Brookfield India Real Estate Trust (REIT) saw its adjusted net operating income for grow 60% year-on-year during the third quarter of the ongoing financial year (Q3FY23), the company said in a statement on February 7, 2023. Its adjusted net operating income stood at Rs 240.5 crore for the period as against Rs 150.2 crore in Q3FY22, the company said while announcing its financial results for the quarter ended December 31, 2022.
India’s only completely institutionally managed REIT also saw its operating lease rentals during the quarter increased 43% on-year to Rs 206.8 crore from Rs 144.7 crore in the same period last year.
Brookfield India REIT leased office space spanning 3.32 lakh square foot in Q3 FY2023, including 241,000 sf of new leasing and 91,000 sf of renewals.
“We continue to deliver a strong performance with 1.1 msf leased year-to-date… We have a robust leasing pipeline of 2.2 msf and continue to evaluate select assets belonging to our sponsor group for inorganic growth. We have achieved distributions of Rs 15.20 per unit year-to-date, which is in line with our guidance. With ESG as a core focus area, we have advanced our net-zero goal by 10 years to 2040. Backed by our world-class portfolio, we continue to remain focussed on the path of value creation for our unitholders,” said Alok Aggarwal, chief executive officer, Brookprop Management Services Private Limited, the manager of the Brookfield India Real Estate Trust.
Brookfield India Real Estate Trust has five large campus format office parks located across Mumbai, Gurgaon, Noida and Kolkata. Its portfolio consists of 18.7 msf, comprising 14.3 msf of completed area, 0.6 msf under construction and 3.9 msf of future development potential.
The REIT is sponsored by an affiliate of Brookfield Asset Management Inc, one of the world’s largest alternative asset managers and investors, with over $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.
