scorecardresearchBrookfield India REIT Q2 net operating income up 48% at ₹241.3 crore

Brookfield India REIT Q2 net operating income up 48% at 241.3 crore

Updated: 09 Nov 2022, 12:15 PM IST
TL;DR.
Its net profit fell to 26.71 crore during the July-September quarter from 68.28 crore in the year-ago period. The total income rose to 311.64 crore from 214.80 crore.
Its net profit fell to  <span class='webrupee'>₹</span>26.71 crore during the July-September quarter from  <span class='webrupee'>₹</span>68.28 crore in the year-ago period. The total income rose to  <span class='webrupee'>₹</span>311.64 crore from  <span class='webrupee'>₹</span>214.80 crore.

Its net profit fell to 26.71 crore during the July-September quarter from 68.28 crore in the year-ago period. The total income rose to 311.64 crore from 214.80 crore.

New Delhi, Nov 7 (PTI) Brookfield India Real Estate Trust on Monday reported a 48 percent rise in its net operating income to 241.3 crore for the quarter ended September 30 and announced a distribution of 170.89 crore to unitholders.

Its net operating income (NOI) stood at 162.8 crore in the year-ago period.

In a regulatory filing, Brookfield India Real Estate Trust informed that the company has declared a distribution of 170.89 crore or 5.10 per unit for the quarter ended September 30, 2022.

This takes the total payout this fiscal so far to 10.20 per unit, which is in line with its guidance, the company said in a statement.

Its net profit fell to 26.71 crore during the July-September quarter from 68.28 crore in the year-ago period. The total income rose to 311.64 crore from 214.80 crore.

On the operational front, the company achieved leasing of 3,06,000 square feet area in Q2 of FY23, of which 1,27,000 square feet is new leasing and 1,79,000 square feet is renewals. It achieved a 9 percent average escalation on 9,09,000 square feet leased area.

Brookfield India Real Estate Trust is India's only institutionally managed REIT, comprising five large campus format office parks located in Mumbai, Gurgaon, Noida, and Kolkata.

Its portfolio consists of 18.7 million square feet comprising 14.3 million square feet of completed area and 4.4 million square feet of future development potential.

Brookfield India Real Estate Trust has the rights of the first offer on an additional 6.7 million square feet, currently owned by members of the Brookfield Group.

It is sponsored by an affiliate of Brookfield Asset Management Inc, one of the world’s largest alternative asset managers and investors, with over USD 750 billion of assets under management, across real estate, infrastructure, renewable power, private equity and credit strategies and has a global presence across more than 30 countries.

REIT, a popular instrument globally, was introduced in India a few years ago for attracting investment in the real estate sector by monetising rent-yielding assets.

It helps unlock the massive value of real estate assets and enables retail participation.

The first REIT of 4,750 crore issue size was listed in April 2019 by Embassy Office Parks, backed by Bengaluru-based Embassy group and global investment firm Blackstone.

In August 2020, K Raheja backed Mindspace Business Parks launched the country's second REIT to raise 4,500 crore.

Global investment firm Brookfield launched the country's third REIT last year to raise 3,800 crore.

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First Published: 09 Nov 2022, 12:15 PM IST