Brookfield India Real Estate Trust Q1 gross leasing 2.42 lakh sq ft

Brookfield India Real Estate Trust has recorded gross leasing of 242,000 sq ft at average rentals of Rs 135 per sq ft during the quarter ended June as against in-place rent of Rs 94 per sq ft.

The REIT has provided new leasing guidance for the financial year at 1.5-2.0 million sq ft, with occupancy expected to reach 87% to 89% by the end of 2024-25. Distribution guidance for the year is Rs 18.50 per unit, the REIT said in a regulatory filing.

The REIT’s adjusted net operating income for the quarter increased 94% from a year ago to Rs 474.8 crore, while operating lease rentals grew 99% to Rs 420.3 crore.


It has announced distribution of Rs 216 crore or Rs 4.50 per unit for the quarter, Of this, dividend component is at 11%.

“Since our IPO, the REIT portfolio has grown 2.3 times through the addition of high-quality operating assets in NCR and Mumbai. These new assets have been added from Brookfield’s managed pool of assets in India and we expect this to continue and create value for our unitholders. Our distribution today consists of 11% dividends which we expect to increase to 20% over the course of next year," said Alok Aggarwal, CEO & MD, Brookfield India Real Estate Trust.

During the quarter, the REIT completed the acquisition of a 50% stake in a 3.3 million sq ft commercial portfolio in Delhi-NCR from Bharti Enterprises for around Rs 1,228 crore. It issued 40.93 million units to Bharti Enterprises at Rs 300 per unit.

Brookfield India Real Estate Trust has achieved organic growth through 11.1% average escalation on 1.5 million sq ft of leased area during the quarter.