Brookfield India Real Estate Trust (Tickers: BSE: 543261, NSE: BIRET) (“BIRET”), India’s only 100% institutionally managed office REIT, today announced financial results for the third quarter and nine months ended December 31, 2024.
“We delivered a robust performance with gross leasing exceeding 1M sf for the second consecutive quarter. Occupancy rose by 7.7 % year-over-year to 87%, in line with guidance. As a result, our net operating income grew 17% YoY. Our recent QIP fundraise received strong backing from marquee domestic and foreign investors. We see strong prospects for growth ahead,” said Alok Aggarwal, CEO and Managing Director, Brookfield India Real Estate Trust.
Acquisition - Completed the acquisition of a 50% stake in a 3.3M sf commercial portfolio in Delhi- NCR from Bharti Enterprises for Rs. 12,280 million. o Issued 40.93 million units to Bharti Enterprises at Rs. 300 per unit (18.5% premium to floor price).
Leasing - Achieved 1.1 M sf of gross leasing with an average re-leasing spread of 14%. Committed occupancy increased to 87%, improving by ~7.7% over the last 12months. Applied for several areas within our SEZ portfolio to be de-notified as non-processing area and have received permission for 0.7M sf this quarter.
Financials - Operating Lease Rentals grew by 13% YoY (from Rs. 3,927 million in Q3 FY2024) and 4% QoQ (from Rs. 4,257 million in Q2 FY2025) to Rs. 4,426 million. Adjusted Net Operating Income grew by 11% YoY (from Rs. 4,534 million in Q3FY2024) and by 4% QoQ (from Rs. 4,858 million in Q2 FY2025) to Rs. 5,037 million.
Achieved a 17% increase in same-store NOI on a YoY basis. Distribution of Rs. 4.90 per unit for Q3 FY2025. Dividend component at 21% of distribution
Capital raise -Successfully raised Rs. 35 billion through a QIP. Strong participation from marquee foreign and domestic institutional investors like the International Finance Corporation (part of the World Bank group), Life Insurance Corporation of India, SBI Mutual Fund. Capital raise to enhance financial capacity and provide the necessary headroom to and ICICI Prudential Mutual Fund.
ESG - Received Golden Peacock Award for ESG for the year 2024. Awarded 5-star rating and Sword of Honor from British Safety Council (BSC) for 5 of our office parks in NCR and Kolkata.
