Brookfield REIT Adjusted Net Operating Income Grew By 60% YoY
Brookfield India Real Estate Trust announced its financial results for the quarter that ended December 31, 2022. “We continue to deliver a strong performance with 1.1M sf leased year-to-date including expansion options, while achieving 9% growth in NOI over Q4 FY2022. We have a robust leasing pipeline of 2.2M sf and continue to evaluate select assets belonging to our sponsor group for inorganic growth. We have achieved distributions of Rs 15.20 per unit year-to-date, which is in line with our guidance. With ESG as a core focus area, we have advanced our Net Zero goal by 10 years to 2040. Backed by our world-class portfolio, we continue to remain focussed on the path of value creation for our unitholders.” said Alok Aggarwal, Chief Executive Officer, Brookprop Management Services Private Limited. Some of the key highlights includes gross leasing of 332,000 sf in Q3 FY2023, including 241,000 sf of new leasing and 91,000 sf of renewals. Additionally, signed expansion options of 40,000 sf in Candor TechSpace, Sector 135, Noida. It achieved 12% average escalation on 1.5M sf leased area. Adjusted Net Operating Income grew by 60% YoY to Rs 2,405 million from Rs 1,502 million. Increased Operating Lease Rentals by 43% YoY to Rs 2,068 million from Rs 1,447 million. It announced distribution of Rs 1,675 million (Rs 5.00 per unit) this quarter. It continues to maintain a robust balance sheet with a 32% LTV. The long duration borrowings with a AAA credit rating enable us to attract competitive costs and carry a low refinancing risk. The advanced net zero goals by 10 years to 2040. It achieved gross leasing of 949,000 sf in Q3 FY2023, including 619,000 sf of new leasing and 330,000 sf of renewals. Additionally, signed expansion options of 117,000 sf. It achieved 10% average escalation on 3.5M sf leased area. Its adjusted net operating income grew by 48% YoY to Rs 7,163 million from Rs 4,827 million. The increased operating lease rentals by 33% YoY to Rs 6,159 million from Rs 4,624 million. It announced distributions of Rs 5,093 million (Rs 15.20 per unit). The growth highlights included construction on track in the retail-led 561,000 sf mixed use development at Candor TechSpace, Rajarhat, Kolkata comprising 174,000 sf of retail space and 387,000 sf of office space. It recently completed building at Candor TechSpace, Sector 135, Noida to a new age technology company. The inorganic growth pipeline of 6.5M sf of fully built properties to further increase our scale and operating income.
Tags : Brookfield India Real Estate Trust Alok Aggarwal Chief Executive Officer Brookprop Management Services Private Limited