Nexus Select Trust FY26 results: what India's retail REIT means for Bengaluru investors

On 12 May 2026, the board of Nexus Select Trust signed off on its full-year accounts and declared a final distribution, closing FY26 with a payout most physical landlords in Bengaluru would envy on a per-rupee basis. The trust paid Rs 9.081 per unit for the year, up from Rs 8.350 the year before. For an investor who has watched apartment rental yields in the city hover in the low single digits, a listed vehicle backed by malls including Nexus Koramangala is worth a hard look, and an equally hard set of caveats.

The short answer. Nexus Select Trust, India's only listed retail REIT, distributed Rs 1,375.8 crore in FY26, or Rs 9.081 per unit, up from Rs 8.350 in FY25, with net asset value at Rs 164 per unit as of 31 March 2026. It offers liquid, professionally managed exposure to Grade A retail rent, but unlike a flat you cannot occupy it, the unit price swings with the market, and distributions are not guaranteed.

What did Nexus Select Trust report for FY26?

Nexus Select Trust reported a full-year distribution of Rs 1,375.8 crore, equal to Rs 9.081 per unit, for the year ended 31 March 2026. That is up from Rs 1,265 crore, or Rs 8.350 per unit, in FY25, a per-unit rise of close to 9%. The fourth-quarter distribution alone was Rs 346.33 crore, or Rs 2.286 per unit. Net operating income for the March quarter rose about 12% on strong retail consumption, according to reporting on the results. The board approved the accounts on 12 May 2026, set a record date of 15 May, and scheduled payout by 22 May. Net asset value stood at Rs 164 per unit as of 31 March 2026, based on valuations by iVAS Partners.

How is a retail REIT different from the office REITs Bengaluru investors know?

The core difference is what generates the rent. Bengaluru investors are most familiar with office REITs, where income comes from technology tenants on long leases. A retail REIT like Nexus earns from shopping mall tenants, where rent often carries a fixed minimum plus a share of store sales, so income tracks consumer spending rather than corporate leasing cycles. That gives a different risk profile: retail rent can rise quickly when footfall and spending are strong, but it is more exposed to consumption slowdowns and to the slow structural shift toward online shopping. Our coverage of Embassy REIT's FY26 results shows the office side of the same coin for comparison.

Why should a Bengaluru property investor care about Nexus?

Because it offers a way to own institutional-grade real estate income without the friction of a physical purchase. Nexus owns Grade A malls across major Indian cities, including Nexus Koramangala in Bengaluru, and the trust trades on the exchanges, so an investor can buy in for the price of a few units rather than a few crore. The FY26 per-unit distribution of Rs 9.081, set against a NAV of Rs 164, frames a yield that compares favourably with the roughly 3% to 4% gross rental yield typical of a Bengaluru apartment, before the work of finding tenants, chasing rent, and paying maintenance. The trade-off, covered below, is that you give up control and the use of the asset.

What are the real trade-offs versus buying a flat?

The honest trade-offs are control, volatility, and certainty. A flat is an asset you can live in, renovate, or hand to family, and its quoted value does not change minute to minute. A REIT unit cannot be occupied, its market price moves daily and can fall below the NAV, and the distribution, while historically steady here, is not contractually guaranteed and depends on mall performance. Against that, the REIT spares you stamp duty on a crore-plus purchase, tenant hunts, and illiquidity; you can sell units in minutes, whereas a Bengaluru flat can take months. Distributions also carry their own tax treatment that differs from rental income, so the post-tax comparison is not as simple as comparing the headline yield with your rent. For context on how listed developers and trusts are pricing the cycle, see our note on the Bagmane office REIT listing.

How do you verify these numbers before investing?

Go to the source documents, not the headlines. Nexus Select Trust publishes its quarterly and annual results, distribution history, and NAV statements on its investor relations pages, and the trust files the same with the stock exchanges. Check the distribution history to confirm the FY26 figure of Rs 9.081 per unit and the Rs 164 NAV, read the management commentary for occupancy and tenant-sales trends, and look at the valuation report author, here iVAS Partners, to understand how the NAV was struck. Never rely on a single news summary for a number you are about to invest against; confirm it in the filing.

What checks should precede a REIT investment?

Run a short, disciplined checklist before you place an order.

1. Confirm the latest distribution per unit and NAV directly from the trust's investor relations page or exchange filing.
2. Compare the current unit price with the NAV of Rs 164 to see whether you are paying a premium or a discount.
3. Read the occupancy and tenant-sales trend, since retail income depends on footfall and consumption.
4. Understand the tax treatment of REIT distributions, which differs from salary and rental income.
5. Check the gearing or loan-to-value of the trust, as high leverage raises risk if rates rise.
6. Decide your holding period; REITs suit income over years, not short-term trading.
7. Size the position so a fall in the unit price does not derail your wider financial plan.

What is the takeaway for a 2026 investor?

The takeaway is that Nexus Select Trust gives Bengaluru investors a credible, liquid alternative to a buy-to-let flat, with FY26 numbers that show rising, consumption-linked income. It is not a substitute for a home you intend to live in, and it carries market risk a flat does not. Treat the Rs 9.081 per unit distribution and the Rs 164 NAV as the starting facts, verify them in the filing, weigh the yield against your own apartment alternative after tax, and size the bet to your comfort. For an income investor who values liquidity over control, the case is real; for someone who wants an asset to occupy and pass on, a flat still wins. The same logic extends to how the instrument sits in a wider portfolio, which is worth a closer look before you commit any capital.

A retail REIT fits best as an income sleeve rather than a core holding. Many Bengaluru investors already carry heavy, concentrated exposure to local residential property, often a single flat that represents most of their net worth and sits in one micro-market. A retail REIT diversifies that in two ways at once: it spreads the bet across malls in several cities instead of one address, and it shifts part of the income from office and residential rent to consumer spending, which moves on a different cycle. The FY26 distribution of Rs 9.081 per unit gives a regular cash flow that can supplement salary or fund expenses without selling the underlying asset. The discipline is in sizing. Because the unit price is volatile and the distribution is not guaranteed, a REIT should be a measured slice of a portfolio, balanced against equities, debt, and any physical property you hold, not a replacement for the emergency cash and stable instruments every household needs first.

A second practical point is the entry and exit cost. Buying a Bengaluru flat carries stamp duty, registration charges, brokerage, and often a long search, and selling it later means months on the market and another round of brokerage. A REIT unit carries only a small brokerage and the bid-ask spread, and you can build a position gradually with monthly purchases rather than committing a crore at once. That makes a retail REIT a sensible way for a younger investor to start owning real estate income before they can afford a whole flat, and a way for an older investor to take some money off the table from an over-weighted property holding without triggering the full friction of a property sale. Neither path removes risk; both change its shape, and that reshaping is the real value the listed structure offers. For most households, the sensible answer is not REIT or flat but a deliberate blend, with the home you live in held for use and a modest REIT position held purely for diversified, liquid income that you can scale up or trim as your circumstances change over the years.

What is Nexus Select Trust?

Nexus Select Trust is India's only listed retail REIT. It owns and manages a portfolio of Grade A shopping malls across major cities, including Nexus Koramangala in Bengaluru. Investors buy units on the stock exchange and receive distributions funded mainly by mall rental income, which tracks consumer spending.

How much did Nexus Select Trust distribute in FY26?

Nexus Select Trust distributed Rs 1,375.8 crore in FY26, equal to Rs 9.081 per unit, up from Rs 1,265 crore, or Rs 8.350 per unit, in FY25. The fourth-quarter portion was Rs 346.33 crore, or Rs 2.286 per unit. Net asset value was Rs 164 per unit as of 31 March 2026.

Is a retail REIT better than buying a flat in Bengaluru?

Neither is strictly better. A REIT offers liquid, hands-off exposure to retail rent and a higher headline yield than most Bengaluru flats, but you cannot occupy it and the unit price swings daily. A flat gives control, use, and stable valuation, at the cost of liquidity and higher entry cost.

Where can I verify Nexus Select Trust's results?

Check the investor relations and distribution history pages on the Nexus Select Trust website, and the trust's filings on the BSE and NSE. These carry the audited results, the distribution per unit, the NAV, and the valuation report. Always confirm a figure in the filing before investing rather than relying on a news summary.

Last updated 2026-06-28. PropNewz Team.