Brookfield India REIT Posts Strong Quarterly Profit

Brookfield India Real Estate Trust (Brookfield India REIT) has reported a robust financial performance for the quarter ending June 30, 2024. The REIT recorded a net consolidated profit after tax of INR 37.35 crore, a significant turnaround from the previous year’s loss. The company’s strong financial results were driven by a surge in net consolidated total income, which increased by 84.01% year-on-year to INR 590.19 crore.

This growth was primarily attributable to a substantial increase in adjusted net operating income (NOI) and operating lease rentals. The board of directors of Brookprop Management Services, the manager of Brookfield India REIT, has declared a distribution of INR 2,160 million, equating to INR 4.50 per unit. This distribution includes components such as interest payments, debt repayments, dividends, and interest on fixed deposits.

A company spokesperson highlighted the REIT’s strong leasing performance and increased occupancy rate. The same-store operating income grew organically by 17% over the past three quarters, supported by improved leasing and higher occupancy. The REIT has set a new leasing guidance target of 1.5 to 2 million square feet for FY25, aiming for an occupancy rate of 87% to 89% by year-end.

Brookfield India REIT recently acquired a 50% stake in high-quality commercial assets in Delhi-NCR from Bharti Enterprises, valued at approximately INR 12,280 million. This acquisition further strengthens the REIT’s portfolio and expands its geographic footprint. The REIT’s portfolio comprises a total leasable area of 28.8 million square feet, including 24.2 million square feet of operational space, 0.6 million square feet under construction, and 4 million square feet of future development potential.