Geojit Financial Services research report on Brookfield India Real Estate Trust
Brookfield India REIT, managing 7 Grade-A assets across Delhi, Mumbai, Gurugram, Noida, and Kolkata. The Brookfield India REIT portfolio consists of 26msf of total leasable area, comprising 21msf of operating area. In Q3FY25, revenue surged 13% YoY owing to a 16% YoY increase in in-place rent (Rs. 96/sf.) and better occupancies. Net operating income for the quarter improved 17% YoY, however NOI margin contracted 168bps YoY. Gross leasing for the quarter stood at ~1.13msf, comprising of ~0.9msf new leasing and 0.2msf renewals. At the end of the quarter, committed occupancy stood at 87%, marking 500 bps and 770 bps growth on a QoQ and YoY basis, respectively. Distribution for the quarter stood at Rs. 4.90 (+3% YoY vs. +7% QoQ). During the quarter, Brookfield successfully completed QIP of Rs. 35Bn. with an additional issue of 128 Mn. units.
Outlook
Considering all these factors, we retain our Accumulate rating on the stock with a revised target price of 312 based on 15x Dec’27E DPU, implying a TER of 15% (7% distribution yield and 8% capital appreciation).
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