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Brookfield India Real Estate Trust on Monday reported a 48 per cent rise in its net operating income for the quarter ended September 30 and announced a distribution to unitholders of Rs 170.89 crore.
Its net operating income (NOI) was Rs 162.8 crore in the year-ago period.
In a regulatory filing, Brookfield India Real Estate Trust said the company announced a distribution of Rs 170.89 crore or Rs 5.10 per unit for the quarter ended September 30, 2022.
This takes the total payout to Rs 10.20 per unit so far this fiscal, which is in line with its guidance, the company said in a statement.
Its net profit fell to Rs 26.71 crore in the July-September quarter from Rs 68.28 crore in the previous year. Total income rose to Rs 311.64 crore from Rs 214.80 crore.
On the operational front, the company acquired leasing area of 3,06,000 sq ft in Q2 FY23, of which 1,27,000 sq ft was new lease and 1,79,000 sq ft was renewed. It achieved an average growth of 9 percent in the leased area of 9,09,000 sq.ft.
Brookfield India Real Estate Trust is India’s only institutionally managed REIT, comprising five large campus format office parks located in Mumbai, Gurgaon, Noida and Kolkata.
Its portfolio consists of 18.7 million square feet of which 14.3 million square feet is completed area and 4.4 million square feet of future development potential.
Brookfield India Real Estate Trust has first offer rights to an additional 6.7 million square feet, currently owned by members of the Brookfield Group.
It is sponsored by Brookfield Asset Management Inc., one of the world’s largest alternative asset managers and investors, with USD 750 billion in assets under management across real estate, infrastructure, renewable energy, private equity and credit strategies. Global presence in more than 30 countries.
REIT, a popular instrument globally, was introduced in India a few years ago to attract investment in the real estate sector by monetizing rent-generating assets.
This helps unlock huge value in real estate assets and enables retail participation.
The first REIT with an issue size of Rs 4,750 crore was listed in April 2019 by Embassy Office Park, backed by Bengaluru-based Embassy Group and global investment firm Blackstone.
In August 2020, K Raheja launched the country’s second REIT to raise Rs 4,500 crore backed by Mindspace Business Park.
Global investment firm Brookfield launched the country’s third REIT last year to raise Rs 3,800 crore.
(Only the headline and image of this report may have been reworked by Business Standards staff; the rest of the content is generated automatically from a syndicated feed.)
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