Nexus Select Trust Q2 FY27 slides: 8% NOI growth, 97% occupancy

Nexus Select Trust, India's first retail REIT, reported Q2 FY27 results on November 3, 2026, with net operating income rising 8% year-over-year to INR 504 crore. The trust maintained its full-year distribution guidance of INR 9.8 to INR 10 per unit.

Revenue from operations reached INR 670 crore in the quarter, while EBITDA totaled INR 478 crore. The trust declared a distribution of INR 2.367 per unit, representing the 13th consecutive quarter of 100% net distributable cashflow payout.

Tenant sales grew 13% in Q2 to INR 3,909 crore, and 15% in the first half of FY27 to INR 7,760 crore. For H1 FY27, NOI climbed 9% year-over-year to INR 1,014 crore, with distributions totaling INR 4.809 per unit.

The trust maintained leasing occupancy of 97% and trading occupancy of 94% at the end of H1 FY27. It re-leased 0.9 million square feet during the half-year at an average spread of 22% above expiring rents, with weighted average lease expiry of 4.5 years. Approximately 50% of gross rentals expiring through FY30 carry an estimated 20% mark-to-market upside.

New tenants added included luxury brands Guerlain and Michael Kors, jewelry retailers Malabar Gold and Diamonds, Indriya, and Giva, cosmetics brand Lush, and entertainment retailer Lego.

The trust has two major development projects on track for 2028 completion. Nexus Runwal Gardens Mall in the Mumbai Metropolitan Region has foundation and raft work nearing completion. The Galaxy Complex in Guwahati has completed 100% of reinforced concrete work. A strategic INR 35 crore renovation at the existing Radisson hotel in Ludhiana is expected to add 27 keys and increase average daily rates by 20%.

Gross debt totaled INR 6,219 crore with net debt of INR 5,653 crore. Average cost of debt stood at 7.2%, net debt-to-EBITDA ratio at 2.9x, and interest coverage at 4.2x. The trust maintained an AAA/Stable credit rating. Near-term maturities include INR 250 crore due in H2 FY27 and INR 693 crore in FY28.

The hospitality portfolio achieved 73% occupancy with average daily rate of INR 10,004 and revenue of INR 36 crore, up 6% year-over-year. The office segment, comprising 1.25 million square feet, delivered 90% occupancy with revenue climbing 11% to INR 36 crore and NOI surging 16% to INR 29 crore.

Renewable energy capacity exceeded 67 megawatts on a DC basis, with approximately 55% of portfolio energy consumption now sourced from renewable sources.