The company declared a distribution of Rs 332.69 crore, or Rs 2.196 per unit, for Q3 FY25, reflecting a 10% YoY rise
Bengaluru: India’s first publicly listed retail Real Estate Investment Trust (REIT), Nexus Select Trust, reported a 6% year-on-year (YoY) increase in net operating income (NOI), reaching Rs 441.6 crore in the third quarter of the current fiscal year.
The company declared a distribution of Rs 332.69 crore, or Rs 2.196 per unit, for Q3 FY25, reflecting a 10% YoY rise. Its retail portfolio trading occupancy stood at 96.8%, marking a 70 basis points (bps) YoY increase.
“We witnessed strong net operating income growth of 6% YoY in a market environment showing early signs of consumption recovery. Nine of our malls recorded their highest-ever quarterly consumption in the quarter ended December 2024.” said Dalip Sehgal, Executive Director and CEO of Nexus Select Trust.
“Categories like fashion, jewellery, watches, beauty and personal care, and entertainment witnessed improvement in growth in the quarter and helped augment footfalls. We continue to focus on adding new experiences such as Dino Verse, Anamorphic screens, and live events to make our malls consumption and social hubs,” he added.
Nexus Select Trust’s portfolio comprises 17 urban consumption centres with a gross leasable area of 9.9 million (99 lakh) sq. ft. spread across 14 cities in India, two hotel assets (354 keys) and three office assets with a gross leasable area of 1.3 million (13 lakh) sq. ft.