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Brookfield India Real Estate Trust’s net profit for the July-September quarter fell 61 per cent to Rs 26.71 crore from Rs 68.28 crore in the same quarter of FY21.
The firm recorded a 48 percent growth in its net operating income to Rs 241.3 crore for the quarter under review, the trust said in a regulatory filing.
The firm announced a distribution of Rs 170.89 crore to shareholders of which 52 per cent of the distribution is non-taxable to unitholders for the quarter ended this September.
The company’s sales rose 43.40 percent to Rs 303.60 crore in the July-September quarter, from Rs 211.71 crore in the previous quarter ended September 2021.
During the quarter, the company acquired 306,000 square feet of leased area on the operations front, including 127,000 square feet of new leasing and 179,000 square feet of renewals.
It also achieved a 9 percent average growth over 909,000 square feet of leased area.
“Office leasing pace continues to pick up due to expansion plans of global captives and technology players. With 306,000 sq ft leased and 16,000 sq ft expansion options, we continue to attract marquee tenants in Q2FY23,” said Alok Aggarwal, Chief Executive Officer, Brookprop Management Services Pvt.
The company received a five-star GRESB rating in its first submission, indicating its commitment to sustainable business practices aligned with the global ESG framework.
“Across our properties in India, we are deploying very good technologies to achieve our goal of becoming net zero by 2040,” Agarwal said.
The realty firm has advanced its net zero target by 10 years to 2040.
Also, the operating lease rent increased by 32 percent per annum to Rs. 2,056 million, the company said.
The company has also begun retail-led construction on a 561,000 square foot mixed-use development featuring 174,000 square feet of retail space and 387,000 square feet of office space.
“The 174,000 sq ft retail development will be an F&B-led retail destination with multiple restaurants, cafes, large and small format retail outlets, a gaming center and an open terrace area, which will significantly enhance our occupier experience at K1,” the company said.
The 387,000 sq ft office development will feature high-quality non-SEZ office space that will diversify our tenant offering.
The company is an institutionally managed REIT consisting of 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.
It is sponsored by Brookfield Asset Management Inc., one of the world’s largest alternative asset managers and investors, with a global presence in more than 30 countries with USD 750 billion in assets under management across real estate, infrastructure, renewable energy, private equity and credit strategies.
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