Office space operator Brookfield India Real Estate Investment Trust reported a consolidated net profit of Rs 37.40 crore for the quarter ending June 30, against a loss of Rs 27.10 crore in the same quarter last year. It declared a net distributable cash flow of around Rs 216.80 crore for the quarter, amounting to Rs 4.50 per unit.
For Q4 FY24, Brookfield India REIT reported a marginal profit of around Rs 4.60 crore.
The REIT, backed by the global investment giant Brookfield Asset Management, reported a consolidated income of Rs 573.8 crore for the quarter, higher than the Rs 314.10 crore for the same quarter last year, and the Rs 535.90 crore reported in the quarter ending March 31.
Of the total net distributable cash flow on a per unit basis, Rs 1.79 is in the form of interest on various loans, Rs 2.13 is through repayment of special purpose vehicles' debt and non-convertible debentures, Rs 0.51 is in the form of dividend, and Rs 0.07 is through interest on fixed deposits, according to an exchange filing by Brookfield India REIT.
During the quarter, Brookfield India REIT reported gross leasing of 2,42,000 sq ft, and completed the acquisition of a 50 percent stake in a commercial property measuring 3.3 million sq ft from Bharti Enterprises for around Rs 1,228 crore. Brookfield India REIT funded the transaction through the issue of 40.93 million units in the trust to Bharti Enterprises at Rs 300 per unit.
For FY25, the REIT has guided leasing in the range of 1.5 to 2 million sq ft, with occupancy of 87-89 percent at the end of the ongoing financial year. It has also guided a distribution of Rs 18.50 per unit for FY25.
The REIT operates various commercial properties, especially office spaces, in cities like Mumbai, National Capital Region, Kolkata, and others, with more than 25 million sq ft under its portfolio.
On August 7, Brookfield India REIT's units closed 0.3 percent higher on the National Stock Exchange at Rs 269.
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