Brookfield India Real Estate Trust Q1 income up by 7.3%

Brookfield India Real Estate Trust Q1 income up by 7.3%

 

Net Operating Income, adjusted for income from Identified Assets, grew to 1.7 billion, 3.8% increase year on year.

Brookfield India Real Estate Trust (Tickers: BSE: 543261, NSE: BIRET) (“BIRET”) announced financial results for the quarter ended June 30, 2021 (“Q1 FY2022”).

“We are seeing strong ‘return to office’ preparations across our occupiers as vaccinations pick up. We look forward to supporting our tenants’ plans with the highest health and safety standards. Our campuses, which house many of India’s leading technology and services companies, have remained resilient with 89% Same Store Occupancy and collections at, 99%. We are pleased that we have been able to help facilitate vaccinations for over 32,000 people including of our employees, tenants, front-line workers and their families across our properties and will continue to organize these drives in collaboration with local authorities.” said Alok Aggarwal, Chief Executive Officer, Brookprop Management Services Private Limited.

The key highlights of the business from Q1 FY2022 are as follows:

FINANCIAL HIGHLIGHTS:

• Income from Operating Lease Rentals grew to INR 1.6 billion (7.3% increase year on year), driven by contractual escalations
• Generated NDCF of INR 1.9 billion (INR 6.42 per unit) till the quarter end
• Planned distribution of INR 1.8 billion (INR 6.00 per unit) this quarter, with 24% of distributions tax free for unit holders
• Strong balance sheet with only 18.6% loan-to-value ratio, carrying a 50bps+ reduction headroom in borrowing costs
• Net Operating Income, adjusted for income from Identified Assets, grew to 1.7 billion (3.8% increase year on year), driven by increase in Operating Lease Rentals offset by reduction in CAM profits

BUSINESS HIGHLIGHTS:

• Collected 99% of contracted rentals, while achieving average 6% escalation on 0.7 M sf of leased area
• Quarter-end Same Store Committed Occupancy at 89% and overall Committed Occupancy at 85%
• Renewed 169,000 sf during the quarter
• Organized 60+ vaccination camps and helped facilitate vaccinations for 32,000 people across the BIRET Portfolio and Identified Assets

IDENTIFIED ASSETS HIGHLIGHTS:

• Delivered 673,000 SF in Candor N2 during the quarter, along with 458,000 SF of new leasing
• Leased 377,000 SF to Samsung in the newly completed Tower 11
• Quarter-end Same-store Occupancy of 93% in Candor G1 and 85% in Candor N2

OTHER HIGHLIGHTS:

• Properties kept operational during lockdown with tenants running critical business-continuity operations
• Pledged with IGBC to achieve net zero carbon emission status by 2050