Brookfield IndiaRealEstate Trust(Tickers: BSE:543261,NSE:BIRET)(“BIRET”), India’s only 100% institutionally managed REIT, today announced financial results for the quarter ended june 30 2022
Alok Aggarwal,Chief Executive Officer of Brook prop Management Services Private Limited stated,“At Brookfield India REIT, we continue to demonstrate strong operating and financial performance backed by a6% increase in our organic growth from the previous quarter. Our gross leasing for this quarter remained positive at 311,000 MSF with robust leasing demand from new clients coupled with an increase in leasing momentum from existing tenants who have chosen us as their office space partners as they draw up their expansion plans and encourage their work force to return to offices.”
“With a healthy acquisition pipeline of 6.4M SFsupported by the sustained demand for high-quality assets,we are well poised to capture the growing requirement for commercial real estate in India and uphold our commitment to drive sustainable long-term growth,” Aggarwal continued.
The key highlights of the business from Q1FY2023 were as follows:
BUSINESS HIGHLIGHTS
- Achieved gross leasingof311,000SF at a 27% re-leasing spread. Additionally,signedexpansionoptionsof94,000SFduringthequarter
- 85%of the new leasing demand forthe quarter was from existing occupiers as they continue to execute their return to officeplans
- Quarterend Effective Economic Occupancy at 89%,a2% increaseoverQ4FY2022
- Achieved a 6%growth in Adjusted Net Operating Incomer unrate from last quarter and have an additional growth headroom of 15-20% till stabilization
- Robust embedded growth with 9% average escalation on 1.1MSFof leased area during the quarter
- Completed construction of Tower 11A of 155,000 SF in Candor Techspace N2. The tower is covered under the Income Support from the Sponsor Group
- Rental collections remained strong at 99% for the quarter
- Continue to monitor the progress on our near-term inorganic growth pipeline of 6.4 MSF of fully built properties to further increase our scale and operatingincome
ESG HIGHLIGHTS
- CompletedthesubmissionfortheGRESBscoreforFY2022
- 15%oftheAHUfansandfiltersatCandorTechspaceG2toenhanceenergyefficiency
- CandorTechspaceN1andK1wontheCIIInterIndustryKaizenCompetition
- Sponsored a ZeroWaste Run at Powai,launching the #Breaktheplastic habitinitiative and attracting2,000+participants
- OntracktofulfilthecommitmenttoestablishdecarbonizationgoalsbasedonScienceBasedTargetsInitiative(SBTi)
FINANCIAL HIGHLIGHTS
- Generated NDCFof Rs 1.7billion(Rs 5.13perunit )for the quarter,inline with guidance
- 7billion(Rs5.10perunit)thisquarter,with52%ofdistributionstaxfreeforunitholders
- 0billion,a26%increase overthe corresponding quarter lastyear, primarily due to the addition of Candor Techspace N2 into the portfolio
- Adjusted NetOperating Income of Rs2.3billion,a38%increase overQ1FY2022
- Continue to maintain a strong balancesheet with31%loan-to-value and AAAStable rating from Crisil
