Nexus Select Trust Q3 Net Operating Income Climbs 15% YoY

Nexus Select Trust reported a 15% year-on-year increase in net operating income (NOI) for the quarter ended December (Q3 FY26).  

NOI for the quarter stood at ₹450 crore. The trust said the increase was mainly due to consistent occupancy levels and income from assets acquired earlier. 

Occupancy X2 Portfolio 

Leased occupancy across the portfolio was reported at 97% during the quarter. Occupancy levels were broadly in line with previous quarters. The trust did not report any material change in occupancy trends across its operating malls during the period. 

Recently Added Assets WWW1W 

The recently acquired malls, Nexus Vega City and Nexus MBD Neopolis continued to contribute during the quarter. Tenant sales at these 2 assets rose by around 15% year-on-year in Q3 FY26.  

The malls also reported higher footfalls compared with the same quarter last year, along with rental income contributions. 

Tenant Sales Performance 

Total tenant sales across the portfolio reached ₹4,100 crore during the December quarter. This was a 16% increase compared with the year-ago period and the highest quarterly tenant sales reported by the trust so far.  

Sales growth was seen across categories including beauty and personal care, fashion, jewellery and entertainment. 

Distribution Declared 

For Q3 FY26, the trust declared a distribution of ₹358.6 crore, translating to ₹2.367 per unit. This was 8% higher than the distribution declared in the corresponding quarter last year. It was also the highest quarterly distribution declared since the trust’s listing. 

Portfolio Changes and Pipeline 

During the quarter, the trust completed the acquisition of about 60,000 square feet of retail space at Nexus Elante, covering the ground and first floors.  

The portfolio currently consists of 19 malls. Nexus has identified 11 assets across India as part of its acquisition pipeline, with four assets currently under due diligence. 

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Conclusion 

The December quarter reflected stable occupancy levels, higher tenant sales and continued income from recently acquired assets, in line with the trust’s stated projections for FY26. 

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