Nexus Select Trust Q4 FY25 NOI up 7%, pays Rs 2

Snapshot: what Nexus Select Trust reported

Nexus Select Trust (NSE: NXST, BSE: 543913), India’s first publicly listed retail REIT, reported higher operating performance for the quarter ended March 31, 2025 (Q4 FY25). The REIT said its net operating income (NOI) increased 7% year-on-year to Rs 446.9 crore. Alongside operating growth, it declared a distribution of Rs 303 crore for the quarter, which the REIT described as Rs 2 per unit.

The update matters for investors primarily because REIT returns in India are closely tied to periodic distributions and the underlying portfolio’s occupancy, tenant sales, and financing costs. In its filings and releases, the trust also highlighted continued demand across key retail categories and steady leasing metrics.

Q4 FY25 financial highlights in numbers

The REIT reported NOI of Rs 446.9 crore for Q4 FY25. It also reported tenant sales of Rs 2,900 crore during the quarter, which it said was up 6% year-on-year. Occupancy for the retail portfolio was reported at 97.2%.

On the financing side, the REIT refinanced debt worth Rs 350 crore during the quarter at a cost of 7.54% per annum, which it said represented a saving of 16 basis points. The REIT’s overall debt cost stood at 7.9%, with a loan-to-value (LTV) ratio of 16%.

Distribution declared: amount, per-unit payout, and dates

For Q4 FY25, Nexus Select Trust declared a distribution of Rs 303 crore, stated as Rs 2 per unit. In the distribution schedule shared by the trust, the Q4 FY25 announcement date was May 13, 2025, and the record date was May 16, 2025.

The trust also disclosed that cumulative distribution for the full FY 2024-25 stood at Rs 1,265 crore. It reiterated the broader REIT framework in India, where distributions are an important part of the return profile.

What the management said about operating performance

Dalip Sehgal, Executive Director and CEO, said the REIT saw strong financial and operating performance in Q4 FY25. He cited 8% year-on-year growth in retail net operating income and 6% year-on-year growth in tenant sales.

He also pointed to category performance, stating that jewellery, beauty and personal care, and electronics continued to perform strongly. Separately, the trust said the Q4 FY25 distribution marked the seventh consecutive quarter of 100% payout.

Annual context: FY25 NOI and leasing

For FY25, the REIT’s NOI was reported at Rs 1,711 crore. The trust also said leasing during the year was 1.1 msf.

These annual numbers provide context on how quarterly performance fits into the broader operating base. NOI is a key operating measure for property vehicles, and leasing activity is closely tracked because it influences occupancy and future rent potential.

Portfolio overview and what it owns

Nexus Select Trust described itself as India’s only retail REIT in the provided material. A PTI report on the filing also said the REIT’s portfolio includes 19 shopping malls, 3 hotels, and 3 office assets.

The asset mix is relevant because most of the operating narrative and tenant sales metrics are tied to the retail portfolio. Occupancy and sales trends are key indicators for retail-led real estate, especially when consumer-facing categories drive footfalls and store performance.

How REIT distribution rules shape payouts

The trust referenced Sebi guidelines under which REITs are mandated to distribute at least 90% of their taxable income. This framework typically results in regular payouts, and it makes disclosure around distribution composition and record dates important for unit holders.

In the trust’s distribution disclosures, payouts are presented as a mix of dividend, interest, repayment of SPV-level debt, and other income. That mix can change by quarter, but the total distribution per unit provides a simple view of what was declared for the period.

Distribution track record: recent quarters per unit

The trust’s disclosures provided per-unit distribution details for multiple quarters, including FY25 and FY26 year-to-date.

Key data table: Q4 FY25 operating and balance sheet metrics

Nexus Select Trust’s updates for Q4 FY25 combined operating performance, retail metrics, and financing disclosures.

Why refinancing costs and occupancy are closely watched

For REITs, occupancy and tenant sales trends feed into rental stability and cash flows that support distributions. Nexus Select Trust’s reported occupancy of 97.2% and tenant sales growth of 6% year-on-year were positioned as signals of operating strength in its retail portfolio.

Financing disclosures are also material because interest expense affects distributable cash. The trust’s refinancing of Rs 350 crore at 7.54% per annum, along with its disclosure of a 7.9% overall debt cost and 16% LTV, helps investors evaluate how leverage and funding costs are tracking alongside operating income.

Conclusion

Nexus Select Trust reported a 7% year-on-year increase in Q4 FY25 NOI to Rs 446.9 crore and declared a distribution of Rs 303 crore, stated as Rs 2 per unit. The quarter also included tenant sales of Rs 2,900 crore, retail occupancy of 97.2%, and refinancing of Rs 350 crore at 7.54% per annum. Investors will track subsequent quarterly filings for updates on tenant sales trends, occupancy, and the timing and composition of future distributions.