Nexus Select Trust (NSE: NXST / BSE: 543913), India’s first listed Retail REIT, reported a strong set of financial and operational results for the quarter ended December 31, 2025 (Q3 FY26), declaring its highest quarterly distribution since listing.
The REIT achieved its highest ever quarterly tenant sales of approximately INR 41 billion, reflecting a 16% year-on-year growth. Growth was driven by strong performance across categories such as Beauty & Personal Care, Fashion, Jewellery, and Entertainment, indicating sustained consumption momentum.
Retail Net Operating Income (NOI) increased 15% YoY to INR 4.5 billion, supported by stable portfolio performance and continued leasing strength. Occupancy remained robust at 97% for the 11th consecutive quarter since listing, highlighting operational resilience across assets.
Nexus Select Trust declared a distribution of INR 3,586 million (INR 2.367 per unit), marking the highest quarterly payout since listing and keeping the REIT on track to achieve its FY26 guidance.
In a notable financing milestone, the trust became the first in the industry to raise a 10-year sustainability-linked bond worth INR 7 billion, along with a floating rate tranche of INR 2 billion. The issuance, anchored by the International Finance Corporation (IFC), is expected to generate annual savings of INR 60 million. Consequently, the overall debt cost reduced by approximately 30 basis points to 7.2%. The balance sheet remains strong, with a low leverage level of 18% Loan-to-Value (LTV) and a AAA/Stable credit rating.
During the quarter, Nexus Select Trust completed the acquisition of 60,000 sq ft of prime retail space within Nexus Elante Complex, enabling expansion into high-value categories including luxury fashion. This strategic move enhances the asset’s retail positioning and customer experience.
The REIT also received recognition as a “Regional Sector Leader – Retail Asia” by GRESB, reinforcing its sustainability leadership.
Dalip Sehgal, Executive Director and Chief Executive Officer at Nexus Select Trust, said,
“Building on the strong momentum across our portfolio, we delivered another quarter of robust operational and financial performance in Q3 FY26, with tenant sales growing by 16% and retail net operating income increasing by 15%. Reflecting this performance, we are pleased to announce a distribution of INR 3,586 million, equivalent to INR 2.367 per unit, marking our highest quarterly distribution since listing. We remain firmly on track to achieve our FY26 NOI and distribution guidance.
During the quarter, we completed the strategic acquisition of approximately 60,000 square feet of prime retail space across the Ground and First floors at Nexus Elante, further enhancing the mall’s retail positioning. This acquisition enables the activation of a prominent high-street frontage through the monetisation of an underutilised courtyard area, while improving customer circulation and dwell time. We intend to selectively replicate this acquisition-led expansion strategy across our portfolio where similar opportunities exist.
Our recently acquired assets—Nexus Vega City and Nexus MBD Neopolis—continued to demonstrate strong momentum, delivering approximately 15% growth in tenant sales alongside positive footfall trends during Q3 FY26. In line with our strategy to double the portfolio by 2030, we have built a robust acquisition pipeline of 11 assets across India, with four assets currently under due-diligence. Supported by a strong balance sheet, low leverage, and close to USD 1 billion of debt headroom, we are well positioned to execute the next phase of our inorganic growth strategy.”
The record date for the Q3 FY26 distribution is February 05, 2026, with payment scheduled on or before February 12, 2026.
