Nexus Select Trust posts 11% increase in net operating income to Rs 510 crore

Nexus Select Trust on Monday reported an 11 per cent increase in net operating income to Rs 510 crore, distribution of Rs 370 crore to unit holders for the quarter ended June and said that it has identified eight shopping malls for potential acquisition.

Nexus Select Trust is a Real Estate Investment Trust (REIT) backed by retail assets.

It has 19 shopping malls with a gross leasable area of 10.7 million square feet spread across 15 cities in India, three hotels (450 keys) and three office assets with a gross leasable area of 1.25 million square feet.


"Net Operating Income (NOI) rose 11 per cent YoY (year-on-year) to Rs 510 crore in Q1 FY27, driven by strong consumption and leasing momentum," the company said in a regulatory filing.

Dalip Sehgal, Executive Director and Chief Executive Officer at Nexus Select Trust, said the company has delivered robust double-digit consumption growth during the quarter despite heightened global uncertainties.

He said the company has declared a distribution of Rs 370 crores, equivalent to INR 2.442 per unit, for the June quarter. This reflects 10 per cent growth in DPU (distribution per unit) in line with the guidance.

"Cumulatively since listing, we have distributed more than Rs 4,080 crore and delivered IRR of 25 per cent, underscoring our commitment to delivering consistent returns to our unitholders," Sehgal said.

Seeking to double the portfolio by 2030, he said the company is acquiring Diamond Plaza mall in Kolkata, with the transaction expected to close in the first half of FY27.

"We have also built a robust acquisition pipeline comprising 8 retail assets across India, with two assets currently under due diligence.

"Backed by a strong balance sheet, low leverage, and nearly USD 1 billion of available debt headroom, we are well positioned to capitalise on attractive inorganic growth opportunities and continue scaling our platform," Sehgal said.