, we kind of reach that breach by the end of this year. Till then, we are not kind of looking because WACC is, from a long-term perspective, I would say seven to 10-year horizon, just because of one rate hike does not make sense for us to kind of change the WACC on account of interest rates. It is currently 11.5%. 11.5, you said. Hello? 11.5%. Okay, sir. Understood. Secondly, on the 15% consumption growth, is it entirely like-for-like, or what would be the like-for-like metric for the same? Oh, it is like-for-like. We have not added very much, maybe a small 30,000 sq ft, which is what we have added. That, in fact, actually, if you look at, the 100 is lower in terms of operational GLA. So, the same square feet would actually be higher than what we were before. The growth is not from like-to-like area. The trading area is actually lower because of the sheds, which one that we are doing. So, actual growth is higher. Yeah, actually, you could probably add at least 2 to 3 percentage points. Yeah to this growth if there was convergence between trading and leasing occupancies. Okay. Since there is not major square footage addition between, let's say, the base quarter and the last quarter, this 8% NOI is basically for the entire organic sort of a growth? Yeah. On a lower rental yield area, I think that's very important to understand. For us, every 100 basis points is a lot of area that is not operational, which means it's not rent yielding. So, actually, that eight or nine would actually be higher if all of it was leased, which hopefully will happen. 100% Yeah, it will happen in the next couple of quarters. Okay. On your top two malls, like your Elante, there is some brownfield that you are doing by buying the adjacent thing. But on the other two assets, Select Citywalk and the Seawoods in Mumbai, are there some potential opportunities to add more retail area here? Sarvesh, we do not want to get into specific details around it, but we are evaluating opportunities to densify our presence in respective cities that we are already present in. So, at this point of time, we can only give out door keys. Okay. Okay, sir. Thank you, and all the best. Thank you. Thank you. Next question is from the line of Jatin from BofA Securities. Please go ahead. Jatin, may I request you to unmute your line and proceed with your question. Sorry, Yaswanth. Unmute. Thanks for the opportunity. I had a couple of questions. The first one being around cap rates. Are the current cap rates for some of the acquisitions that you are looking at adequately capturing in the expected increase in cost of capital? Obviously, listed REITs have seen some mild expansion in cap rates. What are you seeing in the private market? Kunal, hi, Pratik. Yes, we are factoring in some of that increase or potential increase in the cost of capital into the negotiations that we are having with third parties. Understood. Got it. Great. The second one that I had is of keeping one. Would you have handy the rent-to-consumption metric ex of jewelry? I think that would probably give us a better idea of- 15 in the first half, 13 without jewelry. Sorry, I forgot to come back to this. Kunal, can I just come back to you as it is not handy with me? Okay. Sure. Thank you so much. All the best, guys, and congratulations. Thank you so much. Thanks. Thank you very much. As there are no further questions, I will now hand the conference over to Mr. Pratik Dantara for closing comments. Thank you, everyone, for joining the call today. Wishing you all a very happy Diwali. Thank you. Thanks to everybody. Thanks. Thank you very much. On behalf of Nexus Select Trust, that concludes this conference. Thank you all for joining us, and you may now disconnect your lines. Thank you.