NEW DELHI: Brookfield India Real Estate Trust (Brookfield India REIT) has reported net consolidated profit after tax of Rs 37.35 crore in the quarter ended June 30, 2024. It had registered net loss after tax of Rs 27 crore in the corresponding quarter of the previous fiscal, the company said in a BSE filing.
The company’s net consolidated total income stood at Rs 590.19 crore in Q1 FY25, a growth of 84.01 per cent from Rs 320.73 crore it recorded in the similar quarter last year.
Its adjusted net operating income (NOI) grew by 94% year-on-year from Rs 2,453 million in Q1 FY24 and operating lease rentals grew by 99% year-on-year from Rs 2,113 million in Q1 FY24.
It announced distribution of Rs 2,160 million (Rs 4.50 per unit) for the quarter.
The board of directors of Brookprop Management Services, manager of Brookfield India REIT, declared distribution of Rs 2160.07 million / Rs 4.50 per unit for the quarter ended June 30, 2024. The distribution comprises of Rs 859.23 million/ Rs 1.79 per unit in the form of interest payment on shareholder loan, CCDs and NCDs, Rs 1,022.43 million / Rs 2.13 per unit in the form of repayment of SPV debt and NCDs, Rs 244.81 million / Rs 0.51 per unit in the form of dividend and the balance Rs 33.60 million / Rs 0.07 per unit in the form of interest on fixed deposit.
“Our same-store operating income organically grew by 17% over the last three quarters, driven by our leasing performance and an improvement in committed occupancy from 80% to 84%. We expect this momentum to continue as we target 87% to 89% committed occupancy by the end of FY2025. We also completed the acquisition of a 50% stake in high quality commercial assets in Delhi-NCR from Bharti Enterprises. Our distribution today consists of 11% dividends which we expect to increase to 20% over the course of next year,” said Alok Aggarwal, chief executive officer and managing director of the company.
During the quarter, it completed the acquisition of a 50% stake in a 3.3 million sq ft commercial portfolio in Delhi-NCR from Bharti Enterprises for approximately Rs 12,280 million in Q1 FY2025. It issued 40.93 million units to Bharti Enterprises at Rs 300 per unit.
In Q1 FY25, the company achieved gross leasing of 242,000 sq ft at Rs 135 per sq ft versus in-place rent of Rs 94 per sq ft and re-leasing spreads of 13%.
It has given new leasing guidance of 1.5 – 2 million sq ft for FY25, with occupancy expected to reach 87% to 89% by the end of FY25.
The Brookfield India REIT portfolio consists of 28.8 million sq ft of total leasable area, comprising 24.2 million sq ft of operating area, 0.6 millon sq ft of under construction area and 4 million sq ft of future development potential.
