Brookfield India Real Estate Trust (Tickers: BSE: 543261, NSE: BIRET) ("BIRET") announced financial results for the fourth quarter and financial year ended March 31, 2025.
Alok Aggarwal, CEO and Managing Director, Brookfield India Real Estate Trust, said, "Our fiscal 2025 has been a remarkable all-around performance, delivering strong leasing, double-digit same-store growth, higher distributions, and a marquee acquisition. Our Rs 47 billion capital issuance reflects investor confidence in our long-term strategic vision. With 2.0M sf of ongoing conversions in our SEZ properties and a robust leasing pipeline, we are well-positioned for sustained growth over the next year."
In FY2025, the company achieved gross leasing of approximately 3.0 million square feet, comprising 2.2 million square feet of new leases and 0.8 million square feet of renewals. Notably, over 50% of this leasing activity occurred in SEZ properties, reflecting a steady recovery in demand. The committed occupancy saw a year-on-year increase of 6%, driven by strong leasing momentum. Additionally, the company realised an average rental escalation of 8.7% across 6.4 million square feet and secured a healthy mark-to-market gain of 19% on the re-leasing of 1.8 million square feet.
In FY2025, the company reported a strong financial performance with Income from Operating Lease Rentals rising 36% year-on-year to Rs 17,489 million, up from Rs 12,829 million in FY2024. Net Operating Income (excluding income support in N2 and G1) also saw robust growth of 37% YoY, reaching Rs 18,540 million compared to Rs 13,500 million in the previous fiscal year. Reflecting this improved performance, the company announced total distributions of Rs 10,537 million, or Rs 19.25 per unit, marking an 8.5% increase over FY2024.
In FY2025, the company made significant strides in expanding its portfolio and strengthening its capital base. In Q1FY2025, it completed the acquisition of a 50% stake in a 3.3 million square foot commercial portfolio in Delhi-NCR from Bharti Enterprises for Rs 12,280 million. As part of the transaction, 40.93 million units were issued to Bharti Enterprises at Rs 300 per unit, representing an 18.5% premium to the floor price. Further bolstering its financial capacity, the company raised Rs 35 billion in Q3FY2025 through a Qualified Institutional Placement (QIP), attracting marquee global and domestic investors and creating ample headroom for future growth.
In FY2025, the company continued to advance its ESG commitments, earning a 5-star rating from GRESB for the third consecutive year and being recognised as the Global Sector Leader for Sustainable Mixed-use Development for its Baytown project in Kolkata. It was also ranked #1 in Asia for Management Score, achieving a perfect 100% governance score. The company achieved a 40% renewable energy transition across 15.4 million square feet in its Gurugram and Noida assets, powered by Brookfield's Bikaner Solar Project. At its Noida campuses, Phase 1 of the green energy transition was completed, resulting in an annual reduction of 11,000 metric tons of CO? emissions. Additionally, the Downtown Powai SEZ received EDGE certification for surpassing benchmarks with over 20% savings in energy, water, and embodied energy. At the same time, the North Commercial Portfolio earned the WELL Equity Rating, underscoring the company's strong focus on sustainability and well-being.
In Q4 FY2025, the company achieved gross leasing of 651,000 square feet, delivering a strong average re-leasing spread of 28%. It also recorded an average rental escalation of 6.5% on 1.4 million square feet of leased area and a mark-to-market gain of 17% on the re-leasing of 300,000 square feet. Committed occupancy rose to 88%, aligning with the company's FY2025 guidance and reflecting a year-on-year improvement of approximately 600 basis points.
In Q4 FY2025, the company delivered solid financial performance with Income from Operating Lease Rentals rising 14% year-on-year to Rs 4,603 million, up from Rs 4,048 million in Q4 FY2024. Net Operating Income (excluding income support in N2 and G1) grew by 16% YoY to Rs 4,885 million, compared to Rs 4,220 million in the same quarter last year. The company announced a quarterly distribution of Rs 3,191 million, or Rs 5.25 per unit, marking a 10.5% increase over Q4 FY2024. Additionally, Gross Asset Value expanded by 30% year-on-year to Rs 380 billion, partly driven by the inclusion of the North Commercial Portfolio.
