Brookfield REIT Q4 net income up 89 pc at ₹461cr; to distribute ₹209cr to unitholders

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New Delhi, May 16 (PTI) Brookfield India Real Estate Trust (BIRET) on May 16 reported an 89 per cent rise in its adjusted net operating income to 460.8 crore during the March quarter and announced distribution of 208.6 crore to unitholders.

Brookfield India Real Estate Trust (BIRET) on May 16 reported an 89 per cent rise in its adjusted net operating income to <span class=
Brookfield India Real Estate Trust (BIRET) on May 16 reported an 89 per cent rise in its adjusted net operating income to 460.8 crore during the March quarter (Representational photo)(Pixabay)

Its net operating income (NOI) stood at 244.4 crore in the year-ago period.

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During the full 2023-24 fiscal, the company’s NOI increased to 1,506.2 crore from 960.8 crore in the preceding year, according to a regulatory filing.

During the fourth quarter of last fiscal, the company said it achieved highest quarterly new leasing since IPO of 0.9 million square feet.

It received in-principle approvals for conversion of 1 million square feet of SEZ space to non-processing area and in the process of applying for a further conversion of 0.2 million square feet.

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“Recent leasing was driven by demand from GCCs (Global Capability Centers), MNCs (multinational corporation) and domestic tenants across sectors such as consulting, BFSI, technology, and oil & gas, amongst others, reflecting the rising demand for high quality office space,” the company said.

In the entire 2023-24, BIRET achieved gross leasing of 2.8 million square feet, including 1.9 million square feet of new leasing and 0.9 million square feet of renewals.

Brookfield India REIT is 100 per cent institutionally managed office REIT, comprising six large integrated office parks located in Mumbai, Gurugram, Noida, and Kolkata.

Also Read: Commercial real estate market has the potential to increase REIT market size over 6 times: ICRA

The Brookfield India REIT portfolio consists of 25.5 million square feet of total leasable area, comprising 20.9 million square feet of operating area, 0.6 million square feet of under construction area and 4 million square feet of future development potential.

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