Brookfield India Real Estate Trust reported a growth of 89 percent year-on-year in adjusted net operating income to Rs 453.4 crore. The company's net income from operating lease rentals grew by 90 percent YoY to Rs Rs 392.7 crore, according to a regulatory filing on February 12.
The company reported gross leasing of 1 million sq ft (msf), including 0.5 msf of new leasing and 0.5 msf of renewals.
The new leasing of 0.5 msf (including 0.4 msf in SEZ assets), is the highest ever since listing, and sequentially outperforms the previous quarter.
The company announced a distribution of Rs 208.6 crore (Rs 4.75 per unit) in Q3. It added that in Q3 it applied for conversion of 1.0 msf of SEZ spaces to non-processing areas across the portfolio.
In the first nine months of FY24, its income from operating lease rentals grew by 43 percent YoY to Rs 878.1 crore and adjusted net operating income grew by 46 percent YoY to Rs 1045.4 crore. In the same period, the company raised Rs 27 billion in capital with strong participation from the sponsor group, existing unitholders, and new investors.
The company also completed the acquisitions of Downtown Powai (IT/Commercial) and Candor TechSpace (G1) in an equal partnership with GIC in August 2023.
"We expect the recently announced reforms to further boost the demand for our SEZ assets and have applied for conversion of 1 msf of SEZ spaces into non-processing area across our portfolio. 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.
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