February 13, 2024:Â Brookfield India Real Estate Trust reported an 89% increase in net operating income (NOI) in the third quarter of financial year 2023-23 (FY24) amid income from lease rentals rising 90%.
NOI for the quarter stood at Rs 453.4 crore while income from lease rentals was at Rs 392.7 crore during the reported quarter, the company said while announcing financial results for the quarter and nine months ended December 31, 2023. At Rs 530.8 crore, the company’s revenue during the December quarter was 77% higher from a year ago.
“Increased demand for Grade-A office assets has resulted in gross leasing surpassing 1 million square foot (msf) for the quarter, including a record quarterly new leasing of 0.5 msf since our IPO. Our assets witnessed strong traction with robust leasing demand from global capability centres of large corporates and technology services companies. We expect the recently announced reforms to further boost the demand for our SEZ assets…with a favourable leasing outlook and limited term expiries over the next four quarters, we foresee substantial occupancy improvement throughout CY2024,” said Alok Aggarwal, chief executive officer, Brookfield India Real Estate Trust.
In a regulatory filing, the company also declared distribution of Rs 208.56 crore for the December quarter.
Brookfield India Real Estate Trust is India’s only 100% institutionally managed office REIT. The REIT comprises seven large integrated office parks located across Mumbai, Gurugram, Noida and Kolkata. Its portfolio consists of 25.4 msf of total leasable area, comprising 20.7 msf of operating area, 0.7 msg of under-construction area and 3.9 msf of future development potential. Brookfield India REIT has a right of first offer on an additional 4.0M sf, currently owned by members of the Brookfield Group.
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